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Common use of Original Notes Clause in Contracts

Original Notes. The Class M-1, Class M-2, Class M-3A, Class M-3B and Class B Notes. Origination Rep and Warranty/Servicing Breach Settlement: Any settlement (which settlement only relates to claims arising from breaches of origination/selling representations and warranties or breaches of servicing obligations) that Xxxxxxx Mac enters into with a seller or servicer in lieu of requiring such seller or servicer to repurchase a specified pool of Mortgage Loans that include, among others, one or more Reference Obligations, as a result of breaches of origination/selling representations or warranties or as a result of breaches of servicing obligations whereby Xxxxxxx Mac has received the agreed-upon settlement proceeds from such seller or servicer. For the avoidance of doubt, any Origination Rep and Warranty/Servicing Breach Settlement will only relate to breaches of either (i) origination/selling representations and warranties or (ii) servicing obligations, but not both. Origination Rep and Warranty/Servicing Breach Settlement Amount: (I) with respect to the Payment Date in the month after the calendar month in which an Origination Rep and Warranty/Servicing Breach Settlement occurs, the lesser of (a) the aggregate amount of Credit Event Net Losses of the Origination Rep and Warranty/Servicing Breach Settlement Reference

Appears in 3 contracts

Samples: Exchange Administration Agreement, Global Agency Agreement, Stacr Debt Agreement

Original Notes. The Class M-1, Class M-2M-2A, Class M-3A, Class M-3B M-2B and Class B B-1 Notes. Origination Rep and Warranty/Servicing Breach Settlement: Any settlement (which settlement only relates to claims arising from breaches of origination/selling representations and warranties or breaches of servicing obligations) that Xxxxxxx Mac enters into with a seller or servicer in lieu of requiring such seller or servicer to repurchase a specified pool of Mortgage Loans that include, among others, one or more Reference Obligations, as a result of breaches of origination/selling representations or warranties or as a result of breaches of servicing obligations whereby Xxxxxxx Mac has received the agreed-upon settlement proceeds from such seller or servicer. For the avoidance of doubt, any Origination Rep and Warranty/Servicing Breach Settlement will only relate to breaches of either (i) origination/selling representations and warranties or (ii) servicing obligations, but not both. Origination Rep and Warranty/Servicing Breach Settlement Amount: Loan Allocation Amount (I) with Cap): With respect to the Payment Date in the month after the calendar month in which an any Origination Rep and Warranty/Servicing Breach Settlement occursSettlement, an amount equal to the lesser greater of (aA) zero or (B)(1) the aggregate amount of Credit Event Net Losses sum of the Origination Rep and Warranty/Servicing Breach Settlement proceeds determined to be attributable to the Reference

Appears in 2 contracts

Samples: Exchange Administration Agreement, Stacr Debt Agreement