Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, (ii) of Xxxxxx Holdings set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings and assigned to the Trustee hereunder, the Depositor, such Transferor or Xxxxxx Holdings shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 24 contracts
Samples: Trust Agreement (Structured Asset Securities Corp Trust 2005-3), Trust Agreement (Lehman Mortgage Trust 2006-1), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-10)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that materially and adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 16 contracts
Samples: Trust Agreement (Lehman XS Trust 2006-3), Trust Agreement (Lehman XS Trust 2006-1), Trust Agreement (Lehman XS Trust 2006-11)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 15 contracts
Samples: Trust Agreement (Structured Asset Investment Loan Trust 2005-2), Custodial Agreement (Structured Asset Investment Loan Trust 2004-6), Custodial Agreement (Structured Asset Investment Loan Trust 2004-9)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Certificate Insurer, the Master Servicer or the Trustee of a breach of any of such representations and warranties that materially and adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 12 contracts
Samples: Trust Agreement (Lehman XS Trust 2006-17), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-9xs), Custodial Agreement (Structured Asset Securities Corp. Mortgage Loan Trust 2005-7xs)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Capital or of Xxxxxx Bank set forth in the related Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Capital or by Xxxxxx Bank, as applicable, to the Depositor pursuant to the related Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Transferor, Xxxxxx Bank or Xxxxxx Holdings Capital and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Transferor, Xxxxxx Bank or Xxxxxx Holdings Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the related Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the each Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the such Mortgage Loan Sale Agreement, either Xxxxxx Holdings Capital or Xxxxxx Bank, as applicable, will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 11 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-24), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 03 4), Trust Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 2002)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Brothers Holdings set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Brothers Holdings to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Transferor, or Xxxxxx Brothers Holdings and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Transferor, or Xxxxxx Holdings Brothers Holdings, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Brothers Holdings will, in exchange for such Substitute substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 10 contracts
Samples: Trust Agreement (Structured Asset Securities Corp), Trust Agreement (Structured Asset Securities Corp), Trust Agreement (Structured Asset Securities Corp)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, any NIMS Insurer, the Master Servicer or the Trustee of a breach of any of such representations and warranties that materially and adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by a Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any a Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any a Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 8 contracts
Samples: Trust Agreement (GreenPoint Mortgage Funding Trust 2006-Ar6), Trust Agreement (Lehman XS Trust Series 2006-4n), Trust Agreement (GreenPoint Mortgage Funding Trust 2006-Ar4)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 8 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc9), Trust Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004-3)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, any NIMS Insurer, the Master Servicer or the Trustee of a breach of any of such representations and warranties that materially and adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties; provided, to the extent that knowledge of such breach with respect to any Mortgage Loan is known by any officer, director, employee or agent of Aurora acting in any capacity other than as Master Servicer hereunder, the Master Servicer shall not be deemed to have knowledge of any such breach until an officer of Aurora acting in a capacity as Master Servicer has actual knowledge thereof. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by a Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any a Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any a Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 8 contracts
Samples: Trust Agreement (GreenPoint Mortgage Funding Trust 2007-Ar3), Trust Agreement (Greenpoint Mortgage Funding Trust 2007-Ar1), Trust Agreement (Greenpoint Mortgage Funding Trust 2007-Ar2)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings each Seller set forth in the related Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings a Seller to the Depositor pursuant to the related Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the related Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the related Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the related Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the related Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the related Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 5 contracts
Samples: Trust Agreement (Amoritizing Residential Col Tr Mor Pas Thru Cer Ser 2002-Bc6), Trust Agreement (Structured Asset Securities Corp), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002-Bc8)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 4 contracts
Samples: Trust Agreement (First Franklin Mortgage Loan Trust 2005-Ff9), Trust Agreement (Structured Asset Securities Corporation, 2005 OPT-1), Trust Agreement (First Franklin Mortgage Loan Trust 2005-Ff10)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof3.01, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee Issuer by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee Issuer by the Depositor hereunder, shall be pledged by the Issuer to the Indenture Trustee under the Indenture and shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Indenture Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Indenture Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunder, the DepositorIndenture Trustee, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee Issuer at the Loan Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) with respect to the Mortgage Loans, within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Indenture Trustee, the Indenture Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of Securityholders and the CertificateholdersInsurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Estate the applicable Loan Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 4 contracts
Samples: Sale and Servicing Agreement (Thornburg Mortgage Securities Corp), Transfer and Servicing Agreement (Structured Asset Securities Corp), Transfer and Servicing Agreement (Structured Asset Securities Corp)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, (ii) of Xxxxxx Holdings LBH set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings LBH to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or a Responsible Officer of the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties; provided, to the extent that knowledge of such breach with respect to any Mortgage Loan is known by any officer, director, employee or agent of Aurora Loan Services LLC acting in any capacity other than as Master Servicer hereunder, the Master Servicer shall not be deemed to have knowledge of any such breach until an officer of the Master Servicer has actual knowledge thereof. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings LBH and assigned to the Trustee hereunder, the Depositor, such Transferor or Xxxxxx Holdings LBH shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings LBH will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 4 contracts
