Sale of Servicing Rights and Related Items Sample Clauses

Sale of Servicing Rights and Related Items. Section 2.1 Items to be Sold, Transferred and Assigned. (a) Upon the terms and subject to the conditions of this Agreement, and subject to Applicable Requirements, Seller shall, on and as of the Sale Date, sell, transfer and assign to Purchaser, and Purchaser shall purchase and assume from Seller, all right, title, interest in and to the applicable (i) Servicing Rights to the Mortgage Loans identified on the Mortgage Loan Schedule and all rights related thereto, (ii) the rights to recovery of any Advances, including all Poolable Tails and Non-Poolable Tails, and (iii) the Mortgage Files (collectively, the “Purchased Assets”). It is understood and agreed that the foregoing shall be a commitment of each of the Seller and the Purchaser, subject to satisfaction of the terms and conditions of the Asset Purchase Agreement. (b) It is expressly understood and agreed that the economics of the ownership of the Servicing Rights shall accrue to the benefit of Purchaser as of the Sale Date and Purchaser