SALE OF MORTGAGE LOANS AND RELATED PROVISIONS. 3 Section 2.1 Sale of Mortgage Loans............................................3 Section 2.2 Payment of Purchase Price.........................................5
SALE OF MORTGAGE LOANS AND RELATED PROVISIONS. Section 2.1 Sale of Mortgage Loans........................................2 Section 2.2 Sale of Subsequent Mortgage Loans.............................5 Section 2.3 Payment of Purchase Price.....................................7 Section 2.4 Allocation....................................................8 Section 2.5 Draws During the Rapid Amortization Period....................8 Section 2.6 Security Interest.............................................8
SALE OF MORTGAGE LOANS AND RELATED PROVISIONS. Section 2.1 Sale of Initial Mortgage Loans.
(a) GMACM, by the execution and delivery of this Agreement, does hereby sell, assign, set over, and otherwise convey to the Purchaser, without recourse, all of its right, title and interest in, to and under the following, wherever located: (i) the GMACM Initial Mortgage Loans (including the Cut-Off Date Principal Balances of the GMACM Initial Mortgage Loans now existing), all interest accruing thereon, all monies due or to become due thereon, and all collections in respect thereof received on or after the Cut-Off Date (other than interest thereon in respect of any period prior to the Cut-Off Date); (ii) the interest of GMACM in any insurance policies in respect of the GMACM Initial Mortgage Loans; and (iii) all proceeds of the foregoing.
SALE OF MORTGAGE LOANS AND RELATED PROVISIONS. Section 2.1 Sale of Mortgage Loans 2 Section 2.2 Payment of Purchase Price for the Mortgage Loans 5
SALE OF MORTGAGE LOANS AND RELATED PROVISIONS. Section 2.1 Sale of Initial Mortgage Loans.
(a) [ ], by the execution and delivery of this Agreement, does hereby sell, assign, set over, and otherwise convey to the Purchaser, without recourse, all of its right, title and interest in, to and under the following, wherever located: (i) the [ ] Initial Mortgage Loans (including the Cut-Off Date Principal Balances now existing and all Additional Balances thereafter arising thereunder to and including the date immediately preceding the commencement of the Rapid Amortization Period relating thereto; provided, however, that any Principal Balance represented by a Draw made during the Rapid Amortization Period and interest thereon and money due or to become due in respect thereof will not be or deemed to be transferred to the Purchaser, and [ ] in such event shall retain ownership of each Principal Balance represented by each such Draw and interest thereon and money due or to become due in respect thereof), all interest accruing thereon, all monies due or to become due thereon, and all collections in respect thereof received on or after the Cut-Off Date (other than interest due thereon prior to the Cut-Off Date); (ii) the interest of [ ] in any insurance policies in respect of the [ ] Initial Mortgage Loans; and (iii) all proceeds of the foregoing; provided, however, that the Purchaser does not assume the obligation under each Loan Agreement relating to a Mortgage Loan to fund Draws to the Mortgagor thereunder, and the Purchaser shall not be obligated or permitted to fund any such Draws, it being agreed that [ ] will retain the obligation to fund future Draws. Such conveyance shall be deemed to be made: (1) with respect to the Cut-Off Date Principal Balances, as of the Closing Date; and (2) with respect to the amount of each Additional Balance created on or after the Cut-Off Date and prior to the commencement of the Rapid Amortization Period, as of the later of the Closing Date and the date that the corresponding Draw was made pursuant to the related Loan Agreement, subject to the receipt by [ ] of consideration therefor as provided herein under clause (a) of Section 2.3.
SALE OF MORTGAGE LOANS AND RELATED PROVISIONS. 2 Section 2.01 Sale of Initial Mortgage Loans and MI Policies............... 2 Section 2.02 Conveyance of the Subsequent Mortgage Loans.................. 5 Section 2.03 Pre-Funding Account.......................................... 9
SALE OF MORTGAGE LOANS AND RELATED PROVISIONS. Section 2.1 Sale of Mortgage Loans. Section 2.2 Agreement to Purchase.
SALE OF MORTGAGE LOANS AND RELATED PROVISIONS. Section 2.1.
SALE OF MORTGAGE LOANS AND RELATED PROVISIONS. Section 2.1. Sale of Initial Mortgage Loans.................................16 Section 2.2. Obligations Regarding the Mortgage Loans.....................
SALE OF MORTGAGE LOANS AND RELATED PROVISIONS. 2 Section 2.01 Sale of Initial Mortgage Loans and MI Policies. .............................. 2 Section 2.02 Conveyance of the Subsequent Mortgage Loans Section 2.03 Pre-Funding Account Section 2.04 Interest Coverage Account
