RELEASE OF PURCHASED ASSETS. Upon timely payment in full of the Repurchase Price and all other Obligations (if any) then owing with respect to a Purchased Asset or REO Property pursuant to Section 3(f) hereof, unless a Margin Deficit or a Default shall have occurred and be continuing: (a) the Purchaser shall be deemed to have terminated any security interest that Purchaser may have in such Purchased Asset and Purchased Item or, in the case of the REO Asset, the REO Property subject to repurchase, (b) all of the Purchaser’s right, title and interest in such Purchased Asset or, in the case of the REO Asset, the REO Property subject to repurchase, shall automatically transfer to RMS, and (c) with respect to such Purchased Asset, the Purchaser shall or shall direct Custodian to release such Purchased Asset to Seller. Except as set forth in Sections 15 and 16(f)(ii), Seller shall give at least two (2) Business Days’ prior written notice to the Purchaser if such repurchase shall occur on any date other than the Repurchase Date. In the case of the REO Asset, Purchaser shall assign the REO Asset to RMS upon a repurchase of the REO Asset. If such a Margin Deficit is applicable, the Purchaser shall notify Seller of the amount thereof and Seller may thereupon satisfy the Margin Call in the manner specified in Section 7.
RELEASE OF PURCHASED ASSETS. Upon timely payment in full of the Repurchase Price and all other Obligations (if any) then owing with respect to a Purchased Asset pursuant to Section 3(f) hereof, unless a Margin Deficit or an Event of Default shall have occurred and be continuing: (a) Purchaser shall be deemed to have terminated any security interest that Purchaser may have in such Purchased Asset, (b) all of Purchaser’s right, title and interest in such Purchased Assets shall automatically transfer to Seller, and (c) with respect to such Purchased Asset, Purchaser shall or shall direct Custodian to release such Purchased Asset to Seller. Except as set forth in Section 16(f)(ii) and Section 15, Seller shall give at least two (2) Business Days prior written notice to Purchaser if such repurchase shall occur on any date other than the Repurchase Date. If such a Margin Deficit is applicable, Purchaser shall notify Seller of the amount thereof and Seller may thereupon satisfy the Margin Call in the manner specified in Section 7.
RELEASE OF PURCHASED ASSETS. Upon timely payment in full of the Repurchase Price and all other Obligations that relate to and are owed (if any) with respect to a Purchased Asset, if no Default or Event of Default has occurred and is continuing, Buyer shall, and shall direct Custodian to, release such Purchased Asset unless such release would give rise to or perpetuate a Margin Deficit. Except as set forth in Sections 6(a) and 16, Seller shall give at least one (1) Business Day’s prior written notice to Buyer if such repurchase shall occur on any date other than a Repurchase Date set forth in Section 3(d). If such a Margin Deficit is applicable, Buyer shall notify Seller of the amount thereof and Seller may thereupon satisfy the Margin Call in the manner specified in Section 6.
RELEASE OF PURCHASED ASSETS. Upon timely payment in full of the Repurchase Price and all other Obligations owing with respect to a Purchased Asset, if no Default or Event of Default has occurred and is continuing, Buyer shall release such Purchased Asset unless such release would give rise to or perpetuate a Margin Deficit. Except as set forth in Sections 6(a) and 16, the related Seller shall give at least three (3) Business Days’ prior written notice to Buyer if such repurchase shall occur on other than a Repurchase Date. If such a Margin Deficit is applicable, Buyer shall notify the related Seller of the amount thereof and the related Seller may thereupon satisfy the Margin Call in the manner specified in Section 6.
RELEASE OF PURCHASED ASSETS. Upon timely payment in full of the Repurchase Price and all other Obligations (if any) then owing with respect to a Purchased Asset pursuant to Section 3(f) hereof, unless a Margin Deficit or an Event of Default shall have occurred and be continuing: (a) Purchaser shall automatically and without any further action terminate any security interest that Purchaser may have in such Purchased Asset, (b) the Purchaser shall automatically and without further action sell and release to the Seller or the applicable Takeout Investor, as the case may be, such Purchased Asset, and (c) with respect to such Purchased Asset, Purchaser shall or shall direct Custodian to release such Purchased Asset to Seller or the applicable Takeout Investor, as the case may be. If such a Margin Deficit is applicable, Purchaser shall notify Seller of the amount thereof and Seller may thereupon satisfy the Margin Call in the manner specified in Section 7.
