Common use of Discovery of Breach Clause in Contracts

Discovery of Breach. It is understood and agreed that the representations and warranties (i) set forth in Section 2.03, (ii) of Xxxxxx Capital set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by either the Depositor, the Master Servicer, the Trustee or the Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee or the Certificate Insurer by the Depositor or given by Xxxxxx Capital and assigned to the Trustee, the Depositor or Xxxxxx Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee may enforce its rights under the applicable Transfer Agreement for the benefit of Certificateholders. Section 2.05.

Discovery of Breach. It is understood and agreed that the representations and warranties (i) set forth in Section 2.03, (ii) of Xxxxxx Capital set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferorthe Transferor and the Servicer, assigned by Xxxxxx Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder hereunder, shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by either any of the Depositor, the Master Servicer, or the Trustee or the Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee or the Certificate Insurer by the Depositor or given by Xxxxxx Capital and assigned to the Trustee, the Depositor or Xxxxxx Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee may shall enforce its rights under the applicable Transfer Agreement for the benefit of Certificateholders. Section 2.05.

Discovery of Breach. It is understood and agreed that the representations and warranties (i) set forth in Section 2.03, (ii) of Xxxxxx Capital set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each TransferorTransferor and each Servicer, assigned by Xxxxxx Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by either the Depositor, the Master Servicer, Servicer or the Trustee or the Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee or the Certificate Insurer by the Depositor or given by Xxxxxx Capital and assigned to the Trustee, the Depositor or Xxxxxx Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee may shall enforce its rights under the applicable Transfer Agreement for the benefit of Certificateholders. Section 2.05.

Discovery of Breach. It is understood and agreed that the representations and warranties (i) set forth in Section 2.03, (ii) of Xxxxxx Capital set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by either the Depositor, the Master Servicer, Servicer or the Trustee or the Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee or the Certificate Insurer by the Depositor or given by Xxxxxx Capital and assigned to the Trustee, the Depositor or Xxxxxx Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee may shall enforce its rights under the applicable Transfer Agreement for the benefit of Certificateholders. Section 2.05.

Discovery of Breach. It is understood and agreed that the representations and warranties (i) set forth in Section 2.03, (ii) of Xxxxxx Capital set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by either the Depositor, the Master Servicer, Servicer or the Trustee or the Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee or the Certificate Insurer by the Depositor or given by Xxxxxx Capital and assigned to the Trustee, the Depositor or Xxxxxx Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee may enforce its rights under the applicable Transfer Agreement for the benefit of Certificateholders. Section 2.05.

Discovery of Breach. It is understood and agreed that ------------------- the representations and warranties (i) set forth in Section 2.03, (ii) of Xxxxxx Capital the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each TransferorTransferor and each Servicer, assigned by Xxxxxx Capital the Seller to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by either the Depositor, the Master Servicer, Servicer or the Trustee or the Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee or the Certificate Insurer by the Depositor or given by Xxxxxx Capital the Seller and assigned to the Trustee, the Depositor or Xxxxxx Capitalthe Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee may shall enforce its rights under the applicable Transfer Agreement for the benefit of Certificateholders. Section 2.05.

Discovery of Breach. It is understood and agreed that the representations and warranties (i) set forth in Section 2.03, 3.01 and (ii) of Xxxxxx Capital the Seller set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee Issuer by the Depositor hereunder and (iii) of each Transferor, assigned shall be pledged by Xxxxxx Capital the Issuer to the Depositor pursuant to Indenture Trustee under the Mortgage Loan Sale Agreement Indenture and assigned to the Trustee by the Depositor hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan or Reserve Fund Mortgage Asset to the Indenture Trustee and shall continue throughout the term of this Agreement. Upon discovery by either any of the Depositor, the Master Servicer, the Trustee Servicer or the Certificate Insurer Indenture Trustee of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage LoanLoan or Reserve Fund Mortgage Asset, the party discovering such breach shall give prompt written notice to the other parties. Within 90 45 days of the discovery of a breach of any representation or warranty given to the Trustee or the Certificate Insurer Issuer by the Depositor or given by Xxxxxx Capital the Seller and assigned to the Indenture Trustee, the Depositor or Xxxxxx Capitalthe Seller, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or Reserve Fund Mortgage Asset or any property acquired in respect thereof from the Trustee Issuer at the Purchase Price or (c) with respect to the Mortgage Loans, within the two two-year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee may enforce its rights under the applicable Transfer Agreement for the benefit of Certificateholders. Section 2.05.

Discovery of Breach. It is understood and agreed that the ------------------- representations and warranties (i) set forth in Section 2.03, (ii) of Xxxxxx Capital set forth in the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by Xxxxxx Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor hereunder shall each survive delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout the term of this Agreement. Upon discovery by either the Depositor, the Master Servicer, Servicer or the Trustee or the Certificate Insurer of a breach of any of such representations and warranties that adversely and materially affects the value of the related Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. Within 90 days of the discovery of a breach of any representation or warranty given to the Trustee or the Certificate Insurer by the Depositor or given by Xxxxxx Capital and assigned to the Trustee, the Depositor or Xxxxxx Capital, as applicable, shall either (a) cure such breach in all material respects, (b) repurchase such Mortgage Loan or any property acquired in respect thereof from the Trustee at the Purchase Price or (c) within the two year period following the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event of discovery of a breach of any representation and warranty of any Transferor assigned to the Trustee, the Trustee may enforce its rights under the applicable Transfer Agreement for the benefit of Certificateholders. Section 2.05.