Purchase Price; Payments on the Contracts. (a) The purchase price for the Contracts shall be an amount equal to $______________. Such purchase price shall be payable in immediately available funds on the Closing Date. (b) The Purchaser shall be entitled to all payments of principal and interest received on or after the Initial Cut-off Date. All payments of principal and interest received before the Initial Cut-off Date shall belong to the Seller. The Seller shall hold in trust for the Purchaser and shall promptly remit to the Purchaser, any payments on the Contracts received by the Seller that belong to the Purchaser under the terms of this Agreement.
Appears in 1 contract
Sources: Purchase Agreement (Cit Group Securitization Corp Ii)
Purchase Price; Payments on the Contracts. (a) The purchase price for the Contracts shall be an amount equal to $______________. Such purchase price shall be payable in immediately available funds on the Closing Date.
(b) The Purchaser shall be entitled to all payments of principal and interest received on or after the Initial Cut-off Date. All payments of principal and interest received before the Initial Cut-off Date shall belong to the Seller. The Seller shall hold in trust for the Purchaser and shall promptly remit to the Purchaser, Purchaser any payments on the Contracts received by the Seller that belong to the Purchaser under the terms of this Agreement.
Appears in 1 contract
Sources: Purchase Agreement (Cit Group Inc)