Common use of Sale Purchase Clause in Contracts

Sale Purchase. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Purchase Agreement to be dated as of the Closing Date shall be consummated upon (i) Funding’s receipt from SLM ECFC of the related ▇▇▇▇ of Sale, (ii) the payment by Funding to SLM ECFC of the Initial Payment and (iii) the assignment to SLM ECFC of the Excess Distribution Certificate. Upon consummation, such sale and purchase shall be effective as of the date of the ▇▇▇▇ of Sale. SLM ECFC and Funding shall use their best efforts to perform promptly their respective obligations pursuant to such Purchase Agreement with respect to each Loan. (B) Settlement of the Initial Payment On the Closing Date, Funding shall pay to SLM ECFC the Initial Payment by wire transfer of immediately available funds to the account specified by SLM ECFC. (C) Interest Subsidy and Special Allowance Payments and Rebate Fees SLM ECFC shall be entitled to all Interest Subsidy Payments and Special Allowance Payments on the Loans up to but not including the related Payment Cutoff Date, and shall be responsible for the payment of rebate fees, if any, applicable to Purchased Loans accruing up to but not including the related Payment Cutoff Date. The Interim Eligible Lender Trustee on behalf of Funding shall be entitled to all Special Allowance Payments and Interest Subsidy Payments on the Purchased Loans accruing from, and including, the related Payment Cutoff Date, and shall be responsible for the payment of any rebate fees applicable to Purchased Loans accruing from, and including, the Payment Cutoff Date.

Sale Purchase. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Purchase Agreement to be dated as of the Closing Date shall be consummated upon (i) Funding’s receipt from SLM ECFC VG Funding and the VG Funding Eligible Lender Trustee for the benefit of VG Funding of the related ▇▇▇▇ of Sale, Sale and (ii) the payment by Funding to SLM ECFC VG Funding of the Initial Payment and (iii) the assignment to SLM ECFC of the Excess Distribution CertificatePayment. Upon consummation, such sale and purchase shall be effective as of the date of the ▇▇▇▇ of Sale. SLM ECFC VG Funding and Funding shall use their best efforts to perform promptly their respective obligations pursuant to such Purchase Agreement with respect to each Loan. (B) Settlement of the Initial Payment On the Closing Date, Funding shall pay to SLM ECFC VG Funding the Initial Payment by wire transfer of immediately available funds to the account specified by SLM ECFCVG Funding. (C) Interest Subsidy and Special Allowance Payments and Rebate Fees SLM ECFC VG Funding shall be entitled to all Interest Subsidy Payments and Special Allowance Payments on the Loans up to but not including the related Payment Cutoff Date, and shall be responsible for the payment of rebate fees, if any, applicable to Purchased Loans accruing up to but not including the related Payment Cutoff Date. The Interim Eligible Lender Trustee on behalf of Funding shall be entitled to all Special Allowance Payments and Interest Subsidy Payments on the Purchased Loans accruing from, and including, the related Payment Cutoff Date, and shall be responsible for the payment of any rebate fees applicable to Purchased Loans accruing from, and including, the Payment Cutoff Date.

Sale Purchase. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the a Purchase Agreement to be dated as of the Closing Date shall be consummated upon (i) Funding’s receipt from SLM ECFC SLMA of the related ▇B▇▇▇ of Sale, (ii) the payment by Funding to SLM ECFC SLMA of the Initial Payment and (iii) the assignment to SLM ECFC SLMA of the Excess Distribution Certificate. Upon consummation, such sale and purchase shall be effective as of the date of the ▇B▇▇▇ of Sale. SLM ECFC SLMA and Funding shall use their best efforts to perform promptly their respective obligations pursuant to such the Purchase Agreement with respect to each Loan. (B) Settlement of the Initial Payment On the Closing Datedate of the B▇▇▇ of Sale, Funding shall pay to SLM ECFC SLMA the Initial Payment by wire transfer of immediately available funds to the account specified by SLM ECFCSLMA. (C) Interest Subsidy and Special Allowance Payments and Rebate Fees SLM ECFC SLMA shall be entitled to all Interest Subsidy Payments and Special Allowance Payments on the Consolidation Loans up to but not including the related Payment Cutoff Date, Date and shall be responsible for the payment of any rebate fees, if any, fees applicable to Purchased the Consolidation Loans subject to each B▇▇▇ of Sale accruing up to but not including the related Payment Cutoff Closing Date. The Interim Eligible Lender Trustee on behalf of Funding shall be entitled to all Special Allowance Payments and Interest Subsidy Payments on accruing from the Purchased Loans accruing from, and including, the related Payment Cutoff Date, Date and shall be responsible for the payment of any rebate fees applicable to Purchased the Consolidation Loans subject to each B▇▇▇ of Sale accruing from, and including, from the Payment Cutoff Closing Date.

