Common use of MARGIN AMOUNT MAINTENANCE Clause in Contracts

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction Margin Base is less than the aggregate Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded all outstanding Transactions (a “"Margin Deficit”"), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “"Margin Call”), Deficit Notice") require Seller to transfer to Buyer or its designee (including Custodian) cash so that, as applicable, (i) to be applied to reduce the Purchase Price with respect to all outstanding Transactions such that the aggregate Asset Value of the Purchased Mortgage Loans Assets will thereupon equal or exceed the aggregate Purchase Price for such Transactionall outstanding Transactions. If Buyer delivers a Margin Deficit Notice to Seller on or prior to 10 a.m., and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) , on a any Business Day Day, then Seller shall be met, and the related Margin Call satisfied, transfer such cash to Buyer no later than 5:00 5 p.m. (New York City time) , on such Business Day; notice given . In the event Buyer delivers a Margin Deficit Notice to Seller after 10:00 a.m. (10 a.m., New York City time) , on a any Business Day Day, Seller shall be met, and the related Margin Call satisfied, required to transfer such cash no later than 5:00 p.m. (5 p.m., New York City time) , on the following subsequent Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later dateDay. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any All cash transferred to Buyer pursuant to this Section 4(b4(a) above shall be credited deposited in the account set forth in Section 8(a) hereof and shall be deemed to reduce the Repurchase aggregate Purchase Price of the related with respect to all outstanding Transactions. (b) Buyer's election, in its sole and absolute discretion, not to deliver a Margin Deficit Notice at any time there is a Margin Deficit shall not in any way limit or impair its right to deliver a Margin Deficit Notice at any time a Margin Deficit exists.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Market Value of each Purchased Mortgage Loan Asset at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value Values of any Purchased Mortgage Loans Assets then subject to a Transaction is Transactions are less than the aggregate Purchase Price Prices for such Transaction, or any applicable Concentration Limit has been exceeded Purchased Assets (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) in the Asset Value amount of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceededMargin Deficit. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”)Day. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactionsheld as unsegregated cash margin and collateral for all Obligations under this Agreement.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans and Contributed Assets at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans and Contributed Assets subject to a Transaction all Transactions is less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller Sellers (as such notice is more particularly set forth below, a “Margin Call”), require Seller Sellers to transfer to Buyer or its designee cash so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans and Contributed Assets, including any such cash, will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered all Transactions. Any amount paid by Sellers to cure a Margin Deficit pursuant to this Section 4(b) may shall be given by any written no less than $100,000. If Buyer delivers a Margin Call to Sellers on or electronic means. Any notice given before 10:00 a.m. prior to 12:00 noon (New York City time) on a any Business Day Day, then Sellers shall be met, and the related Margin Call satisfied, transfer cash to Buyer no later than 5:00 p.m. (New York City time) on such Business Day; notice given that day. In the event Buyer delivers a Margin Call to Sellers after 10:00 a.m. 12:00 noon (New York City time) on a any Business Day Day, Sellers shall be met, and the related Margin Call satisfied, required to transfer cash no later than 5:00 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans on a weekly basis, or at such other intervals as determined by the Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the Purchase aggregate Repurchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the Purchase aggregate Repurchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If Buyer delivers a Margin Call to Section 4(b) may be given by any written the Seller on or electronic means. Any notice given before 10:00 prior to 9:30 a.m. (New York City time) on a any Business Day Day, then the Seller shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 5:00 5 p.m. (New York City time) on such Business Day; notice given that day. In the event the Buyer delivers a Margin Call to a Seller after 10:00 9:30 a.m. (New York City time) on a any Business Day Day, the Seller shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Mortgage Loans no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b4(a) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction Margin Base is less than the aggregate Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded all outstanding Transactions (a “Margin Deficit”), as determined by Buyer in Buyer’s sole discretion exercised in good faith, then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin CallDeficit Notice”), ) require Seller to transfer to Buyer or its designee (including Custodian) cash so that, as applicable, (i) to be applied to reduce the Asset Value Purchase Price with respect to all outstanding Transactions such that the Margin Base of the Purchased Mortgage Loans Assets will thereupon equal or exceed the aggregate Purchase Price for such Transactionall outstanding Transactions. If Buyer delivers a Margin Deficit Notice to Seller on or prior to 10 a.m., and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) , on a any Business Day Day, then Seller shall be met, and the related Margin Call satisfied, transfer such cash to Buyer no later than 5:00 4 p.m. (New York City time) , on such Business Day; notice given . In the event Buyer delivers a Margin Deficit Notice to Seller after 10:00 a.m. (10 a.m., New York City time) , on a any Business Day Day, Seller shall be met, and the related Margin Call satisfied, required to transfer such cash no later than 5:00 p.m. (4 p.m., New York City time) , on the following subsequent Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later dateDay. