Loan Purchase Agreement. (a) On or prior to the date Contract Services delivers a Loan Schedule to Mortgage Services, Contract Services shall designate, or cause to be designated, Mortgage Services as a designee for the purchase of New Loans and related Loan Assets under the applicable Underwriting/Insurance Agreement.
(b) Mortgage Services shall use its commercially reasonable efforts to enter into a Loan Purchase Agreement. Contract Services shall use its commercially reasonable efforts to assist Mortgage Services in the negotiations of such Loan Purchase Agreement, pursuant to which the Lender agrees to sell, transfer and assign to Mortgage Services the applicable New Loans and the related Loan Assets and Mortgage Services agrees to purchase and accept such Loans and the related Loan Assets on the terms and conditions set forth therein. The Loan Purchase Agreement shall include (i) representations and warranties, in form and substance reasonably satisfactory to Mortgage Services, to the effect that the applicable New Loan and related Loan Assets comply with and do not violate applicable Laws (including Finance Laws) and (ii) an obligation on the part of the applicable Lender to repurchase the applicable New Loan from Mortgage Services in the event that the Lender, inter alia, has breached the representation and warranty described in clause (i) above with respect to such New Loan and the related Loan Assets.
Loan Purchase Agreement. Agreement to Sell and Purchase the New Loans; Assignment ofClaims Section 6.04. Loan Purchase Price
Loan Purchase Agreement. The Company shall not enter into the Loan Purchase Agreement contemplated by the Mortgage Loan Letter of Intent (the "Loan Purchase Agreement") without the prior written consent of PennCorp, which shall not be unreasonably withheld. The Company shall not agree to a new Purchase Price Percentage (as defined in the Mortgage Loan Letter of Intent) under the circumstances contemplated by the Mortgage Loan Letter of Intent without the prior written consent of PennCorp, which shall not be unreasonably withheld. The Company shall not agree to any Due Diligence Purchase Price Adjustment (as defined in the Mortgage Loan Letter of Intent) without the prior written consent of PennCorp, which shall not beunreasonably withheld. The Company shall not consent to any modification, amendment or waiver under the Loan Purchase Agreement without the prior written consent of PennCorp. The Company shall perform in all material respects its covenants and agreements under the Loan Purchase Agreement including, without limitation, its agreement to provide Morgan Stanley wixx xxcx xxxxxmation relating to the Loan Portfolio as Morgan Stanley rexxxxxxly xxxxx require.
Loan Purchase Agreement. The transactions contemplated under the Loan Purchase Agreement shall have closed and Buyer shall have otherwise performed or complied in all material ways with all covenants required by the Loan Purchase Agreement to be performed or complied with by it.
Loan Purchase Agreement. The Company will use its best commercially reasonable efforts, reasonably and in good faith, to include covenants, representations, and warranties covering the following items in its Mortgage Loan purchase agreements with respect to the acquisition of the Pledged Mortgage Loans, and cause such purchase agreements to include, except as disclosed to Bank in writing: (i) standard representations and warranties as to the due organization of the seller and the seller’s authorization to sell the loans; (ii) representations and warranties regarding the mortgage loans being purchased, and the documentation for the same consistent with general commercial standards, but in any event, having representations and warranties consistent with the requirements for Mortgage Loans set forth in this Agreement; (iii) standard remedies for breach of contract; (iv) covenant that the seller will buy back from the Company (or any assignee) any mortgage loan which does not comply with representations and warranties regarding it; and (vi) covenant that the seller will indemnify and hold the Company, and any assignee, harmless against any and all damages which the indemnified party may suffer on account of any mortgage loan which does not meet representations and warranties.
