Common use of Reasonable Assurances Clause in Contracts

Reasonable Assurances. If, at any time during the term of the Agreement, Administrative Agent or a Buyer has reason to believe that Seller is not conducting its business in accordance with, or otherwise is not satisfying: (i) all applicable statutes, regulations, rules, and notices of federal, state, or local governmental agencies or instrumentalities, all applicable requirements of Approved Investors and Insurers and prudent industry standards or (ii) all applicable requirements of Administrative Agent or of each Buyer, as set forth in this Agreement, then, Administrative Agent or such Buyer shall have the right to demand, pursuant to notice from Administrative Agent or such Buyer to Seller specifying with particularity the alleged act, error or omission in question, reasonable assurances from Seller that such a belief is in fact unfounded, and any failure of Seller to provide to Administrative Agent or such Buyer such reasonable assurances in form and substance reasonably satisfactory to Administrative Agent or such Buyer, within the time frame specified in such notice, shall itself constitute an Event of Default hereunder, without a further cure period. Seller hereby authorizes Administrative Agent and each Buyer to take such actions as may be necessary or appropriate to confirm the continued eligibility of Seller for Transactions hereunder, including without limitation (i) ordering credit reports and/or appraisals with respect to any Purchased Mortgage Loan, (ii) contacting Mortgagors, licensing authorities and Approved Investors or Insurers, and (iii) performing due diligence reviews on the Purchased Mortgage Loans and related Mortgage Loan Files pursuant to Section 6.7 and other Purchased Assets.

Reasonable Assurances. If, at any time during the term of the Agreement, Administrative Agent or a Buyer Agent, on behalf of Buyers, has reason to believe that Seller is not conducting its business in accordance with, or otherwise is not satisfying: (i) all applicable statutes, regulations, rules, and notices of federal, state, or local governmental agencies or instrumentalities, all applicable requirements of Approved Investors and Insurers and prudent industry standards or (ii) all applicable requirements of Administrative Agent or of each Buyerand Buyers, as set forth in this Agreement, then, Administrative Agent or such Buyer Agent, on behalf of Buyers, shall have the right to demand, pursuant to notice from Administrative Agent or such Buyer Agent, on behalf of Buyers, to Seller specifying with particularity the alleged act, error or omission in question, reasonable assurances from Seller that such a belief is in fact unfounded, and any failure of Seller to provide to Administrative Agent or such Buyer Agent, on behalf of Buyers, such reasonable assurances in form and substance reasonably satisfactory to Administrative Agent or such BuyerAgent, within the time frame specified in such notice, shall itself constitute an Event of Default hereunder, without a further cure period. Seller hereby authorizes Administrative Agent and each Buyer Agent, on behalf of Buyers, to take such actions as may be necessary or appropriate to confirm the continued eligibility of Seller for Transactions hereunder, including without limitation (i) ordering credit reports and/or appraisals with respect to any Purchased Mortgage Loan, (ii) contacting MortgagorsMortgagers, licensing authorities and Approved Investors or Insurers, and (iii) performing due diligence reviews on the Purchased Mortgage Loans and related Mortgage Loan Files pursuant to Section 6.7 6.6 and other Purchased Assets.. ​

Reasonable Assurances. If, at any time during the term of the Agreement, Administrative Agent or a Buyer has reason to believe that Seller is not conducting its business in accordance with, or otherwise is not satisfying: (i) all applicable statutes, regulations, rules, and notices of federal, state, or local governmental agencies or instrumentalities, all applicable requirements of Approved Investors and Insurers and prudent industry standards or (ii) all applicable requirements of Administrative Agent or of each Buyer, as set forth in this Agreement, then, Administrative Agent or such Buyer shall have the right to demand, pursuant to notice from Administrative Agent or such Buyer to Seller specifying with particularity the alleged act, error or omission in question, reasonable assurances from Seller that such a belief is in fact unfounded, and any failure of . In the event the Seller fails to provide to Administrative Agent or such Buyer such reasonable assurances in form and substance reasonably satisfactory to Administrative Agent or such Buyer, within the time frame specified in such notice, Buyer may terminate this Agreement and Seller shall itself constitute an Event of Default hereunder, without a further cure periodrepay the Repurchase Price and all other amounts due and owing within five (5) Business Days. Seller hereby authorizes Administrative Agent and each Buyer to take such actions as may be necessary or appropriate to confirm the continued eligibility of Seller for Transactions hereunder, including without limitation (i) ordering credit reports and/or appraisals with respect to any Purchased Mortgage Loan, (ii) contacting Mortgagors, licensing authorities and Approved Investors or Insurers, and (iii) performing due diligence reviews on the Purchased Mortgage Loans and related Mortgage Loan Files pursuant to Section 6.7 and other Purchased Assets.

Reasonable Assurances. If, at any time during the term of the Agreement, Administrative Agent or a Buyer has reason to believe that Seller is not conducting its business in accordance with, or otherwise is not satisfying: (i) all applicable statutes, regulations, rules, and notices of federal, state, or local governmental agencies or instrumentalities, all applicable requirements of Approved Investors and Insurers and prudent industry standards or (ii) all applicable requirements of Administrative Agent or of each Buyer, as set forth in this Agreement, then, Administrative Agent or such Buyer shall have the right to demand, pursuant to notice from Administrative Agent or such Buyer to Seller specifying with particularity the alleged act, error or omission in question, reasonable assurances from Seller that such a belief is in fact unfounded, and any failure of Seller to provide to Administrative Agent or such Buyer such reasonable assurances in form and substance reasonably satisfactory to Administrative Agent or such Buyer, within the time frame specified in such notice, shall itself constitute an Event of Default hereunder, without a further cure period. Seller hereby authorizes Administrative Agent and each Buyer to take such actions as may be necessary or appropriate to confirm the continued eligibility of Seller for Transactions hereunder, including without limitation (i) ordering credit reports and/or appraisals with respect to any Purchased Mortgage Loan, (ii) contacting Mortgagors, licensing authorities and Approved Investors or Insurers, and (iii) performing due diligence reviews on the Purchased Mortgage Loans and related Mortgage Loan Files pursuant to Section 6.7 and other Purchased Assets.