Common use of Sale of the Mortgage Loans Clause in Contracts

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 Noteholders 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 Noteholders and the Credit Enhancer; and (6) all proceeds of the foregoing.

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 Noteholders 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 Noteholders and the Credit Enhancer; and (6) all proceeds of the foregoing. The Additional Home Equity Loans. The Purchaser may use the funds in the Additional Loan Account to purchase Additional Home Equity Loans on any Subsequent Closing Date designated by the Purchaser by the Latest Subsequent Closing Date. On each Subsequent Closing Date, each Seller shall deliver a Transfer Document (properly completed and executed by the Seller) to the Purchaser. When each Seller delivers a Transfer Document, that Seller hereby transfers to the Purchaser without recourse, and the Purchaser purchases and shall effect payment for, all of its right, title, and interest in each Additional Home Equity Loan identified in the Transfer Document, including its Asset Balance (including all Additional Balances) and all collections received on it after the relevant Subsequent Cut-off Date (excluding payments due by the Subsequent Cut-off Date) and 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 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 Noteholders and the Credit Enhancer; and (6) all proceeds of the foregoing. CLFT, 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 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 Noteholders 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 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 Noteholders; and (6) all proceeds of the foregoing. ____________ , 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 Noteholders 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 Noteholders and the Credit EnhancerNoteholders; and (6) all proceeds of the foregoing.

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 Noteholders 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 Noteholders 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 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 Noteholders and the Credit EnhancerNoteholders; 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 Noteholders and the Credit EnhancerNoteholders; and (6) all proceeds of the foregoing.

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 Noteholders 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 in (1) that Mortgage Loan, including its Asset Balance (including all Additional Balances), the the (1) 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 the Credit Enhancer; and (6) all proceeds of the foregoing.

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 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 the Credit Enhancer; and 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 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 the Credit Enhancer; and (6) all proceeds of the foregoing.

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 Noteholders 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 Noteholders 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.