Enforcement of Obligations for Breach of Mortgage Loan Representations. Upon discovery by any of the parties hereto of a breach of a representation or warranty made by the Sponsor pursuant to the Representations and Warranties Agreement, the party discovering such breach shall give prompt written notice thereof to the other parties to this Agreement and the Sponsor. The Trustee shall pursue all legal remedies available to the Trustee with respect to such breach under the Representations and Warranties Agreement, as may be necessary or appropriate to enforce the rights of the Trust with respect thereto, if the Trustee has received written notice from the Depositor directing the Trustee to pursue such remedies.
Enforcement of Obligations for Breach of Mortgage Loan Representations. Upon discovery by any of the parties hereto of a breach of a representation or warranty made by the Purchaser or WMC pursuant to the Underlying Agreements, the party discovering such breach shall give prompt written notice thereof to the other parties to this Agreement, WMC and/or the Purchaser, as applicable. The Trustee shall take such action with respect to such breach under the Underlying Agreements as may be necessary or appropriate to enforce the rights of the Trust with respect thereto.
Enforcement of Obligations for Breach of Mortgage Loan Representations. Upon discovery by any of the parties hereto of a breach of a representation or warranty made by the Responsible Party or the Sponsor pursuant to this Agreement or the Representations and Warranties Agreement, as applicable, the party discovering such breach shall give prompt written notice thereof to the other parties to this Agreement and the Sponsor, as applicable. The Trustee shall take such action, with the Depositor's consent, with respect to such breach under this Agreement or the Representations and Warranties Agreement, as applicable, as may be necessary or appropriate to enforce the rights of the Trust with respect thereto. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund, and the Trustee shall be entitled to be reimbursed therefor out of the Collection Account.
Enforcement of Obligations for Breach of Mortgage Loan Representations. Upon discovery by any of the parties hereto of a breach of a representation or warranty made by Aames pursuant to the Aames Assignment Agreement, Fremont pursuant to the Fremont Assignment Agreement, Impac pursuant to the Impac Assignment Agreement, Meritage pursuant to the Meritage Assignment Agreement or the Sponsor pursuant to the Representations and Warranties Agreement, the party discovering such breach shall give prompt written notice thereof to the other parties to this Agreement and Aames, Fremont, Impac, Meritage or the Sponsor, as applicable. The Trustee shall take such action, with the Depositor's consent, with respect to such breach under the applicable Assignment Agreement or the Representations and Warranties Agreement, as applicable, as may be necessary or appropriate to enforce the rights of the Trust with respect thereto. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund, and the Trustee shall be entitled to be reimbursed therefor out of the Collection Account.
Enforcement of Obligations for Breach of Mortgage Loan Representations. Upon discovery by any of the parties hereto of a breach of a representation or warranty made by First Horizon pursuant to the First Horizon Assignment Agreement, NovaStar pursuant to the NovaStar Assignment Agreement, Decision One pursuant to the Decision One Assignment Agreement or the Sponsor pursuant to the Representations and Warranties Agreement, the party discovering such breach shall give prompt written notice thereof to the other parties to this Agreement and First Horizon, NovaStar, Decision One or the Sponsor, as applicable. The Trustee shall take such action, with the Depositor's consent, with respect to such breach under the applicable Assignment Agreement or the Representations and Warranties Agreement, as applicable, as may be necessary or appropriate to enforce the rights of the Trust with respect thereto. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund, and the Trustee shall be entitled to be reimbursed therefor out of the Collection Account.
Enforcement of Obligations for Breach of Mortgage Loan Representations. Upon discovery by any of the parties hereto of a breach of a representation or warranty made by Barclays Bank PLC pursuant to the Barclays Representation Agreement, the party discovering such breach shall give prompt written notice thereof to the other parties to this Agreement and Barclays Bank PLC, as applicable. If the Trustee has received written notice from the Depositor of such breach under the Barclays Representation Agreement specifying action to be taken by the Trustee, the Trustee shall pursue all legal remedies available to the Trustee to enforce the rights of the Trust under the Barclays Representation Agreement with respect to such breach as directed by the Depositor. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund, and the Trustee shall be entitled to be reimbursed therefor out of the Collection Account.
Enforcement of Obligations for Breach of Mortgage Loan Representations. Upon discovery by any of the parties hereto of a breach of a representation or warranty made by EquiFirst pursuant to the EquiFirst Agreements, Fremont pursuant to the Fremont Agreements or the Purchaser pursuant to the Representations and Warranties Agreement, the party discovering such breach shall give prompt written notice thereof to the other parties to this Agreement EquiFirst, Fremont or the Purchaser, as applicable. The Trustee shall take such action with respect to such breach under the EquiFirst Agreements, the Fremont Agreements or the Representations and Warranties Agreement, as applicable, as may be necessary or appropriate to enforce the rights of the Trust with respect thereto.
Enforcement of Obligations for Breach of Mortgage Loan Representations. Upon discovery by any of the parties hereto of a breach of a representation or warranty made by an Original Loan Seller or Barclays Bank PLC pursuant to the EquiFirst Agreements or the Barclays Representation Agreement, respectively, the party discovering such breach shall give prompt written notice thereof to the other parties to this Agreement and the applicable Original Loan Seller or Barclays Bank PLC, as applicable. If the Trustee has received written notice from the Depositor of such breach under the EquiFirst Agreements or the Barclays Representation Agreement specifying action to be taken by the Trustee, the Trustee shall pursue all legal remedies available to the Trustee to enforce the rights of the Trust under the EquiFirst Agreements or the Barclays Representation Agreement with respect to such breach as directed by the Depositor. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund, and the Trustee shall be entitled to be reimbursed therefor out of the Collection Account.
Enforcement of Obligations for Breach of Mortgage Loan Representations. Upon discovery by any of the parties hereto of a breach of a representation or warranty made by MSMC pursuant to the Representations and Warranties Agreement, the party discovering such breach shall give prompt written notice thereof to the other parties to this Agreement and MSMC. The Trustee shall pursue all legal remedies available to the Trustee with respect to such breach under the Representations and Warranties Agreement, as may be necessary or appropriate to enforce the rights of the Trust with respect thereto, if the Trustee has received written notice from the Depositor directing the Trustee to pursue such remedies.
Enforcement of Obligations for Breach of Mortgage Loan Representations. Upon discovery by any of the parties hereto of a breach of a representation or warranty made by the Sponsor pursuant to the Representations and Warranties Agreement, the party discovering such breach shall give prompt written notice thereof to the other parties to this Agreement and the Sponsor. The Securities Administrator shall pursue all legal remedies available to the Securities Administrator with respect to such breach under the Representations and Warranties Agreement, as may be necessary or appropriate to enforce the rights of the Trust with respect thereto, if the Securities Administrator has received written notice and instruction from the Depositor directing the Securities Administrator to pursue such remedies.
