Common use of Substitution of Qualified Substitute Mortgage Loans for Nonconforming Mortgage Loans Clause in Contracts

Substitution of Qualified Substitute Mortgage Loans for Nonconforming Mortgage Loans. (a) CRMSI shall have the right, in an event requiring a repurchase pursuant to Section 2.02 or 2.03(a), to substitute one or more Qualified Substitute Mortgage Loans for any one or more nonconforming Mortgage Loans, any such substitution to take place on the Business Day designated by CRMSI (the "Substitution Day") occurring before a date two years after the Startup Day, subject to the Trustee receiving an Officer's Certificate of CRMSI attaching as an exhibit a supplemental Mortgage Loan schedule (the "Supplemental Mortgage Loan Schedule") setting forth the same type of information as appears on the Mortgage Loan Schedule and representing as to the accuracy thereof and confirming that the representations and warranties contained in Section 2.03(a) (other than paragraphs (i) and (xi) thereof) are true and correct in all material respects with respect to the Qualified Substitute Mortgage Loans on and as of the Substitution Day, provided that remedies for the inaccuracy of such representation are limited as set forth in Sections 2.02, 2.03(a) and this 2.04. CRMSI shall also deposit or cause to be deposited on the Substitution Day (i) an amount equal to any unreimbursed costs, penalties or damages incurred by the Trustee or the Trust Fund in connection with any violation of applicable predatory or abusive lending laws with respect to such nonconforming Mortgage Loan or Loans and (ii) any Substitution Adjustment Amount with respect to such Qualified Substitute Mortgage Loan or Loans.

Substitution of Qualified Substitute Mortgage Loans for Nonconforming Mortgage Loans. (a) CRMSI shall have the right, in an event requiring a repurchase pursuant to Section 2.02 or 2.03(a), to substitute one or more Qualified Substitute Mortgage Loans for any one or more nonconforming Mortgage Loans, any such substitution to take place on the Business Day designated by CRMSI (the "“Substitution Day"”) occurring before a date two years after the Startup Day, subject to the Trustee receiving an Officer's ’s Certificate of CRMSI attaching as an exhibit a supplemental Mortgage Loan schedule (the "“Supplemental Mortgage Loan Schedule"”) setting forth the same type of information as appears on the Mortgage Loan Schedule and representing as to the accuracy thereof and confirming that the representations and warranties contained in Section 2.03(a) (other than paragraphs (i) and (xi) thereof) are true and correct in all material respects with respect to the Qualified Substitute Mortgage Loans on and as of the Substitution Day, provided that remedies for the inaccuracy of such representation are limited as set forth in Sections 2.02, 2.03(a) and this 2.04. CRMSI shall also deposit or cause to be deposited on the Substitution Day (i) an amount equal to any unreimbursed costs, penalties or damages incurred by the Trustee or the Trust Fund in connection with any violation of applicable predatory or abusive lending laws with respect to such nonconforming Mortgage Loan or Loans and (ii) any Substitution Adjustment Amount with respect to such Qualified Substitute Mortgage Loan or Loans.