Common use of Settlement of the Put Price Clause in Contracts

Settlement of the Put Price. On the Put Date, the Department shall pay to the Conduit Administrator on behalf of the Conduit the Put Price by electronic transfer in funds available on such Business Day to the applicable Collection Accounts. The Department’s obligation to pay the Put Price with respect to the Putable Loans on a Put Date will not be subject to set-off by the Department with respect to amounts owed to the Department by any Seller, any Funding Note Issuer, the Conduit or any Eligible Lender Trustees. Upon payment to the Conduit Administrator on behalf of the Conduit of the Put Price, each of the Conduit and the Conduit Administrator in its capacity as Eligible Lender Trustee shall sell, transfer, assign, set over and convey to the Department, without recourse, but subject to the terms of this Agreement, all of its rights, title and interest in and to the related Putable Loans, and all of the related servicing files and servicing rights appurtenant to the related Loans, the related Promissory Notes and other related Loan Documents (including, without limitation, any rights of the Conduit and the Conduit Administrator to receive from any third party any documents which constitute a part of the loan or servicing files) and all rights and obligations arising under the documents contained therein and the rights of the Funding Note Issuer under the applicable Purchase Agreements with respect to such Putable Loans.