Common use of Takeout Commitments Clause in Contracts

Takeout Commitments. Each Seller hereby assigns to Participant, free of any security interest, lien, claim or encumbrance of any kind, each Sellers' rights under each Takeout Commitment to deliver the Security specified therein to the related Takeout Investor and to receive the purchase price therefor from such Takeout Investor. Subject to Participant's rights under Section 3, Participant agrees that it will satisfy the Takeout Commitment on the Settlement Date specified therein. Each Seller understands that, as a result of this Section 5 and each Trade Assignment, Participant will succeed to the rights and obligations of such Seller with respect to each Takeout Commitment subject to a Trade Assignment, and that in satisfying each such Takeout Commitment, Participant will stand in the shoes of such Seller and, consequently, will be acting as a non-dealer in exercising its rights and fulfilling its obligations assigned pursuant to this Section 5 and each Trade Assignment. Each Trade Assignment delivered by any Seller to Participant pursuant to Section 2 shall be delivered by the related Seller in a timely manner sufficient to enable Participant to facilitate the settlement of the related trade on the trade date in accordance with Chapter 8 of the Bond Market Association's Uniform Practices for the Clearance and Settlement of Mortgage-Backed Securities and other Related Securities, as amended from time to time.

Takeout Commitments. Each Seller hereby assigns to Participant, free of any security interest, lien, claim or encumbrance of any kind, each Sellers' Seller’s rights under each Takeout Commitment to deliver the Security specified therein to the related Takeout Investor and to receive the purchase price therefor from such Takeout Investor. Subject to Participant's ’s rights under Section 3, Participant agrees that it will satisfy the Takeout Commitment on the Settlement Date specified therein. Each Seller understands that, as a result of this Section 5 and each Trade Assignment, Participant will succeed to the rights and obligations of such Seller with respect to each Takeout Commitment subject to a Trade Assignment, and that in satisfying each such Takeout Commitment, Participant will stand in the shoes of such Seller and, consequently, will be acting as a non-dealer in exercising its rights and fulfilling its obligations assigned pursuant to this Section 5 and each Trade Assignment. Each Trade Assignment delivered by any Seller to Participant pursuant to Section 2 shall be delivered by the related Seller in a timely manner sufficient to enable Participant to facilitate the settlement of the related trade on the trade date in accordance with Chapter 8 of the Bond Market Association's ’s Uniform Practices for the Clearance and Settlement of Mortgage-Backed Securities and other Related Securities, as amended from time to time.

Takeout Commitments. Each Seller hereby assigns to ParticipantPurchaser, free of any security interest, lien, claim or encumbrance of any kind, each Sellers' Seller's rights under each Takeout Commitment to deliver the Security specified therein to the related Takeout Investor and to receive the purchase price therefor from such Takeout Investor. Subject to Participant's Purchaser rights under Section 3hereunder, Participant Purchaser agrees that it will satisfy the Takeout Commitment on the Settlement Date specified therein. Each Seller understands that, as a result of this Section 5 3 and each Trade Assignment, Participant Purchaser will succeed to the rights and obligations of such Seller with respect to each Takeout Commitment subject to a Trade Assignment, and that in satisfying each such Takeout Commitment, Participant Purchaser, will stand in the shoes of such Seller and, consequently, will be acting as a non-dealer in exercising its rights and fulfilling its obligations assigned pursuant to this Section 5 3 and each Trade Assignment. Each Trade Assignment delivered by any Seller to Participant pursuant to Section 2 Purchaser shall be delivered by the related Seller in a timely manner sufficient to enable Participant Purchaser to facilitate the settlement of the related trade on the trade date in accordance with Chapter 8 of the Bond Market Public Securities Association's Uniform Practices for the Clearance and Settlement of Mortgage-Mortgage Backed Securities and other Related Securities, as amended from time to timetime .

Takeout Commitments. Each Seller hereby assigns to ParticipantPurchaser, free of any security interest, lien, claim or encumbrance of any kind, each Sellers' Seller's rights under each Takeout Commitment to deliver the Security specified therein to the related Takeout Investor and to receive the purchase price therefor from such Takeout Investor. Subject to ParticipantPurchaser's rights under Section 3hereunder, Participant Purchaser agrees that it will satisfy the Takeout Commitment on the Settlement Date specified therein. Each Seller understands that, as a result of this Section 5 3 and each Trade Assignment, Participant Purchaser will succeed to the rights and obligations of such Seller with respect to each Takeout Commitment subject to a Trade Assignment, and that in satisfying each such Takeout Commitment, Participant Purchaser, will stand in the shoes of such Seller and, consequently, will be acting as a non-dealer in exercising its rights and fulfilling its obligations assigned pursuant to this Section 5 3 and each Trade Assignment. Each Trade Assignment delivered by any Seller to Participant pursuant to Section 2 Purchaser shall be delivered by the related Seller in a timely manner sufficient to enable Participant Purchaser to facilitate the settlement of the related trade on the trade date in accordance with Chapter 8 of the Bond Market Public Securities Association's Uniform Practices for the Clearance and Settlement of Mortgage-Mortgage Backed Securities and other Related Securities, as amended from time to time.