Repurchase or Substitution Clause Samples
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Repurchase or Substitution. (a) The Seller hereby agrees to repurchase any Mortgage Loan (i) for which any document is not delivered, as provided in paragraph 3 above, (ii) which is found by the Trustee or the Custodian to be defective in any material respect, as provided in the Pooling and Servicing Agreement, or (iii) which is discovered at any time not to be in conformance with the representations and warranties referred to in paragraph 4 above and which document relating thereto the Seller does not deliver or which defect or breach the Seller does not cure (as provided in paragraph 4 above) within 60 days after the date of notice thereof from the Trustee or the Company, at a price equal to the Repurchase Price. In addition, the Seller hereby agrees to reimburse the Company for any Reimbursement Amount. Alternatively, the Seller hereby agrees, if so requested by the Company to substitute for any such Mortgage Loan, a new mortgage loan having characteristics such that the representations and warranties referred to in paragraph 4 above would not have been incorrect (except for representations and warranties as to the correctness of the Mortgage Loan Schedule) had such substitute mortgage loan originally been a Mortgage Loan. The Seller further agrees that a substituted mortgage loan will have (i) an unpaid principal balance no greater than the Scheduled Principal Balance of the Mortgage Loan for which it is substituted (after giving effect to the scheduled principal payment due in the month of substitution on the Mortgage Loan for which such mortgage loan is substituted) and (ii) a Net Mortgage Interest Rate equal to and a Loan-to-Value Ratio no greater than that of the Mortgage Loan for which it is substituted. The Seller shall remit to the Company, in cash, the difference between the unpaid principal balance of the Mortgage Loan to be substituted and the unpaid principal balance of the substitute mortgage loan.
(b) In the event that the Seller has a right against the originator or former owner of a Mortgage Loan (the "Prior Holder") for breach of a representation or warranty regarding the characteristics of such Mortgage Loan made by the Prior Holder, the Seller may request the Company to repurchase the Mortgage Loan from the Trust Estate pursuant to Section 3.08 of the Pooling and Servicing Agreement and the Seller agrees that at the time of the repurchase by the Company, the Seller will repurchase the Mortgage Loan from the Company at a price equal to the Repurchase Price. At th...
Repurchase or Substitution. Upon discovery by the Seller, the Purchaser, the Trustee or any assignee, transferee or designee of the Trustee of a missing or defective document in the Mortgage File, as provided in Section 2 of this Agreement or the Pooling and Servicing Agreement or a breach of any of the representations and warranties set forth in Section 3 and Section 4 (to the extent provided therein) that materially and adversely affects the value of any Mortgage Loan or the interest therein of the Purchaser or the Purchaser's assignee, the party discovering such breach shall give prompt written notice to the others. Within 90 days after the earlier of the Seller's discovery or receipt of notification of such missing or defective document or breach of a representation and warranty (notwithstanding the Seller's lack of knowledge with respect to the substance of such representation and warranty), the Seller shall promptly cure such breach in all material respects, or in the event such missing or defective document or breach cannot be cured, the Seller shall repurchase the affected Mortgage Loan. Alternatively, the Seller hereby agrees (notwithstanding the Seller's lack of knowledge with respect to the substance of such representation and warranty), if so requested by the Purchaser, to substitute for any such Mortgage Loan, a new mortgage loan having characteristics such that the representations and warranties referred to in Section 3 (to the extent provided therein) or Section 4, as applicable, above would not have been incorrect (except for representations and warranties as to the correctness of the related Mortgage Loan Schedule) had such substitute mortgage loan originally been a Mortgage Loan. The Seller further agrees that a substituted mortgage loan will have on the date of substitution the criteria set forth in the definition of "Substitute Mortgage Loan" in the Pooling and Servicing Agreement and will comply with the substitution provisions of Section 2.02 of the Pooling and Servicing Agreement. The Seller shall remit to the Purchaser, in cash, the difference between the unpaid principal balance of the Mortgage Loan to be substituted and the unpaid principal balance of the substitute mortgage loan. If the breach of the representation set forth in clauses (k) and (o) of Section 3 herein or in clauses (f) and (oo) of Section 4 herein occurs as a result of a violation of an applicable predatory or abusive lending law, the Seller agrees to reimburse the Purchaser for all costs an...
