Common use of Mandatory Repurchases Clause in Contracts

Mandatory Repurchases. (i) In the event that the Termination Date (as specified in clause (i) of the definition thereof, the “Original Termination Date”) is extended in accordance with Section 3.05(a), in addition to any other amounts due and payable at any time pursuant to this Agreement or any other Repurchase Document, the Sellers shall make equal quarterly payments, beginning on the date occurring three (3) calendar months after the Original Termination Date (or if such date is not a Business Day, on the immediately preceding Business Day), in a total amount equal to the aggregate Repurchase Price outstanding as of the Original Termination Date, unless the aggregate Repurchase Price is paid in full prior to such quarterly payments being due. (ii) In the event that the weighted average Purchase Rate of all Mortgage Assets exceeds 85.0%, the Sellers shall repurchase such Mortgage Assets as the Agent shall have determined are necessary so that the weighted average Purchase Rate of all Mortgage Assets does not exceed 85.0%; provided, however, that, so long as no Default or Event of Default has occurred, if the Seller specifically notifies the Agent in writing prior to the Agent purchasing a particular Mortgage Asset that purchasing such Mortgage Asset will cause the weighted average Purchase Rate to exceed 85.0% and the Agent approves and purchases such Mortgage Asset, Sellers shall not be required to repurchase any Mortgage Assets based solely on the increased weighted average Purchase Rate caused by the purchase of such Mortgage Asset. Notwithstanding the foregoing, nothing in this subsection shall in any way impair the Agent’s ability to issue a Margin Deficit Notice and require satisfaction of any Margin Deficit in the manner and within the time frames as provided in this Agreement. (iii) In the event that the Weighted Average LTV of all Mortgage Assets exceeds 80.0%, the Sellers shall pay a portion of the Repurchase Price of Purchased Assets selected by the Sellers until the Weighted Average LTV of all Mortgage Assets does not exceed 80.0%.

Mandatory Repurchases. (i) In the event that the Facility Termination Date (as specified in clause (i) of the definition thereof, the “Original Termination Date”) is extended in accordance with Section 3.05(a), in addition to any other amounts due and payable at any time pursuant to this Agreement or any other Repurchase Document, the Sellers Seller shall make equal quarterly payments, beginning on the date occurring three (3) calendar months after the Original Initial Termination Date (or if such date is not a Business Day, on the immediately preceding Business Day), in a total amount equal to the aggregate Repurchase Price outstanding as of the Original Initial Termination Date, unless the aggregate Repurchase Price is paid in full prior to such quarterly payments being due. (ii) In the event that the weighted average Purchase Rate of all Mortgage Assets exceeds 85.0%, the Sellers Seller shall repurchase such Mortgage Assets as the Agent Buyer shall have determined are necessary so that the weighted average Purchase Rate of all Mortgage Assets does not exceed 85.0%; provided, however, that, so long as no Default or Event of Default has occurred, if the a Seller specifically notifies the Agent Buyer in writing prior to the Agent Buyer purchasing a particular Mortgage Asset that purchasing such Mortgage Asset will cause the weighted average Purchase Rate to exceed 85.0% and the Agent Buyer approves and purchases such Mortgage Asset, Sellers Seller shall not be required to repurchase any Mortgage Assets based solely on the increased weighted average Purchase Rate caused by the purchase of such Mortgage Asset. Notwithstanding the foregoing, nothing in this subsection shall in any way impair the Agent’s Buyer's ability to issue a Margin Deficit Notice and require satisfaction of any Margin Deficit in the manner and within the time frames as provided in this Agreement. (iii) In the event that the Weighted Average product of the weighted average LTV of all Mortgage Assets multiplied by the weighted average Purchase Rate of all Mortgage Assets exceeds 80.0%, Seller shall repurchase such Mortgage Assets as Buyer shall have determined are necessary so that the Sellers shall pay a portion weighted average LTV of the Repurchase Price of Purchased all Mortgage Assets selected multiplied by the Sellers until the Weighted Average LTV weighted average Purchase Rate of all Mortgage Assets does not exceed 80.0%.

