Representations and Warranties of the Sellers with Respect to the Mortgage Loans Sample Clauses

Representations and Warranties of the Sellers with Respect to the Mortgage Loans. Each of the Initial Seller and the Seller hereby represents and warrants to the Indenture Trustee for the benefit of the Securityholders that the representations and warranties made by it pursuant to Schedule III to the related Mortgage Loan Purchase Agreement are hereby being made to the Indenture Trustee for the benefit of the Securityholders and are true and correct as of the Closing Date. With respect to the representations and warranties incorporated in this Section 2.05 that are made to the best of the Initial Seller’s or the Seller’s knowledge or as to which either the Initial Seller or the Seller has no knowledge, if it is discovered by the Depositor, the Initial Seller, the Seller, the Master Servicer or the Indenture Trustee that the substance of such representation and warranty made by the Initial Seller or the Seller, as applicable, is inaccurate and such inaccuracy materially and adversely affects the value of the related Mortgage Loan or the interest therein of the Securityholders then, notwithstanding the Initial Seller’s or the Seller’s, as applicable, lack of knowledge with respect to the substance of such representation and warranty made by it being inaccurate at the time the representation or warranty was made, such inaccuracy shall be deemed a breach of the applicable representation or warranty. Within 90 days of its discovery or its receipt of notice of any such missing or materially defective documentation, the Initial Seller shall promptly deliver such missing document or cure such defect in all material respects or, in the event such defect cannot be cured, the Initial Seller shall repurchase the affected Mortgage Loan or cause the removal of such Mortgage Loan from the Trust Estate and substitute for it one or more Qualified Substitute Mortgage Loans in accordance with Section 2.04 hereof. Within 90 days of either the Initial Seller’s or the Seller’s discovery of its receipt of notice of any such breach of a representation, warranty or covenant under the related Mortgage Loan Purchase Agreement, the Initial Seller or the Seller, as applicable, shall either cure such breach in all material respects or, in the event such breach can not be cured, the Initial Seller or the Seller, as applicable, shall repurchase the affected Mortgage Loan or cause the removal of such Mortgage Loan from the Trust Estate and substitute for it one or more Qualified Substituted Mortgage Loans in accordance with Section 2.04 hereof. It is understood and agr...
Sample 1Sample 2See All (6)
AutoNDA by SimpleDocs

Related to Representations and Warranties of the Sellers with Respect to the Mortgage Loans

  • Representations and Warranties of the Seller with Respect to the Mortgage Loans The Seller hereby makes the following representations and warranties to the Trustee on behalf of the Certificateholders as of the Closing Date with respect to the Mortgage Loans:

  • Representations and Warranties of the Seller with Respect to the Receivables The Seller makes the following representations and warranties as to the Receivables on which the Issuer is deemed to have relied in acquiring the Receivables. Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

  • Representations and Warranties of the Depositor as to the Mortgage Loans The Depositor hereby represents and warrants to the Trustee with respect to the Mortgage Loans or each Mortgage Loan, as the case may be, as of the date hereof or such other date set forth herein that as of the Closing Date:

  • Representations and Warranties of the Seller Relating to the Mortgage Loans The Seller hereby represents and warrants to the Purchaser that as to each Mortgage Loan as of the Closing Date:

  • REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL With respect to the Collateral, Grantor represents and promises to Lender that:

  • Representations and Warranties of the Seller as to the Receivables The Seller has made, in the Receivables Purchase Agreement, each of the representations and warranties as to the Receivables set forth in Exhibit A. The Issuer shall be deemed to have relied on such representations and warranties in accepting the Receivables. Such representations and warranties speak as of the date of execution and delivery of this Agreement and as of the Closing Date, except to the extent otherwise provided, but shall survive the sale, transfer, assignment and conveyance of the Receivables to the Issuer pursuant to this Agreement and the pledge of the Receivables to the Indenture Trustee pursuant to the Indenture. Pursuant to Section 2.01(a), the Depositor has sold, transferred, assigned and otherwise conveyed to the Issuer, as part of the Trust Property, its rights under the Receivables Purchase Agreement, including its right to require the Seller to repurchase Receivables in accordance with the Receivables Purchase Agreement upon a breach of such representations and warranties. The Seller hereby agrees that the Issuer shall have the right to enforce any and all rights of the Depositor under the Receivables Purchase Agreement assigned to the Issuer under this Agreement, including the right to require the Seller to repurchase Receivables in accordance with the Receivables Purchase Agreement upon a breach of the representations and warranties set forth in Exhibit A, directly against the Seller as though the Issuer were a party to the Receivables Purchase Agreement and that the Issuer shall not be obligated to enforce any such right indirectly through the Depositor.

  • REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE PURCHASER The Purchaser hereby represents and warrants that, as of the Closing Date:

  • Representations and Warranties of the Company Concerning the Mortgage Loans With respect to the conveyance of the Mortgage Loans provided for in Section 2.04 herein, the Company hereby represents and warrants to the Trust that as of the Cut-Off Date unless otherwise indicated:

  • Representations and Warranties of the Master Servicer and the Seller (a) The Master Servicer hereby represents and warrants to the Trustee for the benefit of Certificateholders that, as of the date of execution of this Agreement:

  • Representations and Warranties of Mortgage Loan Seller Concerning the Mortgage Loans The Mortgage Loan Seller hereby represents and warrants to the Purchaser as of the Closing Date or such other date as may be specified below with respect to each Mortgage Loan being sold by it:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!