Effect of Seller’s Notice of Default. At any time Custodian has received a Notice of Default from Seller, with respect to any Transaction, Custodian shall: (i) give notice to Buyer of such Notice of Default and continue to hold the Purchased Assets then held in Seller’s Account or transfer the same in accordance with Seller’s Written Instructions to Custodian; and (ii) cease: (A) transferring (x) Assets from Seller’s Account to Buyer’s Account and (y) Cash from Buyer’s Account to Seller, in each case pursuant to Section 3(a) in connection with any new Transactions; (B) computing the Market Value of Purchased Assets pursuant to Sections 3 and 4; (C) transferring the Purchased Assets pursuant to Section 3(a), or (D) releasing Purchased Assets to Seller pursuant to Section 5.
Appears in 3 contracts
Samples: Securities Transfer Agreement (loanDepot, Inc.), Master Repurchase Agreement (loanDepot, Inc.), Master Repurchase Agreement (loanDepot, Inc.)
Effect of Seller’s Notice of Default. At any time Custodian has received a Notice of Default from Seller, with respect to any Transaction, Custodian shall:
(i) give notice to Buyer of such Notice of Default and continue to hold the Purchased Assets then held in Seller’s Account or transfer the same in accordance with Seller’s Written Instructions to Custodian; and
(ii) cease: (A) transferring (x) Assets from Seller’s Account to Buyer’s Account and (y) Cash from Buyer’s Account to Seller, in each case pursuant to Section 3(a) in connection with any new Transactions; (B) computing determining the Market Value of Purchased Assets pursuant to Sections 3 and 4; (C) transferring the Purchased Assets pursuant to Section 3(a), or (D) releasing Purchased Assets to Seller pursuant to Section 5.
Appears in 2 contracts
Samples: Master Repurchase Agreement (loanDepot, Inc.), Master Repurchase Agreement (loanDepot, Inc.)
Effect of Seller’s Notice of Default. At any time Custodian has received a Notice of Default from Seller, with respect to any Transaction, Custodian shall:
(i) 1. give notice to Buyer of such Notice of Default and continue to hold the Purchased Assets then held in Seller’s Account or transfer the same in accordance with Seller’s Written Instructions to Custodian; and
(ii) 2. cease: (A) transferring (x) Assets from Seller’s Account to Buyer’s Account and (y) Cash from Buyer’s Account to Seller, in each case pursuant to Section 3(a) in connection with any new Transactions; (B) computing the Market Value of Purchased Assets pursuant to Sections 3 and 4; (C) transferring the Purchased Assets pursuant to Section 3(a), or (D) releasing Purchased Assets to Seller pursuant to Section 5.
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