Conditions Precedent to All Purchases. Each Purchase shall be subject to the further conditions precedent that (a) on the date of each such Purchase, the following statements shall be true both before and after giving effect to such Purchase (and acceptance of the proceeds of such Purchase shall be deemed a representation and warranty by the Originator that such statements are then true): (i) the representations and warranties set forth in ARTICLE II are correct on and as of the date of such Purchase as though made on and as of such date; (ii) no event has occurred, or would result from such Purchase, that will constitute an Event of Default, and no event has occurred and is continuing, or would result from such Purchase, that would constitute a Potential Event of Default; and (iii) the Termination Date shall not have occurred; and (b) the Buyer shall have received such other approvals, opinions or documents as it may reasonably request. Notwithstanding the foregoing conditions precedent, upon payment of the Purchase Price for any Purchase (whether by payment of cash, through an increase in the amounts outstanding under the Subordinated Note, by offset of amounts owed to the Buyer and/or by offset of capital contributions to be made under the Subscription Agreement), title to the Receivables and related assets included in such Purchase shall vest in the Buyer, whether or not the conditions precedent to such Purchase were in fact satisfied.
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Conditions Precedent to All Purchases. Each Purchase hereunder shall be subject to the further conditions precedent that that:
(a) prior to 12:00 noon (eastern time) on the Business Day prior to the date of such Purchase, the Buyer and the Collateral Agent shall have received a bill of sale and blanket assignment, in the form set forth in Exh▇▇▇▇ B-I or Exhibit B-II hereto, and duly executed and delivered by the applicable Seller, with respect to the Mortgage Assets included in such Purchase;
(b) the Principal Mortgage Documents with respect to each Mortgage Loan included in such Purchase, other than Wet Loans, shall have been physically delivered to the possession of the Collateral Agent;
(c) on the date of each such Purchase, Purchase the following statements shall be true both before and after giving effect to such Purchase (and acceptance any of the proceeds Sellers, by accepting the amount of such Purchase Purchase, shall be deemed a representation and warranty by the Originator that such statements are then trueto have certified that):
(i1) the The representations and warranties set forth contained in ARTICLE II Section 4.01 are correct on and as of the date of such Purchase as though made on and as of such date;,
(ii2) no event has occurred, or would result from such Purchase, that will constitute an Event of Default, and no No event has occurred and is continuing, or would result from such Purchase, that constitutes an Event of Default or would constitute a Potential Event of Default; , and
(iii3) the Termination Date The Buyer shall not have occurred; and (b) delivered to the applicable Seller a notice that the Buyer shall have received such other approvals, opinions or documents as it may reasonably request. Notwithstanding the foregoing conditions precedent, upon payment of the Purchase Price for not make any Purchase (whether by payment of cash, through an increase in the amounts outstanding under the Subordinated Note, by offset of amounts owed to the Buyer and/or by offset of capital contributions to be made under the Subscription Agreement), title to the Receivables and related assets included in such Purchase shall vest in the Buyer, whether or not the conditions precedent to such Purchase were in fact satisfiedfurther Purchases hereunder.
