Repurchase Requests Clause Samples

The Repurchase Requests clause establishes the process by which a party can formally request the repurchase of certain assets or securities, typically due to a breach of representations, warranties, or other contractual obligations. In practice, this clause outlines the specific conditions under which a repurchase can be demanded, the required notice procedures, and the timeline for the repurchase to occur. Its core function is to provide a clear mechanism for addressing and remedying defects or non-compliance in transactions, thereby protecting the interests of the requesting party and ensuring accountability.
Repurchase Requests. If the Servicer or the Special Servicer (i) receives a Repurchase Request, or such a Repurchase Request is forwarded to the Servicer or Special Servicer by a party to the Indenture in accordance with Section 7.17 of the Indenture (the Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request, the “Repurchase Request Recipient” with respect to such Repurchase Request); or (ii) receives any withdrawal of a Repurchase Request by the Person making such Repurchase Request, then the Repurchase Request Recipient shall deliver a notice (which may be by electronic format so long as a “backup” hard copy of such notice is also delivered on or prior to the second Business Day following receipt) of such Repurchase Request or withdrawal of a Repurchase Request (each, a “15Ga-1 Notice”) to the Issuer and the Seller, in each case within ten (10) Business Days from such Repurchase Request Recipient’s receipt thereof. Each 15Ga-1 Notice shall include (i) the identity of the related Collateral Interest, (ii) the date the Repurchase Request is received by the Repurchase Request Recipient or the date any withdrawal of the Repurchase Request is received by the Repurchase Request Recipient, as applicable, (iii) if known by the Repurchase Request Recipient, the basis for the Repurchase Request (as asserted in the Repurchase Request) and (iv) a statement from the Repurchase Request Recipient as to whether it currently plans to pursue such Repurchase Request.
View SourceView Similar (17)
Repurchase Requests. If the Issuer or the Trustee receives or otherwise becomes aware of any request or demand whether oral or written that a Collateral Interest be repurchased or replaced arising from any breach of a representation or warranty made with respect to such Collateral Interest (any such request or demand, a “Repurchase Request”) or a withdrawal of a Repurchase Request from any Person, then the Trustee or the Issuer shall, with respect to any oral demand, request that such demand be put in writing, and shall promptly forward or otherwise provide written notice of each such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, to the Master Servicer, and include the following statement in the related correspondence: “This is a “[Repurchase Request]/[withdrawal of a Repurchase Request]” under Section 3.19 of the Servicing Agreement relating to RCMC 2012 CREL1, LLC requiring action by you as the “Repurchase Request Recipient” thereunder.” Upon receipt of such Repurchase Request or withdrawal of a Repurchase Request by the Trustee or Issuer pursuant to the prior sentence, the Master Servicer shall be deemed to be the Repurchase Request Recipient in respect of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, and shall be responsible for complying with the procedures set forth in Section 3.19 of the Servicing Agreement with respect to such Repurchase Request. If the Trustee or the Issuer receives notice or has knowledge of a withdrawal of a Repurchase Request of which notice has been previously received or given, and such notice was not received from or copied to the Master Servicer, then the Trustee or the Issuer, as applicable, shall promptly give notice of such withdrawal to the Master Servicer.
View SourceView Similar (9)
Repurchase Requests. If the Issuer, the Trustee, the Collateral Agent or the Servicer receives any request or demand that a Mortgage Asset be repurchased or replaced arising from any Material Breach of a representation or warranty made with respect to such Mortgage Asset or any Material Document Defect (any such request or demand, a “Repurchase Request”) or a withdrawal of a Repurchase Request from any Person other than the Servicer, then the Trustee or the Collateral Agent, as applicable, shall promptly forward such notice of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, to the Issuer and the Servicer. Upon receipt of such Repurchase Request or withdrawal of a Repurchase Request by the Servicer pursuant to the prior sentence, the Servicer shall be responsible for complying with the procedures set forth in the Servicing Agreement with respect to such Repurchase Request.
View SourceView Similar (3)
Repurchase Requests. As part of the Officer’s Certificate to be delivered pursuant to Section 9.1(c), the Seller shall deliver a schedule listing any demand(s), whether on an individual or in the aggregate, on a monthly basis, by an Approved Investor or Insurer for (i) the repurchase of a mortgage loan(s) if the unpaid principal balance of the mortgage loan(s) subject to such demand(s) is equal to or greater than $[***] dollars or (ii) indemnification if the demanded indemnification amount(s) is equal to or greater than $[***] dollars.
View SourceView Similar (2)
Repurchase Requests. If the Servicer or the Special Servicer (i) receives a Repurchase Request, or such a Repurchase Request is forwarded to the Servicer or Special Servicer by a party to the Indenture in accordance with Section 7.17 of the Indenture (the Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request, the ▇▇▇▇▇▇▇▇.▇▇.▇▇▇▇▇▇▇▇ -67-
View Source
Repurchase Requests. 67 Section 3.20 Investor Q&A Forum and Rating Agency Q&A Forum and Servicer Document Request Tool. .................................................................................68 Section 3.21 Duties under Indenture; Miscellaneous. .............................................................69
View Source
Repurchase Requests. Within thirty (30) days after the end of each calendar month, Seller shall deliver to Buyer a report setting forth in detail any demands by an Approved Investor or Insurer for (i) the repurchase of a mortgage loans or (ii) indemnification.
View Source
Repurchase Requests. Upon notification from ▇▇▇▇▇▇ Mae to the Originating Subservicer that a HSA Note must be repurchased, the Originating Subservicer may contact Subservicer to obtain the repurchase price for the HSA Loan to be repurchased. After Subservicer receives the repurchase funds, Subservicer will forward the HSA Note to the Originating Subservicer and send the Borrower a notification of transfer of servicing of the loan. If the HSA Note to be repurchased is an eNote, Subservicer shall notify ▇▇▇▇▇▇ ▇▇▇ that the repurchase has been completed so that ▇▇▇▇▇▇ Mae can notify MERS e-registry of the change of ownership of the eNote. If the Originating Subservicer desires to independently contract with Subservicer to continue to service the repurchased loan, Subservicer must make appropriate modifications to their system to indicate that the loan no longer belongs to ▇▇▇▇▇▇ ▇▇▇ and belongs to Originating Subservicer.
View Source
Repurchase Requests. (a) In the event Servicer receives a Repurchase Request directly from an Agency, investor or any other Person, Servicer shall provide notice to the Owner as soon as reasonable practicable, but no later than five (5) Business Days and Servicer agrees to provide Owner with reasonably requested information relating to such request. Owner shall respond in a timely manner directly to the Person making such repurchase request. (b) In the event the Owner requests the seller or the originator of the Mortgage Loan to repurchase such Mortgage Loan and/or the Servicing Right to such Mortgage Loan, Servicer agrees to cooperate with Owner to provide Owner with reasonably requested information relating to such request. (c) If the Mortgage Loan is to be repurchased, Servicer shall calculate, on behalf of Owner, amounts required to repurchase the Mortgage Loan. In the event of a repurchase by the seller or originator at Owner’s request with transfer of servicing to another servicer, Owner shall immediately reimburse Servicer a) for any funds owed to or advanced by Servicer; and b) for any outstanding funds due Servicer according to Section 11.02 of this Agreement. The Servicer shall not be entitled to receive the Deboarding Fee or the Loan Termination Fee with respect to any repurchases. (d) Owner agrees to pay Servicer the Repurchase Request Fee for each Repurchase Request processed by Servicer pursuant to this Section 4.07.
View Source

