{"component": "clause", "props": {"groups": [{"snippet": "(1) It is understood and agreed that the representations and warranties set forth in Sections 3.01, 3.02 and 3.03 shall survive the sale of the Mortgage Loans to the Purchaser and shall inure to the benefit of the Purchaser, notwithstanding any restrictive or qualified endorsement on any Mortgage Note or Assignment or the examination of any Mortgage File.\n(2) Upon discovery by either of the Sellers or the Purchaser of a breach of any of the representations and warranties contained in Sections 3.01, 3.02 or 3.03 that materially and adversely affects the value of a Mortgage Loan, the party discovering such breach shall give prompt written notice to the other.\n(3) Unless permitted a greater period of time to cure as set forth in Section 2.04, the applicable Seller shall have a period of 60 days from the earlier of either discovery by or receipt of written notice from the Purchaser to the Seller of any breach of any of the representations and warranties contained in Sections 3.01, 3.02 or 3.03 that materially and adversely affects the value of a Mortgage Loan (a \"Defective Mortgage Loan\"; provided that \"Defective Mortgage Loan\" shall also include any Mortgage Loan treated or designated as such in accordance with Section 2.04) within which to correct or cure such breach. If such breach can ultimately be cured but is not reasonably expected to be cured within the 60-day period, then the applicable Seller shall have such additional time, if any, as is reasonably determined by the Purchaser to cure such breach provided that the Seller has commenced curing or correcting such breach and is diligently pursuing same. Each Seller hereby covenants and agrees with respect to each Mortgage Loan conveyed by it that, if any breach relating thereto cannot be corrected or cured within the applicable cure period or such additional time, if any, as is reasonably determined by the Purchaser, then such Seller shall, at the direction of the Purchaser, repurchase the Defective Mortgage Loan at the applicable Repurchase Price.", "size": 308, "snippet_links": [{"key": "it-is-understood-and-agreed-that", "type": "definition", "offset": [4, 36]}, {"key": "the-representations-and-warranties", "type": "clause", "offset": [37, 71]}, {"key": "loans-to", "type": "clause", "offset": [153, 161]}, {"key": "inure-to-the-benefit", "type": "clause", "offset": [186, 206]}, {"key": "of-the-purchaser", "type": "clause", "offset": [207, 223]}, {"key": "mortgage-note", "type": "clause", "offset": [289, 302]}, {"key": "assignment-or", "type": "clause", "offset": [306, 319]}, {"key": "the-examination", "type": "clause", "offset": [320, 335]}, {"key": "mortgage-file", "type": "definition", "offset": [343, 356]}, {"key": "of-the-sellers", "type": "clause", "offset": [387, 401]}, {"key": "breach-of-any", "type": "clause", "offset": [424, 437]}, {"key": "contained-in", "type": "definition", "offset": [476, 488]}, {"key": "adversely-affects", "type": "definition", "offset": [537, 554]}, {"key": "the-value", "type": "clause", "offset": [555, 564]}, {"key": "a-mortgage-loan", "type": "definition", "offset": [568, 583]}, {"key": "the-party", "type": "clause", "offset": [585, 594]}, {"key": "notice-to-the", "type": "clause", "offset": [645, 658]}, {"key": "time-to-cure", "type": "clause", "offset": [707, 719]}, {"key": "seller-shall", "type": "clause", "offset": [765, 777]}, {"key": "receipt-of-written-notice", "type": "definition", "offset": [846, 871]}, {"key": "to-the-seller", "type": "definition", "offset": [891, 904]}, {"key": "defective-mortgage-loan", "type": "clause", "offset": [1076, 1099]}, {"key": "provided-that", "type": "clause", "offset": [1102, 1115]}, {"key": "in-accordance-with", "type": "definition", "offset": [1209, 1227]}, {"key": "day-period", "type": "clause", "offset": [1383, 1393]}, {"key": "additional-time", "type": "definition", "offset": [1438, 1453]}, {"key": "by-the-purchaser", "type": "clause", "offset": [1491, 1507]}, {"key": "each-seller", "type": "definition", "offset": [1633, 1644]}, {"key": "with-respect-to", "type": "clause", "offset": [1673, 1688]}, {"key": "each-mortgage-loan", "type": "definition", "offset": [1689, 1707]}, {"key": "applicable-cure-period", "type": "definition", "offset": [1800, 1822]}, {"key": "repurchase-price", "type": "clause", "offset": [2018, 2034]}], "samples": [{"hash": "kCewSjvWk9l", "uri": "/contracts/kCewSjvWk9l#repurchase", "label": "Servicing Agreement (Structured Asset Sec Mort  Pass THR Cert Series 2001-21a)", "score": 18.0, "published": true}, {"hash": "hT531PnlNtV", "uri": "/contracts/hT531PnlNtV#repurchase", "label": "Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 24a)", "score": 18.0, "published": true}, {"hash": "eCQ8Z0TWZun", "uri": "/contracts/eCQ8Z0TWZun#repurchase", "label": "Mortgage Loan Flow Purchase, Sale & Servicing Agreement (Structured Asset Securities Corp)", "score": 18.0, "published": true}], "hash": "1365c2792a0ac724b9c1d2365965e95c", "id": 1}, {"snippet": "Unless any such breach shall have been cured by the last day of the second Collection Period following the discovery thereof or receipt of notice thereof by World Omni as described in Section 3.02(a), World Omni shall be obligated to repurchase any Receivable materially and adversely affected by any such breach as of such last day (or, at World Omni\u2019s option, the last day of the first Collection Period following the discovery) and World Omni shall deliver a revised Schedule of Receivables to the Depositor and the Trust which shall reflect the repurchase of such Receivables. In consideration of the repurchase of any such Receivable, World Omni shall remit the Purchase Amount, in the manner specified in Section 5.05. Upon such repurchase, the Issuing Entity will, without further action, be deemed to have sold and assigned to World Omni all of the Issuing Entity\u2019s right, title and interest in the Receivable repurchased by World Omni under this Section 3.02(b) and all security and documents relating to the Receivable. The sale will not require any action by the Issuing Entity and will be without recourse, representation or warranty by the Issuing Entity except the representation that the Issuing Entity owns the Receivable free and clear