Common use of Servicer’s Repurchase Obligations Clause in Contracts

Servicer’s Repurchase Obligations. Upon the earlier of the Servicer having actual knowledge of, or receipt of notice from the Purchaser of, a breach of any representation or warranty made by the Company, in its capacity as Servicer, as set forth in Section 3.1 hereof, which materially and adversely affects the value of a Mortgage Loan, the Servicer shall use its best efforts to cure and correct any such breach, and, in the event such breach is not cured and corrected within thirty (30) days, the Mortgage Loan shall be purchased by the Servicer at the Repurchase Price within such thirty (30) day period, pursuant to Section 3.3 hereof. Upon deposit by the Servicer of the Repurchase Price in the Collateral Account, the Purchaser, the Custodian and the Servicer shall arrange for the reassignment of Mortgage Loans adversely affected by such breach to the Servicer according to the Servicer’s instructions, and the delivery to the Servicer of any documents held by the Purchaser or the Custodian relating to the reassigned Mortgage Loans. The Servicer shall, simultaneously with such assignment, give written notice to the Seller, the Collateral Agent and the Swap Counterparty that such purchase has taken place. In addition to such repurchase obligation, the Servicer shall indemnify the Purchaser and hold it harmless against any losses, damages, transfer taxes, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and other costs and expenses resulting from any claim, demand, defense or assertion based on or grounded upon, or resulting from, a breach of the representations and warranties of the Servicer contained in this Purchase Agreement. The Servicer shall not be obligated under this indemnity for any indirect or consequential damages. It is understood and agreed that the obligations of the Servicer set forth in this Section 7.1 to cure or repurchase a Mortgage Loan and to indemnify the Purchaser constitute the sole remedies of the Purchaser respecting a breach of such representations and warranties.

Servicer’s Repurchase Obligations. Upon the earlier of receipt by the Servicer having actual knowledge of, or receipt of notice from the Purchaser of, of a breach of any representation or warranty made by of it contained in Sections 3.1 and 3.2 of this Agreement or any action resulting in prejudice to the Company, Purchaser in its capacity as Servicer, as set forth in accordance with Section 3.1 6.2 hereof, which materially and adversely affects the value of a Mortgage Loan, the Servicer shall promptly notify the Purchaser, the Agent, the Indenture Trustee, the Collateral Agent and the Swap Counterparties and shall, at the direction of the Purchaser use its best efforts to cure and correct any such breach, and, in the event such breach is not cured and corrected within thirty (30) daysthe applicable 60 day time period, the Mortgage Loan Servicer shall be purchased by repurchase the Servicer Eligible Loans at the Repurchase Price within such thirty (30) day period, pursuant to Section 3.3 hereof. Upon deposit by the Servicer of the Repurchase Price in the Collateral Account, the Purchaser, the Custodian and the Servicer shall arrange for the reassignment of Mortgage Eligible Loans adversely affected by such breach to the Servicer (in its own capacity and on behalf of the Additional Seller) according to the Servicer’s instructions, and the delivery to the Servicer Custodian of any documents held by the Purchaser or Purchaser. In the Custodian relating to event of a repurchase, the reassigned Mortgage Loans. The Servicer shall, simultaneously with such assignmentreassignment, give written notice to the Seller, the Additional Seller, the Agent, the Collateral Agent Agent, the Indenture Trustee and the Swap Counterparty Counterparties that such purchase repurchase has taken place. In addition to such repurchase obligationUpon receipt of the Repurchase Price by the Collateral Agent, the Purchaser and the Servicer shall indemnify arrange for the Purchaser and hold it harmless against any losses, damages, transfer taxes, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and other costs and expenses resulting from any claim, demand, defense or assertion based on or grounded upon, or resulting from, a breach reassignment of the representations Eligible Loans to the Servicer (in its own capacity and warranties on behalf of the Servicer contained in this Purchase Agreement. The Servicer shall not be obligated under this indemnity for any indirect or consequential damages. It is understood Additional Seller) and agreed that the obligations of Delivery to the Servicer set forth in this Section 7.1 of any documents held by the Custodian relating to cure or repurchase a Mortgage Loan and to indemnify the Purchaser constitute the sole remedies of the Purchaser respecting a breach of such representations and warrantiesreassigned Eligible Loans.

Servicer’s Repurchase Obligations. Upon the earlier of the Servicer having actual knowledge of, or receipt of notice from the Purchaser of, a breach of any representation or warranty made by the Company, in its capacity as Servicer, as set forth in Section 3.1 3.1(b) hereof, which materially and adversely affects the value of a Mortgage Loan, the Servicer shall use its best efforts to cure and correct any such breach, and, in the event such breach is not cured and corrected within thirty sixty (3060) days, the Mortgage Loan shall be purchased by the Servicer at the Repurchase Price within such thirty (30) day periodPrice, pursuant to Section 3.3 hereof. Upon deposit by the Servicer of the Repurchase Price in the Collateral Account, the PurchaserIssuer, the Custodian and the Servicer shall arrange for the reassignment of Mortgage Loans adversely affected by such breach to the Servicer according to the Servicer’s instructions, and the delivery to the Servicer of any documents held by the Purchaser Issuer or the Custodian relating to the reassigned Mortgage Loans. The Servicer shall, simultaneously with such assignment, give written notice to the SellerSellers, the Collateral Agent Agent, the Indenture Trustee and the each Swap Counterparty that such purchase has taken place. In addition to such repurchase obligation, the Servicer shall indemnify the Purchaser Issuer and hold it harmless against any losses, damages, transfer taxes, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and other costs and expenses resulting from any claim, demand, defense or assertion based on or grounded upon, or resulting from, a breach of the representations and warranties of the Servicer contained in this Purchase Agreement. The Servicer shall not be obligated under this indemnity for any indirect or consequential damages. It is understood and agreed that the obligations of the Servicer set forth in this Section 7.1 to cure or repurchase a Mortgage Loan and to indemnify the Purchaser Issuer constitute the sole remedies of the Purchaser Issuer respecting a breach of such representations and warranties.

