Additional Loan Conditions. (a) Without prejudice to any subsequent determination of a breach of Additional Loan Conditions (which includes a breach of Loan Warranty with respect to the relevant Additional Loans), the Servicer shall test the compliance of the relevant Loans with the Additional Loan Conditions (including the Loan Warranties with respect to the relevant Additional Loans) on the Monthly Test Date immediately following the Monthly Period in which a Further Sale Date occurs, by reference to the circumstances existing as at the last day of the Monthly Period in which the relevant Further Sale Date occurred and shall notify the Seller in writing of any breach of such Additional Loan Conditions within five (5) Business Days of the relevant Monthly Test Date. (b) If, pursuant to 9.8 (Warranties and Repurchase by the Seller) of the Mortgage Sale Agreement, the Issuer is required to serve a Loan Repurchase Notice, or is entitled to accept an offer contained in a Loan Repurchase Notice, the Servicer shall do so on behalf of the Issuer (although nothing herein shall in any way limit the Issuer's discretion in accepting such offer).
Appears in 3 contracts
Samples: Servicing Agreement, Servicing Agreement, Servicing Agreement
Additional Loan Conditions. (a) Without prejudice to any subsequent determination of a breach of Additional Loan Conditions (which includes a breach of Loan Warranty with respect to the relevant Additional Loans), the Servicer shall test the compliance of the relevant Loans with the Additional Loan Conditions (including the Loan Warranties with respect to the relevant Additional Loans) on the Monthly Test Date immediately following the Monthly Period in which a Further Sale Date occurs, by reference to the circumstances existing as at the last day of the Monthly Period in which the relevant Further Sale Date occurred and shall notify the Seller in writing of any breach of such Additional Loan Conditions within five (5) Business Days of the relevant Monthly Test Date.
(b) If, pursuant to clause 9.8 (Warranties and Repurchase by the Seller) of the Mortgage Sale Agreement, the Issuer is required to serve a Loan Repurchase Notice, or is entitled to accept an offer contained in a Loan Repurchase Notice, the Servicer shall do so on behalf of the Issuer (although nothing herein shall in any way limit the Issuer's discretion in accepting such offer).
Appears in 2 contracts
Samples: Servicing Agreement, Servicing Agreement