of any Lien, other than a Lien pursuant to the Basic Documents. On the sale, the Servicer will mark its receivables systems to indicate that the receivable is no longer a Receivable and may take any action necessary or advisable to evidence the sale of the receivable, free from any Lien of the Issuing Entity or the Indenture Trustee. Subject to the provisions of Section 6.03, the sole remedy of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders with respect to a breach of representations and warranties pursuant to Section 3.01(a) and the agreement contained in this section shall be to require World Omni to repurchase Receivables pursuant to this section, subject to the conditions contained herein.", "size": 85, "snippet_links": [{"key": "day-of", "type": "clause", "offset": [57, 63]}, {"key": "collection-period", "type": "definition", "offset": [75, 92]}, {"key": "following-the", "type": "definition", "offset": [93, 106]}, {"key": "notice-thereof", "type": "clause", "offset": [139, 153]}, {"key": "world-omni", "type": "definition", "offset": [157, 167]}, {"key": "affected-by", "type": "definition", "offset": [285, 296]}, {"key": "schedule-of-receivables", "type": "clause", "offset": [470, 493]}, {"key": "the-trust", "type": "clause", "offset": [515, 524]}, {"key": "the-repurchase", "type": "clause", "offset": [545, 559]}, {"key": "in-consideration-of-the", "type": "clause", "offset": [581, 604]}, {"key": "purchase-amount", "type": "clause", "offset": [667, 682]}, {"key": "issuing-entity", "type": "clause", "offset": [751, 765]}, {"key": "further-action", "type": "clause", "offset": [780, 794]}, {"key": "have-sold", "type": "definition", "offset": [809, 818]}, {"key": "title-and-interest", "type": "clause", "offset": [881, 899]}, {"key": "security-and", "type": "clause", "offset": [979, 991]}, {"key": "relating-to", "type": "definition", "offset": [1002, 1013]}, {"key": "the-sale", "type": "clause", "offset": [1030, 1038]}, {"key": "action-by-the", "type": "clause", "offset": [1060, 1073]}, {"key": "without-recourse", "type": "definition", "offset": [1101, 1117]}, {"key": "representation-or-warranty", "type": "clause", "offset": [1119, 1145]}, {"key": "free-and-clear", "type": "clause", "offset": [1238, 1252]}, {"key": "pursuant-to-the", "type": "definition", "offset": [1284, 1299]}, {"key": "basic-documents", "type": "clause", "offset": [1300, 1315]}, {"key": "the-servicer", "type": "definition", "offset": [1330, 1342]}, {"key": "receivables-systems", "type": "definition", "offset": [1357, 1376]}, {"key": "sale-of-the", "type": "clause", "offset": [1498, 1509]}, {"key": "the-indenture-trustee", "type": "clause", "offset": [1566, 1587]}, {"key": "the-provisions-of-section", "type": "clause", "offset": [1600, 1625]}, {"key": "sole-remedy", "type": "definition", "offset": [1636, 1647]}, {"key": "the-owner-trustee", "type": "definition", "offset": [1671, 1688]}, {"key": "the-noteholders", "type": "clause", "offset": [1713, 1728]}, {"key": "with-respect-to", "type": "clause", "offset": [1755, 1770]}, {"key": "breach-of-representations-and-warranties", "type": "clause", "offset": [1773, 1813]}, {"key": "pursuant-to-section", "type": "definition", "offset": [1814, 1833]}, {"key": "the-agreement", "type": "clause", "offset": [1846, 1859]}, {"key": "contained-in", "type": "definition", "offset": [1860, 1872]}, {"key": "the-conditions", "type": "clause", "offset": [1980, 1994]}], "samples": [{"hash": "3s7nQrMmrfy", "uri": "/contracts/3s7nQrMmrfy#repurchase", "label": "Sale and Servicing Agreement (World Omni Auto Receivables Trust 2026-B)", "score": 37.3613967896, "published": true}, {"hash": "7xY7djr0cop", "uri": "/contracts/7xY7djr0cop#repurchase", "label": "Sale and Servicing Agreement (World Omni Auto Receivables Trust 2026-B)", "score": 37.3449707031, "published": true}, {"hash": "ejcMQZH8WOJ", "uri": "/contracts/ejcMQZH8WOJ#repurchase", "label": "Sale and Servicing Agreement (World Omni Auto Receivables Trust 2026-A)", "score": 37.1341552734, "published": true}], "hash": "170b50d675b6380bfe1d206f622d02fe", "id": 3}, {"snippet": "(a) Provided that no Default or Event of Default has occurred and is continuing, and no Default or Margin Deficit will result therefrom, Seller may voluntarily repurchase, and Buyer shall resell, Purchased Assets without penalty or premium on any Business Day by delivering to Buyer written notice. If Seller intends to make such a repurchase, Seller shall give at least one (1) Business Day\u2019s prior written notice thereof to Buyer, designating the Purchased Assets to be repurchased. If such notice is given and not subsequently revoked, the amount specified in such notice shall be due and payable on the date specified therein, and, on receipt, such amount shall be applied to the Repurchase Price for the designated Purchased Assets. Any repurchase of a Purchased Asset may occur simultaneously with a sale of the Purchased Asset to a third-party investor.\n(b) Provided that (A) no Default or Event of Default has occurred and is continuing, and no Default or Margin Deficit will result therefrom, and (B) Buyer has received the Repurchase Price in full upon repurchase with respect to any Purchased Asset, Buyer agrees to release its ownership interest hereunder in such Purchased Asset (including the Repurchase Assets related thereto) pursuant to a release letter substantially in a form agreed upon by the parties; provided that, in the event of a partial remittance of the Repurchase Price without a request for repurchase, such payment will be applied as directed by Seller, or, in the absence of such direction, on a weighted average, pro rata basis to the Repurchase Price of all Purchased Assets.