Common use of Remedies of Seller Clause in Contracts

Remedies of Seller. Upon the occurrence of any Event of Default by Xxxxxx Mac hereunder, the Seller may, at its option, terminate this Commitment; provided however, that: (a) Upon an Event of Default under Section 8.02(b), (c) or (d), the Seller may terminate this Commitment only if such Event of Default remains uncured for a period of 30 days following written notice to Xxxxxx Mac by the Seller. (b) Upon an Event of Default under 8.02(a), the Seller may: (i) elect to require that the purchase price be paid by the issuance of an XXXX backed by such Qualified Loan or (ii) terminate this Commitment only if such Event of Default remains uncured for a period of 30 days following written notice to Xxxxxx Mac by the Seller.

Remedies of Seller. Upon the occurrence of any Event of Default by Xxxxxx Mac hereunder, the Seller may, at its option, terminate this Commitment; provided however, that: (a) Upon an Event of Default under Section 8.02(b), (c) or or, in the case of the appointment of a conservator only, (d), the Seller may terminate this Commitment only if such Event of Default remains uncured for a period of 30 days following written notice to Xxxxxx Mac by the Seller. (b) Upon an Event of Default under 8.02(a), the Seller may: (i) elect to require that the purchase price be paid by the issuance of an XXXX MBS backed by such Qualified Loan or (ii) terminate this Commitment only if such Event of Default remains uncured for a period of 30 days following written notice to Xxxxxx Mac by the Seller.