SELLER’S REPURCHASE OBLIGATIONS. The following sentence is added to the end of subsection 8.2(a) of the Agreement: In the case of a Type 4 Nonconforming Loan, if Seller fails to obtain a Takeout Commitment for such Type 4 Nonconforming Loan, or fails to provide to MBF a true and correct photocopy of it or information about it required by Section 13.20, within ninety (90) days after the Acquisition Date, MBF may notify Seller, and notify Seller, and Seller shall promptly repurchase such Mortgage Loan at the Repurchase Price on the date of repurchase.
SELLER’S REPURCHASE OBLIGATIONS. A. Seller shall repurchase any Loan sold to Plaza pursuant to this Agreement within twenty (20) business days of receipt of written notice from Plaza of any of the following circumstances (the “Repurchase Obligation”):
(1) Seller fails to deliver to Plaza within ninety (90) days from the date each Loan was purchased the original documents specified in the Delivery of Closed Loans section of the Guide.
(2) Plaza determines that there is any evidence of fraud in the marketing, solicitation, origination, and/or any part of the loan application process of any Loan or in the sale of any Loan to Plaza or that any matter in the mortgage loan file is not true and correct.
(3) Seller fails to observe or perform or breaches in any material respect any of the representations, warranties or covenants contained in this Agreement or the Guide with respect to a particular Loan.
(4) A loan documentation problem exists which occurred prior to the date the Loan was purchased by Plaza, regardless of when the defect was discovered.
(5) If Plaza and/or its assigns determine that an Early Payment Default (as defined below) exists with respect to any Loan. For purposes of this Agreement, an Early Payment Default exists if any of the first four (4) payments due to Plaza or its assigns on a Loan becomes sixty (60) days or more delinquent.
(6) Any Agency or any other investor to whom Plaza sells a Loan or related security requires Plaza to repurchase such Loan because of a breach of any representation or warranty made by Seller to this Agreement.
B. In the event of a repurchase demand from an agency or investor, Plaza may ask the Seller to submit further information to Plaza so that Plaza may request that the agency or investor reconsider the repurchase request. Plaza may make such request unless Plaza believes in good faith that there is no basis to request reconsideration or that such request would be injurious to its business relationship with the agency or investor. Plaza’s determination with respect to any such submission shall be final.
C. In the event repurchase is required due to an early payment default as described herein, Plaza may elect at its sole and absolute discretion to offer the Seller an optional alternative remedy of indemnification in lieu of repurchase. The terms of the indemnification shall be established by Plaza at the time it offers the indemnification remedy to Seller and Seller may either accept the terms of the indemnification or repurchase the Loan.
D....
SELLER’S REPURCHASE OBLIGATIONS. A. Seller shall repurchase any Loan sold to Countrywide pursuant to this Agreement within twenty business days of receipt of written notice from Countrywide of any of the following circumstances (the “Repurchase Obligation”):
(1) Seller fails to deliver to Countrywide within 270 days from the date each Loan was purchased the original documents specified in the Delivery of Closed Loans section of the Manual.
(2) Countrywide determines that there is any evidence of fraud in the origination of the Loan or in the sale of the Loan to Countrywide or that any matter in the mortgage loan file is not true and correct.
(3) If Countrywide determines the Loan is not eligible for GNMA, FNMA or FHLMC pool participation or whole loan purchase or purchase by a private investor, or, if Countrywide has sold such Loan in whole or in part to GNMA, FNMA, FHLMC or a private investor, and GNMA, FNMA, FHLMC or the private investor requires Countrywide to repurchase said interest or reimburse it for losses, or the mortgage insurer denies coverage on the Loan; provided the reason for such ineligibility; repurchase, reimbursement or denial shall be due to a failure of the Loan to meet requirements specified in the Manual at the time of Countrywide’s purchase of the Loan from Seller.
