Common use of Releases of Defective Mortgage Loans Clause in Contracts

Releases of Defective Mortgage Loans. Upon notice or discovery that any of the representations or warranties of the Seller set forth in Section 4(b) and Exhibit B of the Mortgage Loan Sale Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Seller to either (i) within 60 days after the Seller receives actual knowledge of such incorrectness, eliminate or otherwise cure the circumstance or condition in respect of which such representation or warranty was incorrect as of the time made, (ii) withdraw such Defective Mortgage Loan from the lien of this Indenture following the expiration of such 60-day period by depositing to the Note Account an amount equal to the Purchase Price for such Mortgage Loan or (iii) substitute a Qualified Replacement Mortgage Loan for such Defective Mortgage Loan and deposit any Purchase Price required to be paid in connection with such substitution pursuant to Section 7 of the Mortgage Loan Sale Agreement, all as provided in Section 7 of the Mortgage Loan Sale Agreement. Upon any purchase of or substitution for a Defective Mortgage Loan by the Seller in accordance with Section 7 of the Mortgage Sale Agreement, the Indenture Trustee shall deliver the Mortgage File relating to such Defective Mortgage Loan to the Seller, and the Issuer and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Defective Mortgage Loan to the Seller from the lien of this Indenture.

Releases of Defective Mortgage Loans. Upon notice or discovery that any of the representations or warranties of the Mortgage Loan Seller set forth in Section 4(b) and Exhibit B of the Mortgage Loan Sale Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Mortgage Loan Seller to either (i) within 60 days after the Mortgage Loan Seller receives actual knowledge of such incorrectness, eliminate or otherwise cure the circumstance or condition in respect of which such representation or warranty was incorrect as of the time made, (ii) withdraw such Defective Mortgage Loan from the lien of this Indenture following the expiration of such 60-day period by depositing to the Note Bond Account an amount equal to the Purchase Price for such Mortgage Loan or (iii) substitute a Qualified Replacement Mortgage Loan for such Defective Mortgage Loan and deposit any Purchase Price required to be paid in connection with such substitution pursuant to Section 7 of the Mortgage Loan Sale Agreement, all as provided in Section 7 of the Mortgage Loan Sale Agreement. Upon any purchase of or substitution for a Defective Mortgage Loan by the Mortgage Loan Seller in accordance with Section 7 of the Mortgage Sale Agreement, the Indenture Trustee shall deliver the Mortgage File relating to such Defective Mortgage Loan to the Mortgage Loan Seller, and the Issuer and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Defective Mortgage Loan to the Mortgage Loan Seller from the lien of this Indenture.

Releases of Defective Mortgage Loans. Upon notice or discovery that any of the representations or warranties of the Seller set forth in Section 4(b) and Exhibit B of the Mortgage Loan Sale Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Seller to either (i) within 60 days after the Seller receives actual knowledge of such incorrectness, eliminate or otherwise cure the circumstance or condition in respect of which such representation or warranty was incorrect as of the time made, (ii) withdraw such Defective Mortgage Loan from the lien of this Indenture following the expiration of such 60-day period by depositing to the related Note Account an amount equal to the Purchase Price for such Mortgage Loan or (iii) substitute a Qualified Replacement Mortgage Loan for such Defective Mortgage Loan and deposit any Purchase Price required to be paid in connection with such substitution pursuant to Section 7 of the Mortgage Loan Sale Agreement, all as provided in Section 7 of the Mortgage Loan Sale Agreement. Upon any purchase of or substitution for a Defective Mortgage Loan by the Seller in accordance with Section 7 of the Mortgage Sale Agreement, the Indenture Trustee shall deliver the Mortgage File relating to such Defective Mortgage Loan to the Seller, and the Issuer and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Defective Mortgage Loan to the Seller from the lien of this Indenture.

