Common use of Optional Purchase of Defaulted Mortgage Loans Clause in Contracts

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As (a) With respect to any Mortgage Loan which is delinquent in payment by 90 days or more, (i) the Holder of the Class SB Certificate may, at its option, upon twenty days prior written notice to the Master Servicer, purchase such Mortgage Loan from the Trustee at the Purchase Price therefore, except that in no event shall the Holder of the Class SB Certificate purchase such Mortgage Loan where the aggregate value of all such Mortgage Loans purchased by the Holder of the Class SB Certificate would be greater than three percent (3%) of the Certificate Principal Balance of any Certificate and (ii) if the Holder of the Class SB Certificate fails to provide notice pursuant to the immediately preceding sentence, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any with respect to the Master Servicer such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter; and provided, further, that such Mortgage Loan is 90 days or more delinquent at the time of repurchase. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As With respect to any Mortgage Loan which as of the first day of a Calendar Quarter is delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer may, at its option, right to purchase such Mortgage Loan from the Trustee Trust at a price equal to the Purchase Price thereforRepurchase Price; provided, provided however (i) that any such Mortgage Loan that becomes is still 90 days or more delinquent during any given Calendar Quarter or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following related Calendar Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent which case the option shall again become exercisable as of the first day of the related Calendar Quarter. If at any time EMC remits to the Master Servicer makes a payment to for deposit in the Certificate Master Servicer Collection Account covering the amount of the Purchase Repurchase Price for such a Mortgage Loan, and the Master Servicer EMC provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Master Servicer Collection Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer EMC without recourse to the Master Servicer EMC which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As With respect to any Mortgage Loan which as of the first day of a Calendar Quarter is delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer may, at its option, right to purchase such Mortgage Loan from the Trustee Trust at a price equal to the Purchase Price thereforRepurchase Price; provided, provided however (i) that any such Mortgage Loan that becomes is still 90 days or more delinquent during any given Calendar Quarter or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following related Calendar Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent which case the option shall again become exercisable as of the first day of the related Calendar Quarter. If at any time EMC remits to the Master Servicer makes a payment to for deposit in the Certificate Master Servicer Collection Account covering the amount of the Purchase Repurchase Price for such a Mortgage Loan, and the Master Servicer EMC provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Master Servicer Collection Account, then the Trustee shall execute the assignment of such Mortgage Loan to EMC at the request of the Master Servicer EMC without recourse to the Master Servicer which recourse, representation or warranty and EMC shall succeed to all of the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter; and provided further, that such Mortgage Loan is 90 days or more delinquent at the time of repurchase. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; providedprovide, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, Quarter and ending at the close of business on the second-to-second to the last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, Loan related unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As With respect to any Mortgage Loan Loans which as of the first day of a Calendar Quarter is delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer may, at its option, right to purchase such any Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that Trust which becomes 90 days or more delinquent during any given Calendar Quarter or becomes an REO Property at a price equal to the Repurchase Price; provided however (i) that such Mortgage Loan is still 90 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following related Calendar Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent which case the option shall again become exercisable as of the first day of the related Calendar Quarter. If at any time EMC remits to the Master Servicer makes a payment to for deposit in the Certificate Master Servicer Collection Account covering the amount of the Purchase Repurchase Price for such a Mortgage Loan, and the Master Servicer EMC provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Master Servicer Collection Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer EMC without recourse to the Master Servicer EMC which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As (a) With respect to any Mortgage Loan which is delinquent in payment by 90 days or more, (i) the Holder of the Class SB Certificate may, at its option, upon twenty days prior written notice to the Master Servicer, purchase such Mortgage Loan from the Trustee at the Purchase Price therefore, except that in no event shall the Holder of the Class SB Certificate purchase such Mortgage Loan where the aggregate value of all such Mortgage Loans purchased by the Holder of the Class SB Certificate would be greater than three percent (3%) of the Certificate Principal Balance of any Certificate and (ii) if the Holder of the Class SB Certificate fails to provide notice pursuant to the immediately preceding sentence, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any with respect to the Master Servicer, such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter; and provided, further, that such Mortgage Loan is 90 days or more delinquent at the time of repurchase. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any (a) During the first full calendar month (but excluding the last Business Day thereof) following a Mortgage Loan which is delinquent in payment by or related REO Property becoming 90 days or moremore delinquent, the Master Servicer may, at its shall have the option, but not the obligation to purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that Trust Fund any such Mortgage Loan or related REO Property that becomes is then still 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant delinquent, which the Servicer determines in good faith will otherwise become subject to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day foreclosure proceedings (evidence of such following Calendar Quarter. Such option if not exercised shall not thereafter determination to be reinstated as delivered in writing to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes prior to purchase), at a payment price equal to the Certificate Account covering the amount of the Purchase Price. The Purchase Price for such a any Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been Loan or related REO Property purchased hereunder shall be deposited in the Certificate Account, then and, upon receipt of written certification of such deposit from the Servicer in the Request for Release, the Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the assignment Servicer shall furnish and as shall be necessary to vest in the Servicer title to any Mortgage Loan or related REO Property released pursuant hereto. If with respect to any delinquent Mortgage Loan or related REO Property, the option of the Servicer set forth in the preceding paragraph shall have arisen but the Servicer shall have failed to exercise such option on or before the Business Day preceding the last Business Day of the calendar month following the calendar month during which such Mortgage Loan at or related REO Property first became 90 days or more delinquent, then such option shall automatically expire; provided, however, that if any such Mortgage Loan or related REO Property shall cease to be 90 days or more delinquent but then subsequently shall again become 90 days or more delinquent, then the request of the Master Servicer without recourse shall be entitled to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and another repurchase option with respect to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to Loan or REO Property as provided in the Trustee or the Certificateholders with respect theretopreceding paragraph.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. Notwithstanding anything to the contrary in this Section 4.07, the Master Servicer shall continue to service any such Mortgage Loan after the date of such purchase in accordance with the terms of this Agreement and, if any Realized Loss with respect to such Mortgage Loan occurs, allocate such Realized Loss to the Class or Classes of Certificates that would have borne such Realized Loss in accordance with the terms hereof as if such Mortgage Loan had not been so purchased. For purposes of this Agreement, a payment of the Purchase Price by the Master Servicer pursuant to this Section 4.07 will be viewed as an advance, and the amount of any Realized Loss shall be recoverable pursuant to the provisions for the recovery of unreimbursed Advances under Section 4.02(a) or, to the extent not recoverable under such provisions, as a Nonrecoverable Advance as set forth herein.

