Common use of Election to Delay Foreclosure Proceedings Clause in Contracts

Election to Delay Foreclosure Proceedings. (a) In the event that the Master Servicer does not receive written notice of the Directing Holder's election pursuant to subsection (b) below within 24 hours of transmission of the notice provided by the Master Servicer under Section 9.02(a)(ii), the Master Servicer shall proceed with the Commencement of Foreclosure in respect of such Subject Mortgage Loan in accordance with its normal foreclosure policies without additional notice to the Directing Holder. Any foreclosure that has been initiated may be discontinued if the Subject Mortgage Loan has been brought current (including the payment to the Collateral Account of all related Payment Advances and Servicing Advances) or if a refinancing or prepayment occurs pursuant to which the Subject Mortgage Loan is brought current (including the payment of all related Payment Advances and Servicing Advances), without notice to the Directing Holder. (b) In connection with any Subject Mortgage Loan with respect to which a notice under Section 9.02(a)(ii) has been given to the Directing Holder, the Directing Holder may elect, for reasonable cause as determined by the Directing Holder, to instruct the Master Servicer to delay Commencement of Foreclosure until such time as the Directing Holder determines that the Master Servicer may proceed with Commencement of Foreclosure. Such election must be evidenced by written notice received by the Master Servicer within 24 hours of transmission of the notice provided by the Master Servicer under Section 9.02(a)(ii), except that such 24 hour period shall be extended for a reasonable period, not to exceed four Business Days if the Directing Holder requests additional information related to such foreclosure or such Subject Mortgage Loan, to permit the review of such additional information. (c) With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure, the Directing Holder shall obtain a Current Appraisal as soon as practicable, and shall provide the Master Servicer with a copy of such Current Appraisal. With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure and as to which no amount has been realized on such Subject Mortgage Loan within six months from the time the Subject Mortgage Loan becomes delinquent, the Directing Holder shall obtain an Updated Current Appraisal and shall provide the Master Servicer with a copy of such Updated Current Appraisal. (d) Within two Business Days of making any Election to Delay Foreclosure, the Directing Holder shall remit to the Master Servicer, for deposit in the Collateral Account, an amount, as calculated by the Master Servicer, equal to the sum of (1) 125% of the Fair Market Value determined pursuant to the Current Appraisal referred to in subsection (c) above (or, if such Current Appraisal has not yet been obtained, the Master Servicer's estimate thereof, in which case the required deposit under this subsection shall be adjusted upon obtaining such Current Appraisal) and (2) three months' interest on the Subject Mortgage Loan at the applicable Mortgage Rate. If any Election to Delay Foreclosure extends for a period in excess of three months (such excess period being referred to herein as the "Excess Period"), the Directing Holder shall remit by wire transfer in advance to the Master Servicer for deposit in the Collateral Account the amount of each additional month's interest, as calculated by the Master Servicer, equal to interest on the Mortgage Loan at the applicable Mortgage Rate for the Excess Period. Nothing contained in this Article IX shall alter the Master Servicer's obligation to make Payment Advances pursuant to Section 4.03. (e) With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure, the Master Servicer may withdraw from the Collateral Account from time to time amounts necessary to reimburse the Master Servicer for all Payment Advances and Servicing Advances thereafter made by the Master Servicer in accordance with this Agreement. To the extent that the amount of any Servicing Advance is determined by the Master Servicer based on estimated costs, and the actual costs are subsequently determined to be higher than the estimate, the Master Servicer may withdraw the additional amount from the Collateral Account and if the actual costs are determined to be lower than such estimate, the Master Servicer shall deposit the amount of such difference into the Collateral Account. In the event that the Subject Mortgage Loan is brought current by the Mortgagor and the foreclosure action is discontinued, the amounts so withdrawn from the Collateral Account by the Master Servicer as reimbursement for Payment Advances and Servicing Advances shall be redeposited therein by the Master Servicer and the Master Servicer shall be reimbursed as otherwise provided in this Agreement. Except as provided in the two preceding sentences, amounts withdrawn from the Collateral Account to cover Payment Advances and Servicing Advances shall not be redeposited therein or otherwise reimbursed to the Directing Holder; however, the Master Servicer waives any right to reimbursement for such amounts under any other provision of this Agreement. If and when any such Subject Mortgage Loan is brought current by the Mortgagor (including the payment to the Collateral Account of all related Payment Advances and Servicing Advances), all amounts remaining in the Collateral Account