Defective Mortgage Loans. If any Mortgage Loan is re-transferred to the Purchaser pursuant to Section 2.03 of the Sale and Servicing Agreement, the Seller shall, at the Purchaser's option, either (a) repurchase such Mortgage Loan at the Repurchase Price, or (b) provide an Eligible Substitute Mortgage Loan if the Seller has any such loans available for sale at the time, subject to the terms and conditions of the Sale and Servicing Agreement.
Defective Mortgage Loans. (i) If, after Buyer purchases a Mortgage Loan, Buyer determines or receives notice (whether from Seller or otherwise) that a Purchased Mortgage Loan is (or has become) a Defective Mortgage Loan, Buyer shall promptly notify Seller, and Seller shall repurchase such Purchased Mortgage Loan at the Repurchase Price on the Early Repurchase Date (as such term is defined below).
(ii) If Seller becomes obligated to repurchase a Mortgage Loan pursuant to subparagraph 3(h)(i) above, Buyer shall promptly give Seller notice of such repurchase obligation and a calculation of the Repurchase Price therefor. On the same day Seller receives such notice (the “Early Repurchase Date”), Seller shall repurchase the Defective Mortgage Loan by making a payment to Buyer of the Repurchase Price, and shall submit a Completed Repurchase Advice. Buyer is authorized to charge any of Seller’s Accounts for such amount unless the parties have agreed in writing to a different method of payment and Seller has paid such amount by such agreed method. If Seller’s Accounts do not contain sufficient funds to pay in full the amount due Buyer under this subparagraph, or if the amount due is not paid by any applicable alternative method of payment previously agreed to by the Parties, Seller shall promptly deposit funds in the Operating Account sufficient to pay such amount due Buyer and notify Buyer of such deposit. After receipt of the payment of the Repurchase Price from Seller, Buyer shall deliver, or cause to be delivered, to Seller all documents for the Mortgage Loan previously delivered to Buyer and take such steps as are necessary and appropriate to effect the transfer of the Mortgage Loan to Seller on the MERS® System.
Defective Mortgage Loans. If any Mortgage Loan is required to be repurchased due to defective or missing documentation pursuant to Section 2.04 of the Pooling and Servicing Agreement, MLCC shall, at its option, either (a) repurchase or cause the applicable seller of such Mortgage Loan to MLCC to repurchase such Mortgage Loan at the Purchase Price, or (b) provide or cause the applicable seller of such Mortgage Loan to MLCC to provide a Replacement Mortgage Loan, subject to the terms and conditions of the Pooling and Servicing Agreement.
Defective Mortgage Loans. If any Mortgage Loan is required to be repurchased due to defective or missing documentation pursuant to Section 2.04 of the Pooling and Servicing Agreement, RWT shall, at its option, either (a) repurchase or cause the applicable seller of such Mortgage Loan to RWT to repurchase such Mortgage Loan at the Purchase Price, or (b) provide or cause the applicable seller of such Mortgage Loan to RWT to provide a Replacement Mortgage Loan, subject to the terms and conditions of the Pooling and Servicing Agreement.
Defective Mortgage Loans. 3 ARTICLE III Intent of Parties; Security Interest..................................................................3 Section 3.01. Intent of Parties; Security Interest........................................................3
Defective Mortgage Loans. One or more Purchased Mortgage Loans shall be Defective Mortgage Loans and Seller fails to repurchase such Defective Mortgage Loans within one Business Day; or
Defective Mortgage Loans. Seller shall fail to repurchase any Purchased Mortgage Loan pursuant to Section 3(j) (Defective Mortgage Loans) on or before its Early Repurchase Date.
Defective Mortgage Loans. If, after Buyer purchases a Mortgage Loan, Buyer determines or receives notice (whether from Seller or otherwise) that a Purchased Mortgage Loan is (or has become) a Defective Mortgage Loan, Buyer shall promptly notify Seller, and Seller shall repurchase such Purchased Mortgage Loan at the Repurchase Price on the Early Repurchase Date (as such term is defined below).
Defective Mortgage Loans. If any Mortgage Loan sold by an Originator hereunder is re-transferred to Purchaser pursuant to Section 2.2(b) of the Sale and Servicing Agreement, the Originator shall, at Purchaser's option, either (a) repurchase such Mortgage Loan at the Loan Purchase Price therefor or (b) substitute in lieu thereof a Qualified Replacement Mortgage (provided that the Originator has any such loans available for sale at the time) and deliver to or upon the order of Purchaser the related Substitution Amount, all in accordance with and subject to the applicable terms and conditions of the Sale and Servicing Agreement.
Defective Mortgage Loans. Cendant will notify MLCC of defective Mortgage Loans subject to repurchase by Correspondent Lenders pursuant to the Correspondent Lending Guide within [* * *] of discovery of such defective Mortgage Loans using a mutually agreed upon reporting format or notice. A Defective Mortgage Loan is a Mortgage Loan which Cendant discovers during the servicing of such Mortgage Loan is in violation of a representation, warranty or covenant made by the applicable Correspondent Lender, including but not limited to a Mortgage Loan as to which a Correspondent Lender has failed to deliver a Trailing Document within 270 days of the Closing Date.