Optional Purchase of Defaulted Mortgage Loans. As (a) During the first full calendar month (but excluding the last Business Day thereof) following a Mortgage Loan or related REO Property becoming 90 days or more delinquent, the Servicer shall have the option, but not the obligation to purchase from the Trust Fund any such Mortgage Loan or related REO Property that is then still 90 days or more delinquent, which the Servicer determines in good faith will otherwise become subject to foreclosure proceedings (evidence of such determination to be delivered in writing to the Master Servicer prior to purchase), at a price equal to the Purchase Price. The Purchase Price for any Mortgage Loan or related REO Property purchased hereunder shall be deposited in the Distribution Account, and the Trustee, upon written certification of such deposit from the Servicer in the Request for Release, shall release or cause to be released to the Servicer the related Mortgage File and the Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Servicer shall furnish and as shall be necessary to vest in the Servicer title to any Mortgage Loan or related REO Property released pursuant hereto. If with respect to any delinquent Mortgage Loan or related REO Property, the option of the Servicer set forth in the preceding paragraph shall have arisen but the Servicer shall have failed to exercise such option on or before the Business Day preceding the last Business Day of the calendar month following the calendar month during which is delinquent in payment by such Mortgage Loan or related REO Property first became 90 days or moremore delinquent, the Master Servicer may, at its option, purchase then such Mortgage Loan from the Trustee at the Purchase Price thereforoption shall automatically expire; provided, however, that if any such Mortgage Loan that becomes or related REO Property shall cease to be 90 days or more delinquent during any given Calendar Quarter but then subsequently shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by become 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Accountdelinquent, then the Trustee Servicer shall execute the assignment of be entitled to another repurchase option with respect to such Mortgage Loan at or REO Property as provided in the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect theretopreceding paragraph.

Optional Purchase of Defaulted Mortgage Loans. As (a) During the first full calendar month (but excluding the last Business Day thereof) following a Mortgage Loan or related REO Property becoming 90 days or more delinquent, the Servicer shall have the option, but not the obligation to purchase from the Trust Fund any such Mortgage Loan or related REO Property that is then still 90 days or more delinquent, which the Servicer determines in good faith will otherwise become subject to foreclosure proceedings (evidence of such determination to be delivered in writing to the Master Servicer prior to purchase), at a price equal to the Purchase Price. The Purchase Price for any Mortgage Loan or related REO Property purchased hereunder shall be deposited in the Distribution Account, and, upon receipt of written certification of such deposit from the Servicer in the Request for Release, the Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Servicer shall furnish and as shall be necessary to vest in the Servicer title to any Mortgage Loan or related REO Property released pursuant hereto. If with respect to any delinquent Mortgage Loan or related REO Property, the option of the Servicer set forth in the preceding paragraph shall have arisen but the Servicer shall have failed to exercise such option on or before the Business Day preceding the last Business Day of the calendar month following the calendar month during which is delinquent in payment by such Mortgage Loan or related REO Property first became 90 days or moremore delinquent, the Master Servicer may, at its option, purchase then such Mortgage Loan from the Trustee at the Purchase Price thereforoption shall automatically expire; provided, however, that if any such Mortgage Loan that becomes or related REO Property shall cease to be 90 days or more delinquent during any given Calendar Quarter but then subsequently shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by become 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Accountdelinquent, then the Trustee Servicer shall execute the assignment of be entitled to another repurchase option with respect to such Mortgage Loan at or REO Property as provided in the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect theretopreceding paragraph.

Optional Purchase of Defaulted Mortgage Loans. As With respect to any Mortgage Loan Loans which as of the first day of a Calendar Quarter is delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer may, at its option, right purchase such any Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that Trust which becomes 90 days or more delinquent during any given Calendar Quarter or becomes an REO Property at a price equal to the Repurchase Price; provided however (i) that such Mortgage Loan is still 90 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following related Calendar Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent which case the option shall again become exercisable as of the first day of the related Calendar Quarter. If at any time EMC remits to the Master Servicer makes a payment to for deposit in the Certificate Master Servicer Collection Account covering the amount of the Purchase Repurchase Price for such a Mortgage Loan, and the Master Servicer EMC provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Master Servicer Collection Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer EMC without recourse to the Master Servicer EMC which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section 4.07 during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter; and provided further, that such Mortgage Loan is 90 days or more delinquent at the time of repurchase. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer, the Trustee or the Trust Fund whereupon the Master Servicer which shall succeed to all of the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. Notwithstanding anything to the contrary in this Section 4.07, the Master Servicer shall continue to service any such Mortgage Loan after the date of such purchase in accordance with the terms of this Agreement and, if any Realized Loss with respect to such Mortgage Loan occurs, allocate such Realized Loss to the Class or Classes of Certificates that would have borne such Realized Loss in accordance with the terms hereof as if such Mortgage Loan had not been so purchased. For purposes of this Agreement, a payment of the Purchase Price by the Master Servicer pursuant to this Section 4.07 will be viewed as an advance, and the amount of any Realized Loss shall be recoverable pursuant to the provisions for the recovery of unreimbursed Advances under Section 4.02(a) or, to the extent not recoverable under such provisions, as a Nonrecoverable Advance as set forth herein.

