Common use of Optional Purchase Right of NIMS Insurer Clause in Contracts

Optional Purchase Right of NIMS Insurer. The NIMS Insurer, if any, may purchase any Distressed Mortgage Loan in the related Mortgage Pool or Mortgage Pools for a purchase price equal to the outstanding principal balance of such Mortgage Loan, plus accrued interest thereon to the date of repurchase plus any unreimbursed Advances, Servicing Advances, Servicing Fees or Trustee Fees and any unreimbursed expenses of the Trustee allocable to such Distressed Mortgage Loan. Any such purchase shall be accomplished by the NIM Insurer’s remittance of the purchase price for the Distressed Mortgage Loan to the Master Servicer for deposit into the Collection Account. The NIMS Insurer shall not use any procedure in selecting Distressed Mortgage Loans to be purchase which would be materially adverse to the related Certificateholders.

Appears in 2 contracts

Samples: Trust Agreement (LXS 2007-3), Trust Agreement (Lehman XS Trust 2007-5h)

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Optional Purchase Right of NIMS Insurer. The NIMS Insurer, if any, may purchase any Distressed Mortgage Loan in the related Mortgage Pool or Mortgage Pools for a purchase price equal to the outstanding principal balance of such Mortgage Loan, plus accrued interest thereon to the date of repurchase plus any unreimbursed Advances, Servicing Advances, Servicing Fees or Trustee Fees and any unreimbursed expenses of the Trustee allocable to such Distressed Mortgage Loan. Any such purchase shall be accomplished by the NIM NIMS Insurer’s remittance of the purchase price for the Distressed Mortgage Loan to the Master Servicer for deposit into the Collection Account. The NIMS Insurer shall not use any procedure in selecting Distressed Mortgage Loans to be purchase purchased which would be materially adverse to the related CertificateholdersCertificateholders or the Certificate Insurer.

Appears in 2 contracts

Samples: Trust Agreement (Lehman XS Trust 2007-10h), Trust Agreement (Lehman XS Trust 2007-10h)

Optional Purchase Right of NIMS Insurer. The NIMS Insurer, if any, may purchase any Distressed Mortgage Loan in the related Mortgage Pool or Mortgage Pools for a purchase price equal to the outstanding principal balance of such Mortgage Loan, plus accrued interest thereon to the date of repurchase plus any unreimbursed Advances, Servicing Advances, Servicing Fees or Trustee Fees and any unreimbursed expenses of the Trustee allocable to such Distressed Mortgage Loan. Any such purchase shall be accomplished by the NIM NIMS Insurer’s remittance of the purchase price for the Distressed Mortgage Loan to the Master Servicer for deposit into the Collection Account. The NIMS Insurer shall not use any procedure in selecting Distressed Mortgage Loans to be purchase purchased which would be materially adverse to the related Certificateholders.

Appears in 1 contract

Samples: Trust Agreement (Lehman XS Trust 2007-9)

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Optional Purchase Right of NIMS Insurer. The NIMS Insurer, if any, may purchase any Distressed Mortgage Loan in the related Mortgage Pool or Mortgage Pools for a purchase price equal to the outstanding principal balance of such Mortgage Loan, plus accrued interest thereon to the date of repurchase plus any unreimbursed Advances, Servicing Advances, Servicing Fees or Trustee Fees and any unreimbursed expenses of the Trustee allocable to such Distressed Mortgage Loan. Any such purchase shall be accomplished by the NIM NIMS Insurer’s remittance of the purchase price for the Distressed Mortgage Loan to the Master Servicer for deposit into the Collection Account. The NIMS Insurer shall not use any procedure in selecting Distressed Mortgage Loans to be purchase which would be materially adverse to the related CertificateholdersCertificateholders or the Certificate Insurer.

Appears in 1 contract

Samples: Trust Agreement (Lehman XS Trust 2007-6)

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