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Sources: Master Repurchase Agreement (American Home Mortgage Investment Corp)
Conditions Precedent to All Purchases. Each Purchase (including the initial Purchase) by the Buyer from the Originator shall be subject to the further conditions precedent that (a) with respect to any such Purchase, on or prior to the date of such Purchase, the Originator shall have delivered to the Buyer (i) in form and substance satisfactory to the Buyer, a completed Settlement Report as of the end of the immediately preceding calendar month and containing such additional information as may be reasonably requested by the Buyer, (ii) a notice of purchase and list of the Contracts to be purchased as provided in Section 2.02(b), (iii) a completed Certificate with respect to such Contracts and (iv) a notice from the Custodian confirming that the Custodian has received the Contract Files for each Contract to be included in such Purchase; (b) on the date of each such Purchase, Purchase the following statements shall be true both before and after giving effect to such Purchase (and acceptance the Originator by accepting the cash portion of the proceeds of such Purchase Price shall be deemed a representation and warranty by the Originator that such statements are then true):to have certified that:
(i) the The representations and warranties set forth contained in ARTICLE II Section 4.01 are correct on and as of the date of such Purchase day as though made on and as of such date;date and
(ii) no event has occurred, or would result from such Purchase, that will constitute an Event of Default, and no No event has occurred and is continuing, or would result from such Purchase, that Purchase which constitutes an Event of Termination or would constitute a Potential an Event of Default; and
(iii) Termination but for the Termination Date shall not have occurred; and (b) the Buyer shall have received such other approvals, opinions requirement that notice be given or documents as it may reasonably request. Notwithstanding the foregoing conditions precedent, upon payment of the Purchase Price for any Purchase (whether by payment of cash, through an increase in the amounts outstanding under the Subordinated Note, by offset of amounts owed to the Buyer and/or by offset of capital contributions to be made under the Subscription Agreement), title to the Receivables and related assets included in such Purchase shall vest in the Buyer, whether time elapse or not the conditions precedent to such Purchase were in fact satisfied.both;
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Conditions Precedent to All Purchases. Each Purchase ------------------------------------- shall be subject to the further conditions precedent that (a) on the date of each such Purchase, the following statements shall be true both before and after giving effect to such Purchase (and acceptance of the proceeds of such Purchase shall be deemed a representation and warranty by the Originator that such statements are then true):
(i) the representations and warranties set forth in ARTICLE II are correct on and as of the date of such Purchase as though made on and as of such date;
(ii) no event has occurred, or would result from such Purchase, that will constitute an Event of Default, and no event has occurred and is continuing, or would result from such Purchase, that would constitute a Potential Event of Default; and
(iii) the Termination Date shall not have occurred; and (b) the Buyer shall have received such other approvals, opinions or documents as it may reasonably request. Notwithstanding the foregoing conditions precedent, upon payment of the Purchase Price for any Purchase (whether by payment of cash, through an increase in the amounts outstanding under the Subordinated Note, by offset of amounts owed to the Buyer and/or by offset of capital contributions to be made under the Subscription Agreement), title to the Receivables and related assets included in such Purchase shall vest in the Buyer, whether or not the conditions precedent to such Purchase were in fact satisfied.
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Conditions Precedent to All Purchases. Each Purchase (including the initial Purchase) by the Purchaser from the Seller shall be subject to the further conditions precedent that (a) with respect to any such Purchase, on or prior to the date of such Purchase, the Seller shall have delivered to the Purchaser in form and substance satisfactory to the Purchaser, a completed Settlement Report as of the end of the immediately preceding calendar month and containing such additional information as may be reasonably requested by the Purchaser; (b) on the date of each such Purchase, Purchase the following statements shall be true both before and after giving effect to such Purchase (and acceptance the Seller by accepting the cash portion of the proceeds of such Purchase Price shall be deemed a representation and warranty by the Originator that such statements are then true):to have certified that:
(i) the The representations and warranties set forth contained in ARTICLE II Section 4.1 are correct on and as of the date of such Purchase day as though made on and as of such date;date and
(ii) no event has occurred, or would result from such Purchase, that will constitute an Event of Default, and no No event has occurred and is continuing, or would result from such Purchase, that Purchase which constitutes a Termination Event or would constitute a Potential Termination Event of Default; and
(iii) but for the Termination Date shall not have occurredrequirement that notice be given or time elapse or both; and (bc) the Buyer Purchaser shall have received such other approvals, opinions approvals or documents as it the Purchaser may reasonably request. Notwithstanding the foregoing conditions precedent, upon payment of the Purchase Price for any Purchase (whether by payment of cash, through an increase in the amounts outstanding under the Subordinated Note, by offset of amounts owed to the Buyer and/or by offset of capital contributions to be made under the Subscription Agreement), title to the Receivables and related assets included in such Purchase shall vest in the Buyer, whether or not the conditions precedent to such Purchase were in fact satisfied.
