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 a Sale Agreement shall be consummated upon Purchaser's receipt from the Seller and the Interim Eligible Lender Trustee for the benefit of the Seller of the Xxxx of Sale and the payment by Purchaser to Seller of the Initial Payment and the issuance to the Seller of the Excess Distribution Certificate, and when consummated such sale and purchase shall be effective as of the date of the Xxxx of Sale. Seller and Purchaser shall use their best efforts to perform promptly their respective obligations pursuant to such Sale Agreement. (B) Settlement of the Initial Payment Purchaser on the date of the Xxxx of Sale shall pay Seller the Initial Payment by wire transfer in immediately available funds to the account specified by Seller.