The Purchased Notes Clause Samples
The Purchased Notes. The Purchased Notes have been duly and validly authorized, and, when executed and authenticated in accordance with the terms of the Indenture, and delivered to and paid for in accordance with this Note Purchase Agreement, will be duly and validly issued and outstanding and will be entitled to the benefits of the Indenture.
The Purchased Notes. The Trust proposes to sell pursuant to the Purchase Agreement to the Purchaser named therein home equity loan backed notes (the "Notes") representing indebtedness secured primarily by the property of a trust consisting of a pool of mortgage loans (the "Mortgage Loans") and certain related property. The Notes will be issued, from time to time, upon satisfaction of the conditions precedent set forth in the Indenture and the Sale and Servicing Agreement pursuant to an Indenture (the "Indenture") by and between ABFS Mortgage Loan Warehouse Trust 2003-1, as Trust (the "Trust"), and JPMorgan Chase Bank, as indenture trustee (the "Indenture Trustee"). The Mortgage Loans will be purchased by the Depositor from American Business Credit, Inc. ("ABC"), HomeAmerican Credit, Inc., d/b/a Upland Mortgage ("Upland"), and American Business Mortgage Services, Inc. (together with ABC and Upland, the "Originators") and will be sold by the Depositor to the Trust, each pursuant to the terms of a Sale and Servicing Agreement (the "Sale and Servicing Agreement") among the Trust, the Depositor, the Indenture Trustee, ABC, as servicer (in such capacity, the "Servicer"), American Business Financial Services, Inc. ("ABFS") as the Sponsor, and the Originators. The terms and rights of any particular issuance of Notes shall be as specified in the Purchase Agreement and in or pursuant to the Indenture identified in the Purchase Agreement. The Notes which are the subject of the Purchase Agreement into which these Standard Provisions are incorporated are herein referred to as the "Purchased Notes."