Minimal Balances. On any Payment Date, Seller may elect to repurchase all of the Loans then owned by the Buyer for their aggregate Principal Balance, if as of such Payment Date the aggregate Principal Balance of all such Loans is less than ten percent (10%) of the aggregate total of all of the Principal Balances of each of the Loans, as calculated, in each case, on the Effectiveness Date or on the Incremental Purchase Date applicable to such Loan, as the case may be. If Seller elects to repurchase all of the Loans pursuant to this Section 7.02, Seller shall provide Buyer and Servicer with thirty (30) days prior written notice. The Repurchase Amount shall be paid by Seller to Servicer in immediately available funds prior to 12:00 noon, Washington, D.C. time. Immediately upon the payment of the required Repurchase Amount, all right, title and interest in the Loans being repurchased shall pass to Seller and such Loans shall cease to be "Loans" for all purposes of this Agreement. Any resale of a Loan and related Property pursuant to the terms of this Section 7.02 shall constitute the simultaneous resale by Buyer and repurchase by Seller of all Loans and related Property. Any resale of a Loan and related Property pursuant to this Section 7.02 shall be without recourse or warranty of any kind except that Buyer shall be deemed to have warranted that such Loans and related Property are free and clear of all liens or claims resulting from or arising out of its acts or omissions (other than acts of Buyer resulting from Seller's or Servicer's failure to perform as required by this Agreement) or claims of Buyer's creditors.
Minimal Balances. 47 SECTION 7.04
Minimal Balances. On any Payment Date, Seller may elect to repurchase all Loans for their aggregate Principal Balance, if as of such Payment Date, the aggregate Principal Balance is less than five percent (5%) of the Maximum Purchase Amount. If Seller elects to repurchase the Loans pursuant to this Section 8.03, Seller shall provide Buyer with thirty (30) days prior written notice. The Repurchase Amount shall be paid by Seller to Buyer in immediately available funds prior to 12:00 noon, Washington, D.C. time. Any resale of a Loan and related Property pursuant to this Section 8.03 shall be without recourse or warranty of any kind except that Buyer shall be deemed to have warranted that such Loans and related Property are free and clear of all liens or claims resulting from or arising out of its acts or omissions (other than acts of Buyer resulting from Seller's failure to perform as required by this Agreement) or claims of Buyer's creditors.
Minimal Balances. 52 SECTION 7.04 Optional Repurchase of Special Loans. . . . . . . . . . .53
Minimal Balances. On any Payment Date, Seller may elect to repurchase all Loans for their aggregate Principal Balance, if as of such Payment Date, the aggregate Principal Balance is less than five percent (5%) of the Maximum Purchase Amount. If Seller elects to repurchase the Loans pursuant to this Section 7.03, Seller shall provide Buyer with thirty (30) days prior written notice. The Repurchase Amount shall be paid by Seller to Buyer in immediately available funds prior to 12:00 noon, Washington, D.C. time. Immediately upon the payment of the required Repurchase Amount, all right, title and interest in the Loans being repurchased shall pass to Seller and such Loans shall cease to be "Loans" for all purposes of this Agreement. Any resale of a Loan and related Property pursuant to the terms of this Section 7.03 shall constitute the simultaneous resale by Buyer and repurchase by Seller of all Loans and related Property. Any resale of a Loan and related Property pursuant to this Section 7.03 shall be without recourse or warranty of any kind except that Buyer shall be deemed to have warranted that such Loans and related Property are free and clear of all liens or claims resulting from or arising out of its acts or omissions (other than acts of Buyer resulting from Seller's failure to perform as required by this Agreement or Servicer's failure to perform as required by this Agreement) or claims of Buyer's creditors.
