Common use of Underpayment Options Clause in Contracts

Underpayment Options. (a) The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for documenting any election by a Borrower to exercise an Underpayment Option with respect to any relevant Loan. (b) The Seller shall notify (by a notice in the form of Schedule 9 (Further Advance, Product Switch and/or Underpayment Option Notice) hereto) the Issuer on the Monthly Pool Date following the Monthly Period in which any Underpayment Option was made of any such Underpayment Options made during the previous Monthly Period. This notice can be combined with the notice specified in Clause 5.1(f) and/or Clause 5.2(d) above. (c) In the event that an Underpayment Option which is a Tested Underpayment Option is made in respect of any relevant Loan in the Portfolio under the terms of this Clause 5.3, the relevant Loan in respect of which an Underpayment Option is made will remain in the Portfolio provided that it satisfies the Asset Conditions. (d) If the Servicer determines on the Monthly Test Date immediately following the Monthly Period in which a Tested Underpayment Option was made that any of the relevant Asset Conditions have not been met as at the last day of the Monthly Period in which such Tested Underpayment Option was made (or such breach was subsequently discovered in respect of such date) then the Seller will have an obligation to remedy such breach within ninety (90) days after receiving written notice of such breach from the Servicer and if such breach is not capable of remedy, or, if capable of remedy, is not remedied within the ninety (90) day period, the relevant Loan and its Related Security must be repurchased by the Seller at its then Current Balance on the day before the Monthly Pool Date immediately following the receipt of a Loan Repurchase Notice in accordance with Clause 9 (Warranties and Repurchase by the Seller) below.

Underpayment Options. (a) The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for documenting any election by a Borrower to exercise an Underpayment Option with respect to any relevant Loan. (b) The Seller shall notify (by a notice in the form of Schedule 9 7 (Further Advance, Product Switch and/or Underpayment Option Notice) hereto) the Issuer on the Monthly Pool Date following the Monthly Period in which any Underpayment Option was made of any such Underpayment Options made during the previous Monthly Period. This notice can be combined with the notice specified in Clause 5.1(f4.1(f) and/or Clause 5.2(d4.2(d) above. (c) In the event that an Underpayment Option which is a Tested Underpayment Option is made in respect of any relevant Loan in the Portfolio under the terms of this Clause 5.34.3, the relevant Loan in respect of which an Underpayment Option is made will remain in the Portfolio provided that it satisfies the Asset Conditions. (d) If the Servicer determines on the Monthly Test Date immediately following the Monthly Period in which a Tested Underpayment Option was made that any of the relevant Asset Conditions have not been met as at the last day of the Monthly Period in which such Tested Underpayment Option was made (or such breach was subsequently discovered in respect of such date) then the Seller will have an obligation to remedy such breach within ninety (90) days after receiving written notice of such breach from the Servicer and if such breach is not capable of remedy, or, if capable of remedy, is not remedied within the ninety (90) day period, the relevant Loan and its Related Security must be repurchased by the Seller at its then Current Balance on the day before the Monthly Pool Date immediately following the receipt of a Loan Repurchase Notice in accordance with Clause 9 8 (Warranties and Repurchase by the Seller) below.

Underpayment Options. (a) The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for documenting any election by a Borrower to exercise an Underpayment Option with respect to any relevant Loan. (b) The Seller shall notify (by a notice in the form of Schedule 9 7 (Further Advance, Product Switch and/or Underpayment Option Notice) hereto) the Issuer on the Monthly Pool Date following the Monthly Period in which any Underpayment Option was made of any such Underpayment Options made during the previous Monthly Period. This notice can be combined with the notice specified in Clause 5.1(f) and/or Clause 5.2(d) above. (c) In the event that an Underpayment Option which is a Tested Underpayment Option is made in respect of any relevant Loan in the Portfolio under the terms of this Clause 5.3, the relevant Loan in respect of which an Underpayment Option is made will remain in the Portfolio provided that it satisfies the Asset Conditions. (d) If the Servicer determines on the Monthly Test Date immediately following the Monthly Period in which a Tested Underpayment Option was made that any of the relevant Asset Conditions have not been met as at the last day of the Monthly Period in which such Tested Underpayment Option was made (or such breach was subsequently discovered in respect of such date) then the Seller will have an obligation to remedy such breach within ninety (90) days after receiving written notice of such breach from the Servicer and if such breach is not capable of remedy, or, if capable of remedy, is not remedied within the ninety (90) day period, the relevant Loan and its Related Security must be repurchased by the Seller at its then Current Balance on the day before the Monthly Pool Date immediately following the receipt of a Loan Repurchase Notice in accordance with Clause 9 (Warranties and Repurchase by the Seller) below.

