Common use of Mandatory Delivery; Grant of Security Interest Clause in Contracts

Mandatory Delivery; Grant of Security Interest. The sale and delivery on the Closing Date of the [Mortgage Loans][Assets] described in the [Mortgage Loan] [Asset] Schedule is mandatory, it being specifically understood and agreed that each [Mortgage Loan][Asset] is unique and identifiable on the date hereof and that an award of money damages would be insufficient to compensate the Purchaser for the losses and damages incurred by the Purchaser in the event of the Seller's failure to deliver the [Mortgage Loans][Assets] on or before the Closing Date. The Seller hereby grants to the Purchaser a lien on and a continuing security interest in each [Mortgage Loan][Asset] and each document and instrument evidencing each such [Mortgage Loan][Asset] to secure the performance by the Seller of its obligation to deliver such [Mortgage Loans][Assets] hereunder. Subject to Section 7(c) hereof, all rights and remedies of the Purchaser under this Sales Agreement are distinct from, and cumulative with, any other rights or remedies under this Sales Agreement or afforded by law or equity and all such rights and remedies may be exercised concurrently, independently or successively.

Mandatory Delivery; Grant of Security Interest. The sale and delivery on the Subsequent Closing Date of the [Subsequent Mortgage Loans][Assets] Loans described in the [Subsequent Mortgage Loan] [Asset] Loan Schedule is mandatory, it being specifically understood and agreed that each [Subsequent Mortgage Loan][Asset] Loan is unique and identifiable on the date hereof and that an award of money damages would be insufficient to compensate the Purchaser SAXON for the losses and damages incurred by the Purchaser SAXON in the event of the Seller's SMF’s failure to deliver the [Subsequent Mortgage Loans][Assets] Loans on or before the Subsequent Closing Date. The Seller SMF hereby grants to the Purchaser Trustee for the benefit of the Certificateholders, a lien on and a continuing first priority security interest in each [Subsequent Mortgage Loan][Asset] Loan and each document and instrument evidencing each such [Subsequent Mortgage Loan][Asset] Loan to secure the performance by the Seller SMF of its obligation to deliver such [Subsequent Mortgage Loans][Assets] Loans hereunder. Subject to Section 7(c8(d) hereof, all rights and remedies of the Purchaser SAXON under this Sales Agreement are distinct from, and cumulative with, any other rights or remedies under this Sales Agreement or afforded by law or equity and all such rights and remedies may be exercised concurrently, independently or successively.