Common use of Criteria for Mortgage Loans Clause in Contracts

Criteria for Mortgage Loans. (a) As of the applicable Assignment Date, unless otherwise agreed upon by Seller and Purchaser, either: (i) The Mortgage Loan shall satisfy the following criteria: (1) The proceeds of such Mortgage Loan (the “New Mortgage Loan”) were use to repay the Refinanced Mortgage Loan in whole or in part; (2) All consents, if any, required by the applicable Owner to assign the related Future Excess Servicing Spread with respect to the New Mortgage Loan shall have been obtained; (3) The servicing fee rate for the New Mortgage Loan is not less than 0.25% per annum; and (4) The New Mortgage Loan is secured by the same property as the Refinanced Mortgage Loan; or (ii) if Seller is unable to satisfy the conditions in Section 3.02(a)(i) after using commercially reasonable efforts, Seller shall use its best efforts to substitute the New Mortgage Loan with a Mortgage Loan satisfying the following criteria: (1) The servicing fee rate for the Mortgage Loan is equal to or greater than the servicing fee rate of the New Mortgage Loan and, in any event, not less than 0.25% per annum; (2) The interest accrual rate per annum on the Mortgage Loan is within 12.5 basis points per annum of the interest accrual rate on the New Mortgage Loan; (3) The final maturity date of the Mortgage Loan is within six months of the final maturity date of the New Mortgage Loan; (4) The principal balance of the Mortgage Loan is no less than the principal balance of the Refinanced Mortgage Loan; (5) The remaining credit characteristics of the Mortgage Loan (other than as specified in clauses (1), (2), (3) and (4) above) are substantially the same as the credit characteristics of the New Mortgage Loan; (6) The Mortgage Loan is current as of the applicable Assignment Date; and (7) The Mortgage Loan is not subject to any foreclosure or similar proceeding as of the applicable Assignment Date; is not in process of any modification, workout or other loss mitigation process; and is not involved in litigation. (b) If a New Mortgage Loan would otherwise meet the criteria set forth in Section 3.02(a)(i) and is still owned by Seller as of the Mortgage Loan Identification Date, in lieu of a substitution pursuant to Section 3.02(a)(ii) above, the Seller may include such New Mortgage Loan as a Mortgage Loan in the Available Portfolio; provided (i) the servicing fee rate for such Mortgage Loan shall be deemed to be 0.30% per annum and (ii) if at any time such Mortgage Loan fails to otherwise meet the criteria set forth in Section 3.02(a)(i) (i.e. the Mortgage Loan is sold to an Agency), the Seller shall be required to substitute a loan for such New Mortgage Loan pursuant to Section 3.02(a)(ii) above. (c) Notwithstanding the provisions of Section 3.02(a)(ii)(4), Seller shall not be in breach of Section 3.01 on any Assignment Date if, after using best efforts to select residential mortgage loans to substitute New Mortgage Loans pursuant to Section 3.02(a)(ii), the aggregate outstanding principal balance of the residential mortgage loans in the Available Portfolio as of such Assignment Date is equal to or greater than 90% of the aggregate outstanding principal balance of the New Mortgage Loans during the Related Collection Period as measured on the opening of business on their respective Refinancing Date.