Repurchase or Substitution of Mortgage Loans by the Originators, the Seller or the Depositor; Payment of Prepayment Charges in the event of breach.
(a) Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, the Mortgage File or of the breach by any Originator or the Seller of any representation, warranty or covenant under each Mortgage Loan Purchase Agreement or the Letter Agreement, as applicable, in respect of any Mortgage Loan which materially adversely affects the value of such Mortgage Loan or the interest therein of the Certificateholders (in the case of any such representation or warranty made in each Mortgage Loan Purchase Agreement or the Letter Agreement, as applicable, to the knowledge or the best of knowledge of such Originator or the Seller, as to which such Originator or the Seller has no knowledge, without regard to the Originator's or the Seller's lack of knowledge with respect to the substance of such representation or warranty being inaccurate at the time it was made), the Trustee shall promptly notify the Seller and the related Servicer of such defect, missing document or breach and cause such Originator or Seller, as applicable, to deliver such missing document or cure such defect or breach within 90 days from the date the Originator or Seller, as applicable, was notified of such missing document, defect or breach; provided that such missing document was not previously delivered by the Originator under the applicable Mortgage Loan Purchase Agreement. If such Originator or the Seller, as the case may be, does not deliver such missing document or cure such defect or breach in all material respects during such period, the Trustee shall enforce the obligations of such Originator or the Seller, as applicable, under the related Mortgage Loan Purchase Agreement or the Letter Agreement, as the case may be, to repurchase such Mortgage Loan from the Trust Fund at the Purchase Price within 90 days after the date on which such Originator or the Seller, as applicable, was notified (subject to Section 2.03(d)) of such missing document, defect or breach, if and to the extent that such Originator or the Seller, as applicable, is obligated to do so under the related Mortgage Loan Purchase Agreement or the Letter Agreement, as applicable. In the event that the Originator or the Seller, as the case may be, shall fail to cure the applicable breach or repurchase a Mortgage Loan in accordance with the preceding sentence, the De...
Repurchase or Substitution of Mortgage Loans by the Seller or the Depositor;
Repurchase or Substitution of Mortgage Loans by the Originators, the Seller or the Depositor; Payment of Prepayment Charges in the
Repurchase or Substitution of Mortgage Loans by the Originator, the Seller or the Depositor; Payment of Prepayment Charges in the event of breach.
(a) Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, the Mortgage File or of the breach by the Originator or the Seller of any representation, warranty or covenant under the Mortgage Loan Purchase Agreement in respect of any Mortgage Loan which materially adversely affects the value of such Mortgage Loan or the interest therein of the Certificateholders (in the case of any such representation or warranty made to the knowledge or the best of knowledge of the Originator or the Seller, as to which the Originator or the Seller has no knowledge, without regard to the Originator's or the Seller's lack of knowledge with respect to the substance of such representation or warranty being inaccurate at the time it was made), the Trustee (or a Custodian on behalf of the Trustee) shall promptly notify the Originator or the Seller and the Master Servicer of such defect, missing document or breach and request that the Originator or the Seller, as the case may be, deliver such missing document or cure such defect or breach within 90 days from the date the Originator or the Seller, as the case may be, was notified of such missing
Repurchase or Substitution of Mortgage Loans by the Originator, Bishop's Gate, the Seller or the Depositor.