Optional Purchase of Defaulted Mortgage Loans. As (a) During the first full calendar quarter (but excluding the last Business Day thereof) following a Mortgage Loan or related REO Property becoming 90 days or more delinquent, the Servicer shall have the option, but not the obligation to purchase from the Trust Fund any such Mortgage Loan or related REO Property that is then still 90 days or more delinquent, which the Servicer determines in good faith will otherwise become subject to foreclosure proceedings (evidence of such determination to be delivered in writing to the Master Servicer prior to purchase), at a price equal to the Purchase Price. The Purchase Price for any Mortgage Loan or related REO Property purchased hereunder shall be deposited in the Distribution Account, and, upon receipt of written certification of such deposit from the Servicer in the Request for Release, as provided in the Custodial Agreement, the Custodian shall release to the Servicer the related Mortgage File and the Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Servicer shall furnish and as shall be necessary to vest in the Servicer title to any Mortgage Loan or related REO Property released pursuant hereto. If with respect to any delinquent Mortgage Loan or related REO Property, the option of the Servicer set forth in the preceding paragraph shall have arisen but the Servicer shall have failed to exercise such option on or before the Business Day preceding the last Business Day of the calendar quarter following the calendar quarter during which is delinquent in payment by such Mortgage Loan or related REO Property first became 90 days or moremore delinquent, the Master Servicer may, at its option, purchase then such Mortgage Loan from the Trustee at the Purchase Price thereforoption shall automatically expire; provided, however, that if any such Mortgage Loan that becomes or related REO Property shall cease to be 90 days or more delinquent during any given Calendar Quarter but then subsequently shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by become 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Accountdelinquent, then the Trustee Servicer shall execute the assignment of be entitled to another repurchase option with respect to such Mortgage Loan at or REO Property as provided in the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect theretopreceding paragraph.

Optional Purchase of Defaulted Mortgage Loans. As Subject to the limitations set forth in Section 10.02 hereof, the Servicer shall have the right, but not the obligation, to purchase any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during (or, if earlier, the date on which the Servicer delivers to the Trustee an Officers’ Certificate stating that the Servicer has determined that the Mortgage Loan is unlikely to become current or that any given Calendar Quarter shall only be eligible for other default thereunder (other than a payment default) is unlikely to become cured) at a purchase pursuant price equal to this Section during the period beginning Repurchase Price (a) within 29 days after the date the Mortgage Loan becomes 90 days delinquent (or such Officers’ Certificate is delivered) or (b) on the first Business Day of date the following Calendar Quarter, and ending at Servicer liquidates the close of business on related Mortgaged Property. The procedure for such purchase shall be the second-to-last Business Day of such following Calendar Quartersame as for a repurchase made by the Seller under the Purchase Agreement. Such option if not exercised shall not thereafter be reinstated as With respect to any Mortgage LoanLoans being repurchased due to delinquency or otherwise, unless the delinquency is cured and Servicer shall purchase the most delinquent Mortgage Loan thereafter again becomes Loans before purchasing other less delinquent in payment by 90 days Mortgage Loans. The Servicer or more in the related Subservicer may repurchase a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request Repurchase Price when the Servicer requires acceleration of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be but only if the Servicer is satisfied, as evidenced by an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation Officers’ Certificate delivered to the Trustee Trustee, that such Mortgage Loan is in default or the Certificateholders with respect theretodefault is reasonably foreseeable.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the The RMBS Master Servicer may, at its optionon behalf of the Issuer, purchase such but is not obligated to, repurchase from the Issuer any Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes delinquent in payment for a period of 90 days or more delinquent during any given Calendar Quarter longer (a "90-Day Delinquent Mortgage Loan") for a price equal to the Repurchase Price. Any such 90-Day Delinquent Mortgage Loan shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the Calendar Quarter following the Calendar QuarterQuarter in which such Mortgage Loan became a 90- Day Delinquent Mortgage Loan, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at Any such purchase shall be accomplished as provided in Subsection 2.03 hereof. Notwithstanding the foregoing, the Indenture Trustee, whether acting as Indenture Trustee or in the capacity of successor RMBS Master Servicer, shall have no obligation hereunder or under any time the Master Servicer makes a payment other Basic Document to the Certificate Account covering the amount of the Purchase Price for such a repurchase any Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As With respect to any Mortgage Loan which as of the first day of a Calendar Quarter is delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer may, at its option, right to purchase such Mortgage Loan from the Trustee Trust at a price equal to the Purchase Price thereforRepurchase Price; provided, provided however (i) that any such Mortgage Loan that becomes is still 90 days or more delinquent during any given Calendar Quarter or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following related Calendar Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent which case the option shall again become exercisable as of the first day of the related Calendar Quarter. If at any time EMC remits to the Master Servicer makes a payment to for deposit in the Certificate Protected Account covering the amount of the Purchase Repurchase Price for such a Mortgage Loan, and the Master Servicer EMC provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Protected Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer EMC without recourse to the Master Servicer EMC which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As With respect to any Mortgage Loan which as of the first day of a Calendar Quarter is delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer may, at its option, right to purchase such Mortgage Loan from the Trustee Trust at a price equal to the Purchase Price thereforRepurchase Price; provided, provided however (i) that any such Mortgage Loan that becomes is still 90 days or more delinquent during any given Calendar Quarter or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following related Calendar Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent which case the option shall again become exercisable as of the first day of the related Calendar Quarter. If at any time EMC remits to the Master Servicer makes Trustee a payment to for deposit in the Certificate Distribution Account covering the amount of the Purchase Repurchase Price for such a Mortgage Loan, and the Master Servicer EMC provides to the Trustee and the Master Servicer a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Distribution Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer EMC without recourse to the Master Servicer EMC which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. Notwithstanding anything to the contrary in this Section 4.07, the Master Servicer shall continue to service any such Mortgage Loan after the date of such purchase in accordance with the terms of this Agreement and, if any Realized Loss with respect to such Mortgage Loan occurs, allocate such Realized Loss in accordance with the terms hereof as if such Mortgage Loan had not been so purchased. For purposes of this Agreement, a payment of the Purchase Price by the Master Servicer pursuant to this Section 4.07 will be viewed as an advance and any Realized Loss shall be recoverable pursuant to the provisions for the recovery of advances as set forth herein.

Optional Purchase of Defaulted Mortgage Loans. As (a) With respect to any Mortgage Loan which as of the first day of a Fiscal Quarter is delinquent in payment by 90 days or moremore or is an REO Property, the Master Servicer may, at its option, Seller shall have the right to purchase such Mortgage Loan from the Trustee Trust at a price equal to the Purchase Price thereforPrice; provided, provided however (i) that any such Mortgage Loan that becomes is still 90 days or more delinquent during any given Calendar Quarter or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar related Fiscal Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent Calendar which case the option shall again become exercisable as of the first day of the related Fiscal Quarter. If This right may be assigned by the Seller to a third party, including a holder of a Class of Certificates. EMC may, at its option, purchase any time Mortgage Loan from the Master Servicer makes a payment Issuing Entity for which the first Scheduled Payment due to the Certificate Account covering Issuing Entity after the amount of the Purchase Price for such a Mortgage LoanClosing Date becomes thirty days past due; provided, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Accounthowever, then the Trustee shall execute the assignment of such Mortgage Loan at the request was purchased by EMC or one of the Master Servicer without recourse its affiliates from an originator pursuant to the Master Servicer which shall succeed a loan purchase agreement that obligated such originator to all the Trustee's right, title repurchase such Mortgage Loan if one or more Scheduled Payments becomes 30 or more days Delinquent (and interest in and such originator has agreed to repurchase such Mortgage Loan, and all security and documents relative thereto). Such assignment purchase shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgagemade at a price equal to 100% of the Stated Principal Balance thereof plus accrued interest thereon at the applicable mortgage rate, and all such security and documents, free of any further obligation from the date through which interest was last paid by the related mortgagor or advanced to the Trustee or first day of the Certificateholders with respect theretomonth in which such amount is to be distributed.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning Beginning on the first Business Day of the fiscal quarter immediately following Calendar Quarterthe date on which a Mortgage Loan has become at least 91 days delinquent, and ending the Master Servicer, in its sole discretion, shall have the right to elect (by written notice sent to the Trustee, with a copy to the Master Servicer) to purchase for its own account from the Trust Fund any such Mortgage Loan at a price equal to the close of business on the second-to-last Business Day of such following Calendar QuarterPurchase Price. Such option if not exercised shall not thereafter be reinstated as to The Purchase Price for any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent purchased hereunder shall be deposited in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes Collection Account, and the Trustee, upon receipt of a payment Request for Release from the Master Servicer, shall release to the Certificate Account covering Master Servicer, the amount related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Purchase Price for such a Master Servicer, in each case without recourse, representation or warranty as shall be necessary to vest in the Master Servicer any Mortgage Loan, Loan released pursuant hereto and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's Trust’s right, title and interest in and to such Mortgage Loan, Loan and all security and documents relative related thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will shall thereupon own such MortgageMortgage Loan, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. Notwithstanding the foregoing, any such optional right of repurchase by the Master Servicer hereunder with respect to a delinquent Mortgage Loan shall, if unexercised, terminate on the earlier of (i) the date on which such delinquency has been cured or (ii) the last Business Day of such fiscal quarter immediately following the date on which such Mortgage Loan became 91 days delinquent, provided however, that such optional right of repurchase shall be reinstated if (a) in the case of clause (i), the related Mortgage Loan shall thereafter again have become 91 or more days delinquent and (b) in the case of clause (ii), such delinquency shall have been subsequently cured and the related Mortgage Loan shall thereafter again become 91 or more days delinquent in any subsequent fiscal quarter. In either event, the purchase option shall again become exercisable on the first day of the fiscal quarter immediately following the date on which the related Mortgage Loan again becomes at least 91 days delinquent.

Optional Purchase of Defaulted Mortgage Loans. As (a) With respect to any Mortgage Loan which as of the first day of a Fiscal Quarter is delinquent in payment by 90 days or moremore or is an REO Property, the Master Servicer maySeller has the right, at its optionbut not the obligation, to purchase such Mortgage Loan from the Trustee Trust at a price equal to the Purchase Price thereforPrice; provided, provided however (i) that any such Mortgage Loan that becomes is still 90 days or more delinquent during any given Calendar Quarter or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar related Fiscal Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent Calendar which case the option shall again become exercisable as of the first day of the related Fiscal Quarter. If at EMC shall have the right, but not the obligation, to purchase any time Mortgage Loan from the Master Servicer makes a payment Issuing Entity for which (i) the initial Scheduled Payment due to the Certificate Account covering Seller or (ii) the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides initial Scheduled Payment due to the Trustee a certification signed by a Servicing Officer stating that the amount of Trust becomes thirty days Delinquent; provided, however, such payment has been deposited in the Certificate Account, then the Trustee optional purchase shall execute the assignment of be exercised no later than 270th day after such Mortgage Loan is subject to such optional purchase. Such purchase shall be made at a price equal to 100% of the Stated Principal Balance thereof plus accrued interest thereon at the request applicable mortgage rate, from the date through which interest was last paid by the related mortgagor or advanced to the first day of the Master Servicer without recourse month in which such amount is to be distributed. These optional purchase rights may be assigned by the Master Servicer which shall succeed Seller to all the Trustee's righta third party, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free including a holder of any further obligation to the Trustee or the Certificateholders with respect theretoa Class of Certificates.

Optional Purchase of Defaulted Mortgage Loans. As to any Beginning on the first Business Day of the fiscal quarter immediately following the date on which a Mortgage Loan which is delinquent in payment by 90 has become at least 91 days or moredelinquent, the Master Servicer Seller may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer Seller makes a payment to the Certificate Protected Account maintained by the Master Servicer, covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer Seller provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, such Protected Account then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer Seller without recourse to the Master Servicer Seller which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer Seller will thereupon own such MortgageMortgage Loan, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. Notwithstanding the foregoing, any such optional right of repurchase by the Seller hereunder with respect to a delinquent Mortgage Loan shall, if unexercised, terminate on the earlier of (i) the date on which such delinquency has been cured or (ii) the last Business Day of such fiscal quarter immediately following the date on which such Mortgage Loan became 91 days delinquent, provided however, that such optional right of repurchase shall be reinstated if (a) in the case of clause (I), the related Mortgage Loan shall thereafter again have become 91 or more days delinquent and (b) in the case of clause (ii), such delinquency shall have been subsequently cured and the related Mortgage Loan shall thereafter again become 91 or more days delinquent in any subsequent fiscal quarter.