Loan Purchase Agreement. If at any time any Lender sells any Loans pursuant Section 1(a) of the Loan Purchase Agreement, the Loans so purchased shall automatically and without any further action cease to be governed by the terms and conditions of this Agreement and shall be governed by and subject to the terms of the Reimbursement and Credit Agreement. The purchaser of such Loans shall not be a “Lender” hereunder and shall have no rights or obligations hereunder.” 2.06 Amendment of Section 7.12. Section 7.12 of the Credit Agreement is hereby amended by deleting it in its entirety and inserting the following in lieu thereof: “
Loan Purchase Agreement. Notwithstanding the provisions of Section 2.01, Obligor hereby covenants to purchase from Lender a portion of the Loan in accordance with the following provisions of this Section 2.02:
(a) Subject to subsection 2.02(b) below, within ten (10) calendar days after Lender gives a Loan Purchase Demand to Obligor, Obligor shall purchase from Lender, and Lender shall sell to Obligor, a portion of the outstanding principal balance of the Loan (such portion of the outstanding principal balance of the Loan being referred to herein as the "PURCHASED LOAN AMOUNT") which when added to the amount of the accrued but unpaid interest on the Purchased Loan Amount, if any, and the amount of any unpaid charges, costs, expenses and fees, if any, to which the holder of the Purchased Loan Amount may be entitled in accordance with the terms of the Loan Agreement, equals the Guaranteed Amount. The purchase and sale of the Purchased Loan Amount shall be consummated by Obligor paying to Lender the Loan Purchase Price in immediately available funds.
(b) Lender agrees not to give a Loan Purchase Demand to Obligor unless (i) an Event of Default has occurred and is continuing, or (ii) a Loan Default has occurred and is continuing. For purposes of this subsection 2.02, if the Loan Purchase Demand is based on a Loan Default, then the Guaranteed Amount shall be determined as of the date of such Loan Default, and if the Loan Purchase Demand is based on an Event of Default, then the Guaranteed Amount shall be determined as of the date of such Event of Default. If the Guaranteed Amount is determined as of a date on which there is a Reduction Amount greater than zero dollars ($0), then the Loan Purchase Demand under this subsection 2.02 shall also set forth the calculation of the Reduction Amount.
(c) If Lender gives a Loan Purchase Demand to Obligor and Obligor pays the Loan Purchase Price to Lender, then Obligor's liability to Lender under Section 2.01 of this Article shall be deemed satisfied by such payment.
(d) Upon Obligor's payment of the Loan Purchase Price to Lender in accordance with a Loan Purchase Demand, Lender shall assign to Obligor, without recourse, and without representation or warranty of any kind, the Purchased Loan Amount so purchased by Obligor, in accordance with the procedures set forth in the Loan Agreement, and upon such assignment Obligor shall own the Purchased Loan Amount and shall be entitled to receive from Borrower in accordance with the terms of the Loan Agreem...
Loan Purchase Agreement. The Loan Purchase Agreement, duly executed ----------------------- and delivered by the Seller, New Century Financial, and the Note Issuer; and
Loan Purchase Agreement. Seller has no knowledge of any circumstances or conditions with respect to any Loan, mortgaged property, trustor/mortgagor or trustor’s/mortgagor’s credit standing that reasonably could be expected to cause private institutional investors to regard any Loan as an unacceptable investment, cause any Loan to become delinquent or adversely affect the value or marketability of the Loan.
Loan Purchase Agreement. The option to request or accept repurchase of any Loan is at the sole discretion of Countrywide. Notwithstanding that a ¦ Seller may be obligated pursuant to the terms of this Section 7 to repurchase a Loan, if such Loan is in compliance with all requirements of this Agreement and the Manual at the time of its purchase by Countrywide and if there is no evidence of fraud or misrepresentation in connection with the Loan, Countrywide, in its sole discretion and on terms determined solely by Countrywide, may consider permitting Seller to indemnify Countrywide against all suits, costs, damages, losses, fees or claims, including without limitation reasonable attorneys’ fees, which may be incurred by Countrywide in connection with such Loan. Such indemnification shall be substantially in the form of the applicable Indemnification Agreement, the provisions of which shall include, without limitation, the requirement that the Seller shall pay to Countrywide, at the time that the Indemnification Agreement is executed, the amount specified by Countrywide as the amount necessary to cover its projected and potential costs and losses, and including the service release premium paid by Countrywide to the Seller with respect to the Loan.