Mandatory Repurchases. (i) In the event that the Final Termination Date (as specified in clause (i) of the definition thereof, the “Original Final Termination Date”) is extended in accordance with Section 3.05(a), in addition to any other amounts due and payable at any time pursuant to this Agreement or any other Repurchase Document, the Sellers shall make equal quarterly payments, beginning on the date occurring three (3) calendar months after the Original Final Termination Date (or if such date is not a Business Day, on the immediately preceding Business Day), in a total amount equal to the aggregate Repurchase Price outstanding as of the Original Final Termination Date, unless the aggregate Repurchase Price is paid in full prior to such quarterly payments being due. (ii) In the event that the weighted average Purchase Rate of all Mortgage Assets exceeds 85.0%, the Sellers shall repurchase such Mortgage Assets as the Agent shall have determined are necessary so that the weighted average Purchase Rate of all Mortgage Assets does not exceed 85.0%; provided, however, that, so long as no Default or Event of Default has occurred, if the Seller specifically notifies the Agent in writing prior to the Agent purchasing a particular Mortgage Asset that purchasing such Mortgage Asset will cause the weighted average Purchase Rate to exceed 85.0% and the Agent approves and purchases such Mortgage Asset, Sellers shall not be required to repurchase any Mortgage Assets based solely on the increased weighted average Purchase Rate caused by the purchase of such Mortgage Asset. Notwithstanding the foregoing, nothing in this subsection shall in any way impair the Agent’s ability to issue a Margin Deficit Notice and require satisfaction of any Margin Deficit in the manner and within the time frames as provided in this Agreement. (iii) In the event that the Weighted Average LTV of all Mortgage Assets exceeds 80.0%, the Sellers shall pay a portion of the Repurchase Price of Purchased Assets selected by the Sellers until the Weighted Average LTV of all Mortgage Assets does not exceed 80.0%.

Mandatory Repurchases. (i) In the event that the Facility Termination Date (as specified in clause (i) of the definition thereof, the “Original Termination Date”) is extended in accordance with Section 3.05(a), in addition to any other amounts due and payable at any time pursuant to this Agreement or any other Repurchase Document, the Sellers shall make equal quarterly payments, beginning on the date occurring three (3) calendar months after the Original Initial Termination Date (or if such date is not a Business Day, on the immediately preceding Business Day), in a total amount equal to the aggregate Repurchase Price outstanding as of the Original Initial Termination Date, unless the aggregate Repurchase Price is paid in full prior to such quarterly payments being due. (ii) In the event that the weighted average Purchase Rate of all Mortgage Assets exceeds 85.0%, the Sellers shall repurchase such Mortgage Assets as the Agent Buyer shall have determined are necessary so that the weighted average Purchase Rate of all Mortgage Assets does not exceed 85.0%; provided, however, that, so long as no Default or Event of Default has occurred, if the a Seller specifically notifies the Agent Buyer in writing prior to the Agent Buyer purchasing a particular Mortgage Asset that purchasing such Mortgage Asset will cause the weighted average Purchase Rate to exceed 85.0% and the Agent Buyer approves and purchases such Mortgage Asset, Sellers shall not be required to repurchase any Mortgage Assets based solely on the increased weighted average Purchase Rate caused by the purchase of such Mortgage Asset. Notwithstanding the foregoing, nothing in this subsection shall in any way impair the Agent’s Buyer's ability to issue a Margin Deficit Notice and require satisfaction of any Margin Deficit in the manner and within the time frames as provided in this Agreement. (iii) In the event that the Weighted Average product of the weighted average LTV of all Mortgage Assets multiplied by the weighted average Purchase Rate of all Mortgage Assets exceeds 80.0%, the Sellers shall pay a portion repurchase such Mortgage Assets as Buyer shall have determined are necessary so that the weighted average LTV of the Repurchase Price of Purchased all Mortgage Assets selected multiplied by the Sellers until the Weighted Average LTV weighted average Purchase Rate of all Mortgage Assets does not exceed 80.0%.