Sale of Collateral Loans. (a) Sales, Substitutions and Assignments. Provided that no Event of Default has occurred and is continuing (except for sales pursuant to clauses (i), (iii), (iv), (vi) or (viii) below which shall be permitted during the continuance of an Event of Default but only so long as the Majority Lenders have provided their written consent thereto pursuant to Section 6.2(a)) and subject to the satisfaction of the conditions specified in this Agreement, including without limitation Sections 5.33, 10.1(b) and 10.1(c), the Borrower or the Services Provider (on behalf of the Borrower) may direct the Collateral Agent in writing to sell, and the Collateral Agent shall sell or substitute in the manner directed by the Borrower or the Services Provider (on behalf of the Borrower) in writing, any Collateral Loan or other loan included in the Collateral (including (x) subject to Section 10.1(b), the sale by participation of all or a portion of the Borrower’s interest in any Collateral Loan or other loan and (y) without limitation, the sale by assignment of a portion of the Borrower’s interest in any Collateral Loan or other loan); provided that (x) such sale meets the requirements of any one of clauses (i) through (viii) of this Section 10.1(a) and (y) such substitution shall meet the requirements of clause (vii) of this Section 10.1(a), each of which requirements shall be satisfied upon receipt by the Collateral Agent of a trade ticket or other direction to sell or substitute (which shall be deemed to be a representation and certification from the Borrower or the Services Provider that such conditions are satisfied):
Sale of Collateral Loans. ELIGIBILITY CRITERIA; CONDITIONS TO SALES AND PURCHASES
Sale of Collateral Loans. PURCHASE OF ADDITIONAL COLLATERAL LOANS Section 10.01 Sales of Collateral Loans..................................................................................141 Section 10.02 Purchase of Additional Collateral Loans..........................................................142 Section 10.03 Conditions Applicable to All Sale and Purchase Transactions ........................143 Section 10.04 Additional Equity Contributions ......................................................................143 Section 10.05 Transfer of Warranty Collateral Loans.............................................................144 ARTICLE XI ADMINISTRATION AND SERVICING OF CONTRACTS Section 11.01 Appointment and Designation of the Servicer .................................................144 Section 11.02 Duties of the Servicer .......................................................................................145 Section 11.03 Authorization of the Servicer ...........................................................................147 Section 11.04 Collection Efforts, Modification of Collateral .................................................148 Section 11.05
Sale of Collateral Loans. (i) Upon the Company’s written request and under a Bailee Letter substantially in the form of Xxxxxxxx X-0, X-0 or D-3, as may be applicable, or such other form as Xxxxxx Xxx and the Credit Agent may deem acceptable, the Credit Agent, through the Collateral Agent, shall deliver the Collateral Mortgage Loans listed therein and all the related Mortgage Documents and other material to Xxxxxx Xxx for the purpose of Xxxxxx Mae purchasing the Collateral Mortgage Loans or issuing an MBS, and upon payment to the Credit Agent, by wire transfer to the Cash Collateral Account, of the purchase price paid by Xxxxxx Xxx, other Approved Investor or by the Company from its own funds for the applicable Collateral Mortgage Loan or upon payment to the Credit Agent, by wire transfer to the Cash Collateral Account, by Xxxxxx Mae, other Approved Investor or by the Company from its own funds of the proceeds from the issuance of an MBS, the pledge of that loan shall terminate and the loan shall cease to be a Collateral Mortgage Loan.
Sale of Collateral Loans
