Mandatory Early Repurchase Event definition

Mandatory Early Repurchase Event means, with respect to any Purchased Loan, the occurrence of any of the following:

Mandatory Early Repurchase Event means, one or more of the following with respect to any Purchased Asset, in each case as determined by Buyer in its sole discretion: (a) a monetary or material non-monetary event of default has occurred and is continuing beyond any applicable notice and cure period under the related Purchased Asset Documents, without regard to any waivers or modifications of, or amendments to, the related loan documents or other asset documentation, other than those that were (x) disclosed in writing to Buyer prior to the Purchase Date of the related Purchased Asset, or (y) consented to in writing by Buyer in accordance with the terms of this Agreement, or (z) waivers of de minimis fees or costs of less than $25,000 or related to de minimis reallocations of reserves, (b) a material breach of the applicable representations and warranties set forth on Exhibit V hereto (except as disclosed in a Requested Exceptions Report and as approved by Buyer in writing), (c) as to which an Act of Insolvency shall have occurred with respect to the related Mortgagor, sponsor or guarantor with respect to such Purchased Asset, (d) where any mortgagor, participant or co-lender having an interest in such Purchased Asset or any related Underlying Mortgaged Property that is senior to, or pari passu with, in right of payment or priority with the rights of Buyer in such Purchased Asset shall be delinquent beyond any applicable cure period in the payment of amounts due under the related loan documents, (e) as to which an Act of Insolvency has occurred with respect to any mortgagee, participant, co-lender having an interest in such Purchased Asset or any related Underlying Mortgaged Property that is senior to, or pari passu with, the rights of Buyer in such Purchased Asset, (f) the related Purchased Asset File or any portion thereof is subject to a continuing Delivery Failure or has been released from the possession of Custodian under the Custodial Agreement to anyone other than Buyer or any Affiliate of Buyer except in accordance with the terms of the Custodial Agreement, (g) such Purchased Asset has gone into special servicing, however so defined in any applicable servicing, or pooling and servicing, agreement related to a securitization or similar transaction, or (h) such Purchased Asset fails to qualify for “safe harbor” treatment as described in Article 23; provided that with respect to any Mezzanine Loan, in addition to the foregoing, a Mandatory Early Repurchase Event with respect to such Mez...

Mandatory Early Repurchase Event means, with respect to any Purchased Asset (a) such Purchased Asset is subject to a material breach of a representation and warranty set forth in Exhibit X hereto, as determined by Buyer, in its sole discretion exercised in good faith (except to the extent disclosed in a Requested Exceptions Report and approved by Buyer in writing), (b) in respect of which the complete Purchased Asset File has not been delivered to the Custodian in accordance with the terms of the Custodial Agreement (except to the extent disclosed in a Trust Receipt issued by the Custodian on or prior to the Purchase Date), (c) such Purchased Asset has been released from the possession of the Custodian under the Custodial Agreement to the Seller for a period in excess of the time period permitted under the Custodial Agreement, (d) a Purchased Asset Event of Default exists with respect to such Purchased Asset, (e) such Purchased Asset has not been repurchased on the applicable Repurchase Date or (f) the failure of any Purchased Asset to qualify for safe harbor treatment as contemplated in Article 21.

Examples of Mandatory Early Repurchase Event in a sentence

• Seller shall promptly, and in any event not later than two (2) Business Days after obtaining Knowledge thereof, notify Buyer of any Mandatory Early Repurchase Event that has occurred, which notice to Buyer shall state the details of such Mandatory Early Repurchase Event including the related Purchased Assets for which such Mandatory Early Repurchase Event has occurred and whether such Mandatory Early Repurchase Event is continuing.

• With respect to any Purchased Asset as to which a Mandatory Early Repurchase Event has occurred and is continuing, within five (5) Business Days after receipt of written notice from Buyer instructing a mandatory early repurchase with respect to such Purchased Asset, Seller shall be required to terminate the relevant Transaction and repurchase such Purchased Asset and pay to Buyer cash in an amount equal to the Repurchase Price for such Purchased Asset.

• The foregoing forbearance shall not apply to any Mandatory Early Repurchase Event (other than a Default Mandatory Early Event or an Other Mandatory Early Repurchase Event) that gives Purchaser the right to require a Mandatory Early Repurchase pursuant to Article 3(f)(ii) of the Repurchase Agreement.