Related to Repurchase Requests

  • Repurchase (1) It is understood and agreed that the representations and warranties set forth in Sections 3.01, 3.02 and 3.03 shall survive the sale of the Mortgage Loans to the Purchaser and shall inure to the benefit of the Purchaser, notwithstanding any restrictive or qualified endorsement on any Mortgage Note or Assignment or the examination of any Mortgage File. (2) Upon discovery by either of the Sellers or the Purchaser of a breach of any of the representations and warranties contained in Sections 3.01, 3.02 or 3.03 that materially and adversely affects the value of a Mortgage Loan, the party discovering such breach shall give prompt written notice to the other. (3) Unless permitted a greater period of time to cure as set forth in Section 2.04, the applicable Seller shall have a period of 60 days from the earlier of either discovery by or receipt of written notice from the Purchaser to the Seller of any breach of any of the representations and warranties contained in Sections 3.01, 3.02 or 3.03 that materially and adversely affects the value of a Mortgage Loan (a "Defective Mortgage Loan"; provided that "Defective Mortgage Loan" shall also include any Mortgage Loan treated or designated as such in accordance with Section 2.04) within which to correct or cure such breach. If such breach can ultimately be cured but is not reasonably expected to be cured within the 60-day period, then the applicable Seller shall have such additional time, if any, as is reasonably determined by the Purchaser to cure such breach provided that the Seller has commenced curing or correcting such breach and is diligently pursuing same. Each Seller hereby covenants and agrees with respect to each Mortgage Loan conveyed by it that, if any breach relating thereto cannot be corrected or cured within the applicable cure period or such additional time, if any, as is reasonably determined by the Purchaser, then such Seller shall, at the direction of the Purchaser, repurchase the Defective Mortgage Loan at the applicable Repurchase Price.