Common use of Program Initiation Clause in Contracts

Program Initiation. of the Existing Master Repurchase Agreement is hereby amended by inserting the following language at the end of subclause (b): "In the event the Mortgage Loan Schedule provided by Seller contains erroneous computer data, is not formatted properly or the computer fields are otherwise improperly aligned, Buyer shall provide written or electronic notice to Seller describing such error and Seller may either (i) give Buyer written or electronic authority to correct the computer data, reformat such Mortgage Loan Schedule or properly align the computer fields or (ii) correct the computer data, reformat the Mortgage Loan Schedule or properly align the computer fields itself and resubmit the Mortgage Loan Schedule as required herein. In the event that Seller gives Buyer authority to correct the computer data, reformat the Mortgage Loan Schedule or properly align the computer fields, Seller shall pay $10 per change and any other direct expenses incurred by Buyer; provided, that upon 30 day's notice to the Seller, Buyer may change such computer correction fee. Seller shall hold Buyer harmless for such correction, reformatting or realigning, as applicable, except as otherwise expressly provided herein"

Program Initiation. Section 3 of the Existing Master Repurchase Agreement is hereby amended by inserting the following language at the end of subclause (b): "“In the event the Mortgage Loan Schedule provided by Seller contains erroneous computer data, is not formatted properly or the computer fields are otherwise improperly aligned, Buyer shall provide written or electronic notice to Seller describing such error and Seller may either (i) give Buyer written or electronic authority to correct the computer data, reformat such Mortgage Loan Schedule or properly align the computer fields or (ii) correct the computer data, reformat the Mortgage Loan Schedule or properly align the computer fields itself and resubmit the Mortgage Loan Schedule as required herein. In the event that Seller gives Buyer authority to correct the computer data, reformat the Mortgage Loan Schedule or properly align the computer fields, Seller shall pay $10 per change and any other direct expenses incurred by Buyer; provided, that upon 30 day's notice to the Seller, Buyer may change such computer correction fee. Seller shall hold Buyer harmless for such correction, reformatting or realigning, as applicable, except as otherwise expressly provided herein". In the event that such changes to a Mortgage Loan Schedule have been made prior to the date of this Amendment, the terms hereof shall also govern such changes.”