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Conditions Precedent to All Purchases. Each Purchase purchase (including the initial purchase) hereunder shall be subject to the further conditions precedent that that: (a) on the date of each such Purchase, purchase the following statements shall be true both before and after giving effect to such Purchase (and acceptance of the proceeds of such Purchase purchase shall be deemed a representation and warranty by the Originator Sellers that such statements are then true):
): (i) the representations and warranties set forth contained in ARTICLE II Exhibit III are true and correct on and as of the date of such Purchase purchase as though made on and as of such date (except to the extent any representation and warranty is expressly made as of an earlier date;
); and (ii) no event has occurred, or would result from such Purchase, that will constitute an Event of Default, and no event has occurred and is continuing, or would result from such Purchasepurchase, that constitutes a Termination Event or that would constitute a Potential Termination Event but for the requirement that notice be given or time elapse or both; (b) after giving effect to the payment contemplated by Section 1.2 on the date of Defaultsuch purchase, the aggregate outstanding Purchaser's Investments shall not exceed the Purchaser's Investment Limit; and
(iiic) the Termination Date Purchaser shall not have occurredreceived a fee of three thousand dollars ($3,000) with respect to such purchase on or before the date of such purchase; (d) the Purchaser shall have received a list of Eligible Receivables from each Seller in accordance with the last paragraph of Section 1.2(a); and (be) the Buyer shall have received such other approvals, opinions related Due Date is on or documents as it may reasonably request. Notwithstanding the foregoing conditions precedent, upon payment of the Purchase Price for any Purchase (whether by payment of cash, through an increase in the amounts outstanding under the Subordinated Note, by offset of amounts owed prior to the Buyer and/or by offset of capital contributions to be made under the Subscription Agreement), title to the Receivables and related assets included in such Purchase shall vest in the Buyer, whether or not the conditions precedent to such Purchase were in fact satisfied.Facility Termination Date. EXHIBIT III
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Conditions Precedent to All Purchases. Each Purchase purchase (including the initial purchase) hereunder shall be subject to the further conditions precedent that that: (a) on the date of each such Purchase, purchase the following statements shall be true both before and after giving effect to such Purchase (and acceptance of the proceeds of such Purchase purchase shall be deemed a representation and warranty by the Originator Sellers that such statements are then true):
): (i) the representations and warranties set forth contained in ARTICLE II Exhibit III are true and correct on and as of the date of such Purchase purchase as though made on and as of such date (except to the extent any representation and warranty is expressly made as of an earlier date;
); and (ii) no event has occurred, or would result from such Purchase, that will constitute an Event of Default, and no event has occurred and is continuing, or would result from such Purchasepurchase, that constitutes a Termination Event or that would constitute a Potential Termination Event but for the requirement that notice be given or time elapse or both; (b) after giving effect to the payment contemplated by Section 1.2 on the date of Defaultsuch purchase, the aggregate outstanding Purchaser's Investments shall not exceed the Purchaser's Investment Limit; and
(iiic) the Termination Date Purchaser shall not have occurredreceived a fee of three thousand dollars ($3,000) with respect to such purchase on or before the date of such purchase; and (bd) the Buyer Purchaser shall have received such other approvals, opinions or documents as it may reasonably requesta list of Eligible Receivables from each Seller in accordance with the last paragraph of Section 1.2(a). Notwithstanding the foregoing conditions precedent, upon payment of the Purchase Price for any Purchase (whether by payment of cash, through an increase in the amounts outstanding under the Subordinated Note, by offset of amounts owed to the Buyer and/or by offset of capital contributions to be made under the Subscription Agreement), title to the Receivables and related assets included in such Purchase shall vest in the Buyer, whether or not the conditions precedent to such Purchase were in fact satisfied.EXHIBIT III
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