in respect of such Subject Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to this subsection) shall be released to the Directing Holder. (f) With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure, the Master Servicer shall continue to service the Subject Mortgage Loan in accordance with the terms of this Agreement (other than the delay in Commencement of Foreclosure as provided herein). If and when the Directing Holder shall notify the Master Servicer that it believes that it is appropriate to do so, the Master Servicer shall proceed with the Commencement of Foreclosure. (g) Upon the occurrence of a liquidation of a defaulted Mortgage Loan or the disposition of a REO Property with respect to any Subject Mortgage Loan, in either case as to which the Directing Holder made an Election to Delay Foreclosure, the Master Servicer shall calculate the amount, if any, by which the Fair Market Value determined pursuant to the Current Appraisal obtained under subsection (c) above exceeds the Liquidation Proceeds for the related Mortgage Loan or REO Property, and the Master Servicer shall withdraw the amount of such excess from the Collateral Account, shall remit the same to the Collection Account and in its capacity as Master Servicer shall apply such amount as additional Liquidation Proceeds pursuant to this Agreement. If the Liquidation Proceeds for such Mortgage Loan or REO Property exceeds the Fair Market Value determined pursuant to the Current Appraisal obtained under subsection (c) above, the Master Servicer shall deposit immediately such excess into the Collection Account as additional Liquidation Proceeds pursuant to this Agreement. After making any such withdrawal as provided in this subsection (g), all amounts remaining in the Collateral Account in respect of such Subject Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to subsection (e)) shall be released to the Directing Holder. If within six months of the time the Subject Mortgage Loan becomes delinquent, no amount has been realized on the Subject Mortgage Loan, the Directing Holder shall purchase the Mortgage Loan from the Trust Fund at a purchase price equal to the greater of (i) the Fair Market Value shown on the Current Appraisal determined pursuant to subsection (c) above or (ii) the Fair Market Value shown on the Updated Current Appraisal determined pursuant to subsection (c) above. The Master Servicer shall first apply amounts on deposit in the Collateral Account towards such purchase price. Any shortfall shall be paid by the Directing Holder and any excess will be returned to it. The Master Servicer shall remit the amount of such purchase price to the Collection Account.

Election to Delay Foreclosure Proceedings. (a) In the event that the Master Servicer does not receive written notice of the Directing Holder's election pursuant to subsection (b) below within 24 hours of transmission of the notice provided by the Master Servicer under Section 9.02(a)(ii), the Master Servicer shall proceed with the Commencement of Foreclosure in respect of such Subject Mortgage Loan in accordance with its normal foreclosure policies without additional notice to the Directing Holder. Any foreclosure that has been initiated may be discontinued if the Subject Mortgage Loan has been brought current (including the payment to the Collateral Account of all related Payment Advances and Servicing Advances) or if a refinancing or prepayment occurs pursuant to which the Subject Mortgage Loan is brought current (including the payment of all related Payment Advances and Servicing Advances), without notice to the Directing Holder. (b) In connection with any Subject Mortgage Loan with respect to which a notice under Section 9.02(a)(ii) has been given to the Directing Holder, the Directing Holder may elect, for reasonable cause as determined by the Directing Holder, to instruct the Master Servicer to delay Commencement of Foreclosure until such time as the Directing Holder determines that the Master Servicer may proceed with Commencement of Foreclosure. Such election must be evidenced by written notice received by the Master Servicer within 24 hours of transmission of the notice provided by the Master Servicer under Section 9.02(a)(ii), except that such 24 hour period shall be extended for a reasonable period, not to exceed four Business Days if the Directing Holder requests additional information related to such foreclosure or such Subject Mortgage Loan, to permit the review of such additional information. (c) With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure, the Directing Holder shall obtain a Current Appraisal as soon as practicable, and shall provide the Master Servicer with a copy of such Current Appraisal. With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure and as to which no amount has been realized on such Subject Mortgage Loan within six months from the time the Subject Mortgage Loan becomes delinquent, the Directing Holder shall obtain an Updated Current Appraisal and shall provide the Master Servicer with a copy of such Updated Current Appraisal. (d) Within two Business Days of making any Election to Delay Foreclosure, the Directing Holder shall remit to the Master Servicer, for deposit in the Collateral Account, an amount, as calculated by the Master Servicer, equal to the sum of (1) 125% of the Fair Market Value determined pursuant to the Current Appraisal referred to in subsection (c) above (or, if such Current