Underlying Seller definition
Examples of Underlying Seller in a sentence
The representations and warranties made by the related Underlying Seller and the remedies for breach thereof will be assigned to the Issuer on the Closing Date pursuant to, and to the extent provided in the related Assignment Agreement.
If the Trustee or the Custodian, as its agent, finds any document constituting part of the Mortgage File not to have been executed or received, or to be unrelated to the Mortgage Loans identified in Exhibit B or to appear to be defective on its face, the Trustee or the Custodian, as its agent, shall promptly notify the related Seller, KKR Financial or the Underlying Seller, as applicable.
After such notification to the Underlying Seller or the Mortgage Loan Seller and, if any such excess exists, upon receipt of such deposit, the Trustee shall accept such Substitute Mortgage Loan which shall thereafter be deemed to be a Mortgage Loan hereunder.
Notwithstanding the foregoing, Optionee shall not be obligated to reimburse an Optionor or Underlying Seller for liens, liability, loss or damages resulting from the mere discovery of any existing conditions in, on or under the Land; provided that neither Optionee, nor its employees or agents, negligently or willfully exacerbate the condition.
If the related Custodian finds a Material Defect, the related Custodian shall promptly notify the Mortgage Loan Seller, the related Underlying Seller and the Indenture Trustee in writing (provided, however, with respect to those documents described in subsections (b)(iv), (v) and (vii) of Section 2.01, the related Custodian’s obligations shall extend only to the documents actually delivered to the related Custodian pursuant to such subsections).