Common use of REPURCHASE OF CONTRACTS Clause in Contracts

REPURCHASE OF CONTRACTS. Upon the occurrence of a Triggering Event, Seller may elect to repurchase any Contract within the time specified in this Article V. The purchase price for the Contract to be repurchased shall be the payoff amount on the Contract plus all accrued and unpaid interest thereon, less one-half of the unearned discount on the Contract at the date of exchange. In addition, Seller shall reimburse Purchaser for any and all expenses incurred by Purchaser with respect to such Contract. Upon the receipt by Purchaser of the repurchase price together with any expenses as set forth in this Section 5.5, Purchaser shall promptly deliver to Seller the Contract to be repurchased, the Contract File related to the repurchased Contract, and all other documents in the possession of Purchaser related to the repurchased Contract.

REPURCHASE OF CONTRACTS. Upon the occurrence of a Triggering Event, Seller may elect to repurchase any Contract within the time specified in this Article V. 5. The purchase price for the Contract to be repurchased shall be the payoff amount on the Contract plus all accrued and unpaid interest thereon, less one-half of the unearned discount on the Contract at the date of exchange. In addition, Seller shall reimburse Purchaser for any and all expenses incurred by Purchaser with respect to such Contract. Upon the receipt by Purchaser of the repurchase price together with any expenses as set forth in this Section 5.5, Purchaser shall promptly deliver to Seller the Contract to be repurchased, the Contract File related to the repurchased Contract, Contract and all other documents in the possession of Purchaser related to the repurchased Contract.