Samples: Trust Agreement (Lehman Mortgage Trust 2007-9), Trust Agreement (Lehman Mortgage Trust 2007-8), Trust Agreement (Lehman Mortgage Trust 2008-2)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of the Transferor and of each Transferor, Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or in the case of a First Payment Default Mortgage Loan or a Delinquency Default Mortgage Loan, the PPTL Purchase Price (excluding any PPTL Premium) or FPD Purchase Price (excluding any FPD Premium)) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 3 contracts
Samples: Trust Agreement (Sasco 2006-Bc2), Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5), Trust Agreement (Sasco 2006-Bc3)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 3 contracts
Samples: Trust Agreement (SASCO Mortgage Loan Trust 2005-Wf3), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-Wf2), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-Wf1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof3.01, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee Issuer by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee Issuer by the Depositor hereunder, shall be pledged by the Issuer to the Indenture Trustee under the Indenture and shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Indenture Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Indenture Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee Issuer by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunder, the DepositorIndenture Trustee, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee Issuer at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) with respect to the Mortgage Loans, within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Indenture Trustee, the Indenture Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersSecurityholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Estate the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 3 contracts
Samples: Custodial Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2), Custodial Agreement (SASCO Mortgage Loan Trust 2004-Gel3), Custodial Agreement (Sasco Mortgage Loan Trust Series 2003-Gel1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings each Seller set forth in the related Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings a Seller to the Depositor pursuant to the related Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the related Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the related Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the related Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the related Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale AgreementAgreements, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the related Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2003-Bc2), Servicing Agreement (Structured Asset Securities Corp), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc7)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 3 contracts
Samples: Trust Agreement (Sasco 2006-Wf1), Trust Agreement (Fremont Home Loan Trust 2004-3), Trust Agreement (Structured Asset Securities Corp)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Certificate Insurer, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 3 contracts
Samples: Trust Agreement (Mortgage Pass-Through Certificates Ser 2003-18xs), Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 28xs), Trust Agreement (Structured Asset Securities Corp Mo Pa Th Ce Ser 2003-25xs)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement Agreements and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan Agreements and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 3 contracts
Samples: Trust Agreement (Structured Asset Securities Corp), Trust Agreement (Structured Asset Securities Corp 2004-S3), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-S2)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other partiesparties and the NIMS Insurer. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable each Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of Certificateholders and the CertificateholdersNIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for as to which there is has been a breach of any representations and warranties representation or warranty in the related any Transfer Agreement which materially and adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 3 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of the Transferor and of each Transferor, Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 3 contracts
Samples: Trust Agreement (Structured Asset Investment Loan Trust 2006-Bnc1), Trust Agreement (Sasco 2006-Am1), Custodial Agreement (Sail 2006-3)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, and (ii) of Xxxxxx Holdings Capital or the Bank set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Capital or the Bank to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Transferor, Xxxxxx Capital or Xxxxxx Holdings the Bank and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Transferor, Xxxxxx Capital or Xxxxxx Holdings the Bank, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Capital or the Bank will, in exchange for such Substitute substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 03 2a), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-9a)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, and (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage LoanLoan or the Trust Fund, the party discovering such breach shall give prompt written notice to the other partiesparties and the NIMS Insurer. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Depositor or Xxxxxx Holdings by the Seller and assigned to the Trustee hereunderTrustee, the DepositorDepositor or the Seller, such Transferor or Xxxxxx Holdings as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor the Seller substitutes a mortgage loan for a Deleted Mortgage Loan for as to which there is has been a breach of any representations and warranties representation or warranty in the related Transfer Mortgage Loan Sale Agreement which materially and adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Depositor will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003 Bc3), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc2)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Certificate Insurer, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc8), Custodial Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc10)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other partiesparties and the NIMS Insurer. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of Certificateholders and the CertificateholdersNIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for as to which there is has been a breach of any representations and warranties representation or warranty in the related Transfer Agreement which materially and adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf2), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings each Seller set forth in the related Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings a Seller to the Depositor pursuant to the related Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other partiesparties and any NIMS Insurer. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the related Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the related Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the related Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the related Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale AgreementAgreements, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the related Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4), Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof3.01, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee Issuer by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee Issuer by the Depositor hereunder, shall be pledged by the Issuer to the Indenture Trustee under the Indenture and shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Indenture Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Indenture Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee Issuer by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunder, the DepositorIndenture Trustee, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee Issuer at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section [___] of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) with respect to the Mortgage Loans, within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Indenture Trustee, the Indenture Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersSecurityholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Estate the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Custodial Agreement (Structured Asset Securities Corp), Custodial Agreement (Structured Asset Securities Corp)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or in the case of a Delinquency Default Mortgage Loan, the PPTL Purchase Price (excluding any PPTL Premium)) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff14), Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff12)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Trust Agreement (SASCO Mortgage Pass Through Certificates, Series 2005-Nc2), Trust Agreement (SASCO Mortgage Pass Through Certificates, Series 2005-Nc1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Capital or of Xxxxxx Bank set forth in the related Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Capital or by Xxxxxx Bank, as applicable, to the Depositor pursuant to the related Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Transferor, Xxxxxx Bank or Xxxxxx Holdings Capital and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Transferor, Xxxxxx Bank or Xxxxxx Holdings Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the related Mortgage Loan Sale Agreement for the benefit of Certificateholders and the CertificateholdersCertificate Insurer. As provided in the each Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the such Mortgage Loan Sale Agreement, either Xxxxxx Holdings Capital or Xxxxxx Bank, as applicable, will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities Co Mor Pass-THR Cer Ser 2002-19), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator, the Certificate Insurer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-5), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-5)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings each Seller set forth in the related Mortgage Loan Sale Agreement and assigned to the Depositor by the related Seller under the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings a Seller to the Depositor pursuant to the related Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the related Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the related Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the related Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the related Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the related Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Back Ps THR Cert Ser 2003-3xs), Trust Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-12xs)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Brothers Holdings set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Brothers Holdings to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given or assigned to the Trustee by the Depositor, any Transferor Transferor, or Xxxxxx Holdings and assigned to the Trustee hereunderBrothers Holdings, the Depositor, such Transferor Transferor, or Xxxxxx Holdings Brothers Holdings, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Brothers Holdings will, in exchange for such Substitute substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-3), Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-4)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Certificate Insurer, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that materially and adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-16xs), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-2xs)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings each Seller set forth in the related Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings a Seller to the Depositor pursuant to the related Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other partiesparties and the NIMS Insurer. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the related Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the related Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the related Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the related Mortgage Loan Sale Agreement for the benefit of Certificateholders and the CertificateholdersNIMS Insurer. As provided in the Mortgage Loan Sale AgreementAgreements, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the related Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Custodial Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-Bnc1), Trust Agreement (Structured Asset Investment Loan Trust 2004-Bnc2)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Depositor or Xxxxxx Holdings and assigned to the Trustee hereunderSeller, the DepositorDepositor or the Seller, such Transferor or Xxxxxx Holdings as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or in the case of a First Payment Default Mortgage Loan or a Delinquency Default Mortgage Loan, the FPD Purchase Price (excluding any FPD Premium)) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, and (ii) of Xxxxxx Holdings Capital or the Bank set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Capital or the Bank to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Securities Administrator, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Transferor, Xxxxxx Capital or Xxxxxx Holdings the Bank and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Transferor, Xxxxxx Capital or Xxxxxx Holdings the Bank, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Capital or the Bank will, in exchange for such Substitute substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2002-8a)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff2)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of the applicable Transferor and of each Transferor, Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the applicable Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the applicable Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or in the case of a First Payment Default Mortgage Loan or a Delinquency Default Mortgage Loan, the PPTL Purchase Price (excluding any PPTL Premium) or FPD Purchase Price (excluding any FPD Premium)) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the applicable Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Sasco 2006-Bc4)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Brothers Holdings set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Brothers Holdings to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given or assigned to the Trustee by the Depositor, any Transferor Transferor, or Xxxxxx Holdings and assigned to the Trustee hereunderBrothers Holdings, the Depositor, such Transferor Transferor, or Xxxxxx Holdings Brothers 55 Holdings, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Brothers Holdings will, in exchange for such Substitute substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Servicers assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Depositor or Xxxxxx Holdings and assigned to the Trustee hereunderSeller, the DepositorDepositor or the Seller, such Transferor or Xxxxxx Holdings as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or in the case of a First Payment Default Mortgage Loan, the FPD Purchase Price (excluding any FPD Premium)) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Capital set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings Capital and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Capital will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Securities Asset Corp Mort Pas THR Cert Ser 01 4a)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other partiesparties and the NIMS Insurer. