Common use of Repurchase of Mortgage Loans Clause in Contracts

Repurchase of Mortgage Loans. (a) To the extent that NatCity is required under the Sale Agreement or any related agreement to which NatCity and Assignor are parties to repurchase any Mortgage Loan on account of an Early Payment Default, the Assignee shall be entitled as a result of the assignments hereunder to enforce such obligation directly against NatCity as required by and in accordance with the Sale Agreement or such related agreement, as applicable. For purposes of this Section, "Early Payment Default" shall mean any provision of the Sale Agreement or any related agreement to which NatCity and Assignor are parties that is designated as an "early payment default" provision of otherwise provides for the repurchase of any Mortgage Loan in the event of a default in the first (of such other number as may be specified in such provision) scheduled payment due under such Mortgage Loan after the closing or other date specified in such agreement.

Repurchase of Mortgage Loans. (a) To the extent that NatCity is required under the Sale Agreement or any related agreement to which NatCity and Assignor are parties to repurchase any Mortgage Loan on account of an Early Payment Default, the Assignee shall be entitled as a result of the assignments hereunder to enforce such obligation directly against NatCity as required by and in accordance with the Sale Agreement or such related agreement, as applicable. For purposes of this Section, "“Early Payment Default" ” shall mean any provision of the Sale Agreement or any related agreement to which NatCity and Assignor are parties that is designated as an "“early payment default" ” provision of otherwise provides for the repurchase of any Mortgage Loan in the event of a default in the first (of such other number as may be specified in such provision) scheduled payment due under such Mortgage Loan after the closing or other date specified in such agreement.