Repurchase of Certain Mortgage Loans. In the event that (i) the first Due Date for a Mortgage Loan is subsequent to the Cut-off Date and the initial Monthly Payment is not made within 30 days of such Due Date, (ii) a Monthly Payment due prior to the related Cut-off Date is not made within 30 days of the related Due Date or (iii) the principal balance due on a Mortgage Loan is paid in full within six months following the related Closing Date, then, in each such case, the Seller shall repurchase the affected Mortgage Loans at the Repurchase Price, which shall be paid as provided for in Subsection 7.03.
Repurchase of Certain Mortgage Loans. 77 SECTION 3.12. TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES............................80 SECTION 3.13. DOCUMENTS, RECORDS AND FUNDS IN POSSESSION OF MASTER SERVICER TO BE HELD FOR THE TRUSTEE............................................................81 SECTION 3.14. SERVICING COMPENSATION.....................................................81 SECTION 3.15.
Repurchase of Certain Mortgage Loans. SECTION 8. Closing
Repurchase of Certain Mortgage Loans. The Seller represents and warrants to the Purchaser as of the Transfer Date with respect to each Mortgage Loan sold to the Purchaser (except as otherwise expressly stated) that, as to each Mortgage Loan or its related Asset Balance: [insert representations and warranties] The representations and warranties set forth in this Section 4 shall survive the sale of the Mortgage Loans to the Purchaser and the transfer of the Mortgage Loans by the Purchaser to the Trust and the delivery of the Mortgage Files to the Trustee. Upon discovery by the Seller or the Purchaser of a breach of any of the representations and warranties set forth in this Section 4, the party discovering such breach shall give prompt written notice thereof to the other party. Within 60 days of its discovery or its receipt of notice of breach, the Seller shall use all reasonable efforts to cure such breach in all material respects or shall, not later than the Business Day immediately preceding the Distribution Date in the month following the Collection Period in which any such cure period expired, repurchase such Mortgage Loan from the Purchaser in the same manner and subject to the same conditions as set forth in Section 5, other than with respect to breaches solely related to the representations and warranties set forth in clause (i) or (ii) of this Section 4. Upon making such repurchase and sending any required payment to the Purchaser, the Seller shall be entitled to receive an instrument of assignment or transfer, without recourse, representation or warranty, from the Purchaser to the same extent as set forth in Section 5 with respect to the repurchase of the Mortgage Loans under that Section. It is understood and agreed that the obligation of the Seller to repurchase a Mortgage Loan as to which a breach has occurred and is continuing and to make any required payment to the Purchaser shall constitute the sole remedy respecting such breach available to the Purchaser against the Seller; provided, however, that the Seller shall defend and indemnify the Purchaser against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by the Purchaser as a result of any breach of any such representation or warranty. Notwithstanding the foregoing, with regard to any breach of the representation and warranty set forth in clause (iv) of this Section 4, the sale and assignment of the affected Mortgage Loans s...
Repurchase of Certain Mortgage Loans. The Seller represents and warrants to the Purchaser as of the Transfer Date with respect to each Mortgage Loan sold to the Purchaser (except as otherwise expressly stated) that, as to each Mortgage Loan or its related Asset Balance:
Repurchase of Certain Mortgage Loans. Premium Recapture.. 37 Section 3.05 Review of Mortgage Loans................................. 37
Repurchase of Certain Mortgage Loans. In the event that the first Due Date for a Mortgage Loan is subsequent to the Cut-off Date and the initial Monthly Payment is not made within thirty (30) days of such Due Date, then the Seller shall repurchase the affected Mortgage Loan at the Repurchase Price, which shall be paid as provided for in Section 3.03.
Repurchase of Certain Mortgage Loans. Trustee and Trust Administrator to Cooperate;
Repurchase of Certain Mortgage Loans. (a) In the event that (i) the first Due Date for a Mortgage Loan is prior to the Cut-off Date and the initial Monthly Payment is not made by the related Mortgagor within thirty (30) calendar days of such Due Date or (ii) the first Monthly Payment on any Mortgage Loan due following the Cut-off Date is not made by the related Mortgagor within thirty (30) days of the related Due Date, then, in each such case, the Seller shall repurchase the affected Mortgage Loans, within ten (10) calendar days of the Initial Purchaser’s request, at the Repurchase Price, which shall be paid as provided for in Subsection 3.03. The Seller shall notify the Purchaser of any such default under this Subsection 3.04(a) within thirty (30) days of any such Mortgage Loan becoming thirty (30) days delinquent.
(b) In the event that any Mortgage Loan prepays-in-full within six (6) months following the related Closing Date, Seller shall remit to the Initial Purchaser an amount equal to the product of (i) the excess of (A) the percentage of par as stated in the related Confirmation as the purchase price percentage (subject to adjustment as provided therein) over (B) 100%, times (ii) the outstanding principal balance of such Mortgage Loan as of the Cut-off Date. Such obligation to the Initial Purchaser shall survive any sale or assignment of the Mortgage Loans by the Initial Purchaser to any third party and shall be independently enforceable by the Initial Purchaser.
(c) In the event that any Mortgage Loan is repurchased pursuant to Section 3.03 or 3.04(a), in addition to its obligations under Section 3.03 and 3.04(a), Seller shall remit to the Initial Purchaser, within ten (10) calendar days of the Initial Purchaser’s request, an amount equal to the product of (i) the excess of (A) the percentage of par as stated in the related Confirmation as the purchase price percentage (subject to adjustment as provided therein) over (B) 100%, times (ii) the outstanding principal balance of such Mortgage Loan as of the date of repurchase. Such obligation to the Initial Purchaser shall survive any sale or assignment of the Mortgage Loans by the Initial Purchaser to any third party and shall be independently enforceable by the Initial Purchaser.
Repurchase of Certain Mortgage Loans. If following the related Closing Date the first Monthly Payment due the Purchaser becomes 30 days delinquent, then the Seller, at the Purchaser's option, shall promptly repurchase the related Mortgage Loan from the Purchaser in accordance with the procedures set forth in Subsection 7.03 hereof and any such repurchase shall be made at the Repurchase Price.
