Common use of Representations and Warranties Concerning the Mortgage Loans Clause in Contracts

Representations and Warranties Concerning the Mortgage Loans. The Indenture Trustee, as pledgee of the Mortgage Loans, has the benefit of the representations and warranties made by NC Capital in the Mortgage Loan Purchase Agreement concerning NC Capital, the Seller and the Mortgage Loans to the same extent as though such representations and warranties were made directly to the Indenture Trustee. If a Responsible Officer of the Indenture Trustee has actual knowledge of any breach of any representation or warranty made by NC Capital in the Mortgage Loan Purchase Agreement, the Indenture Trustee shall promptly notify NC Capital of such finding and NC Capital’s obligation to cure such defect or repurchase or substitute for the related Mortgage Loan.

Representations and Warranties Concerning the Mortgage Loans. The Indenture Trustee, as pledgee of the Mortgage Loans, has the benefit of the representations and warranties made by NC Capital in the Mortgage Loan Purchase Sale and Contribution Agreement concerning NC Capital, the Seller and the Mortgage Loans to the same extent as though such representations and warranties were made directly to the Indenture Trustee. If a Responsible Officer of the Indenture Trustee has actual knowledge of any breach of any representation or warranty made by NC Capital in the Mortgage Loan Purchase Sale and Contribution Agreement, the Indenture Trustee shall promptly notify NC Capital of such finding and NC Capital’s 's obligation to cure such defect or repurchase or substitute for the related Mortgage Loan.