Note Shipment Sample Clauses

Note Shipment. If Seller desires that Buyer send a Mortgage Note to a Takeout Investor, rather than to Seller directly, in connection with Seller’s repurchase of the related Purchased Loan, then Seller shall prepare and send to Buyer Shipping Instructions to instruct Buyer when and how to send such Mortgage Note to such Takeout Investor. If Buyer receives Shipping Instructions before 3:00 p.m. Chicago, Illinois, time on any Business Day, Buyer will send such Mortgage Note to a Takeout Investor on the same Business Day, otherwise Buyer will send such Mortgage Note the next Business Day following receipt of the Shipping Instructions. If Seller instructs Buyer to send a Mortgage Note before the Repurchase Date, Buyer will send the Mortgage Note under a bailee letter. If Seller does not provide Buyer with Shipping Instructions with respect to a Purchased Loan, Buyer shall send the Mortgage Note to Seller at such time as Buyer receives the payment of the Repurchase Price.

Note Shipment. If Seller does not provide Shipping Instructions to MBF with respect to a Mortgage Loan or Mortgage Security as hereinafter described, MBF shall send the Mortgage Note or Mortgage Security, and Assignment in Blank, directly to Seller at such time as it receives the provisional payment of the Repurchase Price pursuant to Section 7.3. If Seller desires that MBF send the Mortgage Note or Mortgage Security, and Assignment in Blank, directly to the Takeout Investor (or to another party designated by Seller and acceptable to MBF in its sole discretion) in connection with Seller’s repurchase and immediate resale (to the Takeout Investor) of the related Mortgage Loan or Mortgage Security, Seller may cause MBF to do so (if no Default or Event of Default exists) by sending to MBF signed Shipping Instructions and by complying with the procedures described in Exhibit J. If a Default or Event of Default then exists, MBF may, in its sole discretion, without liability to Seller or any other Person, comply with Shipping Instructions received from Seller and deliver the Mortgage Note or Mortgage Security, and Assignment in Blank, to the Takeout Investor or to another party acceptable to MBF in its sole discretion.

Note Shipment. If Seller desires that MBF send a Mortgage Note to a Takeout Investor, rather than to Seller directly, in connection with Seller’s repurchase of the related Mortgage Loan, then Seller shall prepare and send to MBF Shipping Instructions to instruct MBF when and how to send such Mortgage Note to such Takeout Investor. MBF shall use its best efforts to send each Mortgage Note on or before the date specified for shipment in the Shipping Instructions, which date shall be on or before the Takeout Funding Date. If Seller instructs MBF to send a Mortgage Note before the Repurchase Date, MBF will send the Mortgage Note under a Bailee Letter. If Seller does not provide MBF with Shipping Instructions with respect to a Mortgage Loan, MBF shall send the Mortgage Note to Seller at such time as MBF receives the provisional payment of the Repurchase Price.

Note Shipment. Seller shall prepare and send to MBF Shipping Instructions to instruct MBF when and how to send each Mortgage Note to a Takeout Investor. MBF shall use its best efforts to send each Mortgage Note on or before the date specified for shipment in the Shipping Instructions, which date shall be on or before the Takeout Funding Date. If Seller instructs MBF to send a Mortgage Note before the Takeout Funding Date, MBF will send the Mortgage Note under a Bailee Letter.