Appraisal has not yet been obtained, the Master Servicer's estimate thereof, in which case the required deposit under this subsection shall be adjusted upon obtaining such Current Appraisal) and (2) three months' interest on the Subject Mortgage Loan at the applicable Mortgage Rate. If any Election to Delay Foreclosure extends for a period in excess of three months (such excess period being referred to herein as the "Excess Period"), the Directing Holder shall remit by wire transfer in advance to the Master Servicer for deposit in the Collateral Account the amount of each additional month's interest, as calculated by the Master Servicer, equal to interest on the Mortgage Loan at the applicable Mortgage Rate for the Excess Period. Nothing contained in this Article IX shall alter the Master Servicer's obligation to make Payment Advances pursuant to Section 4.03. (e) With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure, the Master Servicer may withdraw from the Collateral Account from time to time amounts necessary to reimburse the Master Servicer for all Payment Advances and Servicing Advances thereafter made by the Master Servicer in accordance with this Agreement. To the extent that the amount of any Servicing Advance is determined by the Master Servicer based on estimated costs, and the actual costs are subsequently determined to be higher than the estimate, the Master Servicer may withdraw the additional amount from the Collateral Account and if the actual costs are determined to be lower than such estimate, the Master Servicer shall deposit the amount of such difference into the Collateral Account. In the event that the Subject Mortgage Loan is brought current by the Mortgagor and the foreclosure action is discontinued, the amounts so withdrawn from the Collateral Account by the Master Servicer as reimbursement for Payment Advances and Servicing Advances shall be redeposited therein by the Master Servicer and the Master Servicer shall be reimbursed as otherwise provided in this Agreement. Except as provided in the two preceding sentences, amounts withdrawn from the Collateral Account to cover Payment Advances and Servicing Advances shall not be redeposited therein or otherwise reimbursed to the Directing Holder; however, the Master Servicer waives any right to reimbursement for such amounts under any other provision of this Agreement. If and when any such Subject Mortgage Loan is brought current by the Mortgagor (including the payment to the Collateral Account of all related Payment Advances and Servicing Advances), all amounts remaining in the Collateral Account in respect of such Subject Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to this subsection) shall be released to the Directing Holder. (f) With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure, the Master Servicer shall continue to service the Subject Mortgage Loan in accordance with the terms of this Agreement (other than the delay in Commencement of Foreclosure as provided herein). If and when the Directing Holder shall notify the Master Servicer that it believes that it is appropriate to do so, the Master Servicer shall proceed with the Commencement of Foreclosure. (g) Upon the occurrence of a liquidation of a defaulted Mortgage Loan or the disposition of a REO Property with respect to any Subject Mortgage Loan, in either case as to which the Directing Holder made an Election to Delay Foreclosure, the Master Servicer shall calculate the amount, if any, by which the Fair Market Value determined pursuant to the Current Appraisal obtained under subsection (c) above exceeds the Liquidation Proceeds for the related Mortgage Loan or REO Property, and the Master Servicer shall withdraw the amount of such excess from the Collateral Account, shall remit the same to the Collection Account and in its capacity as Master Servicer shall apply such amount as additional Liquidation Proceeds pursuant to this Agreement. If the Liquidation Proceeds for such Mortgage Loan or REO Property exceeds the Fair Market Value determined pursuant to the Current Appraisal obtained under subsection (c) above, the Master Servicer shall deposit immediately such excess into the Collection Account as additional Liquidation Proceeds pursuant to this Agreement. After making any such withdrawal as provided in this subsection (g), all amounts remaining in the Collateral Account in respect of such Subject Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to subsection (e)) shall be released to the Directing Holder. If within six months of the time the Subject Mortgage Loan becomes delinquent, no amount has been realized on the Subject Mortgage Loan, the Directing Holder shall purchase the Mortgage Loan from the Trust Fund at a purchase price equal to the greater of (i) the Fair Market Value shown on the Current Appraisal determined pursuant to subsection (c) above or (ii) the Fair Market Value shown on the Updated Current Appraisal determined pursuant to subsection (c) above. The Master Servicer shall first apply amounts on deposit in the Collateral Account towards such purchase price. Any shortfall shall be paid by the Directing Holder and any excess will be returned to it. The Master Servicer shall remit the amount of such purchase price to the Collection Account.this

