Common use of OMI Breach Clause in Contracts

OMI Breach. Within 90 days after the earlier of discovery or receipt of notice by OMI of the breach of any of its representations or warranties set forth in Section 2.05 above with respect to any Asset, which breach materially and adversely affects the value of the Asset or the interest of the Trust therein (it being understood that any such breach shall be deemed to have materially and adversely affected the value of the related Asset or the interest of the Trust therein if the Trust incurs a loss as a result of such defect or breach), OMI shall (i) cure such breach in all material respects, (ii) purchase the Asset from the Trustee, or (iii) remove such Asset from the Trust (in which case it shall become a Replaced Asset) and substitute one or more Qualified Substitute Assets in the manner and subject to the limitations set forth in Section 2.06(g) below. Notwithstanding the foregoing, however, if such breach is a Qualification Defect and one or more REMIC elections have been made with respect to the related Trust, such cure, purchase or substitution must take place within 75 days of the Defect Discovery Date.