Common use of Remedies for Breach of Representations and Warranties of the Assignor Clause in Contracts

Remedies for Breach of Representations and Warranties of the Assignor. With respect to the Conduit Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of the representations and warranties made by the Assignor set forth in Section 5 hereof or in Section 2 of the Representations and Warranties Agreement, dated as of April 28, 2006, between the Assignor and Assignee (the "Representations and Warranties Agreement") that materially and adversely affects the value of the Mortgage Loans or the interest of the Assignee or the Trust therein, within sixty (60) days of the earlier of either discovery by or notice to the Assignor of such breach of a representation or warranty, it shall cure, purchase, cause the purchase of, or substitute for the applicable Mortgage Loan in the same manner and subject to the conditions set forth in Section 3 of the Representations and Warranties Agreement. With respect to the FNBN Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of representations and warranties made by the Assignor set forth in Section 5 hereof or in Sections 6 and 7 of the Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006, between the Assignor, the Assignee and First National Bank of Nevada (the "FNBN Assignment Agreement"), the Assignor shall repurchase such affected FNBN Mortgage Loans as set forth in the FNBN Assignment Agreement and in the related Servicing Agreement.

Remedies for Breach of Representations and Warranties of the Assignor. With respect to the Conduit Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event Upon discovery or notice of any breach of the representations and warranties made by the Assignor set forth in Section 5 hereof of any representation, warranty or in Section 2 of the Representations and Warranties Agreement, dated as of April 28, 2006, between the Assignor and Assignee (the "Representations and Warranties Agreement") covenant under this Agreement that materially and adversely affects the value of the any Mortgage Loans Loan or the interest of the Assignee therein (it being understood that any such defect or breach shall be deemed to have materially and adversely affected the value of the related Mortgage Loan or the Trust thereininterest of the Assignee therein if the Assignee incurs a loss as a result of such defect or breach), the Assignee promptly shall request that the Assignor cure such breach and, if the Assignor does not cure such breach in all material respects within sixty (60) days from the date on which it is notified of the earlier breach, the Assignee may enforce the Assignor's obligation hereunder to purchase such Mortgage Loan from the Assignee at the Repurchase Price as defined in the PPTA or, in limited circumstances (as set forth below), substitute such mortgage loan for a Substitute Mortgage Loan (as defined below). The Assignor shall have the option, but is not obligated, to substitute a Substitute Mortgage Loan for a Mortgage Loan, rather than repurchase the Mortgage Loan as provided above, by removing such Mortgage Loan and substituting in its place a Substitute Mortgage Loan or Loans and providing the Substitution Adjustment Amount, provided that any such substitution shall be effected not later than ninety (90) days from the date on which it is notified of either discovery by or notice to the breach. In addition, the Assignor of such breach of shall have the option, but is not obligated, to substitute a Substitute Mortgage Loan for a Mortgage Loan with respect to which the Company has breached a representation or warranty, it shall cure, purchase, cause the purchase of, or substitute for the applicable Mortgage Loan in the same manner and subject to the conditions set forth in warranty under Section 3 of the Representations this Agreement and Warranties is obligated to repurchase such Mortgage Loan under this Agreement. With respect to the FNBN , by removing such Mortgage Loan and substituting in its place a Substitute Mortgage Loan or Loans, provided that any such substitution shall be effected not later than ninety (90) days from the Assignor hereby acknowledges and agrees that in date on which it is notified of the breach. In the event of any breach repurchase or substitution of representations and warranties made any Mortgage Loan by the Assignor set forth in Section 5 hereof or in Sections 6 and 7 hereunder, the Assignor shall succeed to the rights of the Assignment, Assumption and Recognition Agreement, dated as Assignee to enforce the obligations of April 28, 2006, between the Company to cure any breach or repurchase such Mortgage Loan under the terms of this Agreement with respect to such Mortgage Loan. In the event of a repurchase or substitution of any Mortgage Loan by the Assignor, the Assignee shall promptly deliver to the Assignor or its designee the related Mortgage File and First National Bank shall assign to the Assignor all of Nevada (the "FNBN Assignment Assignee's rights under the Purchase Agreement"), but only insofar as such Purchase Agreement relates to such Mortgage Loan. Except as specifically set forth herein, the Assignor Assignee shall repurchase such affected FNBN Mortgage Loans as set forth in the FNBN Assignment Agreement and in the related Servicing have no responsibility to enforce any provision of this Agreement, to oversee compliance hereof or to take notice of any breach or default thereof.