Optional Purchase of Defaulted Mortgage Loans. As With respect to any Mortgage Loan which as of the first day of a Fiscal Quarter is delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer may, at its option, right to purchase such Mortgage Loan from the Trustee Trust at a price equal to the Purchase Price thereforRepurchase Price; provided, provided however (i) that any such Mortgage Loan that becomes is still 90 days or more delinquent during any given Calendar Quarter or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar related Fiscal Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent Calendar which case the option shall again become exercisable as of the first day of the related Fiscal Quarter. If at any time EMC remits to the Master Servicer makes a payment to for deposit in the Certificate Master Servicer Collection Account covering the amount of the Purchase Repurchase Price for such a Mortgage Loan, and the Master Servicer EMC provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Master Servicer Collection Account, then the Trustee shall execute the assignment of such Mortgage Loan to EMC at the request of the Master Servicer EMC without recourse to the Master Servicer which recourse, representation or warranty and EMC shall succeed to all of the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a 101 payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.. 102

Optional Purchase of Defaulted Mortgage Loans. As to any Beginning on the first Business Day of the fiscal quarter immediately following the date on which a Mortgage Loan which is delinquent in payment by 90 has become at least 91 days or moredelinquent, the Master Servicer Seller may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer Seller makes a payment to the Certificate Protected Account maintained by the Master Servicer, covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer Seller provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, such Protected Account then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer Seller without recourse to the Master Servicer Seller which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer Seller will thereupon own such MortgageMortgage Loan, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. Notwithstanding the foregoing, any such optional right of repurchase by the Seller hereunder with respect to a delinquent Mortgage Loan shall, if unexercised, terminate on the earlier of (i) the date on which such delinquency has been cured or (ii) the last Business Day of such fiscal quarter immediately following the date on which such Mortgage Loan became 91 days delinquent, provided however, that such optional right of repurchase shall be reinstated if (a) in the case of clause (i), the related Mortgage Loan shall thereafter again have become 91 or more days delinquent and (b) in the case of clause (ii), such delinquency shall have been subsequently cured and the related Mortgage Loan shall thereafter again become 91 or more days delinquent in any subsequent fiscal quarter.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer, the Trustee or REMIC I or REMIC II whereupon the Master Servicer which shall succeed to all of the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. Notwithstanding anything to the contrary in this Section 4.07, the Master Servicer shall continue to service any such Mortgage Loan after the date of such purchase in accordance with the terms of this Agreement and, if any Realized Loss with respect to such Mortgage Loan occurs, allocate such Realized Loss to the Class or Classes of Certificates that would have borne such Realized Loss in accordance with the terms hereof as if such Mortgage Loan had not been so purchased. For purposes of this Agreement, a payment of the Purchase Price by the Master Servicer pursuant to this Section 4.07 will be viewed as an advance, and the amount of any Realized Loss shall be recoverable pursuant to the provisions for the recovery of unreimbursed Advances under Section 4.02(a) or, to the extent not recoverable under such provisions, as a Nonrecoverable Advance as set forth herein.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section 4.07 during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter; and provided further, that such Mortgage Loan is 90 days or more delinquent at the time of repurchase. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan prepared by the Master Servicer at the request of the Master Servicer without recourse recourse, representation or warranty to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As (a) During the first full calendar quarter (but excluding the last Business Day thereof) following a Mortgage Loan or related REO Property becoming 90 days or more Delinquent, the Servicer shall have the option, but not the obligation to purchase from the Trust Fund any such Mortgage Loan or related REO Property that is then still 90 days or more Delinquent, which the Servicer determines in good faith will otherwise become subject to foreclosure proceedings (evidence of such determination to be delivered in writing to the Master Servicer prior to purchase), at a price equal to the Purchase Price. The Purchase Price for any Mortgage Loan or related REO Property purchased hereunder shall be deposited in the Distribution Account, and, upon receipt of written certification of such deposit from the Servicer in the Request for Release, as provided in the Custodial Agreement, the Custodian shall release to the Servicer the related Mortgage File and the Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Servicer shall furnish and as shall be necessary to vest in the Servicer title to any Mortgage Loan or related REO Property released pursuant hereto. If with respect to any delinquent Mortgage Loan or related REO Property, the option of the Servicer set forth in the preceding paragraph shall have arisen but the Servicer shall have failed to exercise such option on or before the Business Day preceding the last Business Day of the calendar quarter following the calendar quarter during which is delinquent in payment by such Mortgage Loan or related REO Property first became 90 days or moremore Delinquent, the Master Servicer may, at its option, purchase then such Mortgage Loan from the Trustee at the Purchase Price thereforoption shall automatically expire; provided, however, that if any such Mortgage Loan that becomes or related REO Property shall cease to be 90 days or more delinquent during any given Calendar Quarter Delinquent but then subsequently shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by become 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate AccountDelinquent, then the Trustee Servicer shall execute the assignment of be entitled to another repurchase option with respect to such Mortgage Loan at or REO Property as provided in the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect theretopreceding paragraph.

Optional Purchase of Defaulted Mortgage Loans. As (a) During the first full calendar month (but excluding the last Business Day thereof) following a Mortgage Loan or related REO Property becoming 90 days or more delinquent, the Seller shall have the option, but not the obligation to purchase from the Trust Fund any such Mortgage Loan or related REO Property that is then still 90 days or more delinquent, which the Seller determines in good faith will otherwise become subject to foreclosure proceedings (evidence of such determination to be delivered in writing to the Master Seller prior to purchase), at a price equal to the Purchase Price. The Purchase Price for any Mortgage Loan or related REO Property purchased hereunder shall be deposited in the Distribution Account, and, upon receipt of written certification of such deposit from the Seller in the Request for Release, the Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Seller shall furnish and as shall be necessary to vest in the Seller title to any Mortgage Loan or related REO Property released pursuant hereto. If with respect to any delinquent Mortgage Loan or related REO Property, the option of the Seller set forth in the preceding paragraph shall have arisen but the Seller shall have failed to exercise such option on or before the Business Day preceding the last Business Day of the calendar month following the calendar month during which is delinquent in payment by such Mortgage Loan or related REO Property first became 90 days or moremore delinquent, the Master Servicer may, at its option, purchase then such Mortgage Loan from the Trustee at the Purchase Price thereforoption shall automatically expire; provided, however, that if any such Mortgage Loan that becomes or related REO Property shall cease to be 90 days or more delinquent during any given Calendar Quarter but then subsequently shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by become 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Accountdelinquent, then the Trustee Seller shall execute the assignment of be entitled to another repurchase option with respect to such Mortgage Loan at or REO Property as provided in the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect theretopreceding paragraph.