(4) If the first payment due Countrywide is not received by Countrywide, whether from the borrower directly or forwarded by Seller if the Borrower has submitted the payment to Seller, by the last day of the month in which it is due, and, in addition, at any time within the first twelve months after the Loan has been purchased by Countrywide, the Borrower is 90 days delinquent with respect to a monthly payment. For this purpose a Borrower shall be considered to be 90 days delinquent on a monthly payment if it is not received by Countrywide by the last day of the third month, regardless of the number of days in the month. For example, if the Borrower has not made his/her January payment by the last day of March, the Borrower shall be considered 90 days delinquent with respect to the January payment. Seller shall not have the right to advance funds for or on behalf of a Borrower for any delinquent payment or to otherwise make funds available to any Borrower to avoid or cure a default by the Borrower. A payment for which Countrywide deducted funds at the time it purchased the Loan from Seller shall not be considered the first payment due Countrywide.
(5) Seller falls to observe or perform or breaches in any ...
SELLER’S REPURCHASE OBLIGATIONS. Section 7.A (4) is amended and restated in its entirety as follows; “If the first payment due Countrywide is not received by Countrywide, whether from the borrower directly or forwarded by Seller if the Borrower has submitted the payment to Seller, within 90 days of the first payment due Countrywide. For this purpose a Borrower shall be considered to be 90 days delinquent with respect to the first monthly payment due Countrywide if the payment is not received by Countrywide within three months of the payment due date, regardless of the number of days in the month. For example, if the due date of the first payment due to Countrywide is January 15th and the Borrower has not made his/her January 15th payment by April 14th, the Borrower shall be considered 90 days delinquent with respect to the January 15th payment. Seller shall not have the right to advance funds for or on behalf of a Borrower for any delinquent payment or to otherwise make funds available to any Borrower to avoid or cure a default by the Borrower. A payment for which Countrywide deducted funds at the time it purchased the Loan from Seller shall not be considered the first payment due Countrywide,”
SELLER’S REPURCHASE OBLIGATIONS. The following sentence is added to the end of subsection 8.2(a) of the Agreement: Notwithstanding the foregoing, if the Mortgage Loan has become an Aged Mortgage Loan, Seller shall have no obligation to repurchase the Mortgage Loan under this subsection 8.2(a) as long as it is classified as an Aged Mortgage Loan.
SELLER’S REPURCHASE OBLIGATIONS. In the event any Account is (a)(i) within six (6) months of the Closing Date, determined to be an Account that was an Excluded Account as of the Cut-Off Time or (ii) within eight (8) months of the Closing Date, determined to be an Account that was an Excluded Account as of the Cut-Off Time pursuant to clause (l) of the definition of Excluded Account, or (b) within 90 days of transfer to the Purchaser, an Account for which any representation or warranty under (i) Section 4.02(a)(iii) or (ii) Section 4.02(a)(iv) is not true and correct on the date of transfer of the related Receivable arising therein in any material respect for any related Receivable as a result of any action or failure to act by Seller to the extent such failure to be so true and correct results in such Receivable not being an Eligible Receivable (in each case, a “Covered Account”), Seller shall pay to Purchaser an amount equal to the Repurchase Price for all Receivables in such Covered Account, calculated in the manner set forth in Section 6.02. Upon payment of any such Repurchase Price with respect to any such Receivables, Purchaser shall automatically and without further action sell, transfer, assign, set-over and otherwise convey to Seller, without recourse, representation or warranty, all the right, title and interest of Purchaser in and to such Receivables, all Collections related thereto, all monies and amounts due or to become due with respect thereto, all proceeds thereof, and all other Purchased Assets related thereto. Purchaser shall execute such documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested by Seller to effect the conveyance of such property pursuant to this Section.
