Common use of Cure or Repurchase Clause in Contracts

Cure or Repurchase. Within sixty (60) days from the earlier of either discovery by or notice to Greenpoint of a breach of a representation or warranty that materially and adversely affects the value of a Mortgage Loan or the Mortgage Loans, Greenpoint shall use its best efforts to cure such breach in all material respects, and, if such breach cannot be cured, Greenpoint shall, at the Purchaser's option, repurchase such Mortgage Loan at the Repurchase Price. Notwithstanding anything to the contrary herein, a breach of any one of the representations and warranties set forth in clauses (ee), (rr), (ss), (uu), (vv), (hhh), (kkk), (lll), (nnn), (ooo), (ppp) and (qqq) in Subsection 3.02 shall be deemed to materially and adversely affect the value of the related Mortgage Loans and not be curable and, within sixty (60) days of the earlier of either discovery by or notice to Greenpoint, as the case may be, of such breach, Greenpoint shall repurchase such Mortgage Loan at the Repurchase Price. In the event that a breach shall involve any representation or warranty set forth in Section 3.01 and such breach cannot be cured within sixty (60) days of the earlier of either discovery by or notice to Greenpoint of such breach, Greenpoint shall repurchase such of the Mortgage Loans as shall be necessary to cure such breach at the Repurchase Price.

Cure or Repurchase. Within sixty (60) days from the earlier of either discovery by or notice to Greenpoint GreenPoint of a breach of a representation or warranty that materially and adversely affects the value of a Mortgage Loan or the Mortgage Loans, Greenpoint GreenPoint shall use its best efforts to cure such breach in all material respects, and, if such breach cannot be cured, Greenpoint GreenPoint shall, at the Purchaser's option, repurchase such Mortgage Loan at the Repurchase Price. Notwithstanding anything to the contrary herein, a breach of any one of the representations and warranties set forth in clauses (ee), (rr), (ss), (tt), (uu), (vv), (hhh), (kkk), (lll), (nnn), (ooo), (ppp) and (qqq) in Subsection 3.02 shall be deemed to materially and adversely affect the value of the related Mortgage Loans and not be curable and, within sixty (60) days of the earlier of either discovery by or notice to GreenpointGreenPoint, as the case may be, of such breach, Greenpoint GreenPoint shall repurchase such Mortgage Loan at the Repurchase Price. In the event that a breach shall involve any representation or warranty set forth in Section 3.01 and such breach cannot be cured within sixty (60) days of the earlier of either discovery by or notice to Greenpoint GreenPoint of such breach, Greenpoint GreenPoint shall repurchase such of the Mortgage Loans as shall be necessary to cure such breach at the Repurchase Price.