Common use of Suspensions Clause in Contracts

Suspensions. Xxx will promptly notify a Seller that a breach in the Agreement exists and that future registrations are suspended. A suspended Seller may, at Xxx’s option, continue to deliver previously locked loans during the period of suspension. Failure by Xxx to immediately suspend a Seller when the breach is first discovered will not prevent Xxx from taking this action at a later date. Any time Arc deems the breach has been corrected or that Seller has taken proper steps to correct the breach, Arc may lift the suspension. Notwithstanding any suspension of a Seller's registration privileges, the representations and warranties, covenants, agreements, and obligations of Seller, including but not limited to, its continuing responsibility to promptly supply Arc with outstanding documentation regarding all Loans purchased, and its obligation to repurchase Loans and to Indemnify Arc as provided herein shall remain in full force and effect.

Suspensions. Xxx Arc will promptly notify a Seller that a breach in the Agreement exists and that future registrations are suspended. A suspended Seller may, at XxxArc’s option, continue to deliver previously locked loans during the period of suspension. Failure by Xxx Arc to immediately suspend a Seller when the breach is first discovered will not prevent Xxx Arc from taking this action at a later date. Any time Arc deems the breach has been corrected or that Seller has taken proper steps to correct the breach, Arc may lift the suspension. Notwithstanding any suspension of a Seller's registration privileges, the representations and warranties, covenants, agreements, and obligations of Seller, including but not limited to, its continuing responsibility to promptly supply Arc with outstanding documentation regarding all Loans purchased, and its obligation to repurchase Loans and to Indemnify Arc as provided herein shall remain in full force and effect.