(a) Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File or of the breach by the Originator, Bishop's Gate or the Seller of any r▇▇▇▇▇▇▇▇ation, warranty or covenant under the Mortgage Loan Purchase Agreement in respect of any Mortgage Loan which materially adversely affects the value of such Mortgage Loan or the interest therein of the Certificateholders, the Trustee shall promptly notify the Originator or Bishop's Gate, as the case may be, a▇▇ ▇▇▇ ▇eller and the Master Servicer of such defect, missing document or breach and request that the Originator, Bishop's Gate or the Seller, as the ▇▇▇▇ ▇▇▇ be, deliver such missing document or cure such defect or breach within 60 days from the date the Originator, Bishop's Gate or the Seller, as the ▇▇▇▇ ▇▇▇ be, was notified of such missing document, defect or breach, and if the Originator, Bishop's Gate or the Seller, as the ▇▇▇▇ ▇▇▇ be, does not deliver such missing document or cure such defect or breach in all material respects during such period, the Master Servicer (or, in accordance with Section 3.02(b), the Trustee) shall enforce the obligations of the Originator, Bishop's Gate or the Seller, as the ▇▇▇▇ ▇▇▇ be, under the Mortgage Loan Purchase Agreement to repurchase such Mortgage Loan from REMIC I at the Purchase Price within 60 days after the date on which the Originator, Bishop's Gate or the Seller, as the ▇▇▇▇ ▇▇▇ be, was notified (subject to Section 2.03(e)) of such missing document, defect or breach, if and to the extent that the Originator, Bishop's Gate or the Seller, as the ▇▇▇▇ ▇▇▇ be, is obligated to do so under the Mortgage Loan Purchase Agreement. The Purchase Price for the repurchased Mortgage Loan shall be deposited in the Collection Account, and the Trustee, upon receipt of written certification from the Master Servicer of such deposit, shall release to the Originator, Bishop's Gate or the Seller, as the ▇▇▇▇ ▇▇▇ be, the related Mortgage File and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Originator, Bishop's Gate or the Seller, as the ▇▇▇▇ ▇▇▇ be, shall furnish to it and as shall be necessary to vest in the Originator, Bishop's Gate or the Seller, as the ▇▇▇▇ ▇▇▇ be, any Mortgage Loan released pursuant hereto, and the Trustee shall have no further responsibility with regard...
Repurchase or Substitution. Upon discovery by the Seller, the Purchaser, the Trustee or any assignee, transferee or designee of the Trustee of a missing or defective document in the Mortgage File, as provided in Section 2 of this Agreement or the Pooling and Servicing Agreement or a breach of any of the representations and warranties set forth in Section 3 and Section 4 (to the extent provided therein) that materially and adversely affects the value of any Mortgage Loan or the interest therein of the Purchaser or the Purchaser's assignee, the party discovering such breach shall give prompt written notice to the others. Within 90 days after the earlier of the Seller's discovery or receipt of notification of such missing or defective document or breach of a representation and warranty (notwithstanding the Seller's lack of knowledge with respect to the substance of such representation and warranty), the Seller shall promptly cure such breach in all material respects, or in the event such missing or defective document or breach cannot be cured, the Seller shall repurchase the
Repurchase or Substitution. The representations and warranties with respect to the Ownit Mortgage Loans in the Ownit Sale Agreement were made by Ownit as of March 9, 2005 and March 17, 2005, with respect to approximately 19.19% and 1.68% of the Mortgage Loans, respectively. The representations and warranties with respect to the WMC Mortgage Loans in the WMC Sale Agreement were made by WMC as of June 27, 2005 with respect to approximately 79.14% of the Mortgage Loans. The Seller's right, title and interest in such representations and warranties and the remedies in connection therewith have been assigned to the Purchaser pursuant to the Ownit AAR and the WMC AAR; provided, however, the Seller has retained it remedies under the Ownit Sale Agreement and the WMC Sale Agreement with respect to the Mortgage Loans solely to the extent Ownit or WMC fail to perform their obligations thereunder and the Seller is contractually obligated to perform such obligations. To the extent that any fact, condition or event with respect to a WMC Mortgage Loan constitutes a breach of both (i) a representation or warranty of WMC under the WMC Sale Agreement and (ii) a representation or warranty of the Seller under this Agreement (other than Sections 3.01(k) and 3.01(s) above), the only right or remedy of the Purchaser shall be the right to enforce the obligations of WMC under any applicable representation or warranty made by it. The Purchaser acknowledges and agrees that the representations and warranties of the Seller in Section 3.01 are applicable only to facts, conditions or events that do not constitute a breach of any representation or warranty made by the WMC in the WMC Sale Agreement. The Seller shall have no obligation or liability with respect to any breach of a representation or warranty made by it with respect to the WMC Mortgage Loans (other than the representations made in Sections 3.01(k) and 3.01(s) above) if the fact, condition or event constituting such breach also constitutes a breach of a representation or warranty made by WMC in the WMC Sale Agreement, without regard to whether WMC fulfills its contractual obligations in respect of such representation or warranty. To the extent that any fact, condition or event with respect to an Ownit Mortgage Loan constitutes a breach of both (i) a representation or warranty of Ownit under the Ownit Sale Agreement and (ii) a representation or warranty of the Seller under this Agreement (other than Sections 3.02(g) and 3.02(n) above), the Seller shall hav...