Sale Purchase. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to a Purchase Agreement shall be consummated upon Funding's receipt from Xxxxxx Mae of the Xxxx of Sale and the payment by Funding to Xxxxxx Mae of the Initial Payment and the assignment to Xxxxxx Xxx of the Excess Distribution Certificate, and when consummated such sale and purchase shall be effective as of the date of the Xxxx of Sale. Xxxxxx Xxx and Funding shall use their best efforts to perform promptly their respective obligations pursuant to such Purchase Agreement. (B) Settlement of the Initial Payment Funding on the date of the Xxxx of Sale shall pay Xxxxxx Xxx the Initial Payment by wire transfer of immediately available funds to the account specified by Xxxxxx Mae.
Appears in 8 contracts
Samples: Purchase Agreement (SLM Funding Corp), Purchase Agreement (SLM Funding Corp), Purchase Agreement (SLM Funding Corp)
