Common use of Takeout Payments Clause in Contracts

Takeout Payments. With respect to each Purchased Asset that is an Agency Takeout Loan, an Early Purchase Program Loan, a Third Party Takeout Loan, or a Security, Seller shall ensure that the related Takeout Price and all other payments under the related Takeout Commitment shall be paid directly to Buyer in accordance with the wire instructions designated by Buyer; provided, that in the event that such Takeout Price exceeds an amount equal (i) the Repurchase Price for such Purchased Asset, plus (ii) all Obligations then due and owing by Seller to Buyer under the Agreement, then Buyer shall immediately remit such excess amount to Seller; provided, further, that Buyer may, in its sole discretion, net such excess amount from any other Obligations then due and owing by Seller to Buyer under this Agreement. With respect to each Purchased Asset that is an Agency Takeout Loan, (1) with respect to the wire transfer instructions as set forth in Xxxxxxx Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such wire transfer instructions are identical to Buyer’s designated wire instructions or Buyer has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set forth on Xxxxxx Mae Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Asset Schedule) or Xxxxxx Xxx Form 1069 (Adjustable-Rate Mortgage Asset Schedule), as applicable, is identical to the Payee Number that has been identified by Buyer in writing as Buyer’s Payee Number or Buyer has approved the related Payee Number in writing in its sole discretion. With respect each Purchased Asset that is an Early Purchase Program Loan, the applicable Agency documents list Buyer as the sole subscriber of the Related Security.

Appears in 2 contracts

Samples: Master Repurchase Agreement (Walter Investment Management Corp), Master Repurchase Agreement (Walter Investment Management Corp)

AutoNDA by SimpleDocs

Takeout Payments. With respect to each Purchased Asset and the portion of each Security related to Purchased Assets subject to a Transaction, in each case that is an Agency subject to a Takeout LoanCommitment, an Early Purchase Program Loan, a Third Party Takeout Loan, or a Security, the Seller shall ensure that the related Takeout Price portion of the purchase price and all other payments under the related such Takeout Commitment to the extent related to Purchased Assets subject to a Transaction or such portion of each Security related to Purchased Assets subject to a Transaction shall be paid directly to Buyer (or its designee) in accordance with the wire instructions designated by Buyer; provided, that in Joint Account Control Agreement or the event that such Takeout Price exceeds an amount equal (i) the Repurchase Price for such Purchased Asset, plus (ii) all Obligations then due and owing by Seller to Buyer under the Joint Securities Account Control Agreement, then Buyer shall immediately remit such excess amount as applicable. Unless subject to Seller; providedthe Joint Account Control Agreement or Joint Securities Account Control Agreement, further, that Buyer may, in its sole discretion, net such excess amount from any other Obligations then due and owing by Seller to Buyer under this Agreement. With with respect to each Purchased Asset that is any Takeout Commitment with an Agency Takeout LoanAgency, if applicable, (1) with respect to the wire transfer instructions as set forth in Xxxxxxx Freddie Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such wire transfer instructions are identical to Buyer’s designated wire instructions or Buyer has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set forth on Xxxxxx Mae Xxx Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Asset Loan Schedule) or Xxxxxx Xxx Form 1069 (Adjustable-Rate Mortgage Asset Loan Schedule), as applicable, is will be identical to the Payee Number that has been identified by Buyer in writing as Buyer’s Payee Number or Buyer has will have previously approved the related Payee Number in writing in its sole discretion. With ; with respect each Purchased Asset that is to any Takeout Commitment with an Early Purchase Program LoanAgency, the applicable Agency agency documents will list Buyer as the sole subscriber of the Related Securitysubscriber, unless otherwise agreed to in writing by Xxxxx, in Xxxxx’s sole discretion.

Appears in 2 contracts

Samples: Master Repurchase Agreement (Rocket Companies, Inc.), Master Repurchase Agreement (Rocket Companies, Inc.)