Remedies for Breach of Representations and Warranties of the Assignor. With respect to the Conduit Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of the representations and warranties made by the Assignor set forth in Section 5 hereof or in Section 2 of the Representations and Warranties Agreement, dated as of April 28June 30, 2006, between the Assignor and Assignee (the "Representations and Warranties Agreement") that materially and adversely affects the value of the Mortgage Loans or the interest of the Assignee or the Trust therein, within sixty (60) days of the earlier of either discovery by or notice to the Assignor of such breach of a representation or warranty, it shall cure, purchase, cause the purchase of, or substitute for the applicable Mortgage Loan in the same manner and subject to the conditions set forth in Section 3 of the Representations and Warranties Agreement. With respect to the FNBN Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of representations and warranties made by the Assignor set forth in Section 5 hereof or in Sections 6 and 7 of the Assignment, Assumption and Recognition Agreement, dated as of April 28June 30, 2006, between the Assignor, the Assignee and First National Bank of Nevada (the "FNBN Assignment Agreement"), the Assignor shall repurchase such affected FNBN Mortgage Loans as set forth in the FNBN Assignment Agreement and in the related Servicing Agreement.

Remedies for Breach of Representations and Warranties of the Assignor. With respect to the Conduit Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of the representations and warranties made by the Assignor set forth in Section 5 hereof or in Section 2 of the Representations and Warranties Agreement, dated as of April 28June 29, 2006, between the Assignor and Assignee (the "Representations and Warranties Agreement") that materially and adversely affects the value of the Mortgage Loans or the interest of the Assignee or the Trust therein, within sixty (60) days of the earlier of either discovery by or notice to the Assignor of such breach of a representation or warranty, it shall cure, purchase, cause the purchase of, or substitute for the applicable Mortgage Loan in the same manner and subject to the conditions set forth in Section 3 of the Representations and Warranties Agreement. With respect to the FNBN Ameriquest Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of representations and warranties made by the Assignor set forth in Section 5 hereof or in Sections 5 and 6 of the Assignment, Assumption and Recognition Agreement, dated as of June 29, 2006, between the Assignor, the Assignee and Ameriquest Mortgage Company (the "Ameriquest Assignment Agreement"), the Assignor shall repurchase such affected Ameriquest Mortgage Loans as set forth in the Ameriquest Assignment Agreement and in the related Sale Agreement (as such term is defined in the Ameriquest Assignment Agreement). With respect to the Novelle Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of representations and warranties made by the Assignor set forth in Section 5 hereof or in Sections 6 and 7 of the Assignment, Assumption and Recognition Agreement, dated as of April 28June 29, 2006, between the Assignor, the Assignee and First National Bank of Nevada Novelle Financial Services, Inc. (the "FNBN Novelle Assignment Agreement"), the Assignor shall repurchase such affected FNBN Novelle Mortgage Loans as set forth in the FNBN Novelle Assignment Agreement and in the related Servicing Sale Agreement (as such term is defined in the Novelle Assignment Agreement).