Criteria for Mortgage Loans. (a) As of the applicable Assignment Date, unless otherwise agreed upon by Seller and Purchaser, either: (i) The Mortgage Loan shall satisfy the following criteria: (1) The proceeds of such Mortgage Loan (the “New Mortgage Loan”) were use to repay the Refinanced Mortgage Loan in whole or in part; (2) All consents, if any, required by the applicable Owner to assign the related Future Excess Servicing Spread with respect to the New Mortgage Loan shall have been obtained; (3) The servicing fee rate for the New Mortgage Loan is not less than 0.25% per annum; and (4) The New Mortgage Loan is secured by the same property as the Refinanced Mortgage Loan; or (ii) if Seller is unable to satisfy the conditions in Section 3.02(a)(i) after using commercially reasonable efforts, Seller shall use its best efforts to substitute the New Mortgage Loan with a Mortgage Loan satisfying the following criteria: (1) The servicing fee rate (which results in the Servicing Spread Collections) for the Mortgage Loan is equal to or greater than the servicing fee rate of the New Mortgage Loan; provided however if the servicing fee rate of the New Mortgage Loan andis less than 0.25% per annum, in any event, the servicing fee rate on the Mortgage Loan is not less than 0.25% per annum; (2) The interest accrual rate per annum on the Mortgage Loan is within 12.5 basis points per annum of the interest accrual rate on the New Mortgage Loan; (3) The final maturity date of the Mortgage Loan is within six months of the final maturity date of the New Mortgage Loan; (4) The principal balance of the Mortgage Loan is no less than the principal balance of the Refinanced Mortgage Loan; (5) The remaining credit characteristics of the Mortgage Loan (other than as specified in clauses (1), (2), (3) and (4) above) are substantially the same as the credit characteristics of the New Mortgage Loan; (6) The Mortgage Loan is current as of the applicable Assignment Date; and (7) The Mortgage Loan is not subject to any foreclosure or similar proceeding as of the applicable Assignment Date; is not in process of any modification, workout or other loss mitigation process; and is not involved in litigation. (b) If a New Mortgage Loan would otherwise meet the criteria set forth in Section 3.02(a)(i) and is still owned by Seller as of the Mortgage Loan Identification Date, in lieu of a substitution pursuant to Section 3.02(a)(ii) above, the Seller may include such New Mortgage Loan as a Mortgage Loan in the Available Portfolio; provided (i) the servicing fee rate (which results in the Servicing Spread Collections) for such Mortgage Loan shall be deemed to be 0.30% per annum and (ii) if at any time such Mortgage Loan fails to otherwise meet the criteria set forth in Section 3.02(a)(i) (i.e. e.g. the Mortgage Loan is sold to an AgencyAgency and the Seller is unable to obtain an Owner Consent), the Seller shall be required to substitute a loan for such New Mortgage Loan pursuant to Section 3.02(a)(ii) above. (c) Notwithstanding the provisions of Section 3.02(a)(ii)(4), Seller shall not be in breach of Section 3.01 on any Assignment Date if, after using best efforts to select residential mortgage loans to substitute New Mortgage Loans pursuant to Section 3.02(a)(ii), the aggregate outstanding principal balance of the residential mortgage loans in the Available Portfolio as of such Assignment Date is equal to or greater than 90% of the aggregate outstanding principal balance of the New Mortgage Loans during the Related Collection Period as measured on the opening of business on their respective Refinancing Date.

Criteria for Mortgage Loans. (a) As of the applicable Assignment Date, unless otherwise agreed upon by Seller and Purchaser, either: (i) The Mortgage Loan shall satisfy the following criteria: (1) The proceeds of such Mortgage Loan (the “New Mortgage Loan”“) were use to repay the Refinanced Mortgage Loan in whole or in part; (2) All consents, if any, required by the applicable Owner to assign the related Future Excess Servicing Spread with respect to the New Mortgage Loan shall have been obtained; (3) The servicing fee rate for the New Mortgage Loan is not less than the lesser of (x) the servicing fee rate of the Refinanced Mortgage Loan and (y) (A) 0.25% per annumannum if such New Mortgage Loan is owned by Xxxxxx Xxx or Xxxxxxx Mac, (B) 0.35% per annum if such New Mortgage Loan is a Non-Agency Mortgage Loan or (C) 0.375% per annum if such New Mortgage Loan is owned by GNMA; and (4) The New Mortgage Loan is secured by the same property as the Refinanced Mortgage Loan; or (ii) if Seller is unable to satisfy the conditions in Section 