Common use of Repurchase of Mortgage Loans Clause in Contracts

Repurchase of Mortgage Loans. (a) To the extent that the Servicer is required under the Servicing Agreement or any related agreement to which the Servicer 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 the Servicer as required by and in accordance with the Servicing Agreement or such related agreement, as applicable. For purposes of this Section, "Early Payment Default" shall mean any provision of the Servicing Agreement or any related agreement to which the Servicer 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 the Servicer is required under the Servicing Agreement or any related agreement to which the Servicer 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 the Servicer as required by and in accordance with the Servicing Agreement or such related agreement, as applicable. For purposes of this Section, "“Early Payment Default" ” shall mean any provision of the Servicing Agreement or any related agreement to which the Servicer 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 the Servicer Wachovia is required under the Servicing Agreement or any related agreement to which the Servicer Wachovia 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 the Servicer Wachovia as required by and in accordance with the Servicing Agreement or such related agreement, as applicable. For purposes of this Section, "Early Payment Default" shall mean any provision of the Servicing Agreement or any related agreement to which the Servicer Wachovia 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.