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

Optional Purchase of Delinquent Mortgage Loans. Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase any 90+ Delinquent Mortgage Loans from the Trust by payment to the Trust of a purchase price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the applicable Custodian a Request for Release (with a copy to the Trustee) and the applicable Custodian shall promptly release to such Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchased. No Person holding the foregoing option under this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders.

Optional Purchase of Delinquent Mortgage Loans. Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase any 90+ Delinquent Mortgage Loans from the Trust by payment to the Trust of a purchase price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the applicable Custodian Trustee a Request for Release (with a copy to the Trustee) and the applicable Custodian Trustee shall promptly release to such Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchased. No Person holding the foregoing option under this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders.

Optional Purchase of Delinquent Mortgage Loans. Either (i) the applicable The Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase any 90+ Delinquent Mortgage Loans from the Trust by payment to the Trust of a purchase price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the applicable Custodian Trustee a Request for Release (with a copy to the Trustee) and the applicable Custodian Trustee shall promptly release to such the Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchased. No Person holding the foregoing option under this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the CertificateholdersCertificateholders or the Certificate Insurer.

Optional Purchase of Delinquent Mortgage Loans. Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase any 90+ Delinquent Mortgage Loans from the Trust by payment to the Trust of a purchase price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the applicable Custodian Trustee or the Custodian, as applicable, a Request for Release (with a copy to the Trustee, in the case of the Custodian) and the applicable Custodian Trustee or the Custodian, as applicable, shall promptly release to such Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchased. No Person holding the foregoing option under this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders.

Optional Purchase of Delinquent Mortgage Loans. Either (i) the The applicable Servicer (or its assignee) may, or (ii) upon request of the Holders of a majority (by Percentage Interest) of the Class X Certificates (orother than the Depositor or any Affiliate of the Depositor, if and provided that neither the Depositor nor any Affiliate of the Depositor shall have the power to direct the Holders of the majority (by Percentage Interest) of the Class X Certificates have been pledged to secure issue any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuerdirection under this Section 3.28) may, at its or their optionshall, purchase any 90+ Delinquent Mortgage Loans from the Trust by payment Fund. No Servicer shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the Trust interests of a the Certificateholders. The purchase price equal to for any such Mortgage Loan shall be 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable such Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee or the applicable Custodian Custodian, as applicable, a Request for Release (with a copy to the Trustee) and the Trustee or the applicable Custodian Custodian, as applicable, shall promptly release to such Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchased. No Person holding the foregoing option under this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders.

Optional Purchase of Delinquent Mortgage Loans. Either (i) the applicable Each Servicer (or its assignee) or (ii) ), in its sole discretion, shall have the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, but shall not be obligated, to purchase any 90+ Day Delinquent Mortgage Loans from the Trust by payment Fund. Such Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the Trust interests of a the Certificateholders. The purchase price equal to for any such Mortgage Loan shall be 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the applicable Custodian Trustee a Request for Release (with a copy to the Trustee) and the applicable Custodian Trustee shall promptly release to such Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchasedpurchased. No Person holding In addition, the foregoing applicable Servicer agrees to exercise the option under set forth in this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to at the interests request of the CertificateholdersHolder of the Class X-IO Certificates (so long as such Holder is not the Depositor or an Affiliate of the Depositor) or, if the Class X-IO Certificates have been pledged to secure debt issued under an indenture, the majority equity holder in such transaction (so long as such equity holder is not the Depositor or an Affiliate of the Depositor).

Optional Purchase of Delinquent Mortgage Loans. Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase any 90+ Delinquent Mortgage Loans from the Trust by payment to the Trust of a purchase price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the applicable Custodian Trustee or the Custodian, as applicable, a Request for Release (with a copy to the TrusteeTrustee in the case of the Custodian) and the applicable Custodian Trustee or the Custodian, as applicable, shall promptly release to such Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchased. No Person holding the foregoing option under this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders.

Optional Purchase of Delinquent Mortgage Loans. Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase any 90+ Delinquent Mortgage Loans from the Trust by payment to the Trust of a purchase price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the applicable Custodian Trustee a Request for Release (with a copy to the Trustee) and the applicable Custodian Trustee shall promptly release to such Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchased. No Person holding the foregoing option under this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders.

Optional Purchase of Delinquent Mortgage Loans. Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase any 90+ Delinquent Mortgage Loans from the Trust by payment to the Trust of a purchase price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee or the applicable Custodian Custodian, as applicable, a Request for Release (with a copy to the TrusteeTrustee in the case of a Custodian) and the Trustee or the applicable Custodian Custodian, as applicable, shall promptly release to such Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchased. No Person holding the foregoing option under this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders.

Optional Purchase of Delinquent Mortgage Loans. Either (i) the The applicable Servicer (or its assignee) may, or (ii) upon request of the Holders of a majority (by Percentage Interest) of the Class X Certificates (orother than the Depositor or any Affiliate of the Depositor, if and provided that neither the Depositor nor any Affiliate of the Depositor shall have the power to direct the Holders of the majority (by Percentage Interest) of the Class X Certificates have been pledged to secure issue any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuerdirection under this Section 3.28) may, at its or their optionshall, purchase any 90+ Delinquent Mortgage Loans from the Trust by payment Fund. No Servicer shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the Trust interests of a the Certificateholders. The purchase price equal to for any such Mortgage Loan shall be 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable such Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the applicable Custodian Trustee or the Custodian, as applicable, a Request for Release (with a copy to the Trustee) and the applicable Custodian Trustee or the Custodian, as applicable, shall promptly release to such Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchased. No Person holding the foregoing option under this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders.

Optional Purchase of Delinquent Mortgage Loans. Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase any 90+ Day Delinquent Mortgage Loans from the Trust by payment to the Trust of a purchase price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee and the applicable Custodian Custodian, as applicable, a Request for Release (with a copy to the Trustee) and the Trustee (in its custodial capacity) or the applicable Custodian Custodian, as applicable, shall promptly release to such Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchased. No Person holding the foregoing option under this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders.

Optional Purchase of Delinquent Mortgage Loans. Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase any 90+ Delinquent Mortgage Loans from the Trust by payment to the Trust of a purchase price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee or the applicable Custodian Custodian, as applicable, a Request for Release (with a copy to the TrusteeTrustee in the case of the Custodian) and the Trustee or the applicable Custodian Custodian, as applicable, shall promptly release to such Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchased. No Person holding the foregoing option under this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders.

Optional Purchase of Delinquent Mortgage Loans. Either (i) the The applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase any 90+ Delinquent Mortgage Loans from the Trust by payment to the Trust of a purchase price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the applicable Servicer; provided, however, that neither the Depositor nor any Affiliate of the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the applicable Custodian Trustee a Request for Release (with a copy to the Trustee) and the applicable Custodian Trustee shall promptly release to such the applicable Servicer (or its assignee) or such Class X Certificateholders (or their designee), as applicable, the Mortgage File relating to the Mortgage Loan being repurchased. No Person holding the foregoing option under this Section 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders.