Repurchase of Mortgage Loans with First Payment Defaults. In the event the first Monthly Payment to be made by the Mortgagor after the related Cut-off Date is not collected by the Company within forty-five (45) days either (i) after origination of such Mortgage Loan, or (ii) after the related Cut-off Date, the Company, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the Repurchase Price. The Company shall repurchase such delinquent Mortgage Loan within fifteen (15) days of such request.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He4), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He4), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2005-He2)
