Repurchase of Mortgage Loans with Early Payment Defaults. If the related Mortgagor is delinquent with respect to any of the Mortgage Loan's first three (3) Monthly Payments at any time either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date, the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the Repurchase Price. The Seller shall repurchase such delinquent Mortgage Loan within thirty (30) days of such request.
Repurchase of Mortgage Loans with Early Payment Defaults. If the related Mortgagor is delinquent after the related Closing Date with respect to the Mortgage Loan's first Monthly Payment by more than 30 days or more following the related Due Date first occurring after the related Closing Date, the Seller, at the Purchaser's option exercised in its sole discretion, shall repurchase such Mortgage Loan from the Purchaser within thirty (30) Business Days following the Purchaser's request therefor at a price equal to the percentage of par as stated in the related Purchase Price and Terms Agreement (subject to adjustment as provided therein) multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan.
Repurchase of Mortgage Loans with Early Payment Defaults. If the related Mortgagor fails to make the first Monthly Payment due after the related Closing Date on or prior to the date which is thirty (30) days following the related Due Date (an "Early Payment Default"), the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at the Repurchase Price within twenty (20) Business Days of the date on which the Purchaser made such claim; provided that the Purchaser shall notify and invoice the Seller of any obligation to repurchase such Mortgage Loan pursuant to this Subsection 9.04 within one hundred eighty (180) days following the related Closing Date for such claim(s) to be valid and enforceable.
Repurchase of Mortgage Loans with Early Payment Defaults. If (a) a Mortgagor is thirty (30) days or more delinquent with respect to any of the first three (3) Monthly Payments due on the related Mortgage Loan immediately following the applicable Closing Date or (b) a Mortgage Loan is in bankruptcy or litigation within the first three (3) months immediately following the applicable Closing Date, the Seller, at the Purchaser’s option, shall promptly repurchase such Mortgage Loan from the Purchaser within five (5) Business Days’ of receipt of written notice from the Purchaser, in accordance with the procedures set forth in Section 3.03 hereof, however, any such repurchase shall be made at the Repurchase Price.
Repurchase of Mortgage Loans with Early Payment Defaults. If any Monthly Payment is thirty (30) days or more delinquent before the expiration of the three (3) month period following the applicable Closing Date, the Seller, upon receipt of written request from the Purchaser, shall repurchase such Mortgage Loan from the Purchaser at the Repurchase Price; provided that Seller shall have no such repurchase obligation unless Purchaser gives such written request to Seller no later than ninety (90) days following receipt of the corresponding remittance report for such delinquent Monthly Payment. Notwithstanding the foregoing provisions of this Section 3.05, if the Purchaser does not notify the Seller in writing either (i) in its request to Seller to repurchase such Mortgage Loan or in any corresponding funding schedule, or (ii) on or before the 60th day following Seller’s repurchase of such Mortgage Loan, to pay that portion of the Repurchase Price equal to the product of the unpaid principal balance of the repurchased Mortgage Loan and the Purchase Price Premium, if any, the Purchase Price Premium for purposes of calculating such Repurchase Price shall be deemed to be zero.
Repurchase of Mortgage Loans with Early Payment Defaults. If the related Mortgagor fails to make the first Monthly Payments due after the related Closing Date on or prior to the date which is sixty days following the related Due Date (an "Early Payment Default"), the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at the Repurchase Price within 5 Business Days; provided, however, if Purchaser is provided evidence reasonably acceptable to it that such delinquency was due to any failure of the Mortgagor to send its payment to the correct address as a result of the transfer of servicing on the Transfer Date, then such Mortgage Loan shall not be considered an Early Payment Default and no repurchase obligation shall apply with respect to such Mortgage Loan; provided, further, however, that Purchaser will use its good faith discretion in requesting repurchase of any Mortgage Loan with an Early Payment Default if the related Mortgagor cures the default within 29 days. Notwithstanding the foregoing, the Purchaser may, in its sole discretion, elect to submit for the Seller's consideration a revised Purchase Price Percentage (as defined in the related Purchase Price and Terms Agreement) (in each case, a "Revised Pricing Offer") with respect to any such Mortgage Loan. Thereafter, the Seller shall accept or reject such Revised Pricing Offer. In the event the Seller rejects a Revised Pricing Offer, the applicable Mortgage Loan shall be repurchased pursuant to the previous paragraph. In the event the Seller accepts a Revised Pricing Offer with respect to any such Mortgage Loan (such loan, a "Repriced Mortgage Loan") the Seller shall refund to the Purchaser an amount equal to (i) the product of (x) the difference between the original related Purchase Price Percentage and (y) the applicable Revised Pricing Offer, and (ii) the outstanding principal balance of such Repriced Mortgage Loan as of the related Cut-off Date (such product, in each case, the "Repricing Adjustment"), plus accrued interest on such Repricing Adjustment calculated at the federal funds rate as of the related Closing Date. Such amount shall be paid by the Seller to the Purchaser within thirty (30) days thereof.
Repurchase of Mortgage Loans with Early Payment Defaults. Subsection 9.05 Purchaser's Right to Review................................
Repurchase of Mortgage Loans with Early Payment Defaults. If the related Mortgagor fails to make the first Monthly Payment due after the related Closing Date on or prior to the date which is thirty (30) days following the related Due Date (an "Early Payment Default"), the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at the Repurchase Price within five (5) Business Days. Three (3) days prior to the repurchase date, the Purchaser, the Seller and an independent third party bailee shall arrange for the delivery to such independent third party bailee, pursuant to a bailee agreement mutually acceptable to the Purchaser, Seller and such independent third party bailee, of the Mortgage Loan Documents held by the Purchaser or its designee relating to the repurchased Mortgage Loan. Within three (3) Business Days of repurchase, but in no instance later than the servicing transfer date, all Mortgage Files shall be released to Meritage Mortgage Corporation, 7215 Financial Way, Jacksonville, FL 32256, Attn: Capital Markets Deparxxxxx.
Repurchase of Mortgage Loans with Early Payment Defaults. If the Seller is then acting as Servicer, in the event that the first Monthly Payment due after the related Closing Date with respect to any Mortgage Loan is not paid before the Due Date immediately following the related Due Date (the "First Payment Default Date"), the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan within twenty-five (25) Business Days of the Purchaser's request at the Repurchase Price. Purchaser shall deliver any request for repurchase pursuant to this paragraph within 30 days following the First Payment Default Date.
Repurchase of Mortgage Loans with Early Payment Defaults. In the event that the first scheduled payment of principal and interest to be made by the mortgagor after the related Cut-off Date with respect to any Mortgage Loan is not paid by the date which is thirty (30) days after the due date (the "Early Payment Default Date"), the Sellers shall repurchase such Mortgage Loan at a price equal to the Repurchase Price. The Purchaser shall notify the Sellers in writing of an early payment default and request repurchase within the earlier of (A) thirty (30) days of the date that Purchaser receives notice of such default, or (B) ninety (90) days from the date of such default. Seller shall, at the Purchaser's option, repurchase such Mortgage Loan within thirty (30) days of receipt of such request.