Election to Delay Foreclosure Proceedings. (a) In the event that the Master Servicer does not receive written notice of the Directing Holder's election pursuant to subsection (b) below within 24 hours of transmission of the notice provided by the Master Servicer under Section 9.02(a)(ii7.02(a)(ii), the Master Servicer shall proceed with the Commencement of Foreclosure in respect of such Subject Mortgage Loan in accordance with its normal foreclosure policies without additional notice to the Directing Holder. Any foreclosure that has been initiated may be discontinued if the Subject Mortgage Loan has been brought current (including the payment to the Collateral Account of all related Payment P&I Advances and Servicing Advances) or if a refinancing or prepayment occurs pursuant to which the Subject Mortgage Loan is brought current (including the payment of all related Payment P&I Advances and Servicing Advances), without notice to the Directing Holder. (b) In connection with any Subject Mortgage Loan with respect to which a notice under Section 9.02(a)(ii7.02(a)(ii) has been given to the Directing Holder, the Directing Holder may elect, for reasonable cause as determined by the Directing Holder, to instruct the Master Servicer to delay Commencement of Foreclosure until such time as the Directing Holder determines that the Master Servicer may proceed with Commencement of Foreclosure. Such election must be evidenced by written notice received by the Master Servicer within 24 hours of transmission of the notice provided by the Master Servicer under Section 9.02(a)(ii7.02(a)(ii), except that such 24 hour period shall be extended for a reasonable period, not to exceed four Business Days if the Directing Holder requests additional information related to such foreclosure or such Subject Mortgage Loan, to permit the review of such additional information. (c) With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure, the Directing Holder shall obtain a Current Appraisal as soon as practicable, and shall provide the Master Servicer with a copy of such Current Appraisal. With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure and as to which no amount has been realized on such Subject Mortgage Loan within six months from the time the Subject Mortgage Loan becomes delinquent, the Directing Holder shall obtain an Updated Current Appraisal and shall provide the Master Servicer with a copy of such Updated Current Appraisal. (d) Within two Business Days of making any Election to Delay Foreclosure, the Directing Holder shall remit to the Master Servicer, for deposit in the Collateral Account, an amount, as calculated by the Master Servicer, equal to the sum of (1) 125% of the Fair Market Value determined pursuant to the Current Appraisal referred to in subsection (c) above (or, if such Current Appraisal has not yet been obtained, the Master Servicer's estimate thereof, in which case the required deposit under this subsection shall be adjusted upon obtaining such Current Appraisal) and (2) three months' interest on the Subject Mortgage Loan at the applicable Mortgage Rate. If the Directing Holder decides to extend any Election to Delay Foreclosure extends for a period in excess of three months, which extension shall in no event exceed three months (such excess period being referred to herein as the "Excess Period"), the Directing Holder shall remit by wire transfer in advance to the Master Servicer for deposit in the Collateral Account the amount of each additional month's interest, as calculated by the Master Servicer, equal to interest on the Mortgage Loan at the applicable Mortgage Rate for the Excess PeriodPeriod designated by the Directing Holder. Nothing contained in this Article IX VII shall alter the Master Servicer's obligation to make Payment P&I Advances pursuant to Section 4.034.01. (e) With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure, the Master Servicer may withdraw from the Collateral Account from time to time amounts necessary to reimburse the Master Servicer for all Payment P&I Advances and Servicing Advances thereafter made by the Master Servicer in accordance with this Agreement. To the extent that the amount of any Servicing Advance is determined by the Master Servicer based on estimated costs, and the actual costs are subsequently determined to be higher than the estimate, the Master Servicer may withdraw the additional amount from the Collateral Account and if the actual costs are determined to be lower than such estimate, the Master Servicer shall deposit the amount of such difference into the Collateral Account. In the event that the Subject Mortgage Loan is brought current by the Mortgagor and the foreclosure action is discontinued, the amounts so withdrawn from the Collateral Account by the Master Servicer as reimbursement for Payment P&I Advances and Servicing Advances shall be redeposited therein by the Master Servicer and the Master Servicer shall be reimbursed as otherwise provided in this Agreement. Except as provided in the two preceding sentences, amounts withdrawn from the Collateral Account to cover Payment P&I Advances and Servicing Advances shall not be redeposited therein or otherwise reimbursed to the Directing Holder; however, to the Master extent any such amounts are not redeposited by the Servicer, the Servicer waives any right to reimbursement for such amounts under any other provision of this Agreement. If and when any such Subject Mortgage Loan is brought current by the Mortgagor (including the payment to the Collateral Account of all related Payment P&I Advances and Servicing Advances), all amounts remaining in the Collateral