Common use of Underlying Repurchase Transactions Clause in Contracts

Underlying Repurchase Transactions. (i) With respect to any Purchased Mortgage Loan that is sold by PMH to Buyer in a Transaction, in the event that such Purchased Mortgage Loan is subsequently sold by PMH to PMC, PMC may sell such Purchased Mortgage Loan under the Underlying Repurchase Agreement as an Underlying Repurchase Asset, provided that PMH provides notice thereof to Buyer and such Underlying Repurchase Asset is and continues to be an Eligible Mortgage Loan, from and after the related Purchase Date, PMH shall be deemed to have repurchased such Purchased Mortgage Loan hereunder, PMC shall be deemed to have sold such Underlying Repurchase Asset to POP under the Underlying Repurchase Agreement, Buyer shall be deemed to have purchased such Underlying Repurchase Asset as a Purchased Mortgage Loan from POP hereunder and the Transaction governing such Purchased Mortgage Loan shall thereafter be between POP and Buyer. For the avoidance of doubt, any Eligible Mortgage Loan sold by PMH to Buyer in a Transaction that is subsequently sold by PMH to PMC, and thereafter becomes subject to a Underlying Repurchase Transaction under the Underlying Repurchase Agreement as a Underlying Repurchase Asset shall, on the related Purchase Date, be replaced by such Underlying Repurchase Asset as the Purchased Mortgage Loan, which Underlying Repurchase Asset shall automatically become subject to the Transaction to which the Eligible Mortgage Loan was subject.

Underlying Repurchase Transactions. (i1) With respect to any Purchased a Mortgage Loan that is sold by PMH subject to Buyer in a Transaction, in the event that such Purchased Mortgage Loan is subsequently sold by PMH an Underlying Repurchase Counterparty to PMC, PMC may sell such Purchased Mortgage Loan a Seller under the Underlying Repurchase Agreement Documents, such Mortgage Loan may be sold under the Underlying Repurchase Documents as an Underlying Repurchase Asset, provided that PMH provides Asset and such Seller shall provide notice thereof to Buyer Administrative Agent, and such Underlying Repurchase Asset is and continues to be an Eligible Mortgage Loan, from and after the related Purchase Date, PMH the selling Seller shall be deemed to have repurchased paid the Repurchase Price of such Purchased Mortgage Loan hereunder, PMC the selling Seller shall be deemed to have sold such Underlying Repurchase Asset to POP the Underlying Repurchase Counterparty under the Underlying Repurchase AgreementDocuments, Buyer Administrative Agent on behalf of Buyers shall be deemed to have purchased paid the Purchase Price for such Underlying Repurchase Asset Mortgage Loan as a Purchased Mortgage Loan from POP to the purchasing Seller hereunder and the Transaction governing such Purchased Mortgage Loan shall thereafter be between POP such purchasing Seller and BuyerAdministrative Agent hereunder. For the avoidance of doubt, any Eligible Mortgage Loan sold by PMH made subject to Buyer in a Transaction by a Seller and Administrative Agent on behalf of Buyers that is subsequently sold by PMH such Seller to PMCUnderlying Repurchase Counterparty, and thereafter becomes subject to a Underlying Repurchase Transaction under the Underlying Repurchase Agreement Documents as a Underlying Repurchase Asset shall, on the related Purchase Date, be replaced by such Underlying Repurchase Asset as the Purchased Mortgage Loan, which Underlying Repurchase Asset shall automatically become subject to the Transaction to which the Eligible Mortgage Loan was subject.

Underlying Repurchase Transactions. (i) With respect to any Purchased Mortgage Loan Asset that is sold by PMH PMC to Buyer in a Transaction, in the event that such Purchased Mortgage Loan Asset is subsequently sold by PMH PMC to PMCPOP, PMC may sell such Purchased Mortgage Loan Asset under the Underlying Repurchase Agreement as an Underlying Repurchase Asset, provided that PMH PMC or POP provides notice thereof to Buyer and such Underlying Repurchase Asset is and continues to be an Eligible Mortgage Loan, from and after the related Purchase Date, PMH (A) PMC shall be deemed to have repurchased such Purchased Mortgage Loan Asset hereunder, (B) PMC shall be deemed to have sold such Underlying Repurchase Asset to POP under the Underlying Repurchase Agreement, (C) Buyer shall be deemed to have purchased such Underlying Repurchase Asset as a Purchased Mortgage Loan Asset from POP hereunder and (D) the Transaction governing such Purchased Mortgage Loan Asset shall thereafter be between POP and Buyer. For the avoidance of doubt, any Eligible Mortgage Loan sold by PMH PMC to Buyer in a Transaction that is subsequently sold by PMH to PMCPOP, and thereafter becomes subject to a an Underlying Repurchase Transaction ‑25‑ under the Underlying Repurchase Agreement as a an Underlying Repurchase Asset shall, on the related Purchase Date, be replaced by such Underlying Repurchase Asset as the Purchased Mortgage LoanAsset, which Underlying Repurchase Asset shall automatically become subject to the Transaction to which the Eligible Mortgage Loan was subject.

Underlying Repurchase Transactions. (i) With respect to any Purchased Mortgage Loan Asset that is sold by PMH PMC to Buyer in a Transaction, in the event that such Purchased Mortgage Loan Asset is subsequently sold by PMH PMC to PMCPOP, PMC may sell such Purchased Mortgage Loan Asset under the Underlying Repurchase Agreement as an Underlying Repurchase Asset, provided that PMH PMC or POP provides notice thereof to Buyer and such Underlying Repurchase Asset is and continues to be an Eligible Mortgage Loan, from and after the related Purchase Date, PMH and (A) PMC shall be deemed to have repurchased such Purchased Mortgage Loan Asset hereunder, (B) PMC shall be deemed to have sold such Underlying Repurchase Asset to POP under the Underlying Repurchase Agreement, (C) Buyer shall be deemed to have purchased such Underlying Repurchase Asset as a Purchased Mortgage Loan Asset from POP hereunder and (D) the Transaction governing such Purchased Mortgage Loan Asset shall thereafter be between POP and Buyer. For the avoidance of doubt, any Eligible Mortgage Loan sold by PMH PMC to Buyer in a Transaction that is subsequently sold by PMH to PMCPOP, and thereafter becomes subject to a an Underlying Repurchase Transaction under the Underlying Repurchase Agreement as a an Underlying Repurchase Asset shall, on the related Purchase Date, be replaced by such Underlying Repurchase Asset as the Purchased Mortgage LoanAsset, which Underlying Repurchase Asset shall automatically become subject to the Transaction to which the Eligible Mortgage Loan was subject.