Common use of Mandatory Repurchase of Warranty Loans Clause in Contracts

Mandatory Repurchase of Warranty Loans. (a) In the event any Transferred Loan transferred hereunder is not an Eligible Loan as of the date of such transfer or the Seller breaches any representation, warranty or covenant with respect to any Transferred Loan in any material respect (each such Transferred Loan, a “Warranty Loan”), no later than 30 days after the earlier of (i) knowledge of such breach on the part of the Seller and (ii) receipt by the Seller of written notice thereof given by the Buyer, the Seller shall either (a) repurchase each such Warranty Loan, or (b) substitute for such Warranty Loan a Substitute Loan; provided, however, that no such repurchase shall be required to be made with respect to such Warranty Loan (and such Loan shall cease to be an Warranty Loan) if, on or before the expiration of such 30-day period, the representations and warranties in Section 4.1 with respect to such Warranty Loan shall be made true and correct in all material respects with respect to such Warranty Loan as if such Warranty Loan had been transferred to the Buyer on such day.

Mandatory Repurchase of Warranty Loans. (a) In the event any Transferred Loan transferred hereunder is not an Eligible Loan as of immediately prior to its sale to the date of such transfer Buyer hereunder or the Seller breaches any representation, warranty or covenant with respect to any Transferred Loan immediately prior to its sale to the Buyer hereunder in any material respect (each such Transferred Loan, a “Warranty Loan”), no later than 30 days after the earlier of (i) knowledge of such breach on the part of the Seller and (ii) receipt by the Seller of written notice thereof given by the Buyer, the Seller shall either (a) repurchase each such Warranty Loan, or (b) substitute for such Warranty Loan a Substitute Loan; provided, however, that no such repurchase shall be required to be made with respect to such Warranty Loan (and such Loan shall cease to be an Warranty Loan) if, on or before the expiration of such 30-day period, the representations and warranties in Section 4.1 with respect to such Warranty Loan shall be made true and correct in all material respects with respect to such Warranty Loan as if such Warranty Loan had been transferred to the Buyer on such day.

Mandatory Repurchase of Warranty Loans. (a) In the event any Transferred Loan transferred hereunder is not an Eligible Loan as of the date of such transfer or the Seller breaches any representation, warranty or covenant set forth in this Agreement with respect to any Transferred Loan in any material respect (each such Transferred Loan, a “Warranty Loan”), no later than 30 days after the earlier of (i) knowledge of such breach on the part of the Seller and (ii) receipt by the Seller of written notice thereof given by the BuyerBuyer (or its assigns), the Seller shall either (a) repurchase each such Warranty Loan, or (b) substitute for such Warranty Loan another Loan (a “Substitute Loan”); provided, however, that no such repurchase shall be required to be made with respect to such Warranty Loan (and such Loan shall cease to be an a Warranty Loan) if, on or before the expiration of such 30-day period, the representations and warranties in Section 4.1 with respect to such Warranty Loan shall be made true and correct in all material respects with respect to such Warranty Loan as if such Warranty Loan had been transferred to the Buyer on such day. It is understood and agreed that the obligation of the Seller to repurchase a Transferred Loan or substitute a Substitute Loan for such Transferred Loan which is affected by or related to such breach under this Section 6.1 is not intended to, and shall not, constitute a guaranty of the collectability or payment of any Transferred Loan which is not collected, not paid or uncollectible on account of the insolvency, bankruptcy or financial inability to pay of the related Obligor.