Account in respect of such Subject Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to this subsection) shall be released to the Directing Holder. (f) With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure, the Master Servicer shall continue to service the Subject Mortgage Loan in accordance with the terms of this Agreement (other than the delay in Commencement of Foreclosure as provided herein). If and when the Directing Holder shall notify the Master Servicer that it believes that it is appropriate to do so, the Master Servicer shall proceed with the Commencement of Foreclosure. (g) Upon the occurrence of a liquidation of a defaulted Mortgage Loan or the disposition of a an REO Property with respect to any Subject Mortgage Loan, in either case as to which the Directing Holder made an Election to Delay Foreclosure, the Master Servicer shall calculate the amount, if any, by which the Fair Market Value determined pursuant to the Current Appraisal obtained under subsection (c) above exceeds the Liquidation Proceeds for the related Mortgage Loan or REO Property, and the Master Servicer shall withdraw the amount of such excess from the Collateral Account, shall remit the same to the Collection Account and in its capacity as Master Servicer shall apply such amount as additional Liquidation Proceeds pursuant to this Agreement. If the Liquidation Proceeds for such Mortgage Loan or REO Property exceeds the Fair Market Value determined pursuant to the Current Appraisal obtained under subsection (c) above, the Master Servicer shall deposit immediately such excess into the Collection Account as additional Liquidation Proceeds pursuant to this Agreement. After making any such withdrawal as provided in this subsection (g), all amounts remaining in the Collateral Account in respect of such Subject Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to subsection (e)) shall be released to the Directing Holder. If within six months of the time the Subject Mortgage Loan becomes delinquent, no amount has been realized on the Subject Mortgage Loan, the Directing Holder shall purchase the Mortgage Loan from the Trust Fund Estate at a purchase price equal to the greater of (i) the Fair Market Value shown on the Current Appraisal determined pursuant to subsection (c) above or (ii) the Fair Market Value shown on the Updated Current Appraisal determined pursuant to subsection (c) above. The Master Servicer shall first apply amounts on deposit in the Collateral Account towards such purchase priceprice (after adjustments for all withdrawals and deposits pursuant to subsection (e) above. Any shortfall shall be paid by the Directing Holder and any excess will be returned to it. The Master Servicer shall remit the amount of such purchase price to the Collection Account.

Election to Delay Foreclosure Proceedings. (a) In the event that the Master Servicer does not receive written notice of the Directing Holder's election pursuant to subsection (b) below within 24 hours of transmission of the notice provided by the Master Servicer under Section 9.02(a)(ii7.02(a)(ii), the Master Servicer shall proceed with the Commencement of Foreclosure in respect of such Subject Mortgage Loan in accordance with its normal foreclosure policies without additional notice to the Directing Holder. Any foreclosure that has been initiated may be discontinued if the Subject Mortgage Loan has been brought current (including the payment to the Collateral Account of all related Payment P&I Advances and Servicing Advances) or if a refinancing or prepayment occurs pursuant to which the Subject Mortgage Loan is brought current (including the payment of all related Payment P&I Advances and Servicing Advances), without notice to the Directing Holder. (b) In connection with any Subject Mortgage Loan with respect to which a notice under Section 9.02(a)(ii7.02(a)(ii) has been given to the Directing Holder, the Directing Holder may elect, for reasonable cause as determined by the Directing Holder, to instruct the Master Servicer to delay Commencement of Foreclosure until such time as the Directing Holder determines that the Master Servicer may proceed with Commencement of Foreclosure. Such election must be evidenced by written notice received by the Master Servicer within 24 hours of transmission of the notice provided by the Master Servicer under Section 9.02(a)(ii7.02(a)(ii), except that such 24 hour period shall be extended for a reasonable period, not to exceed four Business Days if the Directing Holder requests additional information related to such foreclosure or such Subject Mortgage Loan, to permit the review of such additional information. (c) With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure, the Directing Holder shall obtain a Current Appraisal as soon as practicable, and shall provide the Master Servicer with a copy of such Current Appraisal. With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure and as to which no amount has been realized on such Subject Mortgage Loan within six months from the time the Subject Mortgage Loan becomes delinquent, the Directing Holder shall obtain an Updated Current Appraisal and shall provide the Master Servicer with a copy of such Updated Current Appraisal. (d) Within two Business Days of making any Election to Delay Foreclosure, the Directing Holder shall remit to the Master Servicer, for deposit in the Collateral Account, an amount, as calculated by the Master Servicer, equal to