Reassignment of Repurchased Loans Sample Clauses

Reassignment of Repurchased Loans. Upon repurchase by the Seller from the Purchaser of any Reverse Mortgage Loan (including all related Servicing Rights and related Participations with respect to any Reverse Mortgage Loan related to any HMBS Pool), in accordance with this Section 3.09, the Purchaser shall update the Purchaser’s servicing system to reflect the Seller as the owner of such Reverse Mortgage Loan, and shall arrange for the reassignment of such Reverse Mortgage Loan, including the related Servicing Rights to Seller or its designee and the delivery to such party of any documents held by or received by Purchaser or its custodian relating such Repurchased Loan. (e) Notwithstanding the foregoing, in no event shall the Seller have any obligations pursuant to this Section 3.09 in respect of any Xxxxxx Xxx Defective Loan to the extent that any Reverse Mortgage Loan becomes a Xxxxxx Mae Defective Loan as a direct result or any action or inaction of Purchaser or any Subservicer of Purchaser (excluding the Seller as subservicer of Purchaser) on or after the applicable Closing Date. Section 3.10 Sole Remedy. Except as provided in Sections 2.03, 3.03, 3.09 and the right of the Purchaser to seek specific performance of any obligations of the Seller set forth in this Agreement after the related Closing Date, the right to indemnification under this Article III, subject to all of the terms, conditions and limitations hereof, shall constitute the sole and exclusive right and remedy available to any party hereto for any actual or threatened breach of this Agreement or in the event there is any violation of laws in connection with the transactions provided for in this Agreement; provided, however, that nothing herein shall limit in any way any such party’s remedies after the related Closing in respect of fraud, intentional misrepresentation or intentional misconduct by the other party in connection with the transactions contemplated hereby. ARTICLE IV COVENANTS; COSTS Section 4.01
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Reassignment of Repurchased Loans. Upon receipt by the Indenture Trustee for deposit in the Collection Account of the amounts described in Section 11.01, and upon receipt of an Officer’s Certificate of the Servicer in the form attached hereto as Exhibit G, the Issuer shall (a) assign to the Originator, with the written consent (such consent to be based solely on receipt of the Officer’s Certificate referred to above) of the Indenture Trustee, to the Originator all of the Issuer’s right, title and interest in the repurchased Loan and related Loan Assets without recourse, representation or warranty; and (b) release (or cause the Indenture Trustee to release) to the Servicer for release to the Originator the related Underlying Note and Allonge (if any). Such reassigned Loan shall no longer thereafter be included in any calculations of Outstanding Loan Balances required to be made hereunder or otherwise be deemed a part of the Loan Pool. All costs of any such transfer shall be borne by the Originator.
Sample 1
Reassignment of Repurchased Loans. Upon repurchase by the Seller from the Purchaser of any Reverse Mortgage Loan (including all related Servicing Rights and related Participations with respect to any Reverse Mortgage Loan related to any HMBS Pool), in accordance with this Section 3.09, the Purchaser shall update the Purchaser’s servicing system to reflect the Seller as the owner of such Reverse Mortgage Loan, and shall arrange for the reassignment of such Reverse Mortgage Loan, including the related Servicing Rights to Seller or its designee and the delivery to such party of any documents held by or received by Purchaser or its custodian relating such Repurchased Loan.
Sample 1
Reassignment of Repurchased Loans. Upon receipt by the Collateral Custodian for deposit in the Collection Account of the Repurchase Price in the case of any repurchased Loan, the Purchaser hereby assigns to the Seller, unless the Administrative Agent is otherwise notified at the time of the sale, all of the Purchaser’s right, title and interest in the Conveyed Assets being repurchased without recourse, representation or warranty. Such reassigned Loan (together with the other Conveyed Assets related thereto) shall no longer thereafter be deemed a part of the Conveyed Assets.
Sample 1

Related to Reassignment of Repurchased Loans

  • Reassignment of Purchased Receivables Upon deposit in the Collection Account of the Purchase Amount of any Receivable repurchased by Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to Seller all of Purchaser’s and the Issuer’s right, title and interest in and to such Receivable and all security and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer directly relating thereto, without recourse, representation or warranty, except as to the absence of Liens created by or arising as a result of actions of Purchaser or the Issuer. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Purchased Receivable, in any enforcement suit or legal proceeding, it is held that Seller may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such steps as Seller deems reasonably necessary to enforce the Receivable, including bringing suit in Purchaser’s or in the Issuer’s name.