Releases of Defective Mortgage Loans. Upon notice or discovery that of any breach of the representations a representation or warranties warranty of the Seller set forth in Section 4(b) Schedule III to the Master Servicing Agreement, which breach materially and Exhibit B adversely effects the value of the related Mortgage Loan Sale Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as the interests of the time madeIndenture Trustee, the Bondholders or the Bond Insurer in such Mortgage Loan, the Indenture Trustee shall direct require the Seller to either (i) within 60 days after the Seller receives actual knowledge of such incorrectness, eliminate or otherwise cure the circumstance or condition in respect of which such representation or warranty was incorrect as of the time made, (ii) withdraw such Defective Deleted Mortgage Loan from the lien of this Indenture following the expiration of such 60-day period by depositing to the Note Bond Account an amount equal to the Purchase Price for such Mortgage Loan or (iii) substitute a Qualified Replacement Mortgage Loan for such Defective Deleted Mortgage Loan and deposit any Purchase Price Substitution Amount required to be paid in connection with such substitution pursuant to Section 7 2(c)(iv) of the Mortgage Loan Sale Master Servicing Agreement, all as provided in Section 7 2(c)(iv) of the Master Servicing Agreement. In the event that the Indenture Trustee has actual knowledge of the existence of a Defective Mortgage Loan, the Indenture Trustee shall require the Seller to either (i) cure the defect, (ii) withdraw the Defective Mortgage Loan Sale from the lien of this Indenture as provided in clause (ii) of the preceding sentence or (iii) substitute a Replacement Mortgage Loan as provided in clause (iii) of the preceding sentence, all as provided in Section 2(c) of the Master Servicing Agreement. Upon any purchase of or substitution for a Defective Mortgage Loan or a Deleted Mortgage Loan by the Seller in accordance with Seller, or upon purchase of a defaulted Mortgage Loan pursuant to Section 7 3(k) of the Master Servicing Agreement (and deposit of the Purchase Price for such defaulted Mortgage Sale AgreementLoan in the Bond Account), the Indenture Trustee shall cause the Custodian to deliver the Trustee Mortgage File relating to such Defective Mortgage Loan to the SellerSeller or the purchaser of such defaulted Mortgage Loan, as the case may be, and the Issuer and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Defective Mortgage Loan to the Seller or such purchaser free from the lien of this Indenture.

Releases of Defective Mortgage Loans. Upon notice or discovery that any of the representations or warranties of the Seller Depositor set forth in Section 4(b) and Exhibit B [__] of the Mortgage Loan Sale Trust Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Seller Depositor to either (i) within 60 days after the Seller Depositor receives actual knowledge of such incorrectness, eliminate or otherwise cure the circumstance or condition in respect of which such representation or warranty was incorrect as of the time made, (ii) withdraw such Defective Mortgage Loan from the lien of this Indenture following the expiration of such 60-day period by depositing to the Note Account an amount equal to the Purchase Price for such Mortgage Loan or (iii) substitute a Qualified Replacement Mortgage Loan for such Defective Mortgage Loan and deposit any Purchase Price required to be paid in connection with such substitution pursuant to Section 7 [_] of the Mortgage Loan Sale Trust Agreement, all as provided in Section 7 [_] of the Mortgage Loan Sale Trust Agreement. Upon any purchase of or substitution for a Defective Mortgage Loan by the Seller Depositor in accordance with Section 7 [_] of the Mortgage Sale Trust Agreement, the Indenture Trustee shall deliver the Mortgage File relating to such Defective Mortgage Loan to the SellerDepositor, and the Issuer and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Defective Mortgage Loan to the Seller Depositor from the lien of this Indenture.

Releases of Defective Mortgage Loans. Upon notice or discovery that If any of the representations or warranties of the Mortgage Loan Seller set forth in Section 4(b) and Exhibit B of the Initial Mortgage Loan Sale Conveyance Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Mortgage Loan Seller to either (i) within 60 days after the Mortgage Loan Seller receives actual knowledge of such incorrectness, eliminate or otherwise cure the circumstance or condition in respect of which such representation or warranty was incorrect as of the time made, (ii) withdraw such Defective Mortgage Loan from the lien of this Indenture following the expiration of such 60-day period by depositing to the Note Bond Account an amount equal to the Purchase Price for such Mortgage Loan or (iii) substitute a Qualified Replacement Mortgage Loan for such Defective Mortgage Loan and deposit any Purchase Price required to be paid in connection with such substitution pursuant to Section 7 of the Mortgage Loan Sale AgreementLoan, all as provided in Section 7 5 of the Initial Mortgage Loan Sale Conveyance Agreement. Upon any purchase of or substitution for a Defective Mortgage Loan by the Mortgage Loan Seller in accordance with Section 7 5 of the Initial Mortgage Sale Conveyance Agreement, the Indenture Trustee shall deliver the Mortgage File relating to such Defective Mortgage Loan to the Mortgage Loan Seller, and the Issuer and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Defective Mortgage Loan to the Mortgage Loan Seller from the lien of this Indenture. Notwithstanding the foregoing, the sole remedy hereunder for a breach by the Issuer of such obligation shall be enforcement by any party in interest as against the Mortgage Loan Seller as aforesaid.