\n(c) With respect to Principal Payments (other than such payments of the type set forth in clause (i) of the definition of \u201cPrincipal Payments\u201d) of a Purchased Asset, Seller agrees to (A) comply with Section 8 of this Agreement, (B) provide Buyer a notice specifying any applicable Purchased Asset that has been prepaid or defeased in accordance with the terms of the applicable Purchased Asset, and (C) in the case of defeasance, deliver to the Custodian the defeasance collateral and upon such delivery the Custodian shall be permitted to physically release and transfer to Servicer all of the collateral previously pledged to secure payments in respect of the Purchased Asset that was defeased. Buyer\u2019s ownership interest in Purchased Assets which have been prepaid or defeased in full shall automatically be released after receipt of evidence of compliance with clauses (A) through (C) of the immediately preceding sentence.", "size": 186, "snippet_links": [{"key": "provided-that", "type": "clause", "offset": [4, 17]}, {"key": "no-default-or-event-of-default", "type": "clause", "offset": [18, 48]}, {"key": "margin-deficit", "type": "definition", "offset": [99, 113]}, {"key": "buyer-shall", "type": "clause", "offset": [176, 187]}, {"key": "without-penalty", "type": "clause", "offset": [213, 228]}, {"key": "business-day", "type": "definition", "offset": [247, 259]}, {"key": "to-buyer", "type": "definition", "offset": [274, 282]}, {"key": "seller-shall", "type": "clause", "offset": [344, 356]}, {"key": "notice-thereof", "type": "clause", "offset": [408, 422]}, {"key": "assets-to-be", "type": "clause", "offset": [459, 471]}, {"key": "due-and-payable", "type": "definition", "offset": [584, 599]}, {"key": "repurchase-price", "type": "clause", "offset": [684, 700]}, {"key": "the-designated", "type": "definition", "offset": [705, 719]}, {"key": "simultaneously-with", "type": "clause", "offset": [784, 803]}, {"key": "sale-of-the", "type": "clause", "offset": [806, 817]}, {"key": "with-respect-to", "type": "clause", "offset": [1074, 1089]}, {"key": "agrees-to", "type": "clause", "offset": [1117, 1126]}, {"key": "ownership-interest", "type": "definition", "offset": [1139, 1157]}, {"key": "repurchase-assets", "type": "definition", "offset": [1207, 1224]}, {"key": "pursuant-to-a", "type": "clause", "offset": [1242, 1255]}, {"key": "release-letter", "type": "clause", "offset": [1256, 1270]}, {"key": "by-the-parties", "type": "clause", "offset": [1307, 1321]}, {"key": "in-the-event-of-a", "type": "clause", "offset": [1338, 1355]}, {"key": "request-for-repurchase", "type": "clause", "offset": [1409, 1431]}, {"key": "as-directed", "type": "definition", "offset": [1462, 1473]}, {"key": "by-seller", "type": "clause", "offset": [1474, 1483]}, {"key": "weighted-average", "type": "definition", "offset": [1528, 1544]}, {"key": "pro-rata-basis", "type": "definition", "offset": [1546, 1560]}, {"key": "all-purchased-assets", "type": "clause", "offset": [1588, 1608]}, {"key": "principal-payments", "type": "definition", "offset": [1630, 1648]}, {"key": "payments-of-the", "type": "clause", "offset": [1666, 1681]}, {"key": "in-clause", "type": "clause", "offset": [1697, 1706]}, {"key": "the-definition-of", "type": "definition", "offset": [1714, 1731]}, {"key": "comply-with", "type": "clause", "offset": [1797, 1808]}, {"key": "section-8", "type": "clause", "offset": [1809, 1818]}, {"key": "this-agreement", "type": "clause", "offset": [1822, 1836]}, {"key": "a-notice", "type": "definition", "offset": [1856, 1864]}, {"key": "in-accordance-with", "type": "definition", "offset": [1941, 1959]}, {"key": "the-applicable", "type": "clause", "offset": [1973, 1987]}, {"key": "in-the-case", "type": "clause", "offset": [2013, 2024]}, {"key": "to-the-custodian", "type": "clause", "offset": [2048, 2064]}, {"key": "defeasance-collateral", "type": "definition", "offset": [2069, 2090]}, {"key": "transfer-to", "type": "clause", "offset": [2173, 2184]}, {"key": "the-collateral", "type": "definition", "offset": [2201, 2215]}, {"key": "to-secure", "type": "clause", "offset": [2235, 2244]}, {"key": "in-respect-of", "type": "clause", "offset": [2254, 2267]}, {"key": "after-receipt-of", "type": "clause", "offset": [2430, 2446]}, {"key": "compliance-with", "type": "definition", "offset": [2459, 2474]}], "samples": [{"hash": "cQkU4BDPZdj", "uri": "/contracts/cQkU4BDPZdj#repurchase", "label": "Master Repurchase Agreement (FS Credit Real Estate Income Trust, Inc.)", "score": 37.3258056641, "published": true}, {"hash": "aDnxFtMrnUM", "uri": "/contracts/aDnxFtMrnUM#repurchase", "label": "Master Repurchase Agreement (FS Credit Real Estate Income Trust, Inc.)", "score": 36.3073234558, "published": true}, {"hash": "fFYqgYbVJ9Q", "uri": "/contracts/fFYqgYbVJ9Q#repurchase", "label": "Master Repurchase Agreement (FS Credit Real Estate Income Trust, Inc.)", "score": 35.143737793, "published": true}], "hash": "33ed0d622cb4adc6ea26f64182b7856f", "id": 2}, {"snippet": "If the Company determines, in its sole discretion, that it is likely that within six months the securities of the Company will be held of record by a number of persons that would require the Company to register a class of its equity securities under the Securities Exchange Act of 1934, as amended, as required by Section 12(g) thereof, the Company shall have the option to repurchase this instrument from the Investor for the greater of (i) the Purchase Amount and (ii) the fair market value of this instrument, as determined by an independent appraiser of securities chosen by the Company (such repurchase, the \u201cRepurchase,\u201d and such greater value, the \u201c Repurchase Value\u201d); provided, however, that, in the event an Equity Financing occurs within three months after the Repurchase and the Repurchase Value is less than the Aggregate Value (as de\ufb01ned below) of the shares of Safe Preferred Stock the Investor would have received had the Repurchase not occurred (where such value is determined by multiplying the number of shares of Safe Preferred Stock by the Conversion Price and is referred to as the \u201cAggregate Value\u201d), the Company shall pay to the Investor an amount equal to the di\ufb00erence between the Aggregate Value and the Repurchase Value promptly following the consummation of the Equity Financing. Such independent appraiser shall be regularly engaged in the valuation of securities. The foregoing repurchase option terminates upon a Change of Control or Dissolution Event.", "size": 72, "snippet_links": [{"key": "sole-discretion", "type": "clause", "offset": [34, 49]}, {"key": "is-likely", "type": "definition", "offset": [59, 68]}, {"key": "six-months", "type": "definition", "offset": [81, 91]}, {"key": "the-company-will", "type": "clause", "offset": [110, 126]}, {"key": "of-record", "type": "definition", "offset": [135, 