Remedies for Breach of Representations and Warranties of the Assignor. With respect to the Conduit Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of the representations and warranties made by the Assignor set forth in Section 5 hereof or in Section 2 of the Representations and Warranties Agreement, dated as of April 28, 2006, between the Assignor and Assignee (the "Representations and Warranties Agreement") Agreement that materially and adversely affects the value of the Mortgage Loans or the interest of the Assignee or the Trust therein, within sixty (60) days of the earlier of either discovery by or notice to the Assignor of such breach of a representation or warranty, it shall cure, purchase, cause the purchase of, or substitute for the applicable Mortgage Loan in the same manner and subject to the conditions set forth in Section 3 of the Representations and Warranties Agreement. With respect to the FNBN Ameriquest Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of the representations and warranties made by the Assignor set forth in Section 5 hereof or in Sections 5 and 6 and 7 of the Assignment, Assumption and Recognition Ameriquest Assignment Agreement, dated the Assignor shall repurchase such affected Ameriquest Mortgage Loans as of April 28, 2006, between set forth in the AssignorAmeriquest Assignment Agreement and in the related Sale Agreement (as such term is defined in the Ameriquest Assignment Agreement). With respect to the FNBN Mortgage Loans, the Assignee Assignor hereby acknowledges and First National Bank agrees that in the event of Nevada (any breath of the "representations and warranties made by the Assignor set forth in Section 5 hereof or in Sections 5 and 6 of the FNBN Assignment Agreement"), the Assignor shall repurchase such affected FNBN Mortgage Loans as set forth in the FNBN Assignment Agreement and in the related Servicing Sale Agreement (as defined in the FNBN Assignment Agreement).

Remedies for Breach of Representations and Warranties of the Assignor. With respect to the Conduit Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of the representations and warranties made by the Assignor set forth in Section 5 hereof or in Section 2 of the Representations and Warranties Agreement, dated as of April 28November 30, 2006, between the Assignor and Assignee (the "Representations and Warranties Agreement") that materially and adversely affects the value of the Mortgage Loans or the interest of the Assignee or the Trust therein, within sixty (60) days of the earlier of either discovery by or notice to the Assignor of such breach of a representation or warranty, it shall cure, purchase, cause the purchase of, or substitute for the applicable Mortgage Loan in the same manner and subject to the conditions set forth in Section 3 of the Representations and Warranties Agreement. With respect to the FNBN Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of representations and warranties made by the Assignor set forth in Section 5 hereof or in Sections 5 and 6 and 7 of the Assignment, Assumption and Recognition Agreement, dated as of April 28November 30, 2006, between the Assignor, the Assignee and First National Bank of Nevada (the "FNBN Assignment Agreement"), the Assignor shall repurchase such affected FNBN Mortgage Loans as set forth in the FNBN Assignment Agreement and in the related Servicing Sale Agreement (as such term is defined in the FNBN Assignment Agreement).

Remedies for Breach of Representations and Warranties of the Assignor. With respect to the Conduit Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of the representations and warranties made by the Assignor set forth in Section 5 hereof or in Section 2 of the Representations and Warranties Agreement, dated as of April 28November 24, 2006, between the Assignor and Assignee (the "Representations and Warranties Agreement") that materially and adversely affects the value of the Mortgage Loans or the interest of the Assignee or the Trust therein, within sixty (60) days of the earlier of either discovery by or notice to the Assignor of such breach of a representation or warranty, it shall cure, purchase, cause the purchase of, or substitute for the applicable Mortgage Loan in the same manner and subject to the conditions set forth in Section 3 of the Representations and Warranties Agreement. With respect to the FNBN Ameriquest Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of the representations and warranties made by the Assignor set forth in Section 5 hereof or in Sections 5 and 6 and 7 of the Assignment, Assumption and Recognition Ameriquest Assignment Agreement, dated the Assignor shall repurchase such affected Ameriquest Mortgage Loans as of April 28, 2006, between set forth in the AssignorAmeriquest Assignment Agreement and in the related Sale Agreement (as such term is defined in the Ameriquest Assignment Agreement). With respect to the FNBN Mortgage Loans, the Assignee Assignor hereby acknowledges and First National Bank agrees that in the event of Nevada (any breath of the "representations and warranties made by the Assignor set forth in Section 5 hereof or in Sections 5 and 6 of the FNBN Assignment Agreement"), the Assignor shall repurchase such affected FNBN Mortgage Loans as set forth in the FNBN Assignment Agreement and in the related Servicing Sale Agreement (as defined in the FNBN Assignment Agreement).

