Common use of Accrual of Cause of Action Clause in Contracts

Accrual of Cause of Action. Any cause of action against Indymac relating to or arising out of the breach of any representations and warranties made in Sections 3.01 or 3.02 shall accrue as to any Mortgage Loan upon (i) discovery of such breach by the Purchaser or notice thereof by Indymac to the Purchaser, (ii) failure by Indymac to cure such breach or substitute or repurchase such Mortgage Loan as specified above, or (iii) demand upon Indymac by the Purchaser for compliance with the relevant provisions of this Agreement.