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any All cash transferred to Buyer pursuant to this Section 4(b4(a) above shall be credited deposited in the account set forth in Section 8(a) hereof. Buyer shall allocate such cash to the Purchase Prices relating to the Purchased Assets subject to outstanding Transactions as Buyer shall determine in its sole discretion, exercised in good faith. (b) Buyer’s election, in its sole discretion, not to deliver a Margin Deficit Notice at any time there is a Margin Deficit shall not in any way limit or impair its right to deliver a Margin Deficit Notice at any time a Margin Deficit exists. (c) Buyer shall offset against the Repurchase Price of each such Transaction all cash actually received by Buyer for such Transaction pursuant to Section 4(a) as of the related Transactionsapplicable Repurchase Date. For the avoidance of doubt, funds deposited in the account specified in Section 8(a) shall be treated as actually received by Buyer for all purposes of this Agreement.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Market Value of each Purchased Mortgage Loan Asset at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value Values of any Purchased Mortgage Loans Assets then subject to a Transaction is Transactions are less than the aggregate Purchase Price Prices for such Transaction, or any applicable Concentration Limit has been exceeded Purchased Assets (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) in the Asset Value amount of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceededMargin Deficit. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. [***] (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. [***] (New York City time) on such Business Day; notice given after 10:00 a.m. [***] (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. [***] (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”)Day. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactionsheld as unsegregated cash margin and collateral for all Obligations under this Agreement.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Market Value of each any Purchased Mortgage Loan Asset only (i) on the applicable Purchase Date; (ii) at such intervals as determined by Buyer any time upon the occurrence and continuance of a Credit Event; (iii) in accordance with exercising its sole discretionremedies pursuant to Section 16 hereof; or (iv) at any time upon the occurrence and continuance of an Event of Default. (b) If at any time the aggregate Asset Value of any all Purchased Mortgage Loans Assets subject to a Transaction Transactions is less than the aggregate outstanding Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded all Purchased Assets (a “Margin Deficit”), then then, if such Margin Deficit is greater than the Margin Threshold, Buyer may by written notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee designee, cash so thatin the amount at least equal to the Margin Deficit, as applicable, (i) and Buyer shall apply such cash to the Asset Value outstanding Purchase Price of the Purchased Mortgage Loans will thereupon equal or exceed Assets as directed by Seller, or, in the Purchase Price for absence of such Transactiondirection, and (ii) no Concentration Limit will be exceededon a weighted average, pro rata basis, with respect to the Purchased Assets that gave rise to the Margin Call. (c) Notice delivered pursuant to Section 4(b5(b) hereof may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 4:30 p.m. (New York City time) on the date of such Business Daynotice; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 2:00 p.m. (New York City time) on the following Business Day (following the foregoing time requirements for satisfaction date of a Margin Call are referred to as the “Margin Deadlines”)such notice. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction Margin Base is less than the aggregate Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded all outstanding Transactions (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin CallDeficit Notice”), ) require Seller to transfer to Buyer or its designee (including Custodian) cash so that, as applicable, (i) to be applied to reduce the Purchase Price with respect to all outstanding Transactions such that the aggregate Asset Value of the Purchased Mortgage Loans Assets will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) all outstanding Transactions. If Buyer delivers a Margin Deficit Notice delivered pursuant to Section 4(b) may be given by any written Seller on or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 prior to 6 p.m. (New York City time) on such any Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day , then Seller shall be met, and the related Margin Call satisfied, transfer such cash to Buyer no later than 5:00 5 p.m. (New York City time) the following Business Day. In the event Buyer delivers a Margin Deficit Notice to Seller after 6 p.m. (New York time) on any Business Day, then such Margin Deficit Notice shall be deemed to have been delivered on the following Business Day and Seller shall be required to transfer cash no later than 5 p.m. (New York time) on the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later datesubsequent Business Day. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any All cash transferred to Buyer pursuant to this Section 4(b4(a) above shall be credited deposited in the account set forth in Section 8(a) hereof. (b) Buyer’s election, in its sole discretion, not to the Repurchase Price of the related Transactionsdeliver a Margin Deficit Notice at any time there is a Margin Deficit shall not in any way limit or impair its right to deliver a Margin Deficit Notice at any time a Margin Deficit exists.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all Purchased Mortgage Loans Assets subject to a Transaction all outstanding Transactions is less than the Purchase aggregate Repurchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may the Agent shall by notice to Seller the Sellers (as such notice is more particularly set forth below, a “Margin CallXxxx-to-Market”), require Seller the Sellers to transfer to Buyer the Custodian or other designee of the Agent, for the benefit of Buyers, cash or Eligible Assets approved by the Agent in its designee cash sole discretion (“Additional Purchased Assets”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Assets, including any such Additional Purchased Assets or cash, will thereupon equal or exceed the Purchase aggregate Repurchase Price for such Transactionall Transactions. For purposes of the calculation of the Xxxx-to-Market, the Agent will exclude accrued and unpaid Price Differential that is otherwise included in the aggregate Repurchase Price (ii) no Concentration Limit which, if so excluded, will be exceeded. (c) Notice delivered pursuant due on the next Payment Date). If the Agent delivers a Xxxx-to-Market to Section 4(b) may be given by any written Seller at or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 4:00 p.m. (New York City time) on such any Business Day; notice given after 10:00 a.m. (New York City time) , then the Sellers shall transfer cash or Additional Purchased Assets to the Custodian or other designee of the Agent, for the benefit of Buyers, on a the next Business Day shall be met, and after the related Margin Call satisfied, no later than 5:00 Business Day on which a Xxxx-to-Market is delivered to the Sellers. If the Agent delivers a Xxxx-to-Market to Seller after 4:00 p.m. (New York City time) on any Business Day, the following Sellers shall be required to transfer cash or Additional Purchased Assets on the second Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”)thereafter. (db) The failure of BuyerAgent’s election, on in its sole and absolute discretion, not to make a Xxxx-to-Market at any one or more occasions, to exercise its rights hereunder, time there is a Margin Deficit shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Sellerlimit or impair its right to make a Xxxx-to-Market at any time a Margin Deficit exists. (ec) Any cash transferred to Buyer the Agent pursuant to Section 4(b5(a) above shall be credited to the Repurchase Price of the related Transactions. (d) On any day, the aggregate amount of Transactions outstanding under the Repurchase Agreement shall in no event exceed the Maximum Purchase Price. If notice is given at or before 10:00 a.m. (New York City time), then by 2:00 p.m. on that same Business Day (or if notice is given after 10:00 a.m., then by 2:00 p.m. on the next Business Day) the Sellers shall repurchase enough Purchased Assets that the Repurchase Price equals or is less than the Maximum Purchase Price. (e) On any day on which the aggregate Asset Value of the Purchased Assets subject to Transactions exceeds the then outstanding aggregate Repurchase Price of all Transactions (a “Margin Excess”), provided that no Default or Event of Default has occurred and is continuing or would exist after such action by the Agent, the Agent, upon receipt of written request from Seller, shall remit cash or release Purchased Assets to Seller, as requested by the Sellers, in either case in an amount equal to the lesser of (i) the amount requested by the Sellers and (ii) such Margin Excess. To the extent that the Agent remits cash to the Sellers, such cash shall be additional Purchase Price with respect to the Transactions (but any such additional Purchase Price paid pursuant to this Section 5(e) shall not be included in the Repurchase Price for any Purchased Assets and no Price Differential shall accrue on any such additional Purchase Price paid pursuant to this Section 5(e)). Any request received by the Agent after 11:30 a.m. (New York City time) shall be remitted by the Agent on the next Business Day. (f) The Agent shall not be obligated to remit an amount or release Purchased Assets requested pursuant to a request for Margin Excess which (i) Agent determines is based on erroneous information or would result in a Transaction other than in accordance with the terms of this Repurchase Agreement; (ii) does not reflect the current determination of Asset Value as provided in the definition thereof; (iii) exceeds the Available Purchase Price or (iv) would result in any Buyer’s Available Commitment being exceeded.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Assets on a weekly basis, or at such intervals as determined by the Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans Assets subject to a Transaction all Transactions is less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then the Buyer may by notice to Seller the Sellers (as such notice is more particularly set forth below, a “Margin Call”), require Seller the Sellers to transfer to the Buyer or its designee cash or Eligible Assets approved by the Buyer in its sole discretion (“Additional Purchased Assets”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Assets, including any such cash or Additional Purchased Assets or cash, will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