Takeout Payments. With respect to each Purchased Asset that is an Agency Takeout Loan, an Early Purchase Program a Pooled Loan, a Third Party Takeout Loan, or a Security, Seller shall ensure that the related Takeout Price and all other payments under the related Takeout Commitment shall be paid directly to Buyer in accordance with the wire instructions designated by Buyer; provided, that in the event that such Takeout Price exceeds an amount equal to (i) the Repurchase Price for such Purchased Asset, plus (ii) all Obligations then due and owing by Seller to Buyer under the Agreement, then Buyer shall immediately remit such excess amount to Seller; provided, further, that Buyer may, in its sole discretion, net such excess amount from any other Obligations then due and owing by Seller to Buyer under this Agreement. With respect to each Purchased Asset that is an Agency Takeout Loan, (1) with respect to the wire transfer instructions as set forth in Xxxxxxx Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such wire transfer instructions are identical to Buyer’s designated wire instructions or Buyer has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set forth on Xxxxxx Mae Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Asset Schedule) or Xxxxxx Xxx Form 1069 (Adjustable-Rate Mortgage Asset Schedule), as applicable, is identical to the Payee Number that has been identified by Buyer in writing as Buyer’s Payee Number or Buyer has approved the related Payee Number in writing in its sole discretion. With respect each Purchased Asset that is an Early Purchase Program a Pooled Loan, the applicable Agency documents list Buyer as the sole subscriber of the Related Security.

Appears in 1 contract

Samples: Master Repurchase Agreement (PennyMac Mortgage Investment Trust)

Takeout Payments. With respect to each Purchased Asset Loan and the portion of each Security related to Purchased Loans subject to a Transaction, in each case that is an Agency subject to a Takeout LoanCommitment, an Early Purchase Program Loan, a Third Party Takeout Loan, or a Security, the Seller shall ensure that the related Takeout Price portion of the purchase price and all other payments under the related such Takeout Commitment to the extent related to Purchased Loans subject to a Transaction or such portion of each Security related to Purchased Loans subject to a Transaction shall be paid directly to Buyer (or its designee) in accordance with the wire instructions designated by Buyer; provided, that in Joint Account Control Agreement or the event that such Takeout Price exceeds an amount equal (i) the Repurchase Price for such Purchased Asset, plus (ii) all Obligations then due and owing by Seller to Buyer under the Joint Securities Account Control Agreement, then Buyer shall immediately remit such excess amount as applicable. Unless subject to Seller; providedthe Joint Account Control Agreement or Joint Securities Account Control Agreement, further, that Buyer may, in its sole discretion, net such excess amount from any other Obligations then due and owing by Seller to Buyer under this Agreement. With with respect to each Purchased Asset that is any Takeout Commitment with an Agency Takeout LoanAgency, if applicable, (1) with respect to the wire transfer instructions as set forth in Xxxxxxx Freddie Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such wire transfer instructions are identical to Buyer’s designated wire instructions or Buyer has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set forth on Xxxxxx Mae Xxx Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Asset Loan Schedule) or Xxxxxx Xxx Form 1069 (Adjustable-Rate Mortgage Asset Loan Schedule), as applicable, is will be identical to the Payee Number that has been identified by Buyer in writing as Buyer’s Payee Number or Buyer has will have previously approved the related Payee Number in writing in its sole discretion. With ; with respect each Purchased Asset that is to any Takeout Commitment with an Early Purchase Program LoanAgency, the applicable Agency agency documents will list Buyer as the sole subscriber of the Related Securitysubscriber, unless otherwise agreed to in writing by Xxxxx, in Xxxxx’s sole discretion.

Appears in 1 contract

Samples: Master Repurchase Agreement (Rocket Companies, Inc.)

