Repurchase of Loans. In the event of the occurrence of a Seller Purchase Event, the Seller will within twelve (12) Business Days following the earlier of knowledge by the Seller of such Seller Purchase Event or receipt by the Seller of written notice thereof (from any Person), (i) purchase each Loan hereunder which is affected by or related to such Seller Purchase Event from the Purchaser, and the Seller shall pay to the Purchaser (by means of a deposit to the Collection Account) the Repurchase Price of such Loan as of the date of the purchase thereof from the Purchaser or (ii) with the prior written consent of the Administrative Agent, in its sole discretion, and subject to the satisfaction of the conditions in Section 6.2, substitute for such Loan, a Substitute Eligible Loan. It is understood and agreed that the obligation of the Seller to purchase the Loans or substitute a Substitute Eligible Loan for the Loans which are affected by or related to such Seller Purchase Event is not intended to, and shall not, constitute a guaranty of the collectability or payment of any Loan which is not collected, not paid or uncollectible on account of the insolvency, bankruptcy or financial inability to pay of the related Obligor. Upon deposit in the Collection Account of the Repurchase Price for any Loan purchased by the Seller, the Purchaser shall, automatically and without further action be deemed to transfer, assign and set over to the Seller, without recourse, representation or warranty of any kind, except as to the absence of Liens, charges or encumbrances created by or arising solely as a result of actions of the Purchaser or the Collateral Agent, all the right, title and interest of the Purchaser, in, to and under such Loan and all future monies due or to become due with respect thereto, the Underlying Collateral, all Proceeds of such Loan and Recoveries and Insurance Proceeds relating thereto, all rights to security for such Loan and all Proceeds and products of the foregoing. The Purchaser shall (and shall request the Collateral Agent to), at the sole expense of the Seller, execute such documents and instruments of transfer as may be prepared by the Seller and take such other actions as may be reasonably requested by the Seller in order to effect the transfer of such Loan pursuant to this Section 6.1. Such Sale shall be a sale outright, and not for security.
Repurchase of Loans. Section 6.08. Transition Assistance Section 6.09. Further Assurances
Repurchase of Loans. Upon expiration or early termination of this Agreement or of Article VI pursuant to Section 10.01, (a) subject to receipt of the payment set forth in clause (b)(iii) below, Mortgage Services shall sell, transfer and assign, or shall cause its Subsidiaries to sell, transfer and assign to Contract Services or its designee, (i) any and all Held Loans and the related Loan Assets and Loan REOs, on “AS-IS, WHERE IS” basis without any representations or warranties (except for a representation and warranty that such Loans, related Loan Assets and Loan REOs are being sold, transferred and assigned free and clear of Liens that have been created by Mortgage Entities other than the Permitted Liens)) and (ii) any and all rights of Mortgage Services under the applicable Loan Purchase Agreement to the extent such rights are assignable and (b) Contract Services or such designee shall (i) purchase and accept such Loans, related Loan Assets and Loan REOs, (ii) assume all Liabilities with respect to such Loans, the related Loan Assets and Loan REOs arising from and after such sale, transfer and assignment and (iii) pay Mortgage Services an amount equal to the Fair Market Value of such Held Loans and Loan REOs in immediately available funds to the account designated in writing by Mortgage Services at least two Business Days prior to such sale, transfer and assignment. For the avoidance of doubt, in connection with any sale, transfer or assignment of any Loan or Loan REOs, pursuant to this Section 6.07, Mortgage Services shall sell, transfer and assign any and all rights of Mortgage Services to service such Loans and Loan REOs.
Repurchase of Loans. Within five (5) Business Days of the day a Loan is (or becomes) subject to a Warranty Event, the Borrower shall make a deposit to the Collection Account (for allocation pursuant to Section 2.7 or Section 2.8, as applicable) in immediately available funds in an amount equal to the Outstanding Loan Balance of such Loan on the date of such payment, and any accrued and unpaid interest thereon.
Repurchase of Loans. The obligation to repurchase any VA Loan, and the terms and conditions thereof, shall be governed by the provisions of Agent’s Wholesale Broker Agreement with Lender.