  • Reassignment of Ineligible Receivables (a) In the event any representation or warranty under Subsection 4.02(a)(ii), (iii), (iv), (vi), (vii) or (viii) is not true and correct in any material respect as of the date specified therein with respect to any Receivable or the related Account and as a result of such breach RFC III is required under Subsection 2.05(a) of the Pooling and Servicing Agreement to accept reassignment of such Receivables previously sold by Centurion to RFC III pursuant to this Agreement, Centurion shall accept reassignment of such Receivables on the terms and conditions set forth in Subsection 6.01(b).

  • Payment of Repurchase Price The Repurchase Price shall be payable, at the option of the Company or its assignee(s), by check or by cancellation of all or a portion of any outstanding purchase money indebtedness owed by Participant to the Company, or such assignee, or by any combination thereof. The Repurchase Price shall be paid without interest within sixty (60) days after exercise of the Repurchase Option.

  • Repurchase of Receivables In the event of a breach of any representation or warranty set forth on Exhibit A which materially and adversely affects the interests of the Issuer or the Securityholders and unless the breach shall have been cured by the last day of the second Collection Period following the Collection Period in which the discovery of the breach is made or notice is received, as the case may be (or, at the option of the RPA Seller, the last day in the first Collection Period following the Collection Period in which such discovery is made), the RPA Seller shall repurchase such Receivable. In consideration of the purchase of any such Receivable, on the related Payment Date, the RPA Seller shall remit an amount equal to the Warranty Purchase Payment in respect of such Receivable to the Purchaser and shall be entitled to receive the Released Warranty Amount. Upon any such repurchase, each of the Purchaser and the Issuer shall, without further action, be deemed to transfer, assign and otherwise convey to the RPA Seller, without recourse, representation or warranty, all the right, title and interest of either the Purchaser or the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof. The Purchaser, the Issuer, the Owner Trustee, the Delaware Trustee or the Indenture Trustee, as applicable, shall execute such documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested by the RPA Seller to effect the conveyance of such Receivable pursuant to this Section. The sole remedy of the Purchaser, the Issuer, the Trustees or the Securityholders with respect to a breach of the RPA Seller’s representations and warranties pursuant to Section 2.03(a) shall be to require the RPA Seller to repurchase the related Receivables pursuant to this Section.

  • Closing of Repurchase The closing of the purchase of such Employee Units pursuant to Sections 6(c) above shall take place on the date designated by the Company in the Repurchase Notice. The Company (or its nominee) shall pay for such Employee Units to be purchased by delivery, at the sole option of the Company, of either (i) a check or wire transfer of immediately available funds or (ii) an unsecured promissory note in form and substance reasonably acceptable to the Board and Employee; provided that such promissory note shall (A) accrue interest at the then Applicable Federal Rate as published by the Internal Revenue Service, (B) have a stated maturity of five years, (C) provide that the principal and all accrued interest thereon shall be due and payable in arrears at maturity, (D) allow for voluntary prepayments of principal and interest without penalty or premium and (E) be subordinated to any indebtedness for borrowed money of the Company and its Subsidiaries. In connection with the purchase of Employee Units hereunder, the Company shall be entitled to receive customary representations and warranties from the sellers regarding such sale of units (including representations and warranties regarding good title to such units, free and clear of any liens or encumbrances).

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