Common use of SALE/PURCHASE OF INITIAL LOANS Clause in Contracts

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Sale Agreement with respect to the Initial Loans shall be consummated upon (i) the Purchaser’s receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Initial Xxxx of Sale, (ii) the payment by the Purchaser to the Seller of the Initial Payment and (iii) the issuance by the Trust of the Excess Distribution Certificate to the Seller. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx of Sale. The Seller and the Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Sale Agreement with respect to each Initial Loan. (B) Settlement of the Initial Payment On the date of the Initial Xxxx of Sale, the Purchaser shall pay the Seller the Initial Payment by wire transfer in immediately available funds to the account specified by the Seller.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Sale Agreement with respect to the Initial Loans shall be consummated upon (i) the Purchaser’s receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Initial Xxxx of Sale, (ii) the payment by the Purchaser to the Seller of the Initial Payment and (iii) the issuance by the Trust of the Excess Distribution Certificate to the Seller. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx of Sale. The Seller and the Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Sale Agreement with respect to each Initial Loan.. Sale Agreement (B) Settlement of the Initial Payment On the date of the Initial Xxxx of Sale, the Purchaser shall pay the Seller the Initial Payment by wire transfer in immediately available funds to the account specified by the Seller.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Sale Agreement with respect to the Initial Loans shall be consummated upon upon: (i) the Purchaser’s receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Initial Xxxx of Sale, ; (ii) the payment by the Purchaser to the Seller of the Initial Payment and Purchase Price; (iii) the issuance by the Trust of the Excess Distribution Certificate to the Seller; and (iv) receipt by the Purchaser of the amounts necessary to make the deposits to the Trust Accounts on the Closing Date specified in the Initial Sale Agreement. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx of Sale. The Seller and the Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Sale Agreement with respect to each Initial Loan. (B) Settlement of the Initial Payment Purchase Price On the date of the Initial Xxxx of Sale, the Purchaser shall pay the Seller the Initial Payment Purchase Price by wire transfer in immediately available funds issuing the Notes to the account specified by the SellerSeller or its designee.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Sale Agreement with respect to the Initial Loans shall be consummated upon (i) the Purchaser’s receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Initial Xxxx Bxxx of Sale, (ii) the payment by the Purchaser to the Seller of the Initial Payment and (iii) the issuance by the Trust of the Excess Distribution Certificate to the Seller. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx Bxxx of Sale. The Seller and the Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Sale Agreement with respect to each Initial Loan. (B) Settlement of the Initial Payment On the date of the Initial Xxxx Bxxx of Sale, the Purchaser shall pay the Seller the Initial Payment by wire transfer in immediately available funds to the account specified by the Seller.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Sale Agreement with respect to the Initial Loans shall be consummated upon (i) the Purchaser’s receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Initial Xxxx of Sale, (ii) the payment by the Purchaser to the Seller of the Initial Payment and (iii) the issuance by to the Trust Seller of the Excess Distribution Certificate to the SellerCertificate. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx of Sale. The Seller and the Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Sale Agreement with respect to each Initial Loan. (B) Settlement of the Initial Payment On the date of the Initial Xxxx of Sale, the Purchaser shall pay the Seller the Initial Payment by wire transfer in immediately available funds to the account specified by the Seller.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Sale Agreement with respect to the Initial Loans shall be consummated upon (i) the Purchaser’s receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Initial Xxxx Bxxx of Sale, (ii) the payment by the Purchaser to the Seller of the Initial Payment and (iii) the issuance by the Trust of the Excess Distribution Certificate to the Seller. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx Bxxx of Sale. The Seller and the Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Sale Agreement with respect to each Initial Loan. (B) Settlement of the Initial Payment Sale Agreement On the date of the Initial Xxxx Bxxx of Sale, the Purchaser shall pay the Seller the Initial Payment by wire transfer in immediately available funds to the account specified by the Seller.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Sale Agreement with respect to the Initial Loans shall be consummated upon (i) the Purchaser’s receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Initial Xxxx Bxxx of Sale, (ii) the payment by the Purchaser to the Seller of the Initial Payment Sale Agreement and (iii) the issuance by the Trust of the Excess Distribution Certificate to the Seller. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx Bxxx of Sale. The Seller and the Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Sale Agreement with respect to each Initial Loan. (B) Settlement of the Initial Payment On the date of the Initial Xxxx Bxxx of Sale, the Purchaser shall pay the Seller the Initial Payment by wire transfer in immediately available funds to the account specified by the Seller.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Sale Agreement with respect to the Initial Loans shall be consummated upon (i) the Purchaser’s receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Initial Xxxx Bxxx of Sale, (ii) the payment by the Purchaser to the Seller of the Initial Payment and (iii) the issuance by the Trust of the Excess Distribution Certificate to the Seller. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx Bxxx of Sale. The Seller and the Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Sale Agreement with respect to each Initial Loan.. Sale Agreement (B) Settlement of the Initial Payment On the date of the Initial Xxxx Bxxx of Sale, the Purchaser shall pay the Seller the Initial Payment by wire transfer in immediately available funds to the account specified by the Seller.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase Sale Agreement The sale and purchase of Eligible Loans pursuant to the Initial Sale Agreement with respect to the Initial Loans shall be consummated upon (i) the Purchaser’s receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Initial Xxxx of Sale, (ii) the payment by the Purchaser to the Seller of the Initial Payment and (iii) the issuance by the Trust of the Excess Distribution Certificate to the Seller. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx of Sale. The Seller and the Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Sale Agreement with respect to each Initial Loan. (B) Settlement of the Initial Payment On the date of the Initial Xxxx of Sale, the Purchaser shall pay the Seller the Initial Payment by wire transfer in immediately available funds to the account specified by the Seller.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Sale Agreement with respect to the Initial Loans shall be consummated upon (i) the Purchaser’s receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Initial Xxxx of Sale, (ii) the payment by the Purchaser to the Seller of the Initial Payment Sale Agreement and (iii) the issuance by the Trust of the Excess Distribution Certificate to the Seller. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx of Sale. The Seller and the Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Sale Agreement with respect to each Initial Loan. (B) Settlement of the Initial Payment On the date of the Initial Xxxx of Sale, the Purchaser shall pay the Seller the Initial Payment by wire transfer in immediately available funds to the account specified by the Seller.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Sale Agreement with respect to the Initial Loans shall be consummated upon (i) the Purchaser’s receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Initial Xxxx Bxxx of Sale, (ii) the payment by the Purchaser to the Seller of the Initial Payment and (iii) the issuance by to the Trust Seller of the Excess Distribution Certificate to the SellerCertificate. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx Bxxx of Sale. The Seller and the Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Sale Agreement with respect to each Initial Loan. (B) Settlement of the Initial Payment On the date of the Initial Xxxx Bxxx of Sale, the Purchaser shall pay the Seller the Initial Payment by wire transfer in immediately available funds to the account specified by the Seller.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Sale Agreement with respect to the Initial Loans shall be consummated upon upon: (i) the Purchaser’s receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Initial Xxxx of Sale, Sale and (ii) the payment by the Purchaser to the Seller of the Initial Payment and (iii) the issuance by the Trust of the Excess Distribution Certificate to the SellerPayment. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx of Sale. The Seller and the Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Sale Agreement with respect to each Initial Loan. (B) Settlement of the Initial Payment On the date of the Initial Xxxx of Sale, the Purchaser shall pay to the Seller the Initial Payment by wire transfer in of immediately available funds to the account specified by the Seller.