Common use of Approval of Underlying Repurchase Counterparties and Servicers Clause in Contracts

Approval of Underlying Repurchase Counterparties and Servicers. a. Seller shall provide Buyer with (a) a written list of proposed Underlying Repurchase Counterparties and (b) any reasonably requested information with respect to such proposed Underlying Repurchase Counterparties, in each case, prior to Buyer’s purchase of any Mortgage Loan subject to the respective Underlying Repurchase Documents. Buyer in its sole and absolute discretion may reject any proposed Underlying Repurchase Counterparty by providing written notice in accordance with Section 20 hereof to Seller within ten (10) Business Days after Seller provides such written list of proposed Underlying Repurchase Counterparties. If Buyer does not approve an Underlying Repurchase Counterparty by providing a written notice to Seller within ten (10) Business Days after Seller provides the written list of proposed Underlying Repurchase Counterparties, then such Underlying Repurchase Counterparties shall be deemed rejected by Buyer for the purposes of this Agreement. After an Underlying Repurchase Counterparty is approved by Buyer as an Underlying Repurchase Counterparty for the purposes of this Agreement, Buyer may in its sole and absolute discretion reject any previously approved Underlying Repurchase Counterparty by providing to Seller written notice in accordance with Section 20 hereof. Following any such rejection of a previously approved Underlying Repurchase Counterparty, Seller shall not sell to Buyer hereunder any Mortgage Loans purchased by Seller from such previously approved Underlying Repurchase Counterparty and any such Mortgage Loans may be assigned a Market Value of zero in Buyer’s good faith discretion.

Approval of Underlying Repurchase Counterparties and Servicers. a. Seller shall provide Buyer with (a) a written list of proposed Underlying Repurchase Counterparties and (b) any reasonably requested information with respect to such proposed Underlying Repurchase Counterparties, in each case, prior to Buyer’s purchase of any Mortgage Loan subject to the respective Underlying Repurchase Documents. Buyer in its sole and absolute discretion exercised in good faith may reject any proposed Underlying Repurchase Counterparty by providing written notice in accordance with Section 20 hereof to Seller within ten (10) Business Days after Seller provides such written list of proposed Underlying Repurchase Counterparties. If Buyer does not approve an Underlying Repurchase Counterparty by providing a written notice to Seller within ten (10) Business Days after Seller provides the written list of proposed Underlying Repurchase Counterparties, then such Underlying Repurchase Counterparties shall be deemed rejected accepted by Buyer for the purposes of this Agreement. After an Underlying Repurchase Counterparty is approved by Buyer as an Underlying Repurchase Counterparty for the purposes of this Agreement, Buyer may in its sole and absolute discretion reject any previously approved Underlying Repurchase Counterparty by providing to Seller at least thirty (30) days’ prior written notice in accordance with Section 20 hereof; provided that upon a Default or Event of Default only one (1) Business Day’s prior written notice shall be required. Upon delivery of such written notice, Buyer shall no longer enter into new Transactions hereunder with respect to Mortgage Loans owned by such Underlying Repurchase Counterparty and the Buyer shall repurchase any Mortgage Loans subject to Transactions hereunder owned by such Underlying Repurchase Counterparty within the timeframe set forth in such notice. Following any such rejection of a previously approved Underlying Repurchase Counterparty, Seller shall not sell to Buyer hereunder any Mortgage Loans purchased by Seller from such previously approved Underlying Repurchase Counterparty and any such Mortgage Loans may be assigned a Market Value of zero in Buyer’s good faith discretion.

Approval of Underlying Repurchase Counterparties and Servicers. a. Seller shall provide Buyer Administrative Agent with (a) a written list of proposed Underlying Repurchase Counterparties and (b) any reasonably requested information with respect to such proposed Underlying Repurchase Counterparties, in each case, prior to BuyerAdministrative Agent’s purchase of any Mortgage Loan subject to the respective Underlying Repurchase Documents. Buyer Administrative Agent in its sole and absolute discretion may reject any proposed Underlying Repurchase Counterparty by providing written notice in accordance with Section 20 hereof to Seller within ten (10) Business Days after Seller provides such written list of proposed Underlying Repurchase Counterparties. If Buyer Administrative Agent does not approve an Underlying Repurchase Counterparty by providing a written notice to Seller within ten (10) Business Days after Seller provides the written list of proposed Underlying Repurchase Counterparties, then such Underlying Repurchase Counterparties shall be deemed rejected by Buyer Administrative Agent for the purposes of this Agreement. After an Underlying Repurchase Counterparty is approved by Buyer Administrative Agent as an Underlying Repurchase Counterparty for the purposes of this Agreement, Buyer Administrative Agent may in its sole and absolute discretion reject any previously approved Underlying Repurchase Counterparty by providing to Seller written notice in accordance with Section 20 hereof. Following any such rejection of a previously approved Underlying Repurchase Counterparty, Seller shall not sell to Buyer Administrative Agent hereunder any Mortgage Loans purchased by Seller from such previously approved Underlying Repurchase Counterparty and any such Mortgage Loans may be assigned a Market Value of zero in BuyerAdministrative Agent’s good faith discretion.