Common use of Credit Document Deficiencies Identified During Due Diligence Clause in Contracts

Credit Document Deficiencies Identified During Due Diligence. If, with respect to a Mortgage Loan Package, the related Purchase Confirmation identifies any Mortgage Loan for which the related Credit File or the Mortgage File is missing material documentation (as used therein, the "Missing Credit Documents"), Indymac agrees to use its best efforts to procure each such Missing Credit Document within sixty (60) days following the related Closing Date. In the event of a default by a Mortgagor or any material impairment of the Mortgaged Property, in either case directly arising from a breach of Indymac's obligation to deliver the Missing Credit Document within the time specified above, Indymac shall repurchase such Mortgage Loan at the Repurchase Price.

Credit Document Deficiencies Identified During Due Diligence. If, with respect to a Mortgage Loan Package, the related Purchase Confirmation identifies any Mortgage Loan for which the related Credit File or the Mortgage File is missing material documentation (as used therein, the "“Missing Credit Documents"”), Indymac agrees to use its best efforts to procure each such Missing Credit Document within sixty (60) days following the related Closing Date. In the event of a default by a Mortgagor or any material impairment of the Mortgaged Property, in either case directly arising from a breach of Indymac's ’s obligation to deliver the Missing Credit Document within the time specified above, Indymac shall repurchase such Mortgage Loan at the Repurchase Price.