Servicer’s Repurchase Obligations. Upon the earlier of the Servicer having actual knowledge of, or receipt of notice from the Purchaser of, a breach of any representation or warranty made by the Company, in its capacity as Servicer, as set forth in Section 3.1 hereof, which materially and adversely affects the value of a Mortgage Loan, the Servicer shall use its best efforts to cure and correct any such breach, and, in the event such breach is not cured and corrected within thirty sixty (3060) days, the Mortgage Loan shall be purchased by the Servicer at the Repurchase Price within such thirty sixty (3060) day period, pursuant to Section 3.3 hereof. Upon deposit by the Servicer of the Repurchase Price in the Collateral Account, the Purchaser, the Custodian and the Servicer shall arrange for the reassignment of Mortgage Loans adversely affected by such breach to the Servicer according to the Servicer’s instructions, and the delivery to the Servicer of any documents held by the Purchaser or the Custodian relating to the reassigned Mortgage Loans. The Servicer shall, simultaneously with such assignment, give written notice to the Seller, the Collateral Agent Agent, the Indenture Trustee and the each Swap Counterparty that such purchase has taken place. In addition to such repurchase obligation, the Servicer shall indemnify the Purchaser and hold it harmless against any losses, damages, transfer taxes, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and other costs and expenses resulting from any claim, demand, defense or assertion based on or grounded upon, or resulting from, a breach of the representations and warranties of the Servicer contained in this Purchase Agreement. The Servicer shall not be obligated under this indemnity for any indirect or consequential damages. It is understood and agreed that the obligations of the Servicer set forth in this Section 7.1 to cure or repurchase a Mortgage Loan and to indemnify the Purchaser constitute the sole remedies of the Purchaser respecting a breach of such representations and warranties.

Servicer’s Repurchase Obligations. Upon the earlier of receipt by the Servicer having actual knowledge of, or receipt of notice from the Purchaser of, of a breach of any representation or warranty made by of it contained in SECTIONS 3.1 and 3.2 of this Agreement or any action resulting in prejudice to the Company, Purchaser in its capacity as Servicer, as set forth in Section 3.1 accordance with SECTION 6.2 hereof, which materially and adversely affects the value of a Mortgage Loan, the Servicer shall promptly notify the Purchaser, the Agent, the Indenture Trustee, the Collateral Agent and the Swap Counterparties and shall, at the direction of the Purchaser use its best efforts to cure and correct any such breach, and, in the event such breach is not cured and corrected within thirty (30) daysthe applicable 60 day time period, the Mortgage Loan Servicer shall be purchased by repurchase the Servicer Eligible Loans at the Repurchase Price within such thirty (30) day period, pursuant to Section SECTION 3.3 hereof. Upon deposit by the Servicer of the Repurchase Price in the Collateral Account, the Purchaser, the Custodian and the Servicer shall arrange for the reassignment of Mortgage Eligible Loans adversely affected by such breach to the Servicer (in its own capacity and on behalf of the Additional Seller) according to the Servicer’s 's instructions, and the delivery to the Custodian of any documents held by the Purchaser. In the event of a repurchase, the Servicer shall, simultaneously with such reassignment, give written notice to the Seller, the Additional Seller, the Agent, the Collateral Agent, the Indenture Trustee and the Swap Counterparties that such repurchase has taken place. Upon receipt of the Repurchase Price by the Collateral Agent, the Purchaser and the Servicer shall arrange for the reassignment of the Eligible Loans to the Servicer (in its own capacity and on behalf of the Additional Seller) and the Delivery to the Servicer of any documents held by the Purchaser or the Custodian relating to the reassigned Mortgage Eligible Loans. The Servicer shall, simultaneously with such assignment, give written notice to the Seller, the Collateral Agent and the Swap Counterparty that such purchase has taken place. In addition to such repurchase obligation, the Servicer shall indemnify the Purchaser and hold it harmless against any losses, damages, transfer taxes, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and other costs and expenses resulting from any claim, demand, defense or assertion based on or grounded upon, or resulting from, a breach of the representations and warranties of the Servicer contained in this Purchase Agreement. The Servicer shall not be obligated under this indemnity for any indirect or consequential damages. It is understood and agreed that the obligations of the Servicer set forth in this Section 7.1 to cure or repurchase a Mortgage Loan and to indemnify the Purchaser constitute the sole remedies of the Purchaser respecting a breach of such representations and warranties.