Common use of Failure to Sell Clause in Contracts

Failure to Sell. If for any reason, except the willful or grossly negligent act or omission of RMST, the Agent or the Warehouse Purchasers, the Company has not caused any Eligible Mortgage to be sold to an Investor on or before the date (the "FAILURE DATE") that is the earlier of (a) sixty (60) days after the Warehouse Purchasers purchased the Eligible Mortgage or (b) (i) in the case of Bulk Purchase Mortgages, the Bulk Mortgage Takeout Date or, (ii) as to all other Eligible Mortgages, the date the Commitment which relates to that Eligible Mortgage expires, then, on or before the date (the "MORTGAGE DEFAULT DATE" for that Mortgage) that is three (3) Banking Business Days after the Failure Date, the Company shall repurchase the Eligible Mortgages from the Warehouse Purchasers (or RMST if RMST has purchased the Mortgage) for the Applicable Repurchase Amount.

Failure to Sell. If for any reason, except the willful or grossly negligent act or omission of RMST, the Agent or the Warehouse Purchasers, the Company has not caused any Eligible Mortgage to be sold to an Investor on or before the date (the "FAILURE DATE") that is the earlier of: (a) sixty (60) days after the Warehouse Purchasers purchased the Eligible Mortgage or (b) (i) in the case of Bulk Purchase Mortgages, the Bulk Mortgage Takeout Date or, (ii) as to all other Eligible Mortgages, the date the Commitment which relates to that Eligible Mortgage expires, then, on or before the date (the "MORTGAGE DEFAULT DATE" for that Mortgage) that is three (3) Banking Business Days after the Failure Date, the Company shall repurchase the Eligible Mortgages from the Warehouse Purchasers (or RMST if RMST has purchased the Mortgage) for the Applicable Repurchase Amount.

Failure to Sell. If for any reason, except the willful or grossly negligent act or omission of RMST, the Agent or the Warehouse Purchasers, the Company has not caused any Eligible Mortgage to be sold to an Investor on or before the date (the "FAILURE DATEFailure Date") that is the earlier of: (a) sixty ninety (6090) days after the Warehouse Purchasers purchased the Eligible Mortgage or (b) (i) in the case of Bulk Purchase Mortgages, the Bulk Mortgage Takeout Date or, (ii) as to all other Eligible Mortgages, the date the Commitment which relates to that Eligible Mortgage expires, then, on or before the date (the "MORTGAGE DEFAULT DATEMortgage Default Date" for that Mortgage) that is three (3) Banking Business Days after the Failure Date, the Company shall repurchase the Eligible Mortgages from the Warehouse Purchasers (or RMST if RMST has purchased the Mortgage) for the Applicable Repurchase Amount.

Failure to Sell. If for any reason, except the willful or grossly negligent act or omission of RMST, the Agent or the Warehouse Purchasers, the Company has not caused any Eligible Mortgage to be sold to an Investor on or before the date (the "FAILURE DATEFailure Date") that is the earlier of: (a) sixty (60) days after the Warehouse Purchasers purchased the Eligible Mortgage or (b) (i) in the case of Bulk Purchase Mortgages, the Bulk Mortgage Takeout Date or, (ii) as to all other Eligible Mortgages, the date the Commitment which relates to that Eligible Mortgage expires, then, on or before the date (the "MORTGAGE DEFAULT DATEMortgage Default Date" for that Mortgage) that is three (3) Banking Business Days after the Failure Date, the Company shall repurchase the Eligible Mortgages from the Warehouse Purchasers (or RMST if RMST has purchased the Mortgage) for the Applicable Repurchase Amount.