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of Certificateholders and the CertificateholdersNIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan. The Seller indemnifies and holds the Trust Fund, the Master Servicer, the Trustee, the Depositor, the NIMS Insurer and each Certificateholder harmless against any and all taxes, claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgements, and any other costs, fees and expenses that the Trust Fund, the Trustee, the Master Servicer, the Depositor, the NIMS Insurer and any Certificateholder may sustain in connection with any actions of the Seller relating to a repurchase of a Mortgage Loan other than in compliance with the terms of this Section 2.05 and the Mortgage Loan Sale Agreement, to the extent that any such action causes (i) any federal or state tax to be imposed on the Trust Fund, including without limitation, any federal tax imposed on "prohibited transactions" under Section 860F(a)(1) of the Code or on "contributions after the startup date" under Section 860(d)(1) of the Code, or (ii) the REMIC to fail to qualify as a REMIC at any time that any Certificate is outstanding.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2001-Bc5)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, (ii) of Xxxxxx Lehman Holdings set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferoreaxx Xxxnsferor, assigned by Xxxxxx Lehman Holdings to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall xxxxl each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Lehman Holdings and assigned to the Trustee hereunder, the Depositor, such Transferor or Xxxxxx Lehman Holdings shall either (a) cure such breach xxxxxx in all material respects, (b) repurchase such Mortgage Loan or any property acquired in acquirxx xx respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Lehman Holdings will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage affectxx Xxxtgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp. 2005-15)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Capital set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Depositor or given by Xxxxxx Holdings Capital and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Depositor or Xxxxxx Holdings Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Capital will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute for such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Mortgage Pass Through Certificates Series 2001 12)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, (ii) of Xxxxxx Holdings LBH set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings LBH to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties; provided, to the extent that knowledge of such breach with respect to any Mortgage Loan is known by any officer, director, employee or agent of Aurora Loan Services LLC acting in any capacity other than as Master Servicer hereunder, the Master Servicer shall not be deemed to have knowledge of any such breach until an officer of the Master Servicer has actual knowledge thereof. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings LBH and assigned to the Trustee hereunder, the Depositor, such Transferor or Xxxxxx Holdings LBH shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings LBH will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Lehman Capital set forth in the Mortgage Loan Sale Agreement and Agreexxxx xnd assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Lehman Capital to the Depositor pursuant to the Mortgage Loan Xxxx Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings Lehman Capital and assigned to the Trustee hereunderTrustee, the DepositorDepositox, such xxxh Transferor or Xxxxxx Holdings Lehman Capital, as applicable, shall either (a) cure such breach sucx xxxxch in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Lehman Capital will, in exchange for such Substitute Mortgage Morxxxxx Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2001 3a)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Investment Loan Trust 2005-He3)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Depositor or Xxxxxx Holdings and assigned to the Trustee hereunderSeller, the DepositorDepositor or the Seller, such Transferor or Xxxxxx Holdings as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or in the case of a First Payment Default Mortgage Loan, the FPD Purchase Price (excluding any FPD Premium)) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Lehman Capital set forth in the Mortgage Loan Sale Agreement and assigned to assigxxx xx the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Lehman Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement Agrxxxxxx and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer Servicer, the Trustee or the Trustee Class 1-A1 Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings Lehman Capital and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings Transfxxxx xr Lehman Capital, as applicable, shall either (a) cure such breach in all material alx xxxxrial respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Lehman Capital will, in exchange for such Substitute substitute Mortgage Loan, either (i) provide xxxxide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001 15a)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, and (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage LoanLoan or the Trust Fund, the party discovering such breach shall give prompt written notice to the other partiesparties and the NIMS Insurer. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Depositor or Xxxxxx Holdings by the Seller and assigned to the Trustee hereunderTrustee, the DepositorDepositor or the Seller, such Transferor or Xxxxxx Holdings as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor the Seller substitutes a mortgage loan for a Deleted Mortgage Loan for as to which there is has been a breach of any representations and warranties representation or warranty in the related Transfer Mortgage Loan Sale Agreement which materially and adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Depositor will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Am1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Depositor or Xxxxxx Holdings and assigned to the Trustee hereunderSeller, the DepositorDepositor or the Seller, such Transferor or Xxxxxx Holdings as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or in the case of a First Payment Default Mortgage Loan or a Delinquency Default Mortgage Loan, the FPD Purchase Price (excluding any FPD Premium)) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Lehman Capital set forth in the Mortgage Loan Sale Agreement and assigned asxxxxxx to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Lehman Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement Xxxxxxent and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings Lehman Capital and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Traxxxxxxr or Xxxxxx Holdings Lehman Capital, as applicable, shall either (a) cure such breach in all material xxx xaterial respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Lehman Capital will, in exchange for such Substitute Mortgage Loan, either (ix) provide xrovide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Ser 01 7a)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Certificate Insurer, any NIMS Insurer, the Master Servicer or the Trustee of a breach of any of such representations and warranties that materially and adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties; provided, to the extent that knowledge of such breach with respect to any Mortgage Loan is known by any officer, director, employee or agent of Aurora acting in any capacity other than as Master Servicer hereunder, the Master Servicer shall not be deemed to have knowledge of any such breach until an officer of Aurora acting in a capacity as Master Servicer has actual knowledge thereof. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, any Depositor or given by a Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any a Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any a Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Depositor or Xxxxxx Holdings given by the the Seller and assigned to the Trustee hereunderTrustee, the DepositorDepositor or the Seller, such Transferor or Xxxxxx Holdings as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 39ex)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereofof this Agreement, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by a Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the applicable Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, any NIMS Insurer, the Certificate Insurer, the Master Servicer or the Trustee of a breach of any of such representations and warranties that materially and adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties; provided, to the extent that knowledge of such breach with respect to any Mortgage Loan is known by any officer, director, employee or agent of Aurora acting in any capacity other than as Master Servicer hereunder, the Master Servicer shall not be deemed to have knowledge of any such breach until an officer of Aurora acting in a capacity as Master Servicer has actual knowledge thereof. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, any Depositor or given by a Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any a Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any a Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Capital or of Xxxxxx Bank set forth in the related Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Capital or by Xxxxxx Bank, as applicable, to the Depositor pursuant to the related Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Securities Administrator, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Transferor, Xxxxxx Bank or Xxxxxx Holdings Capital and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Transferor, Xxxxxx Bank or Xxxxxx Holdings Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the related Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the each Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the such Mortgage Loan Sale Agreement, either Xxxxxx Holdings Capital or Xxxxxx Bank, as applicable, will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-26)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, and (ii) of Xxxxxx Holdings set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings the Bank to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Securities Administrator, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings Lehman Capital and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Trxxxxxxor or Xxxxxx Holdings Lehman Capital, as applicable, shall either (a) cure such breach in all ix xxx material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Lehman Capital will, in exchange for such Substitute substitute Mortgage Loan, either (ix) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, (ii) of Xxxxxx Holdings LBH set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings LBH to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings LBH and assigned to the Trustee hereunder, the Depositor, such Transferor or Xxxxxx Holdings LBH shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings LBH will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (LMT 2006-4)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Lehman Capital set forth in the Mortgage Loan Sale Agreement and assigned to assixxxx xo the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Lehman Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement Agxxxxxxt and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer Servicer, the Trustee or the Trustee Class 1-A1 Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings Lehman Capital and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Transxxxxx or Xxxxxx Holdings Lehman Capital, as applicable, shall either (a) cure such breach in all material axx xxxerial respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Lehman Capital will, in exchange for such Substitute substitute Mortgage Loan, either (ix) provide xxxvide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass-THR Cert Ser 2001-14a)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, any NIMS Insurer, the Certificate Insurer, the Master Servicer or the Trustee of a breach of any of such representations and warranties that materially and adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties; provided, to the extent that knowledge of such breach with respect to any Mortgage Loan is known by any officer, director, employee or agent of Aurora acting in any capacity other than as Master Servicer hereunder, the Master Servicer shall not be deemed to have knowledge of any such breach until an officer of Aurora acting in a capacity as Master Servicer has actual knowledge thereof. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, any Depositor or given by a Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or in the case of a Early Payment Default Mortgage Loan or a First Payment Default Mortgage Loan, the FPD Purchase Price (excluding the FPD Premium) or the EPD Purchase Price (excluding the EPD Premium), respectively) (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any a Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any a Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Reconstituted Servicing Agreement (Lehman XS Trust Series 2007-15n)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, and (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Trust or the Trustee on behalf of the Trust by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee on behalf of the Trust and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, Depositor or the Master Servicer of, or the receipt of actual knowledge by a Responsible Officer of the Trustee of of, a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trust or the Trustee on behalf of the Trust by the Depositor, any Transferor Depositor or Xxxxxx Holdings the Seller and assigned to the Trust or the Trustee hereunderon behalf of the Trust, the DepositorDepositor or the Seller, such Transferor or Xxxxxx Holdings as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee Trust at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes substitution is made for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the such Mortgage Loan Sale Agreement, Xxxxxx Holdings the Seller will, in exchange for such Substitute substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Thornburg Mortgage Sec Tr 2002-1 MRT Ln Ps THR CRT Sr 2002-1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, (ii) of Xxxxxx Holdings LBH set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each the Transferor, assigned by Xxxxxx Holdings LBH to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any the Transferor or Xxxxxx Holdings LBH and assigned to the Trustee hereunder, the Depositor, such Transferor or Xxxxxx Holdings LBH shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings LBH will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, and (ii) of Xxxxxx Holdings Lehman Capital or the Bank set forth in the Mortgage Loan Sale Agreement and Agreemxxx xxd assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Lehman Capital or the Bank to the Depositor pursuant to the Mortgage Loan Sale Xxxx Xale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Transferor, Lehman Capital or Xxxxxx Holdings the Bank and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor xxxx Transferor, Lehman Capital or Xxxxxx Holdings the Bank, as applicable, shall either (a) cure such breach xxxxxh in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Lehman Capital or the Bank will, in exchange for such Substitute Mortgage Loansubstitute Mortxxxx Xoan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Mort Pass Thru Cert Ser 2002-21a)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, (ii) of Xxxxxx Lxxxxx Holdings set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Lxxxxx Holdings to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, 42 any Transferor or Xxxxxx Lxxxxx Holdings and assigned to the Trustee hereunder, the Depositor, such Transferor or Xxxxxx Lxxxxx Holdings shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Lxxxxx Holdings will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Capital set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer Servicer, the Trustee or the Trustee Class 2-A1 Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings Capital and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Capital will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001-10a)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Capital set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Securities Administrator, the Master Servicer Servicer, the Trustee or the Trustee Class A4 Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Class A4 Certificate Insurer by the Depositor, any Transferor or Xxxxxx Holdings Capital and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Capital will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001-2)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, and (ii) of Xxxxxx Holdings Capital or the Bank set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Capital or the Bank to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Transferor, Xxxxxx Capital or Xxxxxx Holdings the Bank and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Transferor, Xxxxxx Capital or Xxxxxx Holdings the Bank, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Capital or the Bank will, in exchange for such Substitute substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas-THR Cert Ser 2002-)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of the Transferor and of each Transferor, Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp. 2005-Rms1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (TBW 2006-3)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Depositor or Xxxxxx Holdings given by the the Seller and assigned to the Trustee hereunderTrustee, the DepositorDepositor or the Seller, such Transferor or Xxxxxx Holdings as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-S2)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Certificate Insurer, any NIMS Insurer, the Master Servicer or the Trustee of a breach of any of such representations and warranties that materially and adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, any Depositor or given by a Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any a Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any a Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Certificate Insurer, any NIMS Insurer, the Master Servicer or the Trustee of a breach of any of such representations and warranties that materially and adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties; provided, to the extent that knowledge of such breach with respect to any Mortgage Loan is known by any officer, director, employee or agent of Aurora acting in any capacity other than as Master Servicer hereunder, the Master Servicer shall not be deemed to have knowledge of any such breach until an officer of Aurora acting in a capacity as Master Servicer has actual knowledge thereof. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by a Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any a Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any a Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (GreenPoint Mortgage Funding Trust 2006-Ar7)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Lehman Capital set forth in the Mortgage Loan Sale Agreement xxx xxsigned to the Trustee by the Depositor hereunder, (iii) of Thornburg set forth in the Thornburg Purchase Agreement and axxxxxxx xo the Trustee by txx Xxxxxxtor hereunder, and (iv) of each Transferor, assigned by Lehman Capital to the Depositor pursuant to the Mortgage Loan Xxxx Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Securities Administrator, a Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery such notice of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Transferor, Thornburg or Xxxxxx Holdings Lehman Capital and assigned to the Trustee hereunderTrustee, the DepositorXxxxxxxxx, such Transferor suxx Xxxnsferor, Thornburg or Xxxxxx Holdings Lehman Capital, as applicable, shall either (a) cure such breach in xxxx xxxx brexxx xx all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Lehman Capital will, in exchange for such Substitute Mortgage LoanXxxx, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pa Th Cert Ser 2001-8a)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement Agreements and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan Agreements and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp 2005-Wf4)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Option One Loans as to which there is a breach of Section 3.06 in the Option One Agreement, at the Option One Purchase Price) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan. With respect to any First Payment Default Loan, the Trustee shall enforce its rights under the Option One Agreement for the benefit of Certificateholders and any NIMS Insurer.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-4)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings each Seller set forth in the related Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings a Seller to the Depositor pursuant to the related Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other partiesparties and the NIMS Insurer. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the related Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the related Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the related Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the related Mortgage Loan Sale Agreement for the benefit of Certificateholders and the CertificateholdersNIMS Insurer. As provided in the Mortgage Loan Sale AgreementAgreements, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the related Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan. Each Seller indemnifies and holds the Trust Fund, the Master Servicer, the Trustee, the Depositor, the NIMS Insurer and each Certificateholder harmless against any and all taxes, claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgements, and any other costs, fees and expenses that the Trust Fund, the Trustee, the Master Servicer, the Depositor, the NIMS Insurer and any Certificateholder may sustain in connection with any actions of such Seller relating to a repurchase of a Mortgage Loan other than in compliance with the terms of this Section 2.05 and the related Mortgage Loan Sale Agreement, to the extent that any such action causes (i) any federal or state tax to be imposed on the Trust Fund, including without limitation, any federal tax imposed on "prohibited transactions" under Section 860F(a)(1) of the Code or on "contributions after the startup date" under Section 860(d)(1) of the Code, or (ii) the REMIC to fail to qualify as a REMIC at any time that any Certificate is outstanding.
