Examples of Defective Loan in a sentence
If the Initial Member repurchases a Defective Loan, the Company shall have no further or additional rights to, and shall be deemed to have released the Initial Member from any obligation to provide, any additional or different remedy with respect to such Defective Loan, even if a Defect other than the one specified in the Defect Notice is subsequently identified.
Within a reasonable period of time following the receipt by the Initial Member of the Defect Notice and all additional information that the Initial Member may have requested pursuant to Section 6.03, the Initial Member will notify the Company as to whether the request for a Remedy with respect to a Defective Loan has been accepted or rejected and, if accepted, the Remedy that the Initial Member expects to provide and the expected timing for such Remedy.
In the event a Defect is discovered with respect to any Loan (a “Defective Loan”), then, subject to the terms and conditions of this Article VI, the Initial Member shall, at the Initial Member’s sole option, either (i) cure the Defect (which may include, among other things, a purchase price adjustment), if the Initial Member determines that the Defect is curable using commercially reasonable means, or (ii) repurchase the Defective Loan at the Repurchase Price (each, a “Remedy”).
The Company shall notify the Initial Member of each Defective Loan with respect to which the Company seeks a Remedy under Section 6.01 promptly upon discovery of the Defect, but in any event no later than ten (10) Business Days after the end of the month in which such discovery is made.
Upon receipt by the Purchaser of a Xxxxxx Mae Repurchase Notice by Xxxxxx Xxx indicating that any Reverse Mortgage Loan is a Mandatory Repurchased Loan, Xxxxxx Mae Defective Loan or Collateral Deficient Loan and requiring repurchase of such Reverse Mortgage Loan, the Purchaser shall give prompt written notice thereof to the Seller.