Underpayment Options. (a) The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for documenting any election by a Borrower to exercise an Underpayment Option with respect to any relevant Loan. (b) The Seller shall notify (by a notice in the form of Schedule 9 10 (Further Advance, Product Switch and/or Underpayment Option Notice) hereto) the Issuer on the Monthly Pool Date following the Monthly Period in which any Underpayment Option was made of any such Underpayment Options made during the previous Monthly Period. This notice can be combined with the notice specified in Clause 5.1(f4.1(f) and/or Clause 5.2(d4.2(d) above. (c) In the event that an Underpayment Option which is a Tested Underpayment Option is made in respect of any relevant Loan in the Portfolio under the terms of this Clause 5.34.3, the relevant Loan in respect of which an Underpayment Option is made will remain in the Portfolio provided that it satisfies the Asset Conditions. (d) If the Servicer determines on the Monthly Test Date immediately following the Monthly Period in which a Tested Underpayment Option was made that any of the relevant Asset Conditions have not been met as at the last day of the Monthly Period in which such Tested Underpayment Option was made (or such breach was subsequently discovered in respect of such date) then the Seller will have an obligation to remedy such breach within ninety (90) days after receiving written notice of such breach from the Servicer and if such breach is not capable of remedy, or, if capable of remedy, is not remedied within the ninety (90) day period, the relevant Loan and its Related Security must be repurchased by the Seller at its then Current Balance on the day before the Monthly Pool Date immediately following the receipt of a Loan Repurchase Notice in accordance with Clause 9 8 (Warranties and Repurchase by the Seller) below.

Underpayment Options. (a) The Seller undertakes to the Issuer that it is and shall at all times remain solely responsible for documenting any election by a Borrower to exercise an Underpayment Option with respect to any relevant Loan. (b) The Seller shall notify (by a notice in the form of Schedule 9 (Further Advance, Product Switch and/or Underpayment Option Notice) hereto) the Issuer on the Monthly Pool Date following the Monthly Period in which any Underpayment Option was made of any such Underpayment Options made during the previous Monthly Period. This notice can be combined with the notice specified in Clause 5.1(f) and/or Clause 5.2(d) above. (c) In the event that an Underpayment Option which is a Tested Underpayment Option is made in respect of any relevant Loan in the Portfolio under the terms of this Clause 5.3, the relevant Loan in respect of which an Underpayment Option is made will remain in the Portfolio provided that it satisfies the Asset Conditions. (d) If the Servicer determines on the Monthly Test Date immediately following the Monthly Period in which a Tested Underpayment Option was made that any of the relevant Asset Conditions have not been met as at the last day of the Monthly Period in which such Tested Underpayment Option was w as made (or such breach was subsequently discovered in respect of such date) then the Seller will have an obligation to remedy such breach within ninety (90) days after receiving written notice of such breach from the Servicer and if such breach is not capable of remedy, or, if capable of remedy, is not remedied within the ninety (90) day period, the relevant Loan and its Related Security must be repurchased by the Seller at its then Current Balance on the day before the Monthly Pool Date immediately following the receipt of a Loan Repurchase Notice in accordance with Clause 9 (Warranties and Repurchase by the Seller) below.