• With respect to any Purchased Asset, within five (5) Business Days after receipt of written notice from Buyer instructing a mandatory early repurchase with respect to any Purchased Asset as to which a Mandatory Early Repurchase Event has occurred and is continuing, Seller shall be required to terminate the relevant Transaction and repurchase such Purchased Asset and pay to Buyer cash in an amount equal to the Repurchase Price for such Purchased Asset.

• With respect to any Purchased Asset, two (2) Business Days after receipt of written notice from Purchaser or Seller that a Mandatory Early Repurchase Event has occurred and is continuing with respect to a Purchased Asset, Seller shall be required to terminate the relevant Transaction and repurchase such Purchased Asset and pay to Purchaser cash in an amount equal to the Repurchase Price for such Purchased Asset.

More Definitions of Mandatory Early Repurchase Event

Mandatory Early Repurchase Event means, one or more of the following with respect to any Purchased Asset: (i) a monetary “event of default” under any Purchased Asset beyond any applicable notice and cure period; (ii) any material non-monetary event of default beyond any applicable cure periods under any Purchased Asset Documents; (iii) breach of any representation contained in Article 9(b)(x), as determined by Administrative Agent, on behalf of Buyers, in its sole reasonable discretion LEGAL_US_E # 160815361.8 (except as disclosed in a Requested Exceptions Report and as approved by Administrative Agent in writing); (iv) an Act of Insolvency has occurred with respect to the related Mortgagor or guarantor under such Purchased Asset (subject to any typical grace and cure periods for “insolvency events” contained in the Purchased Asset Documents); (v) Seller’s failure to repurchase any Purchased Asset on the applicable Repurchase Date; (vi) Seller (or any of its Affiliates) shall fail to satisfy any of its material obligations under such Purchased Asset Documents beyond any applicable cure periods; (vii) any participant or co- lender under any related loan pari passu with or senior to such Purchased Asset or the Underlying Mortgaged Property shall be delinquent in the payment of amounts due under the related loan documents;

Mandatory Early Repurchase Event means, with respect to any Purchased Asset, and in the case of any Senior Interest or Mezzanine Loan, any related Whole Loan, as applicable,

Mandatory Early Repurchase Event means, with respect to any Purchased Asset, and in the case of any Senior Interest or Mezzanine Loan, any related Whole Loan, as applicable, (a) such Purchased Asset is subject to a payment default at maturity or is delinquent (beyond any applicable notice and cure periods) in the payment of any other scheduled principal or interest payable (other than a payment at maturity) under the terms of the related Purchased Asset Documents, (b) other than with respect to a Xxxx to Market Representation, such Purchased Asset is subject to a material breach of a representation and warranty set forth in Exhibit X hereto, as determined by Buyer, in its sole discretion that has not been cured (except to the extent disclosed in a Requested Exceptions Report and approved by Buyer in writing as evidenced by Buyer’s execution of a Confirmation), (c) an Act of Insolvency shall have occurred with respect to the related Mortgagor or guarantor, (d) any other material Purchased Asset Event of Default exists with respect to such Purchased Asset or (e) Seller fails to purchase any Related Purchased Asset simultaneously with the repurchase of any Purchased Asset.

Mandatory Early Repurchase Event means, with respect to any Purchased Asset, such Purchased Asset is subject to a breach of a representation and warranty set forth in Exhibit XII-A or Exhibit XII-B hereto, as determined by Purchaser, in its sole discretion (except to the extent disclosed in a Requested Exceptions Report and approved by Purchaser in writing).

Mandatory Early Repurchase Event. With respect to any Purchased Asset, the determination by Buyer that any of the following events or any substantially similar occurrence or condition has occurred:

Mandatory Early Repurchase Event in Article 2 of the Master Repurchase Agreement is hereby further modified by inserting the following sentence at the end of such defined term: “With respect to any Participation Interest, in addition to the foregoing, a Mandatory Early Repurchase Event shall be deemed to have occurred to the extent a Mandatory Early Repurchase Event shall have occurred with respect to the related Underlying Mortgage Loan as described in this definition.”

Mandatory Early Repurchase Event in Article 2 of the Master Repurchase Agreement is hereby modified by: (1) deleting the colon immediately before clause (i) thereof, and replacing it with the phrase “ or, in the case of a Purchased Asset that is a Participation Interest, with respect to the related Mortgage Loan:”;