3.02(a)(i) after using commercially reasonable efforts, Seller shall use its best efforts to substitute the New Mortgage Loan with a Mortgage Loan satisfying the following criteria: (1) The servicing fee rate (which results in the Servicing Spread Collections) for the Mortgage Loan is equal to or greater than the servicing fee rate of the New Mortgage Loan; provided however if the servicing fee rate of the New Mortgage Loan andis less than the applicable rate set forth in Section 3.02(a)(i)(3), in any event, the servicing fee rate on the Mortgage Loan is not less than the lesser of (x) the servicing fee rate of the Refinanced Mortgage Loan and (y) (A) 0.25% per annumannum if such Mortgage Loan is owned by Xxxxxx Mae or Xxxxxxx Mac, (B) 0.35% per annum if such Mortgage Loan is a Non-Agency Mortgage Loan or (C) 0.375% per annum if such Mortgage Loan is owned by GNMA; (2) The interest accrual rate per annum on the Mortgage Loan is within 12.5 basis points per annum of the interest accrual rate on the New Mortgage Loan; (3) The final maturity date of the Mortgage Loan is within six months of the final maturity date of the New Mortgage Loan; (4) The principal balance of the Mortgage Loan is no less than the principal balance of the Refinanced Mortgage Loan; (5) The remaining credit characteristics of the Mortgage Loan (other than as specified in clauses (1), (2), (3) and (4) above) are substantially the same as the credit characteristics of the New Mortgage Loan; (6) The Mortgage Loan is current as of the applicable Assignment Date; and (7) The Mortgage Loan is not subject to any foreclosure or similar proceeding as of the applicable Assignment Date; is not in process of any modification, workout or other loss mitigation process; and is not involved in litigation. (b) If a New Mortgage Loan would otherwise meet the criteria set forth in Section 3.02(a)(i) and is still owned by Seller as of the Mortgage Loan Identification Date, in lieu of a substitution pursuant to Section 3.02(a)(ii) above, the Seller may include such New Mortgage Loan as a Mortgage Loan in the Available Portfolio; provided (i) the servicing fee rate (which results in the Servicing Spread Collections) for such Mortgage Loan shall be deemed to be 0.30% per annum and (ii) if at any time such Mortgage Loan fails to otherwise meet the criteria set forth in Section 3.02(a)(i) (i.e. e.g. the Mortgage Loan is sold to an AgencyAgency and the Seller is unable to obtain an Owner Consent), the Seller shall be required to substitute a loan for such New Mortgage Loan pursuant to Section 3.02(a)(ii) above. (c) Notwithstanding the provisions of Section 3.02(a)(ii)(4), Seller shall not be in breach of Section 3.01 on any Assignment Date if, after using best efforts to select residential mortgage loans to substitute New Mortgage Loans pursuant to Section 3.02(a)(ii), the aggregate outstanding principal balance of the residential mortgage loans in the Available Portfolio as of such Assignment Date is equal to or greater than 90% of the aggregate outstanding principal balance of the New Mortgage Loans during the Related Collection Period as measured on the opening of business on their respective Refinancing Date.

Criteria for Mortgage Loans. (a) As of the applicable Assignment Date, unless otherwise agreed upon by Seller and Purchaser, either: (i) The Mortgage Loan shall satisfy the following criteria: (1) The proceeds of such Mortgage Loan (the “New Mortgage Loan”) were use to repay the Refinanced Mortgage Loan in whole or in part; (2) All consents, if any, required by the applicable Owner to assign the related Future Excess Servicing Spread with respect to the New Mortgage Loan shall have been obtained; (3) The servicing fee rate for the New Mortgage Loan is not less than the lesser of (x) the servicing fee rate of the Refinanced Mortgage Loan and (y) (A) 0.25% per annumannum if such New Mortgage Loan is owned by Xxxxxx Xxx or Xxxxxxx Mac, (B) 0.35% per annum if such New Mortgage Loan is a Non-Agency Mortgage Loan or (C) 0.375% per annum if such New Mortgage Loan is owned by GNMA; and (4) The New Mortgage Loan is secured by the same property as the Refinanced Mortgage Loan; or (ii) if Seller is unable to satisfy the conditions in Section 3.02(a)(i) after using commercially reasonable efforts, Seller shall use its best efforts to substitute the New Mortgage Loan with a Mortgage Loan satisfying the following criteria: (1) The servicing fee rate (which results in the Servicing Spread Collections) for the Mortgage Loan is equal to or greater than the servicing fee rate of the New Mortgage Loan; provided however if the servicing fee rate of the New Mortgage Loan andis