Sale Purchase. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the a Purchase Agreement to be dated as of the Closing Date shall be consummated upon (i) Funding’s 's receipt from SLM ECFC ELC of the related ▇▇▇▇ of Sale, Sale and (ii) the payment by Funding to SLM ECFC ELC of the Initial Payment and (iii) the assignment to SLM ECFC of the Excess Distribution CertificatePayment. Upon consummation, such sale and purchase shall be effective as of the date of the ▇▇▇▇ of Sale. SLM ECFC ELC and Funding shall use their best efforts to perform promptly their respective obligations pursuant to such the Purchase Agreement with respect to each Loan. (B) Settlement of the Initial Payment On the Closing Datedate of the ▇▇▇▇ of Sale, Funding shall pay to SLM ECFC ELC the Initial Payment by wire transfer of immediately available funds to the account specified by SLM ECFCELC. (C) Interest Subsidy and Special Allowance Payments and Rebate Fees SLM ECFC ELC shall be entitled to all Interest Subsidy Payments and Special Allowance Payments on the Consolidation Loans up to but not including the related Payment Cutoff Date, Date and shall be responsible for the payment of any rebate fees, if any, fees applicable to Purchased the Consolidation Loans subject to each ▇▇▇▇ of Sale accruing up to but not including the related Payment Cutoff Closing Date. The Interim Eligible Lender Trustee on behalf of Funding shall be entitled to all Special Allowance Payments and Interest Subsidy Payments on accruing from the Purchased Loans accruing from, and including, the related Payment Cutoff Date, Date and shall be responsible for the payment of any rebate fees applicable to Purchased the Consolidation Loans subject to each ▇▇▇▇ of Sale accruing from, and including, from the Payment Cutoff Closing Date.

Sale Purchase. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the a Purchase Agreement to be dated as of the Closing Date shall be consummated upon (i) Funding’s receipt from SLM ECFC SLMA of the related ▇▇▇▇ of Sale, (ii) the payment by Funding to SLM ECFC SLMA of the Initial Payment and (iii) the assignment to SLM ECFC SLMA of the Excess Distribution Certificate. Upon consummation, such sale and purchase shall be effective as of the date of the ▇▇▇▇ of Sale. SLM ECFC SLMA and Funding shall use their best efforts to perform promptly their respective obligations pursuant to such the Purchase Agreement with respect to each Loan. (B) Settlement of the Initial Payment On the Closing Datedate of the ▇▇▇▇ of Sale, Funding shall pay to SLM ECFC SLMA the Initial Payment by wire transfer of immediately available funds to the account specified by SLM ECFCSLMA. (C) Interest Subsidy and Special Allowance Payments and Rebate Fees SLM ECFC SLMA shall be entitled to all Interest Subsidy Payments and Special Allowance Payments on the Consolidation Loans up to but not including the related Payment Cutoff Date, Date and shall be responsible for the payment of any rebate fees, if any, fees applicable to Purchased the Consolidation Loans subject to each ▇▇▇▇ of Sale accruing up to but not including the related Payment Cutoff Closing Date. The Interim Eligible Lender Trustee on behalf of Funding shall be entitled to all Special Allowance Payments and Interest Subsidy Payments on accruing from the Purchased Loans accruing from, and including, the related Payment Cutoff Date, Date and shall be responsible for the payment of any rebate fees applicable to Purchased the Consolidation Loans subject to each ▇▇▇▇ of Sale accruing from, and including, from the Payment Cutoff Closing Date.

