Common use of SALE/PURCHASE OF INITIAL LOANS Clause in Contracts

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Purchase Agreement with respect to the Initial Loans shall be consummated upon: (i) Funding’s receipt from SLM ECFC of the Initial Xxxx of Sale; (ii) the payment by Funding to SLM ECFC of the Initial Payment; and (iii) the assignment to SLM ECFC of the Excess Distribution Certificate. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx of Sale. SLM ECFC and Funding shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Purchase Agreement with respect to each Initial Loan.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Purchase Agreement with respect to the Initial Loans shall be consummated upon: (i) Funding’s receipt from SLM ECFC of the Initial Xxxx Bxxx of Sale; (ii) the payment by Funding to SLM ECFC of the Initial Payment; and (iii) the assignment to SLM ECFC of the Excess Distribution Certificate. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx Bxxx of Sale. SLM ECFC and Funding shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Purchase Agreement with respect to each Initial Loan.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Purchase Agreement with respect to the Initial Loans shall be consummated upon: (i) Funding’s 's receipt from SLM ECFC of the Initial Xxxx of Sale; (ii) the payment by Funding to SLM ECFC of the Initial Payment; and (iii) the assignment to SLM ECFC of the Excess Distribution Certificate. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx of Sale. SLM ECFC and Funding shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Purchase Agreement with respect to each Initial Loan.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Purchase Agreement with respect to the Initial Loans shall be consummated upon: (i) Funding’s receipt from SLM ECFC ELC of the Initial Xxxx of Sale; (ii) the payment by Funding to SLM ECFC ELC of the Initial Payment; and (iii) the assignment to SLM ECFC ELC of the Excess Distribution Certificate. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx of Sale. SLM ECFC ELC and Funding shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Purchase Agreement with respect to each Initial Loan.

SALE/PURCHASE OF INITIAL LOANS. (A) Consummation of Sale and Purchase The sale and purchase of Eligible Loans pursuant to the Initial Purchase Agreement with respect to the Initial Loans shall be consummated upon: (i) Funding’s 's receipt from SLM ECFC ELC of the Initial Xxxx of Sale; (ii) the payment by Funding to SLM ECFC ELC of the Initial Payment; and (iii) the assignment to SLM ECFC ELC of the Excess Distribution Certificate. Upon consummation, such sale and purchase shall be effective as of the date of the Initial Xxxx of Sale. SLM ECFC ELC and Funding shall use their best efforts to perform promptly their respective obligations pursuant to the Initial Purchase Agreement with respect to each Initial Loan.