the sum of (1) 125% of the Fair Market Value determined pursuant to the Current Appraisal referred to in subsection (c) above (or, if such Current Appraisal has not yet been obtained, the Master Servicer's estimate thereof, in which case the required deposit under this subsection shall be adjusted upon obtaining such Current Appraisal) and (2) three months' interest on the Subject Mortgage Loan at the applicable Mortgage Rate. If any Election to Delay Foreclosure extends for a period in excess of three months (such excess period being referred to herein as the "Excess Period"), the Directing Holder shall remit by wire transfer in advance to the Master Servicer for deposit in the Collateral Account the amount of each additional month's interest, as calculated by the Master Servicer, equal to interest on the Mortgage Loan at the applicable Mortgage Rate for the Excess Period. Nothing contained in this Article IX VII shall alter the Master Servicer's obligation to make Payment P&I Advances pursuant to Section 4.034.01. (e) With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure, the Master Servicer may withdraw from the Collateral Account from time to time amounts necessary to reimburse the Master Servicer for all Payment P&I Advances and Servicing Advances thereafter made by the Master Servicer in accordance with this Agreement. To the extent that the amount of any Servicing Advance is determined by the Master Servicer based on estimated costs, and the actual costs are subsequently determined to be higher than the estimate, the Master Servicer may withdraw the additional amount from the Collateral Account and if the actual costs are determined to be lower than such estimate, the Master Servicer shall deposit the amount of such difference into the Collateral Account. In the event that the Subject Mortgage Loan is brought current by the Mortgagor and the foreclosure action is discontinued, the amounts so withdrawn from the Collateral Account by the Master Servicer as reimbursement for Payment P&I Advances and Servicing Advances shall be redeposited therein by the Master Servicer and the Master Servicer shall be reimbursed as otherwise provided in this Agreement. Except as provided in the two preceding sentences, amounts withdrawn from the Collateral Account to cover Payment P&I Advances and Servicing Advances shall not be redeposited therein or otherwise reimbursed to the Directing Holder; however, the Master Servicer waives any right to reimbursement for such amounts under any other provision of this Agreement. If and when any such Subject Mortgage Loan is brought current by the Mortgagor (including the payment to the Collateral Account of all related Payment P&I Advances and Servicing Advances), all amounts remaining in the Collateral Account in respect of such Subject Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to this subsection) shall be released to the Directing Holder. (f) With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure, the Master Servicer shall continue to service the Subject Mortgage Loan in accordance with the terms of this Agreement (other than the delay in Commencement of Foreclosure as provided herein). If and when the Directing Holder shall notify the Master Servicer that it believes that it is appropriate to do so, the Master Servicer shall proceed with the Commencement of Foreclosure. (g) Upon the occurrence of a liquidation of a defaulted Mortgage Loan or the disposition of a REO Property with respect to any Subject Mortgage Loan, in either case as to which the Directing Holder made an Election to Delay Foreclosure, the Master Servicer shall calculate the amount, if any, by which the Fair Market Value determined pursuant to the Current Appraisal obtained under subsection (c) above exceeds the Liquidation Proceeds for the related Mortgage Loan or REO Property, and the Master Servicer shall withdraw the amount of such excess from the Collateral Account, shall remit the same to the Collection Account and in its capacity as Master Servicer shall apply such amount as additional Liquidation Proceeds pursuant to this Agreement. If the Liquidation Proceeds for such Mortgage Loan or REO Property exceeds the Fair Market Value determined pursuant to the Current Appraisal obtained under subsection (c) above, the Master Servicer shall deposit immediately such excess into the Collection Account as additional Liquidation Proceeds pursuant to this Agreement. After making any such withdrawal as provided in this subsection (g), all amounts remaining in the Collateral Account in respect of such Subject Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to subsection (e)) shall be released to the Directing Holder. If within six months of the time the Subject Mortgage Loan becomes delinquent, no amount has been realized on the Subject Mortgage Loan, the Directing Holder shall purchase the Mortgage Loan from the Trust Fund Estate at a purchase price equal to the greater of (i) the Fair Market Value shown on the Current Appraisal determined pursuant to subsection (c) above or (ii) the Fair Market Value shown on the Updated Current Appraisal determined pursuant to subsection (c) above. The Master Servicer shall first apply amounts on deposit in the Collateral Account towards such purchase price. Any shortfall shall be paid by the Directing Holder and any excess will be returned to it. The Master Servicer shall remit the amount of such purchase price to the Collection Account.