less than the applicable rate set forth in Section 3.02(a)(i)(3), in any event, the servicing fee rate on the Mortgage Loan is not less than the lesser of (x) the servicing fee rate of the Refinanced Mortgage Loan and (y) (A) 0.25% per annumannum if such Mortgage Loan is owned by Xxxxxx Mae or Xxxxxxx Mac, (B) 0.35% per annum if such Mortgage Loan is a Non-Agency Mortgage Loan or (C) 0.375% per annum if such Mortgage Loan is owned by GNMA; (2) The interest accrual rate per annum on the Mortgage Loan is within 12.5 basis points per annum of the interest accrual rate on the New Mortgage Loan; (3) The final maturity date of the Mortgage Loan is within six months of the final maturity date of the New Mortgage Loan; (4) The principal balance of the Mortgage Loan is no less than the principal balance of the Refinanced Mortgage Loan; (5) The remaining credit characteristics of the Mortgage Loan (other than as specified in clauses (1), (2), (3) and (4) above) are substantially the same as the credit characteristics of the New Mortgage Loan; (6) The Mortgage Loan is current as of the applicable Assignment Date; and (7) The Mortgage Loan is not subject to any foreclosure or similar proceeding as of the applicable Assignment Date; is not in process of any modification, workout or other loss mitigation process; and is not involved in litigation. (b) If a New Mortgage Loan would otherwise meet the criteria set forth in Section 3.02(a)(i) and is still owned by Seller as of the Mortgage Loan Identification Date, in lieu of a substitution pursuant to Section 3.02(a)(ii) above, the Seller may include such New Mortgage Loan as a Mortgage Loan in the Available Portfolio; provided (i) the servicing fee rate (which results in the Servicing Spread Collections) for such Mortgage Loan shall be deemed to be 0.30% per annum and (ii) if at any time such Mortgage Loan fails to otherwise meet the criteria set forth in Section 3.02(a)(i) (i.e. e.g. the Mortgage Loan is sold to an AgencyAgency and the Seller is unable to obtain an Owner Consent), the Seller shall be required to substitute a loan for such New Mortgage Loan pursuant to Section 3.02(a)(ii) above. (c) Notwithstanding the provisions of Section 3.02(a)(ii)(4), Seller shall not be in breach of Section 3.01 on any Assignment Date if, after using best efforts to select residential mortgage loans to substitute New Mortgage Loans pursuant to Section 3.02(a)(ii), the aggregate outstanding principal balance of the residential mortgage loans in the Available Portfolio as of such Assignment Date is equal to or greater than 90% of the aggregate outstanding principal balance of the New Mortgage Loans during the Related Collection Period as measured on the opening of business on their respective Refinancing Date.

Criteria for Mortgage Loans. (a) As of the applicable Assignment Date, unless otherwise agreed upon by Seller and Purchaser, either: (i) The Mortgage Loan shall satisfy the following criteria: (1) The proceeds of such Mortgage Loan (the “New Mortgage Loan”“) were use to repay the Refinanced Mortgage Loan in whole or in part; (2) All consents, if any, required by the applicable Owner to assign the related Future Excess Servicing Spread with respect to the New Mortgage Loan shall have been obtained; (3) The servicing fee rate for the New Mortgage Loan is not less than 0.25% per annum; and (4) The New Mortgage Loan is secured by the same property as the Refinanced Mortgage Loan; or (ii) if Seller is unable to satisfy the conditions in Section 3.02(a)(i) after using commercially reasonable efforts, Seller shall use its best efforts to substitute the New Mortgage Loan with a Mortgage Loan satisfying the following criteria: (1) The servicing fee rate (which results in the Servicing Spread Collections) for the Mortgage Loan is equal to or greater than the servicing fee rate of the New Mortgage Loan; provided however if the servicing fee rate of the New Mortgage Loan andis less than 0.25% per annum, in any event, the servicing fee rate on the Mortgage Loan is not less than 0.25% per annum; (2) The interest accrual rate per annum on the Mortgage Loan is within 12.5 basis points per annum of the interest accrual rate on the New Mortgage Loan; (3) The final maturity date of the Mortgage Loan is within six months of the final maturity date of the New Mortgage Loan; (4) The principal balance of the Mortgage Loan is no less than the principal balance of the Refinanced Mortgage Loan; (5) The remaining credit characteristics of the Mortgage Loan (other than as specified in clauses (1), (2), (3) and (4) above) are substantially the same as the credit characteristics of the New Mortgage