Repurchase of Mortgage Loans With Early Payment Default. If a Monthly Payment becomes one (1) or more scheduled Monthly Payments delinquent at any time on or prior to the first day of the third calendar month following the date of origination of the Mortgage Loan (or such other earlier date set forth in the related PPTL), then the Seller, at the Purchaser’s option, shall (a) promptly repurchase the related Mortgage Loan from the Purchaser in accordance with the procedures set forth in Subsection 7.03 hereof, however, any such repurchase shall be made at the Purchase Price, or (b) substitute a mortgage loan acceptable to the Purchaser in accordance with Subsection 7.03 hereof.
Repurchase of Mortgage Loans With Early Payment Default. If a Monthly Payment becomes one (1) or more scheduled Monthly Payments delinquent at any time on or prior to the first day of the third calendar month following the date of origination of the Mortgage Loan (or such other date set forth in the related Confirmation or Purchase Price and Terms Letter, as applicable), then the Seller, at the Purchaser’s option, shall (a) promptly repurchase the related Mortgage Loan from the Purchaser in accordance with the procedures set forth in Section 3.04 hereof, however, any such repurchase shall be made at the Purchase Price, or (b) substitute a mortgage loan acceptable to the Purchaser in accordance with Section 3.04 hereof; provided, however, that Seller shall have no repurchase or substitution obligation under this Section if the Seller, in consultation with the Purchaser, has determined that the delinquency of such Mortgage Loan was due to administrative error on the part of the Servicer.
Repurchase of Mortgage Loans With Early Payment Default. 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) days of such Due Date or (ii) at any time prior to the first day of the fourth calendar month following the date of origination of a Mortgage Loan, a Monthly Payment on such 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 any such case, the Seller shall repurchase the affected Mortgage Loans at the Purchase Price, which shall be paid as provided in Subsection 7.03 hereof. The Seller shall notify the Purchaser of any such default under this Subsection 7.04 within thirty (30) days of any such Mortgage Loan becoming thirty (30) days delinquent.
Repurchase of Mortgage Loans With Early Payment Default. If (a) a Mortgagor is thirty (30) days delinquent in respect to the first Monthly Payment due on the related Mortgage Loan immediately following the applicable Closing Date or (b) a Mortgage Loan is in bankruptcy or litigation within the first month immediately following the applicable Closing Date, the Seller, at the Purchaser's option, shall promptly repurchase such such Mortgage Loan from the Purchaser in accordance with the procedures set forth in Section 3.04 hereof, however, any such repurchase shall be made at the Purchase Price.
Repurchase of Mortgage Loans With Early Payment Default. With respect to any Mortgage Loan, if the related Mortgagor fails to make either the first, second or third Monthly Payment due after the Closing Date within thirty (30) days from when such Monthly Payment was due and such failure is solely due to the fault of the Mortgagor and not to an administrative error by the Servicer, then, in any such case, the Seller shall, within thirty (30) days of receipt of notice from the Purchaser, repurchase such Mortgage Loan from the Purchaser at the Repurchase Price, which shall be paid as provided in Subsection 7.03 hereof.
Repurchase of Mortgage Loans With Early Payment Default. If a Monthly Payment becomes one (1) or more scheduled Monthly Payments delinquent at any time on or prior to the first day of the second calendar month following the related Closing Date (or such other date set forth in the related Term Sheet), then the Seller, at the Purchaser’s option, shall (a) promptly repurchase the related Mortgage Loan from the Purchaser in accordance with the procedures set forth in Subsection 7.03 hereof, however, any such repurchase shall be made at the Repurchase Price, (b) indemnify the Purchaser in accordance with Subsection 12.01 hereof, or (c) substitute a mortgage loan acceptable to the Purchaser in accordance with Subsection 7.03 hereof.
Repurchase of Mortgage Loans With Early Payment Default. If the first or second Monthly Payment due after the related Closing Date or any monthly payment due and unpaid as of the Closing Date is not made with thirty days of the date such payment was due, then the Company, at the Purchaser’s option, shall (a) promptly repurchase the related Mortgage Loan (and the Servicing Rights thereto) from the Purchaser in accordance with the procedures set forth in Section 3.03 hereof, however, any such repurchase shall be made at the Repurchase Price, (b) indemnify the Purchaser in accordance with Section 5.01 hereof, or (c) substitute a mortgage loan acceptable to the Purchaser in accordance with Section 3.03 hereof.
Repurchase of Mortgage Loans With Early Payment Default. With respect to any Mortgage Loan, if the related Mortgagor fails to make either of the first six Monthly Payment due to the Purchaser after the applicable Closing Date and such failure is solely due to the fault of the Mortgagor and not to an administrative error by Purchaser or its servicer in connection with the application of payments relating to a servicing transfer, Seller shall, upon receipt of notice from the Purchaser, promptly repurchase such Mortgage Loan from the Purchaser within thirty (30) days from when such Monthly Payment was due at the Repurchase Price; provided, however, that in the event the related Mortgagor fails to make a required Monthly Payment set forth above prior to the Servicing Transfer Date, the Purchaser shall not be required to provide notice to the Seller and the Seller shall repurchase the Mortgage Loan within thirty (30) days from when such Monthly Payment was due at the Repurchase Price. It is understood and agreed the Seller’s obligation set forth in this Section 7.04 to repurchase a Mortgage Loan constitutes the sole remedy of the Purchaser hereunder respecting any Mortgage Loan with an early payment default. In lieu of repurchase, the buyer at its sole discretion may elect to allow the seller to indemnify the buyer for this loan and pay an indemnification fee.
Repurchase of Mortgage Loans With Early Payment Default. If, with respect to any Mortgage Loan, the related Mortgagor does not make the first scheduled Monthly Payment due to the Purchaser on its Due Date or within the related grace period (in accordance with the related Mortgage Note), then the Company, at the Purchaser’s option, shall (a) promptly repurchase the related Mortgage Loan (and the Servicing Rights thereto) from the Purchaser in accordance with the procedures set forth in Section 3.03 hereof, however, any such repurchase shall be made at the Repurchase Price, (b) indemnify the Purchaser in accordance with Section 9.01 hereof, or (c) substitute a mortgage loan acceptable to the Purchaser in accordance with Section 3.03 hereof. Notwithstanding anything herein to the contrary, Company shall not be required to repurchase any such Mortgage Loan if the Purchaser does not demand repurchase of such Mortgage Loan within 12 months following the date that the Purchaser receives notice of the related delinquency.
Repurchase of Mortgage Loans With Early Payment Default. If a Monthly Payment becomes one (1) or more scheduled Monthly Payments delinquent at any time on or prior to the date set forth in the related Commitment Letter, then the Seller, at the Purchaser’s option, shall (a) promptly repurchase the related Mortgage Loan from the Purchaser in accordance with the procedures set forth in Section 6.03 hereof, except that any such repurchase shall be made at the Purchase Price, or (b) substitute a mortgage loan acceptable to the Purchaser in accordance with Section 6.03 hereof.