Remedies for Breach of Representations and Warranties of the Assignor. With respect to the Conduit Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event Upon discovery or notice of any breach of the representations and warranties made by the Assignor set forth in Section 5 hereof of any representation, warranty, or in Section 2 of the Representations and Warranties Agreement, dated as of April 28, 2006, between the Assignor and Assignee (the "Representations and Warranties Agreement") covenant under this Agreement that materially and adversely affects the value of the any Conduit Mortgage Loans Loan or the interest of the Assignee therein (it being understood that any such defect or breach shall be deemed to have materially and adversely affected the value of the related Conduit Mortgage Loan or the Trust thereininterest of the Assignee therein if the Assignee incurs a loss as a result of such defect or breach), the Assignee promptly shall request that the Assignor cure such breach and, if the Assignor does not cure such breach in all material respects within sixty (60) 60 days from the date on which it is notified of the breach, the Assignee may enforce the Assignor’s obligation hereunder to purchase such Conduit Mortgage Loan from the Assignee. Notwithstanding the foregoing, however, if such breach is a Qualification Defect, such cure or repurchase must take place within 75 days of the earlier of either discovery by or notice to the Assignor of such breach of Qualification Defect. In the event the applicable originator has breached a representation or warrantywarranty under the applicable Purchase Agreement that is substantially identical to a representation or warranty breached by the Assignor hereunder, it the Assignee shall curefirst proceed against such originator as to such breach. If the applicable originator does not within 60 days after notification of the breach, purchasetake steps to cure such breach (which may include certifying to progress made and requesting an extension of the time to cure such breach, cause as permitted under the purchase ofapplicable Purchase Agreement) or repurchase, or substitute for for, the applicable affected Conduit Mortgage Loan, the Trustee shall be entitled to enforce the obligations of the Assignor hereunder to cure such breach or to repurchase such Conduit Mortgage Loan in from the same manner and subject to the conditions set forth in Section 3 of the Representations and Warranties AgreementTrust. With respect to the FNBN Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of representations and warranties made by the Assignor set forth in Section 5 hereof or in Sections 6 and 7 of the Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006, between the Assignor, the Assignee and First National Bank of Nevada (the "FNBN Assignment Agreement")In such event, the Assignor shall succeed to the rights of the Assignee to enforce the obligations of the applicable originator to cure such breach or repurchase such affected FNBN Conduit Mortgage Loans Loan under the terms of the applicable Purchase Agreement with respect to such Conduit Mortgage Loan. Except as specifically set forth in herein, the FNBN Assignment Agreement and in the related Servicing Assignee shall have no responsibility to enforce any provision of this Agreement, to oversee compliance hereof, or to take notice of any breach or default thereof.

Remedies for Breach of Representations and Warranties of the Assignor. With respect to the Conduit Mortgage Loans, the The Assignor hereby acknowledges and agrees that in the event of any breach of the representations and warranties made by the Assignor set forth in Section 5 4 hereof or in Section 2 1 of the Representations and Warranties Agreement, dated as of April 28May 26, 2006, between the Assignor and Assignee (the "Representations and Warranties Agreement") that materially and adversely affects the value of the Mortgage Loans or the interest of the Assignee or the Trust therein, within sixty (60) days of the earlier of either discovery by or notice to the Assignor of such breach of a representation or warranty, it shall cure, purchase, cause the purchase of, or substitute for the applicable Mortgage Loan in the same manner and subject to the conditions set forth in Section 3 2 of the Representations and Warranties Agreement. With respect to the FNBN Ameriquest Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of representations and warranties made by the Assignor set forth in Section 5 hereof or in Sections 4 and 5 of the Assignment, Assumption and Recognition Agreement, dated as of May 26, 2006, between the Assignor, the Assignee and Ameriquest Mortgage Company (the "Ameriquest Assignment Agreement"), the Assignor shall repurchase such affected Ameriquest Mortgage Loans as set forth in the Ameriquest Assignment Agreement and in the related Servicing Agreement. With respect to the Novelle Mortgage Loans, the Assignor hereby acknowledges and agrees that in the event of any breach of representations and warranties made by the Assignor set forth in Section 5 hereof or in Sections 6 and 7 of the Assignment, Assumption and Recognition Agreement, dated as of April 28May 26, 2006, between the Assignor, the Assignee and First National Bank of Nevada Novelle Financial Services, Inc. (the "FNBN Novelle Assignment Agreement"), the Assignor shall repurchase such affected FNBN Novelle Mortgage Loans as set forth in the FNBN Novelle Assignment Agreement and in the related Servicing Agreement.