Common use of Servicer’s Purchase Obligations Clause in Contracts

Servicer’s Purchase Obligations. Upon receipt by the Servicer of notice from the Agent of a breach of any representation or warranty of it contained in this Agreement or any action resulting in prejudice to the Principals in accordance with Section 5.2 hereof, the Servicer shall promptly notify the Seller and shall, at the direction of the Agent use its best efforts to cure and correct any such breach, and, in the event such breach is not cured and corrected within the applicable grace period, if any, the Servicer shall repurchase the related Eligible Mortgage Loan at the Repurchase Price. Upon deposit by the Servicer of the Repurchase Price in the Funding Account, the Servicer shall arrange for the repurchase of Eligible Mortgage Loans adversely affected by such breach, and the delivery from the Custodian of any documents constituting the Mortgage Loan Files for such repurchased mortgage loans. In the event of a repurchase, the Servicer shall, simultaneously with such repurchase, give written notice to the Seller and the Agent that such repurchase has taken place, and amend the Mortgage Loan Schedule to reflect the subtraction of the repurchased Eligible Mortgage Loan from the Repurchase Agreement.

Servicer’s Purchase Obligations. Upon receipt by the Servicer of notice from the Administrative Agent of a breach of any representation or warranty of it contained in Section 3.1 of this Agreement or any action resulting in prejudice to the Principals Owners in accordance with Section 5.2 6.2 hereof, the Servicer shall promptly notify the Seller and shall, at the direction of the Administrative Agent use its best efforts to cure and correct any such breach, and, in the event such breach is not cured and corrected within the applicable grace 30 day time period, if any, the Servicer shall repurchase the related Eligible Mortgage Loan at the Repurchase PricePrice pursuant to Section 3.3 hereof. Upon deposit by the Servicer of the Repurchase Price in the Funding Collateral Account, the Custodian and the Servicer shall arrange for the repurchase Repurchase of Eligible Mortgage Loans adversely affected by such breachbreach to the Servicer according to the Servicer’s instructions, and the delivery from to the Custodian of any documents constituting held by the Mortgage Loan Files for such repurchased mortgage loansAdministrative Agent. In the event of a repurchase, the Servicer shall, simultaneously with such repurchaseRepurchase, give written notice to the Seller and the Agent that such repurchase has taken place, and amend the Mortgage Loan Schedule to reflect the subtraction of the repurchased Eligible Mortgage Loan from the Repurchase this Agreement.

Servicer’s Purchase Obligations. Upon receipt by the Servicer of notice from the Administrative Agent of a breach of any representation or warranty of it contained in Section 3.1 of this Agreement or any action resulting in prejudice to the Principals Owners in accordance with Section 5.2 6.2 hereof, the Servicer shall promptly notify the Seller and shall, at the direction of the Administrative Agent use its best efforts to cure and correct any such breach, and, in the event such breach is not cured and corrected within the applicable grace 30 day time period, if any, the Servicer shall repurchase the related Eligible Mortgage Loan at the Repurchase PricePrice pursuant to Section 3.3 hereof. Upon deposit by the Servicer of the Repurchase Price in the Funding Collateral Account, the Custodian and the Servicer shall arrange for the repurchase Repurchase of Eligible Mortgage Loans adversely affected by such breachbreach to the Servicer according to the Servicer's instructions, and the delivery from to the Custodian of any documents constituting held by the Mortgage Loan Files for such repurchased mortgage loansAdministrative Agent. In the event of a repurchase, the Servicer shall, simultaneously with such repurchaseRepurchase, give written notice to the Seller and the Agent that such repurchase has taken place, and amend the Mortgage Loan Schedule to reflect the subtraction of the repurchased Eligible Mortgage Loan from the Repurchase this Agreement.