Loan; (6) The Mortgage Loan is current as of the applicable Assignment Date; and (7) The Mortgage Loan is not subject to any foreclosure or similar proceeding as of the applicable Assignment Date; is not in process of any modification, workout or other loss mitigation process; and is not involved in litigation. (b) If a New Mortgage Loan would otherwise meet the criteria set forth in Section 3.02(a)(i) and is still owned by Seller as of the Mortgage Loan Identification Date, in lieu of a substitution pursuant to Section 3.02(a)(ii) above, the Seller may include such New Mortgage Loan as a Mortgage Loan in the Available Portfolio; provided (i) the servicing fee rate (which results in the Servicing Spread Collections) for such Mortgage Loan shall be deemed to be 0.30% per annum and (ii) if at any time such Mortgage Loan fails to otherwise meet the criteria set forth in Section 3.02(a)(i) (i.e. e.g. the Mortgage Loan is sold to an AgencyAgency and the Seller is unable to obtain an Owner Consent), the Seller shall be required to substitute a loan for such New Mortgage Loan pursuant to Section 3.02(a)(ii) above. (c) Notwithstanding the provisions of Section 3.02(a)(ii)(4), Seller shall not be in breach of Section 3.01 on any Assignment Date if, after using best efforts to select residential mortgage loans to substitute New Mortgage Loans pursuant to Section 3.02(a)(ii), the aggregate outstanding principal balance of the residential mortgage loans in the Available Portfolio as of such Assignment Date is equal to or greater than 90% of the aggregate outstanding principal balance of the New Mortgage Loans during the Related Collection Period as measured on the opening of business on their respective Refinancing Date.

Criteria for Mortgage Loans. (a) As of the applicable Assignment Date, unless otherwise agreed upon by Seller and Purchaser, either: (i) The Mortgage Loan shall satisfy the following criteria: (1) The proceeds of such Mortgage Loan (the “New Mortgage Loan”“) were use to repay the Refinanced Mortgage Loan in whole or in part; (2) All consents, if any, required by the applicable Owner to assign the related Future Excess Servicing Spread with respect to the New Mortgage Loan shall have been obtained; (3) The servicing fee rate for the New Mortgage Loan is not less than the lesser of (x) the servicing fee rate of the Refinanced Mortgage Loan and (y) (A) 0.25% per annumannum if such New Mortgage Loan is owned by Xxxxxx Xxx or Xxxxxxx Mac, (B) 0.35% per annum if such New Mortgage Loan is a Non-Agency Mortgage Loan or (C) 0.375% per annum if such New Mortgage Loan is owned by GNMA; and (4) The New Mortgage Loan is secured by the same property as the Refinanced Mortgage Loan; or (ii) if Seller is unable to satisfy the conditions in Section 3.02(a)(i) after using commercially reasonable efforts, Seller shall use its best efforts to substitute the New Mortgage Loan with a Mortgage Loan satisfying the following criteria: (1) The servicing fee rate (which results in the Servicing Spread Collections) for the Mortgage Loan is equal to or greater than the servicing fee rate of the New Mortgage Loan; provided however if the servicing fee rate of the New Mortgage Loan andis less than the applicable rate set forth in Section 3.02(a)(i)(3), in any event, the servicing fee rate on the Mortgage Loan is not less than the lesser of (x) the servicing fee rate of the Refinanced Mortgage Loan and (y) (A) 0.25% per annumannum if such Mortgage Loan is owned by Xxxxxx Mae or Xxxxxxx Mac, (B) 0.35% per annum if such Mortgage Loan is a Non-Agency Mortgage Loan or (C) 0.375% per annum if such Mortgage Loan is owned by GNMA; (2) The interest accrual rate per annum on the Mortgage Loan is within 12.5 basis points per annum of the interest accrual rate on the New Mortgage Loan; (3) The final maturity date of the Mortgage Loan is within six months of the final maturity date of the New Mortgage Loan; (4) The principal balance of the Mortgage Loan is no less than the principal balance of the Refinanced Mortgage Loan; (5) The remaining credit characteristics of the Mortgage Loan (other than as specified in clauses (1), (2), (3) and (4) above) are substantially the same as the credit characteristics of the New Mortgage Loan; (6) The Mortgage Loan is current as of the applicable Assignment Date; and (7) The Mortgage Loan is not subject to any foreclosure or similar proceeding as of the applicable Assignment Date; is not in process of any modification, workout or other loss mitigation process; and is not involved in litigation. (b) If a New Mortgage Loan would otherwise meet the criteria set forth in Section 3.02(a)(i) and is still owned by Seller