Takeout Payments. With respect to each Purchased Asset and the portion of each Security related to Purchased Assets subject to a Transaction, in each case that is an Agency subject to a Takeout LoanCommitment, an Early Purchase Program Loan, a Third Party Takeout Loan, or a Security, the Seller shall ensure that the related Takeout Price portion of the purchase price and all other payments under the related such Takeout Commitment to the extent related to Purchased Assets subject to a Transaction or such portion of each Security related to Purchased Assets subject to a Transaction shall be paid directly to Buyer (or its designee) in accordance with the wire instructions designated by Buyer; provided, that in Joint Account Control Agreement or the event that such Takeout Price exceeds an amount equal (i) the Repurchase Price for such Purchased Asset, plus (ii) all Obligations then due and owing by Seller to Buyer under the Joint Securities Account Control Agreement, then Buyer shall immediately remit such excess amount as applicable. Unless subject to Seller; providedthe Joint Account Control Agreement or Joint Securities Account Control Agreement, further, that Buyer may, in its sole discretion, net such excess amount from any other Obligations then due and owing by Seller to Buyer under this Agreement. With with respect to each Purchased Asset that is any Takeout Commitment with an Agency Takeout LoanAgency, if applicable, (1) with respect to the wire transfer instructions as set forth in Xxxxxxx Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such wire transfer instructions are identical to Buyer’s designated wire instructions or Buyer has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set forth on Xxxxxx Mae Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Asset Loan Schedule) or Xxxxxx Xxx Form 1069 (Adjustable-Rate Mortgage Asset Loan Schedule), as applicable, is will be identical to the Payee Number that has been identified by Buyer in writing as Buyer’s Payee Number or Buyer has will have previously approved the related Payee Number in writing in its sole discretion. With ; with respect each Purchased Asset that is to any Takeout Commitment with an Early Purchase Program LoanAgency, the applicable Agency agency documents will list Buyer as the sole subscriber of the Related Securitysubscriber, unless otherwise agreed to in writing by Buyer, in Buyer’s sole discretion.

Appears in 1 contract

Samples: Master Repurchase Agreement (Rocket Companies, Inc.)

Takeout Payments. With respect to each Purchased Asset Loan and the portion of each Security related to Purchased Loans subject to a Transaction, in each case that is an Agency subject to a Takeout Loan, an Early Purchase Program Loan, a Third Party Takeout Loan, or a SecurityCommitment, Seller shall ensure that the related Takeout Price portion of the purchase price and all other payments under the related such Takeout Commitment to the extent related to Purchased Loans subject to a Transaction or such portion of each Security related to Purchased Loans subject to a Transaction shall be paid directly to Buyer (or its designee) in accordance with the wire instructions designated by Buyer; provided, that in Joint Account Control Agreement or the event that such Takeout Price exceeds an amount equal (i) the Repurchase Price for such Purchased Asset, plus (ii) all Obligations then due and owing by Seller to Buyer under the Joint Securities Account Control Agreement, then Buyer shall immediately remit such excess amount as applicable. Unless subject to Seller; providedthe Joint Account Control Agreement or Joint Securities Account Control Agreement, further, that Buyer may, in its sole discretion, net such excess amount from any other Obligations then due and owing by Seller to Buyer under this Agreement. With with respect to each Purchased Asset that is any Takeout Commitment with an Agency Takeout LoanAgency, if applicable, (1) with respect to the wire transfer instructions as set forth in Xxxxxxx Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such wire transfer instructions are identical to Buyer’s designated wire instructions or Buyer (or Agent on behalf of Buyer) has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set forth on Xxxxxx Mae Xxx Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Asset Loan Schedule) or Xxxxxx Xxx Mae Form 1069 (Adjustable-Rate Mortgage Asset Loan Schedule), as applicable, is will be identical to the Payee Number that has been identified by Buyer (or Agent on behalf of Buyer) in writing as Buyer’s Payee Number or Buyer has (or Agent on behalf of Buyer) will have previously approved the related Payee Number in writing in its sole discretion. With ; with respect each Purchased Asset that is to any Takeout Commitment with an Early Purchase Program LoanAgency, the applicable Agency agency documents will list Buyer as sole subscriber, unless otherwise agreed to in writing by Buyer (or Agent on behalf of Buyer), in Buyer’s or Agent’s as the case may be sole subscriber of the Related Securitydiscretion.

Appears in 1 contract

Samples: Master Repurchase Agreement (Rocket Companies, Inc.)

