Common use of Notice to Initial Member Clause in Contracts

Notice to Initial Member. The Company shall notify the Initial Member of each Loan with respect to which the Company seeks to exercise its rights under Section 6.1. Such notice shall be on the Company’s letterhead and include the following information: (a) the Company’s tax identification number, (b) the Company’s wire transfer instructions, (c) the loan number and other identifying information related to the Loan, (d) the subsection of Section 6.1 under which the Company is seeking to require the Initial Member to repurchase the Loan, (e) a summary of the reasons the Company believes that the Loan should be repurchased by the Initial Member and (f) a certification by the Company that the request for repurchase is being submitted in good faith and is complete and accurate in all respects to the best of the Company’s knowledge. The notice shall be accompanied by evidence supporting the basis for the Initial Member’s repurchase of such Loan. Promptly upon request by the Initial Member, the Company shall supply the Initial Member with any additional evidence that the Initial Member may reasonably request. The Initial Member shall have no obligation to repurchase any Loan pursuant to this Article VI for which notice and all supporting evidence reasonably required by the Initial Member have not been received by the Initial Member at the addresses specified in Article VI no later than the first Business Day after the expiration of (x) in the case of any purchase demand pursuant to Section 6.1(a) through (h), 180 calendar days after the Closing Date, or in the case of a Contract for Deed, the first Business Day after the expiration of 360 calendar days after the Closing Date, and (y) in the case of any purchase demand with respect to the issuance of an Order, thirty (30) days after the issuance of the Order.

Notice to Initial Member. The Company shall notify the Initial Member of each Loan with respect to which the Company seeks to exercise its rights under Section 6.1. Such notice shall be on the Company’s letterhead and include the following information: (a) the Company’s tax identification number, (b) the Company’s wire transfer instructions, (c) the loan number and other identifying information related to the Loan, (d) the subsection of Section 6.1 under which the Company is seeking to require the Initial Member to repurchase the purchase a Loan, and (ed) a summary of the reasons the Company believes that the Loan Loans should be repurchased purchased by the Initial Member and (f) a certification by the Company that the request for repurchase is being submitted in good faith and is complete and accurate in all respects to the best of the Company’s knowledgeMember. The notice shall be accompanied by evidence supporting the basis for the Initial Member’s repurchase purchase of such Loan. Promptly upon request by the Initial Member, the Company shall supply the Initial Member with any additional evidence that the Initial Member may reasonably request. The Initial Member shall have no obligation to repurchase purchase any Loan pursuant to this Article VI VII for which notice and all supporting evidence reasonably required by the Initial Member have not been received by the Initial Member at the addresses specified in Article VI VII no later than the first Business Day after the expiration of (xi) in the case of any purchase demand pursuant to Section 6.1(a) through (hg), 180 calendar days after the Closing Effective Date, or in the case of a Contract for Deed, the first Business Day after the expiration of 360 calendar days after the Closing Effective Date, and (yii) in the case of any purchase demand with respect pursuant to the issuance of an OrderSection 6.1(h), thirty (30) days after the issuance of the Order.