Common use of Servicer’s Repurchase Obligations Clause in Contracts

Servicer’s Repurchase Obligations. Upon receipt by the Servicer of notice from the Purchaser of a breach of any representation or warranty of it contained in SECTIONS 3.1 and 3.2 of this Agreement or any action resulting in prejudice to the Purchaser in accordance with SECTION 6.2 hereof, 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 the applicable 60 day time period, the Servicer shall repurchase the Eligible Loans at the Repurchase Price pursuant to SECTION 3.3 hereof. Upon deposit by the Servicer of the Repurchase Price in the Collateral Account, the Custodian and the Servicer shall arrange for the reassignment of 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 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 Custodian relating to the reassigned Eligible Loans.

Servicer’s Repurchase Obligations. Upon receipt by the earlier of the Servicer having actual knowledge of, or receipt of notice from the Purchaser of of, a breach of any representation or warranty made by the Servicer, as set forth in Section 3.1(b) hereof, which materially and adversely affects the value of it contained in SECTIONS 3.1 and 3.2 of this Agreement or any action resulting in prejudice to the Purchaser in accordance with SECTION 6.2 hereofa 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 the applicable 60 day time periodsixty (60) days, the Mortgage Loan shall be purchased by the Servicer shall repurchase the Eligible Loans at the Repurchase Price Price, pursuant to SECTION Section 3.3 hereof. Upon deposit by the Servicer of the Repurchase Price in the Collateral Account, the Issuer, the Custodian and the Servicer shall arrange for the reassignment of Eligible Mortgage 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 Servicer of any documents held by the PurchaserIssuer or the Custodian relating to the reassigned Mortgage Loans. In the event of a repurchase, the The Servicer shall, simultaneously with such reassignmentassignment, give written notice to the Seller, the Additional Seller, the AgentSellers, the Collateral Agent, the Indenture Trustee and the each Swap Counterparties Counterparty that such repurchase purchase has taken place. Upon receipt of the Repurchase Price by the Collateral AgentIn addition to such repurchase obligation, the Purchaser and the Servicer shall arrange for indemnify the reassignment 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 Eligible Loans to representations and warranties of the Servicer (contained in its own capacity this Agreement. The Servicer shall not be obligated under this indemnity for any indirect or consequential damages. It is understood and on behalf agreed that the obligations of the Additional Seller) Servicer set forth in this Section 7.1 to cure or repurchase a Mortgage Loan and to indemnify the Delivery to Issuer constitute the Servicer sole remedies of any documents held by the Custodian relating to the reassigned Eligible LoansIssuer respecting a breach of such representations and warranties.

Servicer’s Repurchase Obligations. Upon receipt by the earlier of the Servicer having actual knowledge of, or receipt of notice from the Purchaser of 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 it contained in SECTIONS 3.1 and 3.2 of this Agreement or any action resulting in prejudice to the Purchaser in accordance with SECTION 6.2 hereofa 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 the applicable 60 day time periodthirty (30) days, the Mortgage Loan shall be purchased by the Servicer shall repurchase the 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 Eligible Mortgage 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 Servicer of any documents held by the PurchaserPurchaser or the Custodian relating to the reassigned Mortgage Loans. In the event of a repurchase, the The Servicer shall, simultaneously with such reassignmentassignment, give written notice to the Seller, the Additional Seller, the Agent, the Collateral Agent, the Indenture Trustee Agent and the Swap Counterparties Counterparty that such repurchase purchase has taken place. Upon receipt of In addition to such repurchase obligation, the Repurchase Price by the Collateral Agent, 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 arrange not be obligated under this indemnity for any indirect or consequential damages. It is understood and agreed that the reassignment obligations of the Eligible Loans Servicer set forth in this Section 7.1 to cure or repurchase a Mortgage Loan and to indemnify the Servicer (in its own capacity and on behalf Purchaser constitute the sole remedies of the Additional Seller) Purchaser respecting a breach of such representations and the Delivery to the Servicer of any documents held by the Custodian relating to the reassigned Eligible Loanswarranties.

Servicer’s Repurchase Obligations. Upon receipt by the earlier of the Servicer having actual knowledge of, or receipt of notice from the Purchaser of 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 it contained in SECTIONS 3.1 and 3.2 of this Agreement or any action resulting in prejudice to the Purchaser in accordance with SECTION 6.2 hereofa 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 the applicable 60 day time periodsixty (60) days, the Mortgage Loan shall be purchased by the Servicer shall repurchase the Eligible Loans at the Repurchase Price within such sixty (60) 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 Eligible Mortgage 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 Servicer of any documents held by the PurchaserPurchaser or the Custodian relating to the reassigned Mortgage Loans. In the event of a repurchase, the The Servicer shall, simultaneously with such reassignmentassignment, give written notice to the Seller, the Additional Seller, the Agent, the Collateral Agent, the Indenture Trustee and the each Swap Counterparties Counterparty that such repurchase purchase has taken place. Upon receipt of In addition to such repurchase obligation, the Repurchase Price by the Collateral Agent, 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 arrange not be obligated under this indemnity for any indirect or consequential damages. It is understood and agreed that the reassignment obligations of the Eligible Loans Servicer set forth in this Section 7.1 to cure or repurchase a Mortgage Loan and to indemnify the Servicer (in its own capacity and on behalf Purchaser constitute the sole remedies of the Additional Seller) Purchaser respecting a breach of such representations and the Delivery to the Servicer of any documents held by the Custodian relating to the reassigned Eligible Loanswarranties.

Servicer’s Repurchase Obligations. Upon receipt by the Servicer of notice from the Purchaser of a breach of any representation or warranty of it contained in SECTIONS Sections 3.1 and 3.2 of this Agreement or any action resulting in prejudice to the Purchaser in accordance with SECTION Section 6.2 hereof, 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 the applicable 60 day time period, the Servicer shall repurchase the Eligible Loans at the Repurchase Price pursuant to SECTION Section 3.3 hereof. Upon deposit by the Servicer of the Repurchase Price in the Collateral Account, the Custodian and the Servicer shall arrange for the reassignment of 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 Custodian relating to the reassigned Eligible Loans.