144]}, {"key": "number-of-persons", "type": "clause", "offset": [150, 167]}, {"key": "require-the", "type": "clause", "offset": [179, 190]}, {"key": "class-of", "type": "definition", "offset": [213, 221]}, {"key": "equity-securities", "type": "clause", "offset": [226, 243]}, {"key": "securities-exchange-act-of-1934", "type": "definition", "offset": [254, 285]}, {"key": "as-amended", "type": "definition", "offset": [287, 297]}, {"key": "as-required-by", "type": "clause", "offset": [299, 313]}, {"key": "the-company-shall", "type": "clause", "offset": [337, 354]}, {"key": "option-to-repurchase", "type": "clause", "offset": [364, 384]}, {"key": "the-investor", "type": "definition", "offset": [406, 418]}, {"key": "purchase-amount", "type": "clause", "offset": [446, 461]}, {"key": "the-fair-market-value", "type": "clause", "offset": [471, 492]}, {"key": "independent-appraiser", "type": "definition", "offset": [533, 554]}, {"key": "by-the-company", "type": "clause", "offset": [576, 590]}, {"key": "greater-value", "type": "definition", "offset": [636, 649]}, {"key": "repurchase-value", "type": "definition", "offset": [657, 673]}, {"key": "in-the-event", "type": "clause", "offset": [702, 714]}, {"key": "equity-financing", "type": "clause", "offset": [718, 734]}, {"key": "the-repurchase", "type": "clause", "offset": [768, 782]}, {"key": "aggregate-value", "type": "clause", "offset": [825, 840]}, {"key": "the-shares", "type": "clause", "offset": [862, 872]}, {"key": "safe-preferred-stock", "type": "definition", "offset": [876, 896]}, {"key": "repurchase-not", "type": "definition", "offset": [938, 952]}, {"key": "number-of-shares-of", "type": "clause", "offset": [1013, 1032]}, {"key": "conversion-price", "type": "definition", "offset": [1061, 1077]}, {"key": "pay-to", "type": "definition", "offset": [1142, 1148]}, {"key": "equal-to", "type": "definition", "offset": [1172, 1180]}, {"key": "following-the", "type": "definition", "offset": [1257, 1270]}, {"key": "consummation-of-the", "type": "clause", "offset": [1271, 1290]}, {"key": "engaged-in", "type": "definition", "offset": [1355, 1365]}, {"key": "valuation-of-securities", "type": "clause", "offset": [1370, 1393]}, {"key": "the-foregoing", "type": "definition", "offset": [1395, 1408]}, {"key": "repurchase-option", "type": "clause", "offset": [1409, 1426]}, {"key": "upon-a-change-of-control", "type": "clause", "offset": [1438, 1462]}, {"key": "dissolution-event", "type": "clause", "offset": [1466, 1483]}], "samples": [{"hash": "fpevKCacpka", "uri": "/contracts/fpevKCacpka#repurchase", "label": "Safe (Simple Agreement for Future Equity)", "score": 26.0328540802, "published": true}, {"hash": "byaCKz8A3oz", "uri": "/contracts/byaCKz8A3oz#repurchase", "label": "Safe (Simple Agreement for Future Equity)", "score": 26.0273780823, "published": true}, {"hash": "7cYRG9SwITb", "uri": "/contracts/7cYRG9SwITb#repurchase", "label": "Safe (Simple Agreement for Future Equity)", "score": 26.0273780823, "published": true}], "hash": "bff28c4986ea6b0d01d34d0747050e6e", "id": 4}, {"snippet": "(The [Master Servicer] [Trustee] hereby certifies that the repurchase price has been credited to _____________________________________________.)", "size": 44, "snippet_links": [{"key": "master-servicer", "type": "clause", "offset": [6, 21]}, {"key": "repurchase-price", "type": "clause", "offset": [59, 75]}], "samples": [{"hash": "gIMRjMQFMhv", "uri": "/contracts/gIMRjMQFMhv#repurchase", "label": "Pooling and Servicing Agreement (Saco I Trust, 2005-Wm1)", "score": 21.0, "published": true}, {"hash": "6iAR9D3yT4q", "uri": "/contracts/6iAR9D3yT4q#repurchase", "label": "Pooling and Servicing Agreement (SACO I Trust 2007-1)", "score": 21.0, "published": true}, {"hash": "2zHGfPvJBVR", "uri": "/contracts/2zHGfPvJBVR#repurchase", "label": "Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He7)", "score": 21.0, "published": true}], "hash": "c458af141be6be50891dac5b3400c4b0", "id": 5}, {"snippet": "(a) Executive's unvested Incentive Equity will be subject to repurchase in whole by Holdings, at its option (which option to repurchase must be elected in writing by Holdings within ten days of termination and, subject to such repurchase option being suspended as provided below, consummation of such repurchase must be effected within 80 days thereafter), at the lower of its original cost (less all amounts distributed in respect of Executive's unvested Incentive Equity) or its Fair Market Value at the time of termination if Executive ceases to be employed by Holdings for any reason. Notwithstanding anything in this agreement to the contrary, in the event that Executive's employment is terminated for any reason including due to death or Disability (but other than by the Executive without Good Reason) and (i) at or prior to such termination Holdings has entered into an agreement or agreements regarding a transaction or has publicly announced its intention to consummate a transaction (including, but not limited to, a public announcement of an intention to seek to consummate a transaction), which upon consummation would trigger a Liquidity Event (as defined in the LOI), or (ii) at or within six months prior to such termination is or was in active negotiations regarding a transaction, which upon consummation would trigger a Liquidity Event, then in either case Holdings' repurchase right pursuant to the foregoing sentence will be suspended and if any such transaction is consummated then Executive's unvested Incentive Equity shall immediately prior to the consummation of such transaction become fully vested and all distributions that would have been payable to Executive on account of such unvested Incentive Equity subsequent to Executive's termination and prior to such vesting shall be made to Executive, with interest on each such distribution at a rate per annum equal to the prime rate in effect at the time of each such distribution, at such time (and any repurchase by Holdings of such Incentive Equity in connection with Executive's termination of employment shall be governed by Section 5.3(b)), it being understood and agreed that, upon exercise of the repurchase option, during such suspension and prior to any such vesting hereunder, distributions that would have been payable to Executive on account of such unvested Incentive Equity shall not