REPURCHASE NOT definition
REPURCHASE NOT. POSSIBLE: If a Mortgage Loan has never existed, or has ceased to exist, such that it is not outstanding on the date on which it is due to be repurchased pursuant to this Clause 8 (Warranties and Repurchase by the Seller), the Seller shall not be obliged to repurchase the Mortgage Loan and the Related Security but shall instead indemnify the Mortgages Trustee, Funding and the Security Trustee against any loss suffered by reason of any Representation or Warranty relating to or otherwise affecting that Mortgage Loan being untrue or incorrect by reference to the facts subsisting at the date on which the relevant Representation or Warranty was given, provided that the amount of such indemnity shall not exceed the sum of (i) the Current Balance of the Mortgage Loan that would have been payable by the Borrower in respect of such Mortgage Loan on and after the relevant completion date for the repurchase in relation to such Mortgage Loan had the Mortgage Loan existed and complied with each of the Representations and Warranties set out Schedule 1 (Representations and Warranties) as at such date in relation to such Mortgage Loan and (ii) interest thereon from such relevant completion date at the weighted average yield of the Mortgage Loans.
Examples of REPURCHASE NOT in a sentence
EXHIBIT A TO PREFERRED STOCK PURCHASE AGREEMENT STOCK REPURCHASE NOT __________ ___ , 200___ FOR VALUE RECEIVED, on or before __________ ____, 200 ___, the undersigned, Green Mountain Capital, Inc.