Optional Purchase of Defaulted Mortgage Loans. As With respect to any Mortgage Loan which as of the first day of a Calendar Quarter is delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer may, at its option, right to purchase such Mortgage Loan from the Trustee Trust at a price equal to the Purchase Price thereforRepurchase Price; provided, provided however (i) that any such Mortgage Loan that becomes is still 90 days or more delinquent during any given Calendar Quarter or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following related Calendar Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent which case the option shall again become exercisable as of the first day of the related Calendar Quarter. If at any time EMC remits to the Master Servicer makes Trustee a payment to for deposit in the Certificate Distribution Account covering the amount of the Purchase Repurchase Price for such a Mortgage Loan, and the Master Servicer EMC provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Distribution Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer EMC without recourse to the Master Servicer EMC which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to NY1-208988.4 99 such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.. Notwithstanding anything to the contrary in this Section 4.07, the Master Servicer shall continue to service any such Mortgage Loan after the date of such purchase in accordance with the terms of this Agreement and, if any Realized Loss with respect to such Mortgage Loan occurs, allocate such Realized Loss to the Class or Classes of Certificates that would have borne such Realized Loss in accordance with the terms hereof as if such Mortgage Loan had not been so purchased. For purposes of this Agreement, a payment of the Purchase Price by the Master Servicer pursuant to this Section 4.07 will be viewed as an advance, and the amount of any Realized Loss shall be recoverable pursuant to the provisions for the recovery of unreimbursed Advances under Section 4.02(a) or, to the extent not recoverable under such provisions, as a Nonrecoverable Advance as set forth herein. NY1-208988.4 100

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefortherefore; providedprovide, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, Quarter and ending at the close of business on the second-to-second to the last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, Loan related unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the NY1-214364.4 99 Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.. Notwithstanding anything to the contrary in this Section 4.07, the Master Servicer shall continue to service any such Mortgage Loan after the date of such purchase in accordance with the terms of this Agreement and, if any Realized Loss with respect to such Mortgage Loan occurs, allocate such Realized Loss to the Class or Classes of Certificates that would have borne such Realized Loss in accordance with the terms hereof as if such Mortgage Loan had not been so purchased. For purposes of this Agreement, a payment of the Purchase Price by the Master Servicer pursuant to this Section 4.07 will be viewed as an advance, and the amount of any Realized Loss shall be recoverable pursuant to the provisions for the recovery of unreimbursed Advances under Section 4.02(a) or, to the extent not recoverable under such provisions, as a Nonrecoverable Advance as set forth herein. NY1-214364.4 100

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter; and provided further, that such Mortgage Loan is 90 days or more delinquent at the time of repurchase. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse 124 to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, Loan related unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.. 118

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.. 115

Optional Purchase of Defaulted Mortgage Loans. As (a) During the first full calendar month (but excluding the last Business Day thereof) following a Mortgage Loan or related REO Property becoming 90 days or more delinquent, the Servicer shall have the option, but not the obligation to purchase from the Trust Fund any such Mortgage Loan or related REO Property that is then still 90 days or more delinquent, which the Servicer determines in good faith will otherwise become subject to foreclosure proceedings (evidence of such determination to be delivered in writing to the Master Servicer prior to purchase), at a price equal to the Purchase Price. The Purchase Price for any Mortgage Loan or related REO Property purchased hereunder shall be deposited in the Distribution Account, and, upon receipt of written certification of such deposit from the Servicer in the Request for Release, as provided in the Custodial Agreement, the Custodian shall release to the Servicer the related Mortgage File and the Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Servicer shall furnish and as shall be necessary to vest in the Servicer title to any Mortgage Loan or related REO Property released pursuant hereto. If with respect to any delinquent Mortgage Loan or related REO Property, the option of the Servicer set forth in the preceding paragraph shall have arisen but the Servicer shall have failed to exercise such option on or before the Business Day preceding the last Business Day of the calendar month following the calendar month during which is delinquent in payment by such Mortgage Loan or related REO Property first became 90 days or moremore delinquent, the Master Servicer may, at its option, purchase then such Mortgage Loan from the Trustee at the Purchase Price thereforoption shall automatically expire; provided, however, that if any such Mortgage Loan that becomes or related REO Property shall cease to be 90 days or more delinquent during any given Calendar Quarter but then subsequently shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by become 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Accountdelinquent, then the Trustee Servicer shall execute the assignment of be entitled to another repurchase option with respect to such Mortgage Loan at or REO Property as provided in the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect theretopreceding paragraph.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. Notwithstanding anything to the contrary in this Section 4.07, the Master Servicer shall continue to service any such Mortgage Loan after the date of such purchase in accordance with the terms of this Agreement and, if any Realized Loss with respect to such Mortgage Loan occurs, allocate such Realized Loss in accordance with the terms hereof as if such Mortgage Loan had not been so purchased. For purposes of this Agreement, a payment of the Purchase Price by the Master Servicer pursuant to this Section 4.07 will be viewed as an advance and any Realized Loss shall be recoverable pursuant to the provisions for the recovery of advances as set forth herein. For purposes of reports to Certificateholders or the Insurer, and for purposes of calculating the Delinquency Ratio, Required Subordination Amount, and the Trigger Events, any Mortgage Loan purchased pursuant to this Section shall be treated as if it had not been so purchased.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent 112 during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter; and provided further, that such Mortgage Loan is 90 days or more delinquent at the time of repurchase. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 60 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee Trustee, at the request of the Master Servicer, shall execute the assignment of such Mortgage Loan at the request of to the Master Servicer without recourse to recourse, and the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As (a) . With respect to any Mortgage Loan which as of the first day of a Fiscal Quarter is delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer may, at its option, right to purchase such Mortgage Loan from the Trustee Trust at a price equal to the Purchase Price thereforRepurchase Price; provided, however, (i) that any such Mortgage Loan that becomes is still 90 days or more delinquent during any given Calendar Quarter or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar related Fiscal Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in which case the option shall again become exercisable as of the first day of the related Fiscal Quarter. In addition, EMC shall, at its option, purchase any Mortgage Loan from the Trust if the first Due Date for such Mortgage Loan is subsequent to the Cut-off Date, and the initial Monthly Payment with respect to such Mortgage Loan is not made within thirty (30) days of such Due Date. Such purchase shall be made at a subsequent Calendar Quarterprice equal to the Repurchase Price. If at any time EMC remits to the Master Servicer makes Paying Agent a payment to for deposit in the Certificate Distribution Account covering the amount of the Purchase Repurchase Price for such a Mortgage Loan, and the Master Servicer EMC provides to the Trustee and the Master Servicer a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Distribution Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer EMC, without recourse recourse, to the Master Servicer EMC which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer EMC will thereupon own such MortgageMortgage Loan, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As (a) With respect to any Mortgage Loan which that is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter; and provided, further, that such Mortgage Loan is 90 days or more delinquent at the time of repurchase. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. (b) If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage LoanLoan as provided in clause (a) above, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer Servicer, without recourse recourse, to the Master Servicer Servicer, which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. If, however, the Master Servicer shall have exercised its right to repurchase a Mortgage Loan pursuant to this Section 4.07 upon the written request of and with funds provided by the Junior Certificateholder and thereupon transferred such Mortgage Loan to the Junior Certificateholder, the Master Servicer shall so notify the Trustee in writing. Section 4.08.