Appears in 1 contract
Samples: Custodial Agreement (Structured Ass Sec Cor a R Col Tr MRT Ps THR CRT Ser 01-Bc6)
Discovery of Breach. It |It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Lehman Capital set forth in the Mortgage Loan Sale Agreement and Agreemexx xxx assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Lehman Capital to the Depositor pursuant to the Mortgage Loan Sale Lxxx Xxle Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Securities Administrator, the Master Servicer Servicer, the Trustee or the Trustee Class 1-A5 Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Class 1-A5 Certificate Insurer by the Depositor, any Transferor or Xxxxxx Holdings Lehman Capital and assigned to the Trustee hereunderTrustee, the Depositor, such xxxx Transferor or Xxxxxx Holdings Lehman Capital, as applicable, shall either (a) cure such breach xxxxxx in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Lehman Capital will, in exchange for such Substitute Mortgage LoanMortgxxx Xxan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 01 1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or in the case of a First Payment Default Loan, the PPTL Purchase Price (excluding any PPTL Premium)) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff15)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, (ii) of Xxxxxx Holdings LBH set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings LBH to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties; provided, to the extent that knowledge of such breach with respect to any Mortgage Loan is known by any officer, director, employee or agent of Aurora acting in any capacity other than as Master Servicer hereunder, the Master Servicer shall not be deemed to have knowledge of any such breach until an officer of the Master Servicer has actual knowledge thereof. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings LBH and assigned to the Trustee hereunder, the Depositor, such Transferor or Xxxxxx Holdings LBH shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings LBH will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings Holdings, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the such Mortgage Loan Sale Agreement, Xxxxxx Holdings will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003-16)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc5)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (First Franklin Mortgage Loan Trust 2004-Ff7)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, and (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Purchase Agreement and assigned to the Trustee Depositor by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings to the Depositor pursuant to Seller under the Mortgage Loan Sale Purchase Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 60 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Depositor or Xxxxxx Holdings given by the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty on or prior the first anniversary after the Closing Date, at an amount equal to the sum of the Purchase Price and Excess Purchase Price as set forth under the Mortgage Loan Purchase Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trusteewarranty, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Purchase Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Wells Fargo Home Equity Trust Mort Pass Thru Cert Ser 2004-1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, (ii) of Xxxxxx Holdings LBH set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings LBH to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or a Responsible Officer of the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties; provided, to the extent that knowledge of such breach with respect to any Mortgage Loan is known by any officer, director, employee or agent of Aurora Loan Services LLC acting in any capacity other than as Master Servicer hereunder, the Master Servicer shall not be deemed to have knowledge of any such breach until an officer of the Master Servicer has actual knowledge thereof. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor or Xxxxxx Holdings LBH and assigned to the Trustee hereunder, the Depositor, such Transferor or Xxxxxx Holdings LBH shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or in the case of a First Payment Default Mortgage Loan, the FPD Purchase Price) or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings LBH will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Certificate Insurer, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that materially and adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Pool 1-2 Purchase Price or Pool 3 Purchase Price, as applicable, (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale AgreementAgreements, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Trust 2005-4xs)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Certificate Insurer, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Custodial Agreement (Amortizing Residential Collateral Trust, Series 2004-1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Lehman Brothers Holdings set forth in the Mortgage Loan Sale Agreement and assigned xxxxxxed to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Lehman Brothers Holdings to the Depositor pursuant to the Mortgage Loan Sale Agreement Salx Xxxxement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of either the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Transferor, or Xxxxxx Lehman Brothers Holdings and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Txxxxxxror, or Xxxxxx Holdings Lehman Brothers Holdings, as applicable, shall either (a) cure such breach in all xx xxx material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Lehman Brothers Holdings will, in exchange for such Substitute substitute Mortgage LoanLoax, either (ix) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings Lehman Capital or of Lehman Bank set forth in the related Mortgage Loan Sale Agreement and assigned to assigxxx xx the Trustee by the Depositor xxx Xepositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings Lehman Capital or by Lehman Bank, as applicable, to the Depositor pursuant to the Mortgage Loan related Mortgaxx Xxxn Sale Agreement and Agreemenx xxx assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Securities Administrator, the Master Servicer Servicer, the Trustee or the