as of the Mortgage Loan Identification Date, in lieu of a substitution pursuant to Section 3.02(a)(ii) above, the Seller may include such New Mortgage Loan as a Mortgage Loan in the Available PortfolioLoan; provided (i) the servicing fee rate (which results in the Servicing Spread Collections) for such Mortgage Loan shall be deemed to be 0.30% per annum and (ii) if at any time such Mortgage Loan fails to otherwise meet the criteria set forth in Section 3.02(a)(i) (i.e. e.g. the Mortgage Loan is sold to an AgencyAgency and the Seller is unable to obtain an Owner Consent), the Seller shall be required to substitute a loan for such New Mortgage Loan pursuant to Section 3.02(a)(ii) above. (c) Notwithstanding the provisions of Section 3.02(a)(ii)(4), Seller shall not be in breach of Section 3.01 on any Assignment Date if, after using best efforts to select residential mortgage loans to substitute New Mortgage Loans pursuant to Section 3.02(a)(ii), the aggregate outstanding principal balance of the residential mortgage loans in the Available Potential Replacement Portfolio as of such Assignment Date is equal to or greater than 90% of the aggregate outstanding principal balance of the New Refinanced Mortgage Loans during the Related Collection Period as measured on the opening of business on their respective Refinancing Date.

Criteria for Mortgage Loans. (a) As of the applicable Assignment Date, unless otherwise agreed upon by Seller and Purchaser, either: (i) The Mortgage Loan shall satisfy the following criteria: (1) The proceeds of such Mortgage Loan (the “"New Mortgage LoanNew Mortgage Loan”") were use to repay the Refinanced Mortgage Loan in whole or in part; (2) All consents, if any, required by the applicable Owner to assign the related Future Excess Servicing Spread with respect to the New Mortgage Loan shall have been obtained; (3) The servicing fee rate for the New Mortgage Loan is not less than 0.25% per annum; and (4) The New Mortgage Loan is secured by the same property as the Refinanced Mortgage Loan; or (ii) if Seller is unable to satisfy the conditions in Section 3.02(a)(i) after using commercially reasonable efforts, Seller shall use its best efforts to substitute the New Mortgage Loan with a Mortgage Loan satisfying the following criteria: (1) The servicing fee rate for the Mortgage Loan is equal to or greater than the servicing fee rate of the New Mortgage Loan and, in any event, not less than 0.25% per annum; (2) The interest accrual rate per annum on the Mortgage Loan is within 12.5 basis points per annum of the interest accrual rate on the New Mortgage Loan; (3) The final maturity date of the Mortgage Loan is within six months of the final maturity date of the New Mortgage Loan; (4) The principal balance of the Mortgage Loan is no less than the principal balance of the Refinanced Mortgage Loan; (5) The remaining credit characteristics of the Mortgage Loan (other than as specified in clauses (1), (2), (3) and (4) above) are substantially the same as the credit characteristics of the New Mortgage Loan; (6) The Mortgage Loan is current as of the applicable Assignment Date; and (7) The Mortgage Loan is not subject to any foreclosure or similar proceeding as of the applicable Assignment Date; is not in process of any modification, workout or other loss mitigation process; and is not involved in litigation. (b) If a New Mortgage Loan would otherwise meet the criteria set forth in Section 3.02(a)(i) and is still owned by Seller as of the Mortgage Loan Identification Date, in lieu of a substitution pursuant to Section 3.02(a)(ii) above, the Seller may include such New Mortgage Loan as a Mortgage Loan in the Available Portfolio; provided (i) the servicing fee rate for such Mortgage Loan shall be deemed to be 0.30% per annum and (ii) if at any time such Mortgage Loan fails to otherwise meet the criteria set forth in Section 3.02(a)(i) (i.e. the Mortgage Loan is sold to an Agency), the Seller shall be required to substitute a loan for such New Mortgage Loan pursuant to Section 3.02(a)(ii) above. (c) Notwithstanding the provisions of Section 3.02(a)(ii)(4), Seller shall not be in breach of Section 3.01 on any Assignment Date if, after using best efforts to select residential mortgage loans to substitute New Mortgage Loans pursuant to Section 3.02(a)(ii), the aggregate outstanding principal balance of the residential mortgage loans in the Available Portfolio as of such Assignment Date is equal to or greater than 90% of the aggregate outstanding principal balance of the New Mortgage Loans during the Related Collection Period as measured on the opening of business on their respective Refinancing Date.