Releases of Defective Mortgage Loans. Upon notice or discovery that of any breach of the representations a representation or warranties warranty of the Seller set forth in Section 4(b) and Exhibit B to the Master Servicing Agreement, which breach materially and adversely effects the value of the related Mortgage Loan Sale Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as the interests of the time madeIndenture Trustee, the Noteholders or the Note Insurer in such Mortgage Loan, the Indenture Trustee shall direct require the Initial Seller to either (i) within 60 days after the Seller receives actual knowledge of such incorrectness, eliminate or otherwise cure the circumstance or condition in respect of which such representation or warranty was incorrect as of the time made, (ii) withdraw such Defective Deleted Mortgage Loan from the lien of this Indenture following the expiration of such 60-day period by depositing to the Note Collection Account an amount equal to the Purchase Price for such Mortgage Loan or (iii) substitute a Qualified Replacement Mortgage Loan for such Defective Deleted Mortgage Loan and deposit any Purchase Price Substitution Amount required to be paid in connection with such substitution pursuant to Section 7 of 2(c)of the Mortgage Loan Sale Master Servicing Agreement, all as provided in Section 7 2(c) of the Master Servicing Agreement. In the event that the Indenture Trustee has actual knowledge of the existence of a Defective Mortgage Loan, the Indenture Trustee shall require the Initial Seller to either (i) cure the defect, (ii) withdraw the Defective Mortgage Loan Sale from the lien of this Indenture as provided in clause (ii) of the preceding sentence or (iii) substitute a Replacement Mortgage Loan as provided in clause (iii) of the preceding sentence, all as provided in Sections 2(a) of the Master Servicing Agreement. Upon any purchase of or substitution for a Defective Mortgage Loan or a Deleted Mortgage Loan by the Seller in accordance with Initial Seller, or upon purchase of a defaulted Mortgage Loan pursuant to Section 7 3(x) of the Master Servicing Agreement (and deposit of the Purchase Price for such defaulted Mortgage Sale AgreementLoan in the Collection Account), the Indenture Trustee shall cause the Custodian to deliver the Trustee Mortgage File relating to such Defective Mortgage Loan to the SellerInitial Seller or the purchaser of such defaulted Mortgage Loan, as the case may be, and the Issuer and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Defective Mortgage Loan to the Initial Seller or such purchaser free from the lien of this Indenture.

Releases of Defective Mortgage Loans. Upon notice or discovery that If any of the representations or warranties of the Mortgage Loan Seller set forth in Section 4(b) and Exhibit B of the Mortgage Loan Sale Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Mortgage Loan Seller to either (i) within 60 days after the Mortgage Loan Seller receives actual knowledge of such incorrectness, eliminate or otherwise cure the circumstance or condition in respect of which such representation or warranty was incorrect as of the time made, (ii) withdraw such Defective Mortgage Loan from the lien of this Indenture following the expiration of such 60-day period by depositing to the Note Bond Account an amount equal to the Purchase Price for such Mortgage Loan or (iii) substitute a Qualified Replacement Mortgage Loan for such Defective Mortgage Loan and deposit any Purchase Price required to be paid in connection with such substitution pursuant to Section 7 of the Mortgage Loan Sale AgreementLoan, all as provided in Section 7 of the Mortgage Loan Sale Agreement. Upon any purchase of or substitution for a Defective Mortgage Loan by the Mortgage Loan Seller in accordance with Section 7 of the Mortgage Sale Agreement, the Indenture Trustee shall deliver the Mortgage File relating to such Defective Mortgage Loan to the Mortgage Loan Seller, and the Issuer and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Defective Mortgage Loan to the Mortgage Loan Seller from the lien of this Indenture. Notwithstanding the foregoing, the sole remedy hereunder for a breach by the Issuer of such obligation shall be enforcement by any party in interest as against the Mortgage Loan Seller as aforesaid.

Releases of Defective Mortgage Loans. Upon notice or discovery that any of the representations or warranties of the Mortgage Loan Seller set forth in Section 4(b) and Exhibit B of the Mortgage Loan Sale Agreement was materially incorrect or otherwise misleading with respect to any Mortgage Loan as of the time made, the Indenture Trustee shall direct the Mortgage Loan Seller to either (i) within 60 days after the Mortgage Loan Seller receives actual knowledge of such incorrectness, eliminate or otherwise cure the circumstance or condition in respect of which such representation or warranty was incorrect as of the time made, (ii) withdraw such Defective Mortgage Loan from the lien of this Indenture following the expiration of such 60-day period by depositing to the Note Account an amount equal to the Purchase Price for such Mortgage Loan or (iii) substitute a Qualified Replacement Mortgage Loan for such Defective Mortgage Loan and deposit any Purchase Price required to be paid in connection with such substitution pursuant to Section 7 of the Mortgage Loan Sale Agreement, all as provided in Section 7 of the Mortgage Loan Sale Agreement. Upon any purchase of or substitution for a Defective Mortgage Loan by the Mortgage Loan Seller in accordance with Section 7 of the Mortgage Sale Agreement, the Indenture Trustee shall deliver the Mortgage File relating to such Defective Mortgage Loan to the Mortgage Loan Seller, and the Issuer and the Indenture Trustee shall execute such instruments of transfer as are necessary to convey title to such Defective Mortgage Loan to the Mortgage Loan Seller from the lien of this Indenture.