be for the account of Executive unless and until such Incentive Equity shall become vested; provided that if none of such transactions is consummated within two years after Executive's termination of employment, or within such two-year period another transaction is consummated which constitutes a Liquidity Event, then Holdings' above repurchase rights shall be reinstated. \"Fair Market Value\" shall mean, with respect to any security, the amount that would be paid to the holder thereof with respect to such security if all of the assets of Holdings were sold for fair value to a willing buyer in exchange for cash, all of the debt and other liabilities not assumed by the buyer were paid in full, all of the convertible debt and other convertible securities were repaid or converted (whichever yields more cash to the holders), and then Holdings were completely liquidated.", "size": 36, "snippet_links": [{"key": "unvested-incentive-equity", "type": "definition", "offset": [16, 41]}, {"key": "subject-to", "type": "clause", "offset": [50, 60]}, {"key": "by-holdings", "type": "clause", "offset": [81, 92]}, {"key": "option-to-repurchase", "type": "clause", "offset": [115, 135]}, {"key": "in-writing", "type": "clause", "offset": [152, 162]}, {"key": "ten-days", "type": "clause", "offset": [182, 190]}, {"key": "consummation-of", "type": "clause", "offset": [280, 295]}, {"key": "original-cost", "type": "clause", "offset": [377, 390]}, {"key": "amounts-distributed", "type": "clause", "offset": [401, 420]}, {"key": "in-respect-of", "type": "clause", "offset": [421, 434]}, {"key": "fair-market-value", "type": "definition", "offset": [481, 498]}, {"key": "time-of-termination", "type": "clause", "offset": [506, 525]}, {"key": "employed-by", "type": "definition", "offset": [552, 563]}, {"key": "for-any-reason", "type": "clause", "offset": [573, 587]}, {"key": "agreement-to", "type": "clause", "offset": [622, 634]}, {"key": "in-the-event", "type": "clause", "offset": [649, 661]}, {"key": "employment-is-terminated", "type": "clause", "offset": [679, 703]}, {"key": "due-to-death-or-disability", "type": "clause", "offset": [729, 755]}, {"key": "by-the-executive-without-good-reason", "type": "clause", "offset": [772, 808]}, {"key": "entered-into", "type": "clause", "offset": [863, 875]}, {"key": "agreement-or", "type": "definition", "offset": [879, 891]}, {"key": "publicly-announced", "type": "definition", "offset": [934, 952]}, {"key": "not-limited", "type": "clause", "offset": [1011, 1022]}, {"key": "public-announcement", "type": "clause", "offset": [1029, 1048]}, {"key": "liquidity-event", "type": "definition", "offset": [1143, 1158]}, {"key": "six-months", "type": "definition", "offset": [1205, 1215]}, {"key": "active-negotiations", "type": "definition", "offset": [1255, 1274]}, {"key": "pursuant-to-the-foregoing", "type": "clause", "offset": [1404, 1429]}, {"key": "prior-to-the", "type": "clause", "offset": [1561, 1573]}, {"key": "fully-vested", "type": "definition", "offset": [1614, 1626]}, {"key": "to-executive", "type": "definition", "offset": [1678, 1690]}, {"key": "interest-on-each", "type": "clause", "offset": [1833, 1849]}, {"key": "per-annum", "type": 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Capital LLC)", "score": 18.0, "published": true}, {"hash": "h6wQx2GKirc", "uri": "/contracts/h6wQx2GKirc#repurchase", "label": "Employment Agreement (Madison River Capital LLC)", "score": 18.0, "published": true}, {"hash": "epXAOMm00pC", "uri": "/contracts/epXAOMm00pC#repurchase", "label": "Employment Agreement (Madison River Capital LLC)", "score": 18.0, "published": true}], "hash": "bd8e16717b59b5f1efc078b2022c1804", "id": 7}, {"snippet": "It is understood and agreed that the representations and warranties set forth in Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans to the Purchaser and the delivery of the Mortgage Loan Documents to the Custodian and shall inure to the benefit of the Purchaser, notwithstanding any restrictive or qualified endorsement on any Mortgage Note or Assignment of Mortgage or the examination or failure to examine any Mortgage File. Upon discovery by either the Company or the Purchaser of a breach of any of the foregoing representations and warranties which materially and adversely affects the value of the Mortgage Loans or the interest of the Purchaser (or which materially and adversely affects the interests of Purchaser in the related Mortgage Loan in the case of a representation and warranty relating to a particular Mortgage Loan), the party discovering such breach shall give prompt written notice to the other. Within 60 days of the earlier of either discovery by or notice to the Company of any breach of a representation or warranty which materially and adversely affects the value of the Mortgage Loans, the Company shall use its best efforts promptly to cure such breach in all material respects and, if such breach cannot be cured, the Company shall, at the Purchaser's option, repurchase such Mortgage Loan at the Repurchase Price. In the event that a breach shall involve any representation or warranty set forth in Section 3.01, and such breach cannot be cured within 60 days of the earlier of either discovery by or notice to the Company of such breach, all of the Mortgage Loans shall, at the Purchaser's option, be repurchased by the Company at the Repurchase Price. However, if the breach shall involve a representation or warranty set forth in Section 3.02 and the Company discovers or receives notice of any such breach within 120 days of the Closing Date, the Company shall, if the breach cannot be cured, at the Purchaser's option and provided that the Company has a Qualified Substitute Mortgage Loan, rather than repurchase the Mortgage Loan as provided above, remove such Mortgage Loan (a \"Deleted Mortgage Loan\") and substitute in its place a Qualified Substitute Mortgage Loan or Loans, provided that any such substitution shall be effected not later than 120 days after the Closing Date. If the Company has no Qualified Substitute Mortgage Loan, it shall repurchase the deficient Mortgage Loan within 90 days of the written notice of the breach or the failure to cure, whichever is later. Any repurchase of a Mortgage Loan or Loans pursuant to the foregoing provisions of this Section 