Takeout Payments. With respect to each Purchased Asset and the portion of each Security related to Purchased Assets subject to a Transaction, in each case that is an Agency subject to a Takeout LoanCommitment, an Early Purchase Program Loan, a Third Party Takeout Loan, or a Security, the Seller shall ensure that the related Takeout Price portion of the purchase price and all other payments under the related such Takeout Commitment to the extent related to Purchased Assets subject to a Transaction or such portion of each Security related to Purchased Assets subject to a Transaction shall be paid directly to Buyer (or its designee) in accordance with the wire instructions designated by Buyer; provided, that in Joint Account Control Agreement or the event that such Takeout Price exceeds an amount equal (i) the Repurchase Price for such Purchased Asset, plus (ii) all Obligations then due and owing by Seller to Buyer under the Joint Securities Account Control Agreement, then Buyer shall immediately remit such excess amount as applicable. Unless subject to Seller; providedthe Joint Account Control Agreement or Joint Securities Account Control Agreement, further, that Buyer may, in its sole discretion, net such excess amount from any other Obligations then due and owing by Seller to Buyer under this Agreement. With with respect to each Purchased Asset that is any Takeout Commitment with an Agency Takeout LoanAgency, if applicable, (1) with respect to the wire transfer instructions as set forth in Xxxxxxx Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such wire transfer instructions are identical to Buyer’s designated wire instructions or Buyer has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set forth on Xxxxxx Mae Form 1068 (Fixed-RateFixedRate, Graduated-Payment, or Growing-Equity Mortgage Asset Loan Schedule) or Xxxxxx Xxx Form 1069 (Adjustable-Rate Mortgage Asset Loan Schedule), as applicable, is will be identical to the Payee Number that has been identified by Buyer in writing as Buyer’s Payee Number or Buyer has will have previously approved the related Payee Number in writing in its sole discretion. With ; with respect each Purchased Asset that is to any Takeout Commitment with an Early Purchase Program LoanAgency, the applicable Agency agency documents will list Buyer as the sole subscriber of the Related Securitysubscriber, unless otherwise agreed to in writing by Buyer, in Buyer’s sole discretion.

Appears in 1 contract

Samples: Master Repurchase Agreement (Rocket Companies, Inc.)

Takeout Payments. With respect to each Purchased Asset and the portion of each Security related to Purchased Assets subject to a Transaction, in each case that is an Agency subject to a Takeout Loan, an Early Purchase Program Loan, a Third Party Takeout Loan, or a SecurityCommitment, Seller shall ensure that the related Takeout Price portion of the purchase price and all other payments under the related such Takeout Commitment to the extent related to Purchased Assets subject to a Transaction or such portion of each Security related to Purchased Assets subject to a Transaction shall be paid directly to Buyer (or its designee) in accordance with the wire instructions designated by Buyer; provided, that in Joint Account Control Agreement or the event that such Takeout Price exceeds an amount equal (i) the Repurchase Price for such Purchased Asset, plus (ii) all Obligations then due and owing by Seller to Buyer under the Joint Securities Account Control Agreement, then Buyer shall immediately remit such excess amount as applicable. Unless subject to Seller; providedthe Joint Account Control Agreement or Joint Securities Account Control Agreement, further, that Buyer may, in its sole discretion, net such excess amount from any other Obligations then due and owing by Seller to Buyer under this Agreement. With with respect to each Purchased Asset that is any Takeout Commitment with an Agency Takeout LoanAgency, if applicable, (1) with respect to the wire transfer instructions as set forth in Xxxxxxx Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) (or its successor form), such wire transfer instructions are identical to Buyer’s designated wire instructions or Buyer (or Agent on behalf of Buyer) has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set forth on Xxxxxx Mae Xxx Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Asset Loan Schedule) or Xxxxxx Xxx Form 1069 (Adjustable-Rate Mortgage Asset Loan Schedule) (or their respective successor forms), as applicable, is will be identical to the Payee Number that has been identified by Buyer (or Agent on behalf of Buyer) in writing as Buyer’s Payee Number or Buyer has (or Agent on behalf of Buyer) will have previously approved the related Payee Number in writing in its sole discretion. With ; with respect each Purchased Asset that is to any Takeout Commitment with an Early Purchase Program LoanAgency, the applicable Agency agency documents will list Buyer as sole subscriber, unless otherwise agreed to in writing by Xxxxx (or Agent on behalf of Buyer) (including pursuant to the sole subscriber terms of the Related Security.Intercreditor Agreement), in Buyer’s or Agent’s as the case may be sole discretion. US_ACTIVE\126495096\V-12

Appears in 1 contract

Samples: Master Repurchase Agreement (Rocket Companies, Inc.)