Optional Purchase of Defaulted Mortgage Loans. As With respect to any Mortgage Loan which as of the first day of a Fiscal Quarter is delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer may, at its option, right to purchase such Mortgage Loan from the Trustee Trust at a price equal to the Purchase Price thereforRepurchase Price; provided, provided however (i) that any such Mortgage Loan that becomes is still 90 days or more delinquent during any given Calendar Quarter or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar related Fiscal Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent Calendar which case the option shall again become exercisable as of the first day of the related Fiscal Quarter. If at any time EMC remits to the Master Servicer makes a payment to for deposit in the Certificate Master Servicer Collection Account covering the amount of the Purchase Repurchase Price for such a Mortgage Loan, and the Master Servicer EMC provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Master Servicer Collection Account, then the Trustee shall execute the assignment of such Mortgage Loan to EMC at the request of the Master Servicer EMC without recourse to the Master Servicer which recourse, representation or warranty and EMC shall succeed to all of the Trustee's ’s right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such 114 option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As With respect to any Mortgage Loan Loans which as of the first day of a Calendar Quarter is delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer may, at its option, right to purchase such any Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that Trust which becomes 90 days or more delinquent during any given Calendar Quarter or becomes an REO Property at a price equal to the Repurchase Price; provided however (i) that such Mortgage Loan is still 90 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following related Calendar Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent which case the option shall again become exercisable as of the first day of the related Calendar Quarter. If at any time EMC remits to the Master Servicer makes a payment to for deposit in the Certificate Master Servicer Collection Account covering the amount of the Purchase Repurchase Price for such a Mortgage Loan, and the Master Servicer EMC provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Master Servicer Collection Account, then the Trustee shall execute the assignment of such Mortgage Loan prepared and delivered to the Trustee, at the request of the Master Servicer EMC, without recourse recourse, representation or warranty, to the Master Servicer EMC which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the 105 close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Beginning on the first Business Day of the fiscal quarter immediately following the date on which a Mortgage Loan which is delinquent in payment by 90 has become at least 91 days or moredelinquent, the Master Servicer Seller may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer Seller makes a payment to the Certificate Protected Account maintained by the Master Servicer, covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer Seller provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, such Protected Account then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer Seller without recourse to the Master Servicer Seller which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer Seller will thereupon own such MortgageMortgage Loan, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. Notwithstanding the foregoing, any such optional right of repurchase by the Seller hereunder with respect to a delinquent Mortgage Loan shall, if unexercised, terminate on the earlier of (i) the date on which such delinquency has been cured or (ii) the last Business Day of such fiscal quarter immediately following the date on which such Mortgage Loan became 91 days delinquent, provided however, that such optional right of repurchase shall be reinstated if (a) in the case of clause (I), the related Mortgage Loan shall thereafter again have become 91 or more days delinquent and (b) in the case of clause (ii), such delinquency shall have been subsequently cured and the related Mortgage Loan shall thereafter again become 91 or more days delinquent in any subsequent fiscal quarter. In addition, the Guarantor shall have the right to purchase a Mortgage Loan from Loan Group 1 or Loan Group 2 on the first Business Day immediately following the date on which a Mortgage Loan has become at least 91 days delinquent at the Purchase Price therefor if the Seller does not exercise such right in the manner set forth above; provided, however, the Guarantor shall not be subject to the restrictions set forth in the last sentence of the preceding paragraph.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer Servicer, the Trustee, REMIC I or REMIC II which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. Notwithstanding anything to the contrary in this Section 4.07, the Master Servicer shall continue to service any such Mortgage Loan after the date of such purchase in accordance with the terms of this Agreement and, if any Realized Loss with respect to such Mortgage Loan occurs, allocate such Realized Loss to the Class or Classes of Certificates that would have borne such Realized Loss in accordance with the terms hereof as if such Mortgage Loan had not been so purchased. For purposes of this Agreement, a payment of the Purchase Price by the Master Servicer pursuant to this Section 4.07 will be viewed as an advance, and the amount of any Realized Loss shall be recoverable pursuant to the provisions for the recovery of unreimbursed Advances under Section 4.02(a) or, to the extent not recoverable under such provisions, as a Nonrecoverable Advance as set forth herein.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating 62 that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer, the Trustee or the Trust Fund whereupon the Master Servicer which shall succeed to all of the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. Notwithstanding anything to the contrary in this Section 4.07, the Master Servicer shall continue to service any such Mortgage Loan after the date of such purchase in accordance with the terms of this Agreement and, if any Realized Loss with respect to such Mortgage Loan occurs, allocate such Realized Loss to the Class or Classes of Certificates that would have borne such Realized Loss in accordance with the terms hereof as if such Mortgage Loan had not been so purchased. For purposes of this Agreement, a payment of the Purchase Price by the Master Servicer pursuant to this Section 4.07 will be viewed as an advance, and the amount of any Realized Loss shall be recoverable pursuant to the provisions for the recovery of unreimbursed Advances under Section 4.02(a) or, to the extent not recoverable under such provisions, as a Nonrecoverable Advance as set forth herein.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan related to Loan Group II, Loan Group III, Loan Group IV, Loan Group V, Loan Group VI, Loan Group VII, Loan Group VIII or Loan Group IX that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage LoanLoan related to Loan Group II, Loan Group III, Loan Group IV, Loan Group V, Loan Group VI, Loan Group VII, Loan Group VIII or Loan Group IX, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As With respect to any Mortgage Loan which as of the first day of a Calendar Quarter is delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer may, at its option, right to purchase such Mortgage Loan from the Trustee Trust at a price equal to the Purchase Price thereforRepurchase Price; provided, provided however (i) that any such Mortgage Loan that becomes is still 90 days or more delinquent during any given Calendar Quarter or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following related Calendar Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more delinquent or becomes an REO Property, in a subsequent which case the option shall again become exercisable as of the first day of the related Calendar Quarter. If at any time EMC remits to the Master Servicer makes a payment to for deposit in the Certificate Master Servicer Collection Account covering the amount of the Purchase Repurchase Price for such a Mortgage Loan, and the Master Servicer EMC provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Master Servicer Collection Account, then the Trustee shall execute the assignment of such Mortgage Loan to EMC at the request of the Master Servicer EMC without recourse to the Master Servicer which recourse, representation or warranty and EMC shall succeed to all of the Trustee's ’s right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As to any Mortgage Loan which is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, 111 and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As (a) With respect to any Mortgage Loan which is delinquent in payment by 90 days or more, (i) the Holder of the Class SB Certificate may, at its option, upon twenty (20) days prior written notice to the Master Servicer, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor, except that in no event shall the Holder of the Class SB Certificate purchase such Mortgage Loan where the aggregate value of all such Mortgage Loans purchased by the Holder of the Class SB Certificate would be greater than three percent (3%) of the Certificate Principal Balance of any Class of Certificates as of the Closing Date (ii) if the Holder of the Class SB Certificate fails to provide notice pursuant to the immediately preceeding sentence, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that with respect to the Master Servicer, any such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section 4.07(a) during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter; and provided, further, that such Mortgage Loan is 90 days or more delinquent at the time of repurchase. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a any subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As (a) With respect to any Mortgage Loan which is delinquent in payment by 90 days or more, (i) the Holder of the Class SB Certificate may, at its option, upon twenty days prior written notice to the Master Servicer, purchase such Mortgage Loan from the Trustee at the Purchase Price therefore, except that in no event shall the Holder of the Class SB Certificate purchase such Mortgage Loan where the aggregate value of all such Mortgage Loans purchased by the Holder of the Class SB Certificate would be greater than three percent (3%) of the Certificate Principal Balance of any Certificate and (ii) if the Holder of the Class SB Certificate fails to provide notice pursuant to the immediately preceeding sentence, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that any with respect to the Master Servicer, such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter; and provided, further, that such Mortgage Loan is 90 days or more delinquent at the time of repurchase. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto.