3.03 shall be accomplished by deposit in the Custodial Account of the amount of the Repurchase Price for distribution to Purchaser on the next scheduled Remittance Date, after deducting therefrom any amount received in respect of such repurchased Mortgage Loan or Loans and being held in the Custodial Account for future distribution. At the time of repurchase or substitution, the Purchaser and the Company shall arrange for the reassignment of the Deleted Mortgage Loan to the Company and the delivery to the Company of any documents held by the Custodian relating to the Deleted Mortgage Loan. In the event of a repurchase or substitution, the Company shall, simultaneously with such reassignment, give written notice to the Purchaser that such repurchase or substitution has taken place, amend the Mortgage Loan Schedule to reflect the withdrawal of the Deleted Mortgage Loan from this Agreement, and, in the case of substitution, identify a Qualified Substitute Mortgage Loan and amend the Mortgage Loan Schedule to reflect the addition of such Qualified Substitute Mortgage Loan to this Agreement. In connection with any such substitution, the Company shall be deemed to have made as to such Qualified Substitute Mortgage Loan the representations and warranties set forth in this Agreement except that all such representations and warranties set forth in this Agreement shall be deemed made as of the date of such substitution. The Company shall effect such substitution by delivering to the Custodian for such Qualified Substitute Mortgage Loan the documents required by Section 2.03, with the Mortgage Note endorsed as required by Section 2.03. No substitution will be made in any calendar month after the Determination Date for such month. The Company shall deposit in the Custodial Account the Monthly Payment less the Servicing Fee due on such Qualified Substitute Mortgage Loan or Loans in the month following the date of such substitution. Monthly Payments due with respect to Qualified Substitute Mortgage Loans in the month of substitution shall be retained by the Company. With respect to any Deleted Mortgage Loan, distributions to Purchaser shall include the Monthly Payment due on any Deleted Mortgage Loan in the month of substitution, and the Company shall thereafter be entitled to retain all amounts subsequently received by the Company in respect of such Deleted Mortgage Loan. For any month in which the Company substitutes a Qualified Substitute Mortgage Loan for a Deleted Mortgage Loan, the Company shall determine the amount (if any) by which the aggregate principal balance of all Qualified Substitute Mortgage Loans as of the date of substitution is less than the aggregate Stated Principal Balance of all Deleted Mortgage Loans (after application of scheduled principal payments due in the month of substitution). The amount of such shortfall shall be distributed by the Company in the month of substitution pursuant to Section 5.01. Accordingly, on the date of such substitution, the Company shall deposit from its own funds into the Custodial Account an amount equal to the amount of such shortfall. In addition to such repurchase or substitution obligation, the Company shall indemnify the Purchaser and hold it harmless against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and other costs and expenses resulting from any claim, demand, defense or assertion based on or grounded upon, or resulting from, a breach of the representations and warranties contained in this Agreement. It is understood and agreed that the obligations of the Company set forth in this Section 3.03 to cure, substitute for or repurchase a defective Mortgage Loan and to indemnify the Purchaser as provided in this Section 3.03 and the obligation to repurchase pursuant to Section 3.04 constitute the sole remedies of the Purchaser respecting a breach of the foregoing representations and warranties. Any cause of action against the Company relating to or arising out of the breach of any representations and warranties made in Sections 3.01 and 3.02 shall accrue as to any Mortgage Loan upon (i) discovery of such breach by the Purchaser or notice thereof by the Company to the Purchaser, (ii) failures by the Company to cure such breach or repurchase such Mortgage Loan as specified above, and (iii) demand upon the Company by the Purchaser for compliance with this Agreement. The Company shall pay all reasonable out-of-pocket costs and expenses incurred in connection with the repurchase of and substitution for a Deleted Mortgage Loan, or cure of a breach of a representation or warranty.", "size": 35, "snippet_links": [{"key": "it-is-understood-and-agreed-that", "type": "definition", "offset": [0, 32]}, {"key": "the-representations-and-warranties", "type": "clause", "offset": [33, 67]}, {"key": "loans-to", "type": "clause", "offset": [143, 151]}, {"key": "delivery-of-the", "type": "clause", "offset": [174, 189]}, {"key": "mortgage-loan-documents", "type": "definition", "offset": [190, 213]}, {"key": "to-the-custodian", "type": "clause", "offset": [214, 230]}, {"key": "inure-to-the-benefit", "type": "clause", "offset": [241, 261]}, {"key": "assignment-of-mortgage", "type": "clause", "offset": [361, 383]}, {"key": "the-examination", "type": "clause", "offset": [387, 402]}, {"key": "mortgage-file", "type": "definition", "offset": [429, 442]}, {"key": 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"best-efforts", "type": "definition", "offset": [1157, 1169]}, {"key": "in-all-material-respects", "type": "definition", "offset": [1199, 1223]}, {"key": "such-mortgage-loan", "type": "definition", "offset": [1318, 1336]}, {"key": "repurchase-price", "type": "clause", "offset": [1344, 1360]}, {"key": "loans-shall", "type": "definition", "offset": [1607, 1618]}, {"key": "and-the-company", "type": "clause", "offset": [1794, 1809]}, {"key": "notice-of-any", "type": "clause", "offset": [1832, 1845]}, {"key": "and-provided-that", "type": "clause", "offset": [1971, 1988]}, {"key": "the-company-has", "type": "clause", "offset": [1989, 2004]}, {"key": "qualified-substitute-mortgage-loan", "type": "definition", "offset": [2007, 2041]}, {"key": "loan-or-loans", "type": "clause", "offset": [2217, 2230]}, {"key": "after-the-closing-date", "type": "clause", "offset": [2310, 