Trustee Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, any Transferor Transferor, Lehman Bank or Xxxxxx Holdings Lehman Capital and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor Transferor, Lehmax Xxxx or Xxxxxx Holdings Lehmax Xxxxtal, as applicable, shall either (a) cure such breach in all material respectsxxxxxxts, (b) repurchase rxxxxxxase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the related Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the each Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the such Mortgage Loan Sale Agreement, Xxxxxx Holdings either Lehman Capital or Lehman Bank, as applicable, will, in exchange for such Substitute Mortgage LoanLoax, either (ix) provide the applicable xxxxxcable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof, (ii) of Xxxxxx Holdings set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Holdings to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Certificate Insurer, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee and the Certificate Insurer by the Depositor, any Transferor or Xxxxxx Holdings and assigned to the Trustee hereunder, the Depositor, such Transferor or Xxxxxx Holdings shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price Price, or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp 2006-S1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Brothers Holdings set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Brothers Holdings to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, any NIMS Insurer, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties; provided, to the extent that knowledge of such breach with respect to any Mortgage Loan is known by any officer, director, employee or agent of Aurora acting in any capacity other than as Master Servicer hereunder, the Master Servicer shall not be deemed to have knowledge of any such breach until an officer of the Master Servicer has actual knowledge thereof. Within 90 days of the discovery of a breach of any representation or warranty given or assigned to the Trustee by the Depositor, any Transferor Transferor, or Xxxxxx Holdings and assigned to the Trustee hereunderBrothers Holdings, the Depositor, such Transferor Transferor, or Xxxxxx Holdings Brothers Holdings, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or in the case of a Early Payment Default Mortgage Loan, the FPD Purchase Price (excluding the FPD Premium)) or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Brothers Holdings will, in exchange for such Substitute substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-3)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the each Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (SASCO Mortgage Pass-Through Certifidates, Series 2005-Wmc1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Servicers assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer Servicer, the Securities Administrator or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Transferor Depositor or Xxxxxx Holdings and assigned to the Trustee hereunderSeller, the DepositorDepositor or the Seller, such Transferor or Xxxxxx Holdings as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or in the case of a First Payment Default Mortgage Loan, the PPTL Purchase Price (excluding any PPTL Premium) or the FPD Purchase Price (excluding any FPD Premium)) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes for a Mortgage Loan for which there is a breach of any representations and warranties in the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings will, in exchange for such Substitute Mortgage Loan, either (i) provide the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc6)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price Price, or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, Transferor and of each Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other partiesparties and the NIMS Insurer. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, Depositor or given by any Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to which there is a breach of a representation or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of Certificateholders and the CertificateholdersNIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for as to which there is has been a breach of any representations and warranties representation or warranty in the related any Transfer Agreement which materially and adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (Encore Credit Corp Mortgage Pass Through Certs Ser 2003-1)
Discovery of Breach. It is understood and agreed that the representations and warranties (i) of the Depositor set forth in Section 2.03 hereof2.03, (ii) of Xxxxxx Holdings the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder and (iii) of each Transferor, the Transferor and of the Servicer assigned by Xxxxxx Holdings the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by any of the Depositor, the Master Servicer or the Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee by the Depositor, any Depositor or given by the Transferor or Xxxxxx Holdings the Seller and assigned to the Trustee hereunderTrustee, the Depositor, such the Transferor or Xxxxxx Holdings the Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of the discovery of a breach of any representation and warranty of any the Transferor assigned to the Trustee, the Trustee shall enforce its rights under the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit of the CertificateholdersCertificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale Agreement, if any the Transferor substitutes a mortgage loan for a Deleted Mortgage Loan for which there is a breach of any representations and warranties in pursuant to the related Transfer Agreement which adversely and materially affects the value of such Mortgage Loan and such substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under then pursuant to the terms of the Mortgage Loan Sale Agreement, Xxxxxx Holdings Agreement the Seller will, in exchange for such Substitute Mortgage Loansubstitute mortgage loan, either (i) provide pay to the Trust Fund the applicable Purchase Price for the affected Mortgage Loan or (ii) within two years of the Closing Date, substitute such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.
Appears in 1 contract
Samples: Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff10)
