Purchases Upon Conversion Clause Samples
Purchases Upon Conversion. The Holders of the Class R Certificates, by their acceptance of such Certificates shall agree that with respect to each Contract that converts from a variable Contract Rate to a fixed Contract Rate during any Collection Period pursuant to the terms of such Contract that they will:
(i) Repurchase such Contracts not later than the 5th day following such Collection Period at a price equal to the Scheduled Principal Balance of such Contract on the date of such conversion, plus all accrued and unpaid interest thereon to such date of conversion. Amounts in respect of such price shall be delivered to the Servicer for deposit to the Certificate Account.
(ii) Any amounts received as payment in respect of any such Contract repurchased pursuant to clause (i) above after the date of repurchase (other than the amount referred to in clause (i) above), shall not be a part of the Trust Fund and shall be paid by the Servicer to the Holders of the Class R Certificates or, if such amounts have been deposited into the Certificate Account, shall be withdrawn therefrom by the Servicer and paid by the Servicer to the Holders of the Class R Certificates.
(iii) Promptly after the purchase referred to in this Section 11.12, the Trustee shall execute such documents as are presented to it by the Servicer on behalf of the Holder of the Class R Certificate and are reasonably necessary to convey the purchased Contract to the Holder of the Class R Certificate.
Purchases Upon Conversion. 99 This CONTRACT SALE AND SERVICING AGREEMENT (SERIES [_______]), dated as of [__________] (the "Agreement"), is executed by and between GreenPoint Credit, LLC, as the contract seller (in such capacity, the "Contract Seller") and the servicer (in such capacity together with its permitted successors, the "Servicer"), and GreenPoint Asset LLC (in such capacity, the "Purchaser"). The Contract Seller and Servicer have duly authorized the execution and delivery of this Agreement to provide for the issuance of GreenPoint Manufactured Housing Contract Trust, Pass-Through Notes, Series [_______] (the "Notes"). The Notes issued hereunder shall be limited to the amount herein described. All covenants and agreements made by the Contract Seller herein are for the benefit and security of the Purchaser. The Contract Seller is entering into this Agreement, and the Purchaser is accepting the Contracts (defined below)) tendered herein for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. In consideration of the premises and the mutual agreements hereinafter set forth, the parties hereto agree as follows:
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