2332]}, {"key": "notice-of-the", "type": "clause", "offset": [2470, 2483]}, {"key": "failure-to-cure", "type": "clause", "offset": [2498, 2513]}, {"key": "a-mortgage-loan", "type": "definition", "offset": [2553, 2568]}, {"key": "section-303", "type": "definition", "offset": [2623, 2635]}, {"key": "the-custodial-account", "type": "clause", "offset": [2672, 2693]}, {"key": "for-distribution", "type": "clause", "offset": [2732, 2748]}, {"key": "to-purchaser", "type": "clause", "offset": [2749, 2761]}, {"key": "remittance-date", "type": "definition", "offset": [2784, 2799]}, {"key": "amount-received", "type": "clause", "offset": [2831, 2846]}, {"key": "in-respect-of", "type": "clause", "offset": [2847, 2860]}, {"key": "repurchased-mortgage-loan", "type": "definition", "offset": [2866, 2891]}, {"key": "at-the-time", "type": "clause", "offset": [2966, 2977]}, {"key": "arrange-for", "type": "clause", "offset": [3045, 3056]}, {"key": "the-company-and-the", "type": "clause", "offset": [3106, 3125]}, {"key": "delivery-to-the-company", "type": "clause", "offset": [3126, 3149]}, {"key": "in-the-event-of-a", "type": "clause", "offset": [3228, 3245]}, {"key": "simultaneously-with", "type": "clause", "offset": [3293, 3312]}, {"key": "notice-to-the-purchaser", "type": "clause", "offset": [3345, 3368]}, {"key": "schedule-to", "type": "clause", "offset": [3447, 3458]}, {"key": "withdrawal-of", "type": "clause", "offset": [3471, 3484]}, {"key": "addition-of", "type": "clause", "offset": [3664, 3675]}, {"key": "to-this-agreement", "type": "clause", "offset": [3716, 3733]}, {"key": "in-connection-with", "type": "clause", "offset": [3735, 3753]}, {"key": "in-this-agreement", "type": "definition", "offset": [3909, 3926]}, {"key": "date-of", "type": "clause", "offset": [4038, 4045]}, {"key": "documents-required", "type": "clause", "offset": [4187, 4205]}, {"key": "the-mortgage-note", "type": "definition", "offset": [4228, 4245]}, {"key": "as-required-by", "type": "clause", "offset": [4255, 4269]}, {"key": "no-substitution", "type": "clause", "offset": [4284, 4299]}, {"key": "calendar-month", "type": "definition", "offset": [4320, 4334]}, {"key": "determination-date", "type": "clause", "offset": [4345, 4363]}, {"key": "servicing-fee", "type": "definition", "offset": [4460, 4473]}, {"key": "following-the", "type": "definition", "offset": [4543, 4556]}, {"key": "payments-due", "type": "clause", "offset": [4592, 4604]}, {"key": "with-respect-to", "type": "clause", "offset": [4605, 4620]}, {"key": "substitute-mortgage-loans", "type": "definition", "offset": [4631, 4656]}, {"key": "distributions-to", "type": "clause", "offset": [4763, 4779]}, {"key": "payment-due", "type": "definition", "offset": [4816, 4827]}, {"key": "company-in", "type": "clause", "offset": [4983, 4993]}, {"key": "determine-the", "type": "clause", "offset": [5164, 5177]}, {"key": "aggregate-principal-balance", "type": "clause", "offset": [5207, 5234]}, {"key": "aggregate-stated-principal-balance", "type": "definition", "offset": [5326, 5360]}, {"key": "deleted-mortgage-loans", "type": "definition", "offset": [5368, 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{"key": "compliance-with-this-agreement", "type": "clause", "offset": [7061, 7091]}, {"key": "expenses-incurred", "type": "definition", "offset": [7154, 7171]}], "samples": [{"hash": "5GMuc2XpPOA", "uri": "/contracts/5GMuc2XpPOA#repurchase", "label": "Servicing Agreement (Greenwich Capital Acceptance Inc)", "score": 21.0, "published": true}], "hash": "ebc107d2c680de48fdc0fcba103cf378", "id": 8}, {"snippet": "Make a sale to any customer on a \u2587\u2587\u2587\u2587-and-hold, guaranteed sale, sale and return, sale on approval, consignment, or any other repurchase or return basis;", "size": 31, "snippet_links": [{"key": "a-\u2587", "type": "clause", "offset": [31, 34]}, {"key": "and-return", "type": "clause", "offset": [70, 80]}], "samples": [{"hash": "re3m3sdxuZ", "uri": "/contracts/re3m3sdxuZ#repurchase", "label": "Loan and Security Agreement (Medley Credit Acceptance Corp)", "score": 18.0, "published": true}, {"hash": "ioCzYYmsVLt", "uri": "/contracts/ioCzYYmsVLt#repurchase", "label": "Loan and Security Agreement (Community Medical Transport Inc)", "score": 18.0, "published": true}, {"hash": "h1EsCifxnol", "uri": "/contracts/h1EsCifxnol#repurchase", "label": "Loan and Security Agreement (Nstor Technologies Inc)", "score": 18.0, "published": true}], "hash": "e2fc5d0a45127cb3a39c01ca30e68033", "id": 10}, {"snippet": "Executive acknowledges and agrees that a breach of this Agreement would constitute a \"Covenant Breach\" as such term is used in the Plan and therefore, in the event of a Covenant Breach, Executive's RSU and the Award Stock issued therefor (as such terms are defined in the Plan) shall be subject to repurchase by The \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587 Company in accordance with the terms of the Plan.", "size": 36, "snippet_links": [{"key": "executive-acknowledges", "type": "clause", "offset": [0, 22]}, {"key": "breach-of-this-agreement", "type": "definition", "offset": [41, 65]}, {"key": "covenant-breach", "type": "definition", "offset": [86, 101]}, {"key": "in-the-event-of-a", "type": "clause", "offset": [151, 168]}, {"key": "award-stock", "type": "definition", "offset": [210, 221]}, {"key": "subject-to", "type": "clause", "offset": [287, 297]}, {"key": "the-\u2587", "type": "clause", "offset": [312, 317]}, {"key": "in-accordance-with", "type": "definition", "offset": [336, 354]}, {"key": "terms-of-the-plan", "type": "clause", "offset": [359, 376]}], "samples": [{"hash": "hOIr8BjiMuA", "uri": "/contracts/hOIr8BjiMuA#repurchase", "label": "Restricted Stock Unit Award Agreement (Kraft Heinz Co)", "score": 32.5893211365, "published": true}, {"hash": "VTUjmeViJU", "uri": "/contracts/VTUjmeViJU#repurchase", "label": "Restricted Stock Unit Award Agreement (Kraft Heinz Co)", "score": 32.5893211365, "published": true}, {"hash": "4XLUuSctLQ9", "uri": "/contracts/4XLUuSctLQ9#repurchase", "label": "Restricted Stock Unit Award Agreement (Kraft Heinz Co)", "score": 32.5893211365, "published": true}], "hash": "1fda3009c18299f9dd5883a092e59547", "id": 6}, {"snippet": "a. Seller shall repurchase the related Purchased Mortgage Loans from Buyer on each related Repurchase Date. In addition, Seller may repurchase Purchased Mortgage Loans without penalty or premium on any date. If Seller intends to make such a repurchase, Seller shall give one (1) Business Day\u2019s prior written notice to Buyer, designating the Purchased Mortgage Loans to be repurchased. Such obligation to repurchase exists without regard to any prior or intervening liquidation or foreclosure with respect to any Purchased Mortgage Loan (but liquidation or foreclosure proceeds received by Buyer shall be applied to reduce the Repurchase Price for such Purchased Mortgage Loan on each Price Differential Payment Date except as otherwise provided herein). Seller is obligated to repurchase and take physical possession of the Purchased Mortgage Loans from Buyer or its designee (including the Custodian) at Seller\u2019s expense on the related Repurchase Date.