Common use of RELEASE OF PURCHASED ASSETS Clause in Contracts

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.

Appears in 3 contracts

Samples: Master Repurchase Agreement (New Century Financial Corp), Master Repurchase Agreement (New Century Financial Corp), Master Repurchase Agreement (New Century Financial Corp)

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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) 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(a) and 16, the related Seller shall give at least one three (13) Business Day’s Days' prior written notice to Buyer if such repurchase shall occur on any date other than a Repurchase Date set forth in Section 3(d)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.

Appears in 3 contracts

Samples: Master Repurchase Agreement (Novastar Financial Inc), Master Repurchase Agreement (Novastar Financial Inc), Master Repurchase Agreement (Novastar Financial Inc)

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(d3(c). 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.

Appears in 1 contract

Samples: Master Repurchase Agreement (New Century Financial Corp)

RELEASE OF PURCHASED ASSETS. Upon timely payment in full of the Repurchase Price or Purchase Price Decrease amount and all other Obligations that relate to and are owed (if any) 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(a) and 16, the related Seller shall give at least one three (13) Business Day’s Days' prior written notice to Buyer if such repurchase shall occur on any date other than a Repurchase Date set forth in Section 3(d)Date. If such a Margin Deficit is applicable, Buyer shall notify Seller Sellers of the amount thereof and Seller Sellers may thereupon satisfy the Margin Call in the manner specified in Section 6.

Appears in 1 contract

Samples: Master Repurchase Agreement (Novastar Financial Inc)

RELEASE OF PURCHASED ASSETS. Upon timely payment in full of the Repurchase Price Price, any Yield Maintenance Fee, if applicable, and all other Obligations that relate to and are owed (if any) 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(a) and 16, the Seller shall give at least one three (13) Business Day’s Days’ prior written notice to Buyer if such repurchase shall occur on any date other than a Repurchase Date set forth in Section 3(d)Date. If such a Margin Deficit is applicable, Buyer shall notify the Seller of the amount thereof and the Seller may thereupon satisfy the Margin Call in the manner specified in Section 6.

Appears in 1 contract

Samples: Master Repurchase Agreement (ECC Capital CORP)

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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) owing with respect to a Purchased Asset, if no Default or Event of Default has occurred and is continuing, Buyer Buyers shall, and with respect to Loans, 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 Section 6(a) and 16), the related Seller shall give at least one (1) Business Day’s Day prior written notice to the related Buyer if such repurchase shall occur on any date other than a the Repurchase Date set forth in Section 3(d3(b). If such a Margin Deficit is applicable, the related Buyer shall notify Seller Sellers of the amount thereof and Seller may Sellers shall thereupon satisfy the Margin Call in the manner specified in Section 6.

Appears in 1 contract

Samples: Master Repurchase Agreement (Novastar Financial Inc)

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 's prior written notice to Buyer if such repurchase shall occur on any date other than a Repurchase Date set forth in Section 3(d3(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.

Appears in 1 contract

Samples: Master Repurchase Agreement (New Century Financial Corp)

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, the Buyer shall, and shall direct the 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, the Seller shall give at least one (1) Business Day’s prior written notice to the 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, the Buyer shall notify the Seller of the amount thereof and the Seller may thereupon satisfy the Margin Call in the manner specified in Section 6.

Appears in 1 contract

Samples: Master Repurchase Agreement (New Century Financial Corp)

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