RELEASE OF PURCHASED ASSETS. 24 11. RELIANCE............................................................... 24 12.
RELEASE OF PURCHASED ASSETS. Upon timely payment in full of the Repurchase Price and all other Obligations owing with respect to a Purchased Asset, if no Default or Event of Default has occurred and is continuing, Buyer shall, and shall direct Custodian to, release such Purchased Asset unless such release would give rise to or perpetuate a Margin Deficit. Except as set forth in Sections 6 and 16, Seller shall give at least three Business Days’ prior written notice to Buyer if such repurchase shall occur on other than a Repurchase Date set forth in Section 3(b). If such a Margin Deficit is applicable, Buyer shall notify Seller of the amount thereof and Seller may thereupon satisfy the Margin Call in the manner specified in Section 6.
RELEASE OF PURCHASED ASSETS. (a) Upon timely payment in full of the Repurchase Price and all other Obligations (if any) then owing with respect to a Purchased Asset pursuant to Section 3(g) or Section 15 hereof, unless a Margin Deficit or an Event of Default shall have occurred and is continuing: (a) the Agent, on behalf of the related Purchaser, shall be deemed to have terminated any security interest that Caliber- Barclays - Amendment No. 1 to Master Repurchase Agreement - Page 4 the Agent, on behalf of the related Purchaser, or Purchaser may have in such Purchased Asset, (b) all of the Agent and related Purchaser’s right, title and interest in such Purchased Assets shall automatically transfer to Seller, and (c) with respect to such Purchased Asset, the Agent, on behalf of the related Purchaser, shall or shall direct Custodian to release such Purchased Asset to Seller. Except as set forth in Section 15, Seller shall give at least two (2) Business Days prior written notice to the Agent, on behalf of the related Purchaser, if such repurchase shall occur on any date other than the Repurchase Date. If such a Margin Deficit is applicable, Purchasers shall notify Seller of the amount thereof and Seller may thereupon satisfy the Margin Call in the manner specified in Section 7.
(b) Notwithstanding any language herein to the contrary, Xxxxxx and Seller agree that following the repurchase of an FHA Buyout Loan by Seller hereunder (whether pursuant to Section 3(g), Section 15, or otherwise), unless a Margin Deficit or an Event of Default shall have occurred and is continuing, Xxxxxx shall cease to have any interest in such FHA Buyout Loan and the proceeds therefrom. Without limiting the foregoing, it is understood and agreed that following payment of the Repurchase Price the Seller shall no longer be required to file applications for insurance benefits in Xxxxxx’x name, and that the proceeds of any FHA claim or otherwise arising from an FHA Buyout Loan that are received by Xxxxxx following such date shall be promptly remitted to Seller.
(c) Xxxxxx hereby irrevocably constitutes and appoints Seller and any officer or agent thereof, with full power of substitution, as Xxxxxx’x true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Xxxxxx, solely to execute any and all documents as may be necessary (i) to report a change in the holding lender to Seller of any FHA Buyout Loan as of the date of payment of the Repurchase Price (including but not limite...
RELEASE OF PURCHASED ASSETS. Upon timely payment in full of the Repurchase Price and all other Obligations owing with respect to a Purchased Asset, if no Unmatured Event of Default which is capable of cure or Event of Default has occurred and is continuing, Agent (or Custodian on its behalf) shall release such Purchased Asset to Seller (or its designee) unless such release would give rise to or perpetuate a Margin Deficit.
RELEASE OF PURCHASED ASSETS. Upon timely payment in full of the Repurchase Price and all other Obligations owing with respect to the Purchased Assets by the Termination Date, if no Event of Default has occurred and is continuing, the Buyer shall transfer the Purchased Assets to the Seller or its nominee free and clear of any security interest of the Buyer.