\nb. Provided that no Default shall have occurred and is continuing, and Buyer has received the related Repurchase Price upon repurchase of the Purchased Mortgage Loans, Buyer hereby releases its ownership interest hereunder in the Purchased Mortgage Loans (including, the Repurchase Assets related thereto). The Purchased Mortgage Loans (including the Repurchase Assets related thereto) shall be delivered to Seller free and clear of any lien, encumbrance or claim. With respect to payments in full by the related Mortgagor of a Purchased Mortgage Loan, Seller agrees to promptly remit but in no event later than two (2) Business Days (or cause to be remitted) to Buyer the Repurchase Price with respect to such Purchased Mortgage Loan. Buyer agrees to release its ownership interest in Purchased Mortgage Loans which have been prepaid in full after receipt of evidence of compliance with the immediately preceding sentence.\nc. In the event that at any time any Purchased Mortgage Loan violates the applicable sublimit set forth in the definition of Asset Value, Buyer may, in its sole discretion but with prior written notice to Seller, redesignate such Mortgage Loan as an Exception Mortgage Loan. If Buyer does not redesignate such Mortgage Loan as an Exception Mortgage Loan, and if Seller fails to notify Buyer within five (5) Business Days following notice of such violation that Seller does not want to receive a bid for such Mortgage Loan as described below, Buyer or an Affiliate of Buyer may offer to terminate Seller\u2019s right and obligation to repurchase such Mortgage Loan by paying Seller a price to be set by Buyer in its sole discretion (a \u201cBid\u201d). Seller, within five (5) Business Days after receipt of Buyer\u2019s bid (the \u201cViolation Deadline\u201d) may, in its sole discretion, either (i) accept Buyer\u2019s bid, terminating Seller\u2019s right and obligation to repurchase such Mortgage Loan under this Agreement or (ii) immediately repurchase the Mortgage Loan at the Repurchase Price in accordance with this Section 4. Any amount paid by Buyer or its Affiliate to terminate Seller\u2019s right and obligation to repurchase a Purchased Mortgage Loan if a Bid is accepted pursuant to this Section shall be applied by Buyer toward the outstanding Repurchase Price for the applicable Transaction.", "size": 33, "snippet_links": [{"key": "seller-shall", "type": "clause", "offset": [3, 15]}, {"key": "purchased-mortgage-loans", "type": "definition", "offset": [39, 63]}, {"key": "repurchase-date", "type": "clause", "offset": [91, 106]}, {"key": "in-addition", "type": "clause", "offset": [108, 119]}, {"key": "without-penalty", "type": "clause", "offset": [168, 183]}, {"key": "notice-to-buyer", "type": "definition", "offset": [308, 323]}, {"key": "loans-to", "type": "clause", "offset": [360, 368]}, {"key": "obligation-to-repurchase", "type": "clause", "offset": [390, 414]}, {"key": "with-respect-to", "type": "clause", "offset": [492, 507]}, {"key": "foreclosure-proceeds", "type": "definition", "offset": [556, 576]}, 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Price"]], "size": 2494, "title": "Repurchase", "parents": [["representations-and-warranties-remedies-and-breach", "REPRESENTATIONS AND WARRANTIES REMEDIES AND BREACH"], ["repurchase-upon-breach-dispute-resolution", "Repurchase Upon Breach Dispute Resolution"], ["the-receivables", "The Receivables"], ["representations-and-warranties", "Representations and Warranties"], ["events", "Events"]], "id": "repurchase", "related": [["repurchase-upon-change-of-control", "Repurchase upon Change of Control", "<strong>Repurchase</strong> upon Change of Control"], ["optional-repurchase", "Optional Repurchase", "Optional <strong>Repurchase</strong>"], ["offer-to-repurchase-upon-change-of-control", "Offer to Repurchase Upon Change of Control", "Offer to <strong>Repurchase</strong> Upon Change of Control"], ["repurchase-offers", "Repurchase Offers", "<strong>Repurchase</strong> Offers"], ["repurchase-rights", "Repurchase Rights", "<strong>Repurchase</strong> Rights"]], "related_snippets": [], "updated": "2026-06-15T06:02:09+00:00", "also_ask": ["What are the essential terms that must be included in a repurchase clause to ensure enforceability?", "How can the repurchase price mechanism be strategically negotiated to protect client interests?", "What are the most common legal pitfalls or fatal flaws in repurchase provisions?", "How do repurchase clauses differ across jurisdictions or under different governing laws?", "What factors do courts consider when determining the validity and enforceability of a repurchase clause?"], "drafting_tip": "Specify repurchase conditions and timelines to prevent disputes; define pricing mechanism to ensure fairness; clarify notice requirements to facilitate smooth execution.", "explanation": "The Repurchase clause defines the conditions under which one party, typically the seller, has the right or obligation to buy back goods, assets, or securities previously sold to the other party. This clause outlines the specific triggers, timeframes, and pricing mechanisms for the repurchase, such as allowing a company to reacquire shares from investors or enabling a supplier to reclaim unsold inventory. Its core practical function is to provide flexibility and risk management for both parties by establishing clear terms for reversing a transaction if certain circumstances arise."}, "json": true, "cursor": ""}}