Common use of Failed Fundings Clause in Contracts

Failed Fundings. If any amounts are disbursed by Buyer to a Settlement Party in connection with a Direct Disbursement Transaction, and the related Mortgage Loan fails to be funded to the related Mortgagor or the origination or acquisition of such Mortgage Loan otherwise fails to close for any reason, Seller shall provide written notice to Buyer of such failure as soon as possible and shall return, or cause the Settlement Party to return, to the Funding Account the amounts disbursed by Buyer in respect of such Mortgage Loan as soon as practicable, and in each case no later than one (1) Business Day following the related Purchase Date. In connection with any such failed Transaction, Price Differential shall accrue on the Purchase Price disbursed to the Settlement Party from the day of such disbursement (or, if Buyer disbursed such amounts to the Settlement Party after 5:30 p.m. (New York time), from the day following such disbursement) until the related Purchase Price is returned to Buyer. Funds returned to the Funding Account after 5:00 p.m. (New York time) shall be deemed to have been received on the next succeeding Business Day. Seller further agrees to indemnify Buyer for any loss, cost or expense incurred by Xxxxx as a result of the failure of any Mortgage Loans to close or to be delivered to Buyer. In connection with a failed Direct Disbursement Transaction, Buyer shall deposit in the Haircut Account, if applicable, the portion of disbursement proceeds allocable to the Haircut Amount returned by a Settlement Party.

Failed Fundings. If any amounts are disbursed by Buyer Seller agrees to a Settlement Party in connection with a Direct Disbursement Transaction, and the related Mortgage Loan fails to be funded to the related Mortgagor or the origination or acquisition of such Mortgage Loan otherwise fails to close for any reason, Seller shall provide written notice report to Buyer of such failure as soon as possible and shall return, by facsimile transmission or cause the Settlement Party to return, to the Funding Account the amounts disbursed by Buyer in respect of such Mortgage Loan electronic mail as soon as practicable, and but in each case no event later than one (1) Business Day following after each Purchase Date, any Mortgage Loans which failed to be funded to the related Mortgagor, otherwise failed to close for any reason or failed to be purchased hereunder. Seller further agrees to (i) return, or cause the Settlement Agent to return, to the Funding Account, for refunding to Buyer, the portion of the Purchase Price allocable to such Mortgage Loans as soon as practicable, but in no event later than one (1) Business Day after the related Purchase Date. In connection with , and (ii) indemnify Buyer for any such failed Transactionloss, Price Differential shall accrue on cost or expense reasonably incurred by Buyer as a result of the Purchase Price disbursed to the Settlement Party from the day failure of such disbursement (or, if Buyer disbursed such amounts Mortgage Loans to the Settlement Party after 5:30 p.m. (New York time), from the day following such disbursement) until the related Purchase Price is returned close or to be delivered to Buyer. Funds returned to the Funding Account after 5:00 p.m. (New York time) ; provided that Seller shall not be deemed to have been received on the next succeeding Business Day. Seller further agrees required to indemnify Buyer for any loss, cost or expense incurred by Xxxxx arising as a result of Buyer’s failure to fund the failure Purchase Price for an Eligible Mortgage Loan by the end of the day on the related Purchase Date in accordance with Paragraph 3(b) if Buyer is obligated to so fund pursuant to Paragraph 3(b). C. Paragraph 3(e) is amended to add the following two sentences to the end of Paragraph 3(e): All such transfers from Buyer to Seller are and shall be without recourse and without any of the transfer warranties of UCC §3-416 or other warranty, express or implied. Notwithstanding the foregoing or any other provisions to the contrary in this Agreement or any other Transaction Document, Buyer shall not be obligated to transfer any Purchased Mortgage Loans to close Seller after the termination of this Agreement or Buyer’s liquidation of the Purchased Mortgage Loans pursuant to be delivered Paragraph 12. D. A new Paragraph 3(i) is hereby added at the end of Paragraph 3 to Buyer. In connection with a failed Direct Disbursement Transaction, Buyer shall deposit in the Haircut Account, if applicable, the portion of disbursement proceeds allocable to the Haircut Amount returned by a Settlement Party.read as follows:

Failed Fundings. If any amounts are disbursed by Buyer Administrative Agent to a Settlement Party in connection with a Direct Disbursement Transaction, Transaction and the related Mortgage Loan fails to be funded to the related Mortgagor or the origination or acquisition of such Mortgage Loan otherwise fails to close for any reason, Seller shall provide written notice to Buyer Administrative Agent of such failure as soon as possible and shall return, or cause the Settlement Party to return, to the Funding Operating Account the amounts disbursed by Buyer Administrative Agent in respect of such Mortgage Loan as soon as practicable, and in each case no later than one (1) Business Day [***] following the related Purchase Date. In connection with any such failed Transaction, Price Differential shall accrue on the Purchase Price disbursed to the Settlement Party from the day of such disbursement (or, if Buyer Administrative Agent disbursed such amounts to the Settlement Party after 5:30 p.m. (New York time)[***], from the day following such disbursement) until the related Purchase Price is returned to BuyerAdministrative Agent. Funds returned to the Funding Operating Account after 5:00 p.m. (New York time) [***] shall be deemed to have been received on the next succeeding Business Day. Seller Xxxxxx further agrees to indemnify Buyer Administrative Agent and Buyers for any loss, cost or expense incurred by Xxxxx Administrative Agent or any Buyer as a result of the failure of any Mortgage Loans to close or to be delivered to BuyerAdministrative Agent on behalf of Xxxxxx. In connection with a failed Direct Disbursement Transaction, Buyer Administrative Agent shall deposit in the Haircut Account, if applicable, the portion of disbursement proceeds allocable to the Haircut Amount returned by a Settlement Party.