Rights Transferred. The transfer of funds pursuant to Section 2.04 hereof shall constitute, and the delivery to NCT, or its designated Purchaser Trust of each Pool Supplement shall evidence, a sale and assignment to NCT or the Purchaser Trust of the related GATE Conforming Loans and of all of Program Lender's interest in such GATE Conforming Loans. As assignee of such GATE Conforming Loans, NCT or the Purchaser Trust shall receive: (i) interest on such GATE Conforming Loans from and after the Purchase Date, and (ii) any and all other payments and recoveries received by the Servicer or Program Lender from the borrowers and cosigners of such GATE Conforming Loans, or others pursuant to, or in respect of, such GATE Conforming Loans, and all proceeds thereof.
Appears in 2 contracts
Sources: Note Purchase Agreement (National Collegiate Trust 1996-S2), Note Purchase Agreement (National Collegiate Trust 1996-S2)