Common use of SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE Clause in Contracts

SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE. Section 2.01. Sale of the Mortgage Loans. (a) Concurrently with the execution and delivery of this Agreement, CHL, with respect to each Mortgage Loan it owns as indicated on Schedule I, hereby transfers to the Purchaser, without recourse, all of its right, title, and interest existing now or in the future in (1) that Mortgage Loan, including its Asset Balance (including all Additional Balances), the related Mortgage File, all property that secures that Mortgage Loan, and all collections received on it after the Cut-off Date (excluding payments due by the Cut-off Date); (2) property that secured that Mortgage Loan that is acquired by foreclosure or deed in lieu of foreclosure; (3) its rights under the hazard insurance policies related to the mortgages that secure the Mortgage Loans; (4) all rights under any guaranty executed in connection with that Mortgage Loan; (5) all other assets included or to be included in the Trust for the benefit of the Noteholders; and (6) all proceeds of the foregoing. Park Monaco, with respect to each Mortgage Loan it owns as indicated on Schedule I, hereby transfers to the Purchaser, without recourse, all of its right, title, and interest existing now or in the future in (1) that Mortgage Loan, including its Asset Balance (including all Additional Balances), the related Mortgage File, all property that secures that Mortgage Loan, and all collections received on it after the Cut-off Date (excluding payments due by the Cut-off Date); (2) property that secured that Mortgage Loan that is acquired by foreclosure or deed in lieu of foreclosure; (3) its rights under the hazard insurance policies related to the mortgages that secure the Mortgage Loans; (4) all rights under any guaranty executed in connection with that Mortgage Loan; (5) all other assets included or to be included in the Trust for the benefit of the Noteholders; and (6) all proceeds of the foregoing. (b) By the sale of a Mortgage Loan and its Additional Balances, each Seller has sold to the Purchaser, and the Purchaser has purchased from each Seller, each future draw of new borrowing under the related Credit Line Agreement. The Purchaser shall pay the applicable Seller for each Additional Balance in cash in an amount equal to the principal amount of the Additional Balance as it arises. The Trust, the applicable Seller, and the Purchaser may agree to a netting arrangement in connection with this transaction, when appropriate, rather than actually moving cash.

SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE. Section 2.01. 2.01 Sale of the Mortgage Loans. (a) The Mortgage Loans. Concurrently with the execution and delivery of this Agreement, CHL, with respect to each Mortgage Loan it owns as indicated on Schedule I, hereby transfers to the Purchaser, without recourse, all of its right, title, and interest existing now or in the future in (1) that Mortgage Loan, including its Asset Balance (including all Additional Balances), the related Mortgage File, all property that secures that Mortgage Loan, and all collections received on it after the Cut-off Date (excluding payments due by the Cut-off Date); (2) property that secured that Mortgage Loan that is acquired by foreclosure or deed in lieu of foreclosure; (3) its rights under the hazard insurance policies related to the mortgages that secure the Mortgage Loans; (4) all rights under any guaranty executed in connection with that Mortgage Loan; (5) all other assets included or to be included in the Trust for the benefit of the NoteholdersNoteholders and the Credit Enhancer; and (6) all proceeds of the foregoing. Park MonacoCLFT, with respect to each Mortgage Loan it owns as indicated on Schedule I, hereby transfers to the Purchaser, without recourse, all of its right, title, and interest existing now or in the future in (1) that Mortgage Loan, including its Asset Balance (including all Additional Balances), the related Mortgage File, all property that secures that Mortgage Loan, and all collections received on it after the Cut-off Date (excluding payments due by the Cut-off Date); (2) property that secured that Mortgage Loan that is acquired by foreclosure or deed in lieu of foreclosure; (3) its rights under the hazard insurance policies related to the mortgages that secure the Mortgage Loans; (4) all rights under any guaranty executed in connection with that Mortgage Loan; (5) all other assets included or to be included in the Trust for the benefit of the NoteholdersNoteholders and the Credit Enhancer; and (6) all proceeds of the foregoing. (b) By the sale of a Mortgage Loan and its Additional Balances, each Seller has sold to the Purchaser, and the Purchaser has purchased from each Seller, each future draw of new borrowing under the related Credit Line Agreement. The Purchaser shall pay the applicable Seller for each Additional Balance in cash in an amount equal to the principal amount of the Additional Balance as it arises. The Trust, the applicable Seller, and the Purchaser may agree to a netting arrangement in connection with this transaction, when appropriate, rather than actually moving cash.

SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE. Section 2.01. 2.01 Sale of the Mortgage Loans. (a) The Initial Mortgage Loans. Concurrently with the execution and delivery of this Agreement, CHL, with respect to each Initial Mortgage Loan it owns as indicated on Schedule I, hereby transfers to the Purchaser, without recourse, all of its right, title, and interest existing now or in the future in (1) that Mortgage Loan, including its Asset Balance (including all Additional Balances), the related Mortgage File, all property that secures that Mortgage Loan, and all collections received on it after the Cut-off Date (excluding payments due by the Cut-off Date); (2) property that secured that Mortgage Loan that is acquired by foreclosure or deed in lieu of foreclosure; (3) its rights under the hazard insurance policies related to the mortgages that secure the Mortgage Loans; (4) all rights under any guaranty executed in connection with that Mortgage Loan; (5) all other assets included or to be included in the Trust for the benefit of the NoteholdersNoteholders and the Credit Enhancer; and (6) all proceeds of the foregoing. Park Monaco, with respect to each Initial Mortgage Loan it owns as indicated on Schedule I, hereby transfers to the Purchaser, without recourse, all of its right, title, and interest existing now or in the future in (1) that Mortgage Loan, including its Asset Balance (including all Additional Balances), the related Mortgage File, all property that secures that Mortgage Loan, and all collections received on it after the Cut-off Date (excluding payments due by the Cut-off Date); (2) property that secured that Mortgage Loan that is acquired by foreclosure or deed in lieu of foreclosure; (3) its rights under the hazard insurance policies related to the mortgages that secure the Mortgage Loans; (4) all rights under any guaranty executed in connection with that Mortgage Loan; (5) all other assets included or to be included in the Trust for the benefit of the NoteholdersNoteholders and the Credit Enhancer; and (6) all proceeds of the foregoing. (b) By the sale of a Mortgage Loan and its Additional Balances, each Seller has sold to the Purchaser, and the Purchaser has purchased from each Seller, each future draw of new borrowing under the related Credit Line Agreement. The Purchaser shall pay the applicable Seller for each Additional Balance in cash in an amount equal to the principal amount of the Additional Balance as it arises. The Trust, the applicable Seller, and the Purchaser may agree to a netting arrangement in connection with this transaction, when appropriate, rather than actually moving cash.