Criteria for Mortgage Loans. (a) As of the applicable Assignment Date, unless otherwise agreed upon by Seller and Purchaser, either: (i) The Mortgage Loan shall satisfy the following criteria: (1) The proceeds of such Mortgage Loan (the “New Mortgage Loan”) were use used to repay the Refinanced Mortgage Loan in whole or in part; (2) All consents, if any, required by the applicable Owner to assign the related Future Excess Servicing Spread with respect to the New Mortgage Loan shall have been obtained; (3) The servicing fee rate for the New Mortgage Loan is not less than 0.25% per annum; and (4) The New Mortgage Loan is secured by the same property as the Refinanced Mortgage Loan; or (ii) if Seller is unable to satisfy the conditions in Section 3.02(a)(i) after using commercially reasonable efforts, Seller shall use its best efforts to substitute the New Mortgage Loan with a Mortgage Loan satisfying the following criteria: (1) The servicing fee rate (which results in the Servicing Spread Collections) for the Mortgage Loan is equal to or greater than the servicing fee rate of the New Mortgage Loan; provided, however, that if the servicing fee rate of the New Mortgage Loan andis less than 0.25% per annum, in any event, the servicing fee rate on the Mortgage Loan is not less than 0.25% per annum; (2) The interest accrual rate per annum on the Mortgage Loan is within 12.5 basis points per annum of the interest accrual rate on the New Mortgage Loan; (3) The final maturity date of the Mortgage Loan is within six (6) months of the final maturity date of the New Mortgage Loan; (4) The principal balance of the Mortgage Loan is no less than the principal balance of the Refinanced Mortgage Loan; (5) The remaining credit characteristics of the Mortgage Loan (other than as specified in clauses (1), (2), (3) and (4) above) are substantially the same as the credit characteristics of the New Mortgage Loan; (6) The Mortgage Loan is current as of the applicable Assignment Date; and (7) The Mortgage Loan is not subject to any foreclosure or similar proceeding as of the applicable Assignment Date; is not in process of any modification, workout or other loss mitigation process; and is not involved in litigation. (b) If a New Mortgage Loan would otherwise meet the criteria set forth in Section 3.02(a)(i) and is still owned by Seller as of the Mortgage Loan Identification Date, in lieu of a substitution pursuant to Section 3.02(a)(ii) above, the Seller may include such New Mortgage Loan as a Mortgage Loan in the Available Portfolio; provided (i) the servicing fee rate for such Mortgage Loan shall be deemed to be 0.30% per annum and (ii) if at any time such Mortgage Loan fails to otherwise meet the criteria set forth in Section 3.02(a)(i) (i.e. e.g., the Mortgage Loan is sold to an AgencyAgency and Seller is unable to obtain a related Owner Consent), the Seller shall be required to substitute a loan for such New Mortgage Loan pursuant to Section 3.02(a)(ii) above. (c) Notwithstanding the provisions of Section 3.02(a)(ii)(4), Seller shall not be in breach of Section 3.01 on any Assignment Date if, after using best efforts to select residential mortgage loans to substitute New Mortgage Loans pursuant to Section 3.02(a)(ii), the aggregate outstanding principal balance of the residential mortgage loans in the Available Portfolio as of such Assignment Date is equal to or greater than 90% of the aggregate outstanding principal balance of the New Mortgage Loans during the Related Collection Period as measured on the opening of business on their respective Refinancing Date.

