Repurchase of Loans. Section 6.08. Transition Assistance Section 6.09. Further Assurances
Repurchase of Loans. Upon expiration or early termination of this Agreement or of Article VI pursuant to Section 10.01, (a) subject to receipt of the payment set forth in clause (b)(iii) below, Mortgage Services shall sell, transfer and assign, or shall cause its Subsidiaries to sell, transfer and assign to Contract Services or its designee, (i) any and all Held Loans and the related Loan Assets and Loan REOs, on “AS-IS, WHERE IS” basis without any representations or warranties (except for a representation and warranty that such Loans, related Loan Assets and Loan REOs are being sold, transferred and assigned free and clear of Liens that have been created by Mortgage Entities other than the Permitted Liens)) and (ii) any and all rights of Mortgage Services under the applicable Loan Purchase Agreement to the extent such rights are assignable and (b) Contract Services or such designee shall (i) purchase and accept such Loans, related Loan Assets and Loan REOs, (ii) assume all Liabilities with respect to such Loans, the related Loan Assets and Loan REOs arising from and after such sale, transfer and assignment and (iii) pay Mortgage Services an amount equal to the Fair Market Value of such Held Loans and Loan REOs in immediately available funds to the account designated in writing by Mortgage Services at least two Business Days prior to such sale, transfer and assignment. For the avoidance of doubt, in connection with any sale, transfer or assignment of any Loan or Loan REOs, pursuant to this Section 6.07, Mortgage Services shall sell, transfer and assign any and all rights of Mortgage Services to service such Loans and Loan REOs.
Repurchase of Loans. In the event of the occurrence of a Seller Purchase Event, the Seller will within twelve (12) Business Days following the earlier of knowledge by the Seller of such Seller Purchase Event or receipt by the Seller of written notice thereof (from any Person), (i) purchase each Loan hereunder which is affected by or related to such Seller Purchase Event from the Purchaser, and the Seller shall pay to the Purchaser (by means of a deposit to the Collection Account) the Repurchase Price of such Loan as of the date of the purchase thereof from the Purchaser or (ii) with the prior written consent of the Administrative Agent, in its sole discretion, and subject to the satisfaction of the conditions in Section 6.2, substitute for such Loan, a Substitute Eligible Loan. It is understood and agreed that the obligation of the Seller to purchase the Loans or substitute a Substitute Eligible Loan for the Loans which are affected by or related to such Seller Purchase Event is not intended to, and shall not, constitute a guaranty of the collectability or payment of any Loan which is not collected, not paid or uncollectible on account of the insolvency, bankruptcy or financial inability to pay of the related Obligor. Upon deposit in the Collection Account of the Repurchase Price for any Loan purchased by the Seller, the Purchaser shall, automatically and without further action be deemed to transfer, assign and set over to the Seller, without recourse, representation or warranty of any kind, except as to the absence of Liens, charges or encumbrances created by or arising solely as a result of actions of the Purchaser or the Collateral Agent, all the right, title and interest of the Purchaser, in, to and under such Loan and all future monies due or to become due with respect thereto, the Underlying Collateral, all Proceeds of such Loan and Recoveries and Insurance Proceeds relating thereto, all rights to security for such Loan and all Proceeds and products of the foregoing. The Purchaser shall (and shall request the Collateral Agent to), at the sole expense of the Seller, execute such documents and instruments of transfer as may be prepared by the Seller and take such other actions as may be reasonably requested by the Seller in order to effect the transfer of such Loan pursuant to this Section 6.1. Such Sale shall be a sale outright, and not for security.
Repurchase of Loans. Seller hereby agrees to repurchase any Mortgage Loan sold to Buyer at any time during the life of such Mortgage Loan, upon the occurrence of any of the following events:
Repurchase of Loans. Within five (5) Business Days of the day a Loan is (or becomes) subject to a Warranty Event, the Borrower shall make a deposit to the Collection Account (for allocation pursuant to Section 2.7 or Section 2.8, as applicable) in immediately available funds in an amount equal to the Outstanding Loan Balance of such Loan on the date of such payment, and any accrued and unpaid interest thereon.
Repurchase of Loans. The obligation to repurchase any VA Loan, and the terms and conditions thereof, shall be governed by the provisions of Agent’s Wholesale Broker Agreement with Lender.
Repurchase of Loans. 47 SECTION 7.02
Repurchase of Loans. Seller shall, within ten (10) business days, unless otherwise mutually agreed upon by Xxxxx and Seller but not to exceed an additional twenty (20) days, of Buyer’s written request, repurchase from Buyer any Loan sold to Buyer if any warranty or representation made by Seller about the Loan is untrue and such impairs the value of the Loan(s), or if Seller has otherwise breached this Agreement in whole or in part with regard to any Loan(s) that impair the value of such Loan(s), or if Seller has failed to deliver any Loan document requested by Buyer or required by this Agreement or the Sales Criteria that impairs the value of such Loan(s). Notwithstanding the foregoing, Seller is not a guarantor of the Loans and is obligated to repurchase only upon the occurrence of the events set forth in the preceding sentence. In the event of such repurchase, Buyer shall tender to Seller all Loan documents required to be repurchased pursuant to this provision, and said documents, where appropriate, shall be endorsed to Seller without recourse to Buyer. Contemporaneous with such tender, Seller shall pay to Buyer in immediately available funds an amount equal to such Loan’s then unpaid principal balance, plus accrued interest (the “Repurchase Price”). The Repurchase Price shall include
Repurchase of Loans. If HB USA determines that Broker had knowledge, or through reasonable investigation should have had knowledge, that any statement, representation or warranty made to, or documentation submitted to, HB USA in connection with an Application, whether by Broker, its agents or employees, the Applicant, or other parties, contained any untrue, inaccurate, forged, incomplete, or misleading information or statements (whether by omission or affirmative statement), Broker shall, upon HB USA's demand, purchase the loan affected thereby from HB USA (or assignee of HB USA) within 15 days of notice. The broker shall purchase such loan at a price equal to the then outstanding principal balance, plus accrued interest, together with any advances, premiums, fees, or other costs paid by HB USA (or assignee of HB USA) at any time in connection with the loan. Broker additionally shall be financially responsible to HB USA for any willful misconduct or negligence on the part to itself, its agents or employees which willful misconduct or negligence causes HB USA to suffer financial loss. HB USA shall tender to Broker all loan documents required to be repurchased pursuant to this provision, and said documents, where appropriate, shall be endorsed to Broker without recourse to HB USA. It is understood and agreed by the Parties that the repurchase obligations hereunder are in addition to, and not in lieu of, all other remedies available in the Agreement or by law.
Repurchase of Loans. In addition to the repurchase rights and obligations contained in Sections 2.02(d), 4.04(b), 7.02 and 9.02 of this Agreement, Buyer has the option to cause Seller to repurchase any Loan sold by Seller to Buyer if (i) the payments with respect to such Loan are past due at least 90 days, or (ii) an Obligor Default has occurred with respect to such Loan and has at the time of Buyer's exercise of such right been continuing for at least 60 days, or (iii) such Loan is a Restructured Loan that results in or with respect to which there are Modification Losses. Such Loan shall be repurchased by Seller from Buyer by the last day of the Due Period during which Seller receives notice of any such Defaulted Loan or notice of adverse event, or during which the Obligor Default occurs, as the case may be. Any repurchase pursuant to this Section 7.01 shall be accomplished on the same terms as set forth in the third and fourth sentences of Section 2.02(d) and at the Repurchase Amount.