SELLER’S REPURCHASE OBLIGATIONS. If Buyer exercises or is deemed to have exercised the option referred to in subsection (a)(i) of this Section,
(A) Sellers' obligations hereunder to repurchase all Purchased Loans in such Transactions shall thereupon become immediately due and payable,
(B) to the extent permitted by applicable law, the Repurchase Price with respect to each such Transaction shall be increased by the aggregate amount obtained by daily application of, on a 360 day per year basis for the actual number of days during the period from and including the date of the exercise or deemed exercise of such option to but excluding the date of payment of the Repurchase Price as so increased, (x) the Pricing Rate for each such Transaction plus 4.0% to (y) the Repurchase Price for such Transaction as of the Repurchase Date as determined pursuant to subsection (a)(i) of this Section (decreased as of any day by (I) any amounts actually in the possession of Buyer pursuant to clause (C) of this subsection, (II) any proceeds from the sale of Purchased Loans applied to the Repurchase Price pursuant to subsection (a)(xii) of this Section, and (III) any amounts applied to the Repurchase Price pursuant to subsection (a)(iii) of this Section), and
(C) all Income actually received by the Buyer or its designee (including the Custodian) pursuant to Section 5 shall be applied to the aggregate unpaid Repurchase Price owed by Sellers.
SELLER’S REPURCHASE OBLIGATIONS. Purchaser and CompuCredit shall be entitled to cause Seller to repurchase, on a one time basis as set forth in this Article 7, any Covered Account (as defined below); provided, however, that Purchaser and CompuCredit shall be entitled to cure any clerical error or omission or correct any ambiguities in connection with any submissions by Purchaser or CompuCredit with respect to such repurchase, within 15 days of such submission. Such right shall apply to any Account that is reasonably determined, at any time on or prior to the expiration of 150 days after the Conversion Date, by Purchaser or CompuCredit to be (i) an Account which should have been classified as an Excluded Account as of the Cut-Off Time, (ii) an Account that was not an Eligible Account as of the Cut-Off Time or (iii) an Account for which any of the related Credit Card Receivables was not an Eligible Receivable as of the Cut-Off Time (in each case, a "Covered Account"). In order to exercise such repurchase right, Purchaser or CompuCredit, or their designee, may demand in writing that Seller repurchase all such Covered Accounts (and all other Acquired Assets relating to such Covered Account) as have been so designated on or before the expiration of such 150 day period for an amount equal to the Repurchase Price, calculated in the manner set forth in Section 7.2. Upon payment of the aggregate Repurchase Price with respect to such Covered Accounts, Seller, in its sole discretion, may elect to either (i) require Purchaser to reconvey to Seller, at Seller's reasonable cost and expense, any such Covered Account (and all other Acquired Assets relating to such Covered Account) or, (ii) allow Purchaser to retain any such Covered Account (and all other Acquired Assets relating to such Covered Account). Neither Purchaser nor any other person shall be entitled to any contractual claim or damages hereunder in respect of the Purchase Price with respect to any Covered Account to the extent that Purchaser has been compensated through the payment by Seller to the Purchaser of the Repurchase Price for such Covered Account in accordance with the terms of this Section 7.1.
SELLER’S REPURCHASE OBLIGATIONS. Upon Seller's Failure to Fulfill Acceptance Criteria. Notwithstanding any provision to the contrary set forth herein, Seller shall be obligated to repurchase the PPF Agreement and the Machines from Purchaser upon the occurrence of any of the following events ("Repurchase Events"):
a. Seller's failure to provide Purchaser with M&I's written acknowledgment, on or before June 15, 1997, stating that at least nine (9) of the Machines meet the requirements of paragraphs 1, 2, 3, 4, and 5 of the "Acceptance Criteria" section of Amendment No. 1 to the PPF Agreement.
b. Seller's failure to provide Purchaser with M&I's written acknowledgment, on or before August 1, 1997, stating that the remaining three (3) Machines meet the requirements of paragraphs 1, 2, 3, 4, and 5 of the "Acceptance Criteria" section of Amendment No. 1 to the PPF Agreement.
c. Seller's failure to provide Purchaser with M&I's written acknowledgment, on or before September 15, 1997, stating that all twelve (12) of the Machines have been accepted by M&I and meet all requirements of all paragraphs of the "Acceptance Criteria" section of Amendment No. 1
SELLER’S REPURCHASE OBLIGATIONS. A. Seller shall repurchase any Loan sold to CMG pursuant to this Agreement within twenty
