Common use of Minimal Balances Clause in Contracts

Minimal Balances. On any Payment Date on or after January 1, 1997, Seller may elect to repurchase all of the Loans then owned by the Buyer for their aggregate Principal Balance, if as of such Payment Date the aggregate Principal Balance of all such Loans is less than ten percent (10%) of the aggregate total of all of the Principal Balances of each of the Loans, as calculated, in each case, on the Initial Purchase Date or on the Incremental Purchase Date applicable to such Loan, as the case may be. If Seller elects to repurchase all of the Loans pursuant to this Section 7.02, Seller shall provide Buyer and Servicer with thirty (30) days prior written notice. The Repurchase Amount shall be paid by Seller to Servicer in immediately available funds prior to 12:00 noon, Washington, D.C. time. Immediately upon the payment of the required Repurchase Amount, all right, title and interest in the Loans being repurchased shall pass to Seller and such Loans shall cease to be "Loans" for all purposes of this Agreement. Any resale of a Loan and related Property pursuant to the terms of this Section 7.02 shall constitute the simultaneous resale by Buyer and repurchase by Seller of all Loans and related Property. Any resale of a Loan and related Property pursuant to this Section 7.02 shall be without recourse or warranty of any kind except that Buyer shall be deemed to have warranted that such Loans and related Property are free and clear of all liens or claims resulting from or arising out of its acts or omissions (other than acts of Buyer resulting from Seller's or Servicer's failure to perform as required by this Agreement) or claims of Buyer's creditors. [End of Article VII]

Minimal Balances. On any Payment Date on or after January 1, 1997Date, Seller may elect to repurchase all of the Loans then owned by the Buyer for their aggregate Principal Balance, if as of such Payment Date the aggregate Principal Balance of all such Loans is less than ten percent (10%) of the aggregate total of all of the Principal Balances of each of the Loans, as calculated, in each case, on the Initial Purchase Effectiveness Date or on the Incremental Purchase Date applicable to such Loan, as the case may be. If Seller elects to repurchase all of the Loans pursuant to this Section 7.02, Seller shall provide Buyer and Servicer with thirty (30) days prior written notice. The Repurchase Amount shall be paid by Seller to Servicer in immediately available funds prior to 12:00 noon, Washington, D.C. time. Immediately upon the payment of the required Repurchase Amount, all right, title and interest in the Loans being repurchased shall pass to Seller and such Loans shall cease to be "Loans" for all purposes of this Agreement. Any resale of a Loan and related Property pursuant to the terms of this Section 7.02 shall constitute the simultaneous resale by Buyer and repurchase by Seller of all Loans and related Property. Any resale of a Loan and related Property pursuant to this Section 7.02 shall be without recourse or warranty of any kind except that Buyer shall be deemed to have warranted that such Loans and related Property are free and clear of all liens or claims resulting from or arising out of its acts or omissions (other than acts of Buyer resulting from Seller's or Servicer's failure to perform as required by this Agreement) or claims of Buyer's creditors. [End of Article VII].

Minimal Balances. On any Payment Date on or after January 1, 1997Date, Seller may elect to repurchase all of the Loans then owned by the Buyer for their aggregate Principal Balance, if as of such Payment Date Date, the aggregate Principal Balance of all such Loans is less than ten five percent (105%) of the aggregate total of all of the Principal Balances of each of the Loans, as calculated, in each case, on the Initial Maximum Purchase Date or on the Incremental Purchase Date applicable to such Loan, as the case may beAmount. If Seller elects to repurchase all of the Loans pursuant to this Section 7.027.03, Seller shall provide Buyer and Servicer with thirty (30) days prior written notice. The Repurchase Amount shall be paid by Seller to Servicer Buyer in immediately available funds prior to 12:00 noon, Washington, D.C. time. Immediately upon the payment of the required Repurchase Amount, all right, title and interest in the Loans being repurchased shall pass to Seller and such Loans shall cease to be "Loans" for all purposes of this Agreement. Any resale of a Loan and related Property pursuant to the terms of this Section 7.02 7.03 shall constitute the simultaneous resale by Buyer and repurchase by Seller of all Loans and related Property. Any resale of a Loan and related Property pursuant to this Section 7.02 7.03 shall be without recourse or warranty of any kind except that Buyer shall be deemed to have warranted that such Loans and related Property are free and clear of all liens or claims resulting from or arising out of its acts or omissions (other than acts of Buyer resulting from Seller's failure to perform as required by this Agreement or Servicer's failure to perform as required by this Agreement) or claims of Buyer's creditors. [End of Article VII].

Minimal Balances. On any Payment Date on or after January 1, 1997Date, Seller may elect to repurchase all of the Loans then owned by the Buyer for their an amount equal to the aggregate Principal BalanceBalance of the Loans, if as of such Payment Date the aggregate Principal Balance of all such Loans is less than ten percent (10%) % of the aggregate total of all of the Principal Balances of each of the Loans, as calculated, in each case, on the Initial Purchase Effectiveness Date or on the Incremental Purchase Date applicable to such Loan, as the case may be. If Seller elects to repurchase all of the Loans pursuant to this Section 7.02, Seller shall provide Buyer and Servicer with thirty (30) 30 days prior written notice. The Repurchase Amount shall be paid by Seller to Servicer in immediately available funds prior to 12:00 noon, Washington, D.C. time, on the designated Payment Date. Immediately upon the payment of the required Repurchase Amount, (i) all right, title and interest in the Loans being repurchased shall pass to Seller and such Loans shall cease to be "“Loans" ” for all purposes of this Agreement, and (ii) Buyer shall release or cause to be released to the Seller the related Loan Files and shall execute and deliver or cause to be executed and delivered such instruments of transfer or assignment of such Loans and the security interests in the related Property as Seller shall reasonably request. Any resale of a Loan and related Property pursuant to the terms of this Section 7.02 shall constitute the simultaneous resale by Buyer and repurchase by Seller of all Loans and related Property. Any resale of a Loan and related Property pursuant to this Section 7.02 shall be without recourse or warranty of any kind except that Buyer shall be deemed to have warranted that such Loans and related Property are free and clear of all liens or claims resulting from or arising out of its acts or omissions (other than acts of Buyer resulting from Seller's ’s or Servicer's ’s failure to perform as required by this Agreement) or claims of Buyer's ’ s creditors. [End of Article VII].