Repurchase of Loans. Seller hereby agrees to repurchase any Mortgage Loan sold to Buyer at any time during the life of such Mortgage Loan, upon the occurrence of any of the following events:
a) Any false statement, misstatement, or act of omission of material fact contained in the Mortgage Loan documentation resulting from Seller's negligence or failure to exercise due diligence as disclosed by actual inspection by Buyer or its representative, or otherwise disclosed; or
b) Buyer cannot obtain FHA insurance, VA or RHS guaranty, private mortgage insurance, or if such insurance or guaranty lapses or for any reason becomes unavailable, as a result of any negligent act or omission by Seller, or the failure by Seller to obtain such insurance or guaranty within sixty (60) days from the date of purchase; or
Repurchase of Loans. In the event the Buyer notifies the Sellers of the breach of any representations or the inaccuracy of any warranties of Sellers contained in Section 3(k)(ii)(E) within the time period specified in Section 7(p), the Parties agree that, in lieu of Sellers making any indemnification payment to the Buyer with respect to such breach or inaccuracy, Sellers may repurchase the loan that is the subject of the breach or inaccuracy from the Buyer at an amount
Repurchase of Loans. Seller hereby agrees to repurchase any Mortgage Loan sold to Buyer at any time during the life of such Mortgage Loan, upon the occurrence of any of the following events:
a) Any false statement, misstatement, or act of omission of material fact contained in the Mortgage Loan documentation resulting from Seller's negligence or failure to exercise due diligence as disclosed by actual inspection by Buyer or its representative, or otherwise disclosed; or
b) Buyer cannot obtain FHA insurance, VA or RHS guaranty, private mortgage insurance, or if such insurance or guaranty lapses or for any reason becomes unavailable, as a result of any negligent act or omission by Seller, or the failure by Seller to obtain such insurance or guaranty within sixty (60) days from the date of purchase; or
c) Buyer is required to repurchase any Loan sold by it to GNMA, FNMA, FHLMC, or any other investor, by reason of a deficiency in or omission with respect to the Mortgage Loan documents, instruments, and agreements, pertaining to any Mortgage Loan; or
Repurchase of Loans. Seller, upon Buyer's request, agrees to repurchase any loan covered by this Agreement within 18 months after date of Buyer's remittance if any misstatement of material fact, intentional or otherwise, is disclosed by actual inspection by Buyer or its representative, or otherwise, for an amount equal to such loan's then unpaid principal, plus accrued interest and costs incurred by Buyer for action taken, but this provision shall not apply to FHA-insured or VA-guaranteed mortgages. This provision shall also not apply to private mortgage insurance company-insured loans, unless any claim hereunder is denied by the insurance company because of any such misstatement of material fact. In the case of insured or guaranteed loan, if the FHA insurance, the VA guaranty, or the insurance of a private mortgage insurance company with respect to any of the loans sold hereunder lapses as a result of Seller's or Servicer's act or omission, Seller upon Buyer's request shall promptly repurchase such loans. Such repurchase shall be for an amount equal to such loan's then unpaid principal, plus accrued interest and costs incurred by Buyer for action taken.
Repurchase of Loans. In addition to the repurchase rights and obligations contained in Sections 2.02(d), 4.04(b), 7.02 and 9.02 of this Agreement, Buyer has the option to cause Seller to repurchase any Loan sold by Seller to Buyer if (i) the payments with respect to such Loan are past due at least 90 days, or (ii) with respect to a Loan purchased by Buyer hereunder prior to January 1, 1997, an Obligor Event of the type described in clause (b) of the definition thereof, has occurred and (except for any such Obligor Event occurring with respect to any of the Initial Loans) has at the time of Buyer's exercise of such right been continuing for at least 60 days, or (iii) with respect to a Loan purchased by Buyer hereunder on or after January 1, 1997, an Obligor Default has occurred and has at the time of Buyer's exercise of such right been continuing for at least 60 days, or (iv) such Loan was purchased by Buyer hereunder on or after January 1, 1997, and is a Restructured Loan that results in or with respect to which there are Modification Losses. Such Loan shall be repurchased by Seller from Buyer by the last day of the Due Period during which Seller receives notice of any such Defaulted Loan or notice of adverse event, or during which the Obligor Default occurs, as the case may be. Any repurchase pursuant to this Section 7.01 shall be accomplished on the same terms as set forth in the third and fourth sentences of Section 2.02(d) and at the Repurchase Amount.