AutoNDA by SimpleDocs

Takeout Payments. With respect to each Purchased Asset that is an Agency Takeout Loan, an Early Purchase Program Loan, a Third Party Takeout Non-Conforming Loan, or a Security, Seller shall ensure that the related Takeout Price and all other payments under the related Takeout Commitment shall be paid directly to Buyer in accordance with the wire instructions designated by Buyer; provided, that in the event that such Takeout Price exceeds an amount equal (i) the Repurchase Price for such Purchased Asset, plus (ii) all Obligations then due and owing by Seller to Buyer under the Agreement, then Buyer shall immediately remit such excess amount to Seller; provided, further, that Buyer may, in its sole discretion, net such excess amount from any other Obligations then due and owing by Seller to Buyer under this Agreement. With respect to each Purchased Asset that is an Agency Takeout Loan, (1) with respect to the wire transfer instructions as set forth in Xxxxxxx Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such wire transfer instructions are identical to Buyer’s designated wire instructions or the Buyer has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set forth on Xxxxxx Mae Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Asset Loan Schedule) or Xxxxxx Xxx Form 1069 (Adjustable-Rate Mortgage Asset Loan Schedule), as applicable, is identical to the Payee Number that has been identified by Buyer in writing as Buyer’s Payee Number or the Buyer has approved the related Payee Number in writing in its sole discretion. With respect each Purchased Asset that is an Early Purchase Program Loan, the applicable Agency documents list Buyer as the sole subscriber of the Related Securitysubscriber.

Appears in 1 contract

Samples: Master Repurchase Agreement (Centex Land Vista Ridge Lewisville III General Partner, LLC)

Takeout Payments. With respect to each Purchased Asset and the portion of each Security related to Purchased Assets subject to a Transaction, in each case that is an Agency subject to a Takeout LoanCommitment, an Early Purchase Program Loan, a Third Party Takeout Loan, or a Security, the Seller shall ensure that the related Takeout Price portion of the purchase price and all other payments under the related such Takeout Commitment to the extent related to Purchased Assets subject to a Transaction or such portion of each Security related to Purchased Assets subject to a Transaction shall be paid directly to Buyer (or its designee) in accordance with the wire instructions designated by Buyer; provided, that in Joint Account Control Agreement or the event that such Takeout Price exceeds an amount equal (i) the Repurchase Price for such Purchased Asset, plus (ii) all Obligations then due and owing by Seller to Buyer under the Joint Securities Account Control Agreement, then Buyer shall immediately remit such excess amount as applicable. Unless subject to Seller; providedthe Joint Account Control Agreement or Joint Securities Account Control Agreement, further, that Buyer may, in its sole discretion, net such excess amount from any other Obligations then due and owing by Seller to Buyer under this Agreement. With with respect to each Purchased Asset that is any Takeout Commitment with an Agency Takeout LoanAgency, if applicable, (1) with respect to the wire transfer instructions as set forth in Xxxxxxx Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such wire transfer instructions are identical to Buyer’s designated wire instructions or Buyer has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set forth on Xxxxxx Mae Form 1068 (Fixed-Fixed Rate, Graduated-Payment, or Growing-Equity Mortgage Asset Loan Schedule) or Xxxxxx Xxx Form 1069 (Adjustable-Rate Mortgage Asset Loan Schedule), as applicable, is will be identical to the Payee Number that has been identified by Buyer in writing as Buyer’s Payee Number or Buyer has will have previously approved the related Payee Number in writing in its sole discretion. With ; with respect each Purchased Asset that is to any Takeout Commitment with an Early Purchase Program LoanAgency, the applicable Agency agency documents will list Buyer as the sole subscriber of the Related Securitysubscriber, unless otherwise agreed to in writing by Buyer, in Buyer’s sole discretion.

Appears in 1 contract

Samples: Master Repurchase Agreement (Rocket Companies, Inc.)