Sale Purchase. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Purchase Agreement to be dated as of the Closing Date shall be consummated upon (i) Funding’s receipt from SLM ECFC SLMA of the related ▇▇▇▇ of Sale, Sale and (ii) the payment by Funding to SLM ECFC SLMA of the Initial Payment and (iii) the assignment to SLM ECFC of the Excess Distribution CertificatePayment. Upon consummation, such sale and purchase shall be effective as of the date of the ▇▇▇▇ of Sale. SLM ECFC SLMA and Funding shall use their best efforts to perform promptly their respective obligations pursuant to such Purchase Agreement with respect to each Loan. (B) Settlement of the Initial Payment On the Closing Date, Funding shall pay to SLM ECFC SLMA the Initial Payment by wire transfer of immediately available funds to the account specified by SLM ECFCSLMA. (C) Interest Subsidy and Special Allowance Payments and Rebate Fees SLM ECFC SLMA shall be entitled to all Interest Subsidy Payments and Special Allowance Payments on the Loans up to but not including the related Payment Cutoff Date, and shall be responsible for the payment of rebate fees, if any, applicable to Purchased Loans accruing up to but not including the related Payment Cutoff Date. The Interim Eligible Lender Trustee on behalf of Funding shall be entitled to all Special Allowance Payments and Interest Subsidy Payments on the Purchased Loans accruing from, and including, the related Payment Cutoff Date, and shall be responsible for the payment of any rebate fees applicable to Purchased Loans accruing from, and including, the Payment Cutoff Date.

Sale Purchase. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the a Purchase Agreement to be dated as of the Closing Date shall be consummated upon (i) Funding’s receipt from SLM ECFC Education Credit of the related ▇B▇▇▇ of Sale, (ii) Sale and the payment by Funding to SLM ECFC Education Credit of the Initial Payment and (iii) the assignment to SLM ECFC Education Credit of the Excess Distribution Certificate. Upon consummation, and when consummated such sale and purchase shall be effective as of the date of the ▇B▇▇▇ of Sale. SLM ECFC Education Credit and Funding shall use their best efforts to perform promptly their respective obligations pursuant to such Purchase Agreement with respect to each LoanAgreement. (B) Settlement of the Initial Payment On Funding on the Closing Date, Funding date of the B▇▇▇ of Sale shall pay to SLM ECFC Education Credit the Initial Payment by wire transfer of immediately available funds to the account specified by SLM ECFCEducation Credit. (C) Interest Subsidy and Special Allowance Payments and Rebate Fees On the Closing Date, SLM ECFC Education Credit shall be entitled to all Interest Subsidy Payments and Special Allowance Payments on the Loans up to but not including the related Payment Cutoff Date, and shall be responsible for the payment of any rebate fees, if any, fees applicable to Purchased the Consolidation Loans subject to each B▇▇▇ of Sale accruing up to but not including the related Payment Cutoff Closing Date. The Interim Eligible Lender Trustee on behalf of of] Funding shall be entitled to all Special Allowance Payments and Interest Subsidy Payments on the Purchased Loans accruing from, and including, the related Payment Cutoff Date, and shall be responsible for the payment of any rebate fees applicable to Purchased Loans accruing from, and including, from the Payment Cutoff Closing Date.

Sale Purchase. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Purchase Agreement to be dated as of the Closing Date shall be consummated upon (i) Funding’s receipt from [SLM ECFC or VG Funding] of the related ▇▇▇▇ of Sale, (ii) the payment by Funding to [SLM ECFC or VG Funding] of the Initial Payment and (iii) the assignment to [SLM ECFC or VG Funding] of the Excess Distribution Certificate. Upon consummation, such sale and purchase shall be effective as of the date of the ▇▇▇▇ of Sale. [SLM ECFC or VG Funding] and Funding shall use their best efforts to perform promptly their respective obligations pursuant to such Purchase Agreement with respect to each Loan. (B) Settlement of the Initial Payment On the Closing Date, Funding shall pay to [SLM ECFC or VG Funding] the Initial Payment by wire transfer of immediately available funds to the account specified by [SLM ECFCECFC or VG Funding]. (C) Interest Subsidy and Special Allowance Payments and Rebate Fees [SLM ECFC or VG Funding] shall be entitled to all Interest Subsidy Payments and Special Allowance Payments on the Loans up to but not including the related Payment Cutoff Date, and shall be responsible for the payment of rebate fees, if any, applicable to the Purchased Loans accruing up to but not including the related Payment Cutoff Date. The Interim Eligible Lender Trustee on behalf of Funding shall be entitled to all Special Allowance Payments and Interest Subsidy Payments on the Purchased Loans accruing from, and including, the related Payment Cutoff Date, and shall be responsible for the payment of any rebate fees applicable to Purchased Loans accruing from, and including, the Payment Cutoff Date.