Optional Purchase of Defaulted Mortgage Loans. As (a) With respect to any Mortgage Loan which as of the first day of a Fiscal Quarter is delinquent Delinquent in payment by 90 days or moremore or is an REO Property, EMC shall have the Master Servicer mayright, at its optionbut not the obligation, to purchase such Mortgage Loan from the Trustee Trust at a price equal to the Purchase Price thereforPrice; provided, provided however (i) that any such Mortgage Loan that becomes is still 90 days or more delinquent during any given Calendar Quarter Delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall only be eligible for purchase pursuant to this Section during the period beginning terminate on the first Business Day date prior to the last day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar related Fiscal Quarter. Such option This purchase option, if not exercised exercised, shall not be thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more Delinquent or becomes an REO Property, in a subsequent Calendar which case the option shall again become exercisable as of the first day of the related Fiscal Quarter. If at This right may be assigned by EMC to a third party, including a holder of a Class of Certificates. In addition, EMC shall have the right, but not the obligation, to purchase any time Mortgage Loan from the Master Servicer makes a payment Trust for which (i) the initial Scheduled Payment due to the Certificate Account covering Seller or (ii) the amount of the Purchase Price for such a Mortgage Loan, and the Master Servicer provides initial Scheduled Payment due to the Trustee a certification signed by a Servicing Officer stating that Trust becomes thirty (30) days Delinquent; provided however, such optional purchase shall be exercised no later than the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of 270thday after such Mortgage Loan is subject to such optional purchase.Such purchase shall be made at the request of the Master Servicer without recourse a price equal to the Master Servicer which shall succeed Purchase Price. This right may be assigned by EMC to all the Trustee's righta third party, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free including a holder of any further obligation to the Trustee or the Certificateholders with respect theretoa Class of Certificates.

Optional Purchase of Defaulted Mortgage Loans. As to any During the first full calendar month (but excluding the last Business Day thereof) following a Mortgage Loan which is delinquent in payment by or related REO Property becoming 90 days or moremore Delinquent, the Master Servicer may, at its option, purchase such shall have the option as set forth in the Mortgage Loan Purchase Agreement, but not the obligation to purchase from the Trustee at the Purchase Price therefor; provided, that Trust Fund any such Mortgage Loan or related REO Property that becomes is then still 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant Delinquent, which the Servicer determines in good faith will otherwise become subject to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day foreclosure proceedings (evidence of such following Calendar Quarter. Such option if not exercised shall not thereafter determination to be reinstated as delivered in writing to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. If at any time the Master Servicer makes and the Trustee prior to purchase), at a payment price equal to the Certificate Account covering the amount of the Purchase Price. The Purchase Price for such a any Mortgage Loan, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been Loan or related REO Property purchased hereunder shall be deposited in the Certificate Account, then and the Custodian, upon receipt of written certification from the Servicer of such deposit, shall release or cause to be released to the Servicer the related Mortgage File and the Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the assignment Servicer shall furnish and as shall be necessary to vest in the Servicer title to any Mortgage Loan or related REO Property released pursuant hereto. If with respect to any Delinquent Mortgage Loan or related REO Property, the option of the Servicer set forth in the preceding paragraph shall have arisen but the Servicer shall have failed to exercise such option on or before the Business Day preceding the last Business Day of the calendar month following the calendar month during which such Mortgage Loan at or related REO Property first became 90 days or more Delinquent, then such option shall automatically expire; provided, however, that if any such Mortgage Loan or related REO Property shall cease to be 90 days or more Delinquent but then subsequently shall again become 90 days or more Delinquent, then the request of the Master Servicer without recourse shall be entitled to the Master Servicer which shall succeed to all the Trustee's right, title and interest in and another repurchase option with respect to such Mortgage Loan, and all security and documents relative theretoLoan or REO Property as provided in the preceding paragraph. Such assignment shall be an assignment outright and not for securitySection 3.29. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto[Reserved].