Criteria for Mortgage Loans. (a) As of the applicable Assignment Date, unless otherwise agreed upon by Seller and Purchaser, either: (i) The Mortgage Loan shall satisfy the following criteria: (1) The proceeds of such Mortgage Loan (the “New Mortgage Loan”) were use to repay the Refinanced Mortgage Loan in whole or in part; (2) All consents, if any, required by the applicable Owner to assign the related Future Excess Servicing Spread with respect to the New Mortgage Loan shall have been obtained; (3) The servicing fee rate for the New Mortgage Loan is not less than the lesser of (x) the servicing fee rate of the Refinanced Mortgage Loan and (y) (A) 0.25% per annumannum if such New Mortgage Loan is owned by Xxxxxx Xxx or Xxxxxxx Mac, (B) 0.35% per annum if such New Mortgage Loan is a Non-Agency Mortgage Loan or (C) 0.375% per annum if such New Mortgage Loan is owned by GNMA; and (4) The New Mortgage Loan is secured by the same property as the Refinanced Mortgage Loan; or (ii) if Seller is unable to satisfy the conditions in Section 3.02(a)(i) after using commercially reasonable efforts, Seller shall use its best efforts to substitute the New Mortgage Loan with a Mortgage Loan satisfying the following criteria: (1) The servicing fee rate (which results in the Servicing Spread Collections) for the Mortgage Loan is equal to or greater than the servicing fee rate of the New Mortgage Loan; provided however if the servicing fee rate of the New Mortgage Loan andis less than the applicable rate set forth in Section 3.02(a)(i)(3), in any event, the servicing fee rate on the Mortgage Loan is not less than the lesser of (x) the servicing fee rate of the Refinanced Mortgage Loan and (y) (A) 0.25% per annumannum if such Mortgage Loan is owned by Xxxxxx Mae or Xxxxxxx Mac, (B) 0.35% per annum if such Mortgage Loan is a Non-Agency Mortgage Loan or (C) 0.375% per annum if such Mortgage Loan is owned by GNMA; (2) The interest accrual rate per annum on the Mortgage Loan is within 12.5 basis points per annum of the interest accrual rate on the New Mortgage Loan; (3) The final maturity date of the Mortgage Loan is within six months of the final maturity date of the New Mortgage Loan; (4) The principal balance of the Mortgage Loan is no less than the principal balance of the Refinanced Mortgage Loan; (5) The remaining credit characteristics of the Mortgage Loan (other than as specified in clauses (1), (2), (3) and (4) above) are substantially the same as the credit characteristics of the New Mortgage Loan; (6) The Mortgage Loan is current as of the applicable Assignment Date; and (7) The Mortgage Loan is not subject to any foreclosure or similar proceeding as of the applicable Assignment Date; is not in process of any modification, workout or other loss mitigation process; and is not involved in litigation. (b) If a New Mortgage Loan would otherwise meet the criteria set forth in Section 3.02(a)(i) and is still owned by Seller as of the Mortgage Loan Identification Date, in lieu of a substitution pursuant to Section 3.02(a)(ii) above, the Seller may include such New Mortgage Loan as a Mortgage Loan in the Available PortfolioLoan; provided (i) the servicing fee rate (which results in the Servicing Spread Collections) for such Mortgage Loan shall be deemed to be 0.30% per annum and (ii) if at any time such Mortgage Loan fails to otherwise meet the criteria set forth in Section 3.02(a)(i) (i.e. e.g. the Mortgage Loan is sold to an AgencyAgency and the Seller is unable to obtain an Owner Consent), the Seller shall be required to substitute a loan for such New Mortgage Loan pursuant to Section 3.02(a)(ii) above. (c) Notwithstanding the provisions of Section 3.02(a)(ii)(4), Seller shall not be in breach of Section 3.01 on any Assignment Date if, after using best efforts to select residential mortgage loans to substitute New Mortgage Loans pursuant to Section 3.02(a)(ii), the aggregate outstanding principal balance of the residential mortgage loans in the Available Potential Replacement Portfolio as of such Assignment Date is equal to or greater than 90% of the aggregate outstanding principal balance of the New Mortgage Loans during the Related Collection Period as measured on the opening of business on their respective Refinancing Date.