Takeout Payments. With respect to each Purchased Asset and the portion of each Security related to Purchased Assets subject to a Transaction, in each case that is an Agency subject to a Takeout LoanCommitment, an Early Purchase Program Loan, a Third Party Takeout Loan, or a Security, the Seller shall ensure that the related Takeout Price portion of the purchase price and all other payments under the related such Takeout Commitment to the extent related to Purchased Assets subject to a Transaction or such portion of each Security related to Purchased Assets subject to a Transaction shall be paid directly to Buyer (or its designee) in accordance with the wire instructions designated by Buyer; provided, that in Joint Account Control Agreement or the event that such Takeout Price exceeds an amount equal (i) the Repurchase Price for such Purchased Asset, plus (ii) all Obligations then due and owing by Seller to Buyer under the Joint Securities Account Control Agreement, then Buyer shall immediately remit such excess amount as applicable. Unless subject to Seller; providedthe Joint Account Control Agreement or Joint Securities Account Control Agreement, further, that Buyer may, in its sole discretion, net such excess amount from any other Obligations then due and owing by Seller to Buyer under this Agreement. With with respect to each Purchased Asset that is any Takeout Commitment with an Agency Takeout LoanAgency, if applicable, (1) with respect to the wire transfer instructions as set forth in Xxxxxxx Mac Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such wire transfer instructions are identical to Buyer’s designated wire instructions or Buyer has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set forth on Xxxxxx Mae Xxx Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Asset Loan Schedule) or Xxxxxx Xxx Mae Form 1069 (Adjustable-Rate Mortgage Asset Loan Schedule), as applicable, is will be identical to the Payee Number that has been identified by Buyer in writing as Buyer’s Payee Number or Buyer has will have previously approved the related Payee Number in writing in its sole discretion. With ; with respect each Purchased Asset that is to any Takeout Commitment with an Early Purchase Program LoanAgency, the applicable Agency agency documents will list Buyer as the sole subscriber of the Related Securitysubscriber, unless otherwise agreed to in writing by Buyer, in Buyer’s sole discretion.

Appears in 1 contract

Samples: Master Repurchase Agreement (Rocket Companies, Inc.)

Takeout Payments. With respect to each Purchased Asset and the portion of each Security related to Purchased Assets subject to a Transaction, in each case that is an Agency subject to a Takeout LoanCommitment, an Early Purchase Program Loan, a Third Party Takeout Loan, or a Security, the Seller shall ensure that the related Takeout Price portion of the purchase price and all other payments under the related such Takeout Commitment to the extent related to Purchased Assets subject to a Transaction or such portion of each Security related to Purchased Assets subject to a Transaction shall be paid directly to Buyer Agent for the benefit of Buyers (or its designee) in accordance with the wire instructions designated by Buyer; provided, that in Joint Account Control Agreement or the event that such Takeout Price exceeds an amount equal (i) the Repurchase Price for such Purchased Asset, plus (ii) all Obligations then due and owing by Seller to Buyer under the Joint Securities Account Control Agreement, then Buyer shall immediately remit such excess amount as applicable. Unless subject to Seller; providedthe Joint Account Control Agreement or Joint Securities Account Control Agreement, further, that Buyer may, in its sole discretion, net such excess amount from any other Obligations then due and owing by Seller to Buyer under this Agreement. With with respect to each Purchased Asset that is any Takeout Commitment with an Agency Takeout LoanAgency, if applicable, (1) with respect to the wire transfer instructions as set forth in Xxxxxxx Mac Fredxxx Xxx Form 987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such wire transfer instructions are identical to BuyerAgent’s designated wire instructions or Buyer Agent has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set forth on Xxxxxx Mae Form Fannxx Xxx Xxxm 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Asset Loan Schedule) or Xxxxxx Fannxx Xxx Form Xxxm 1069 (Adjustable-Rate Mortgage Asset Loan Schedule), as applicable, is will be identical to the Payee Number that has been identified by Buyer Agent in writing as BuyerAgent’s Payee Number or Buyer has Agent will have previously approved the related Payee Number in writing in its sole discretion. With ; with respect each Purchased Asset that is to any Takeout Commitment with an Early Purchase Program LoanAgency, the applicable Agency agency documents will list Buyer Agent for the benefit of Buyers as the sole subscriber of the Related Securitysubscriber, unless otherwise agreed to in writing by Agent, in Agent’s sole discretion.

Appears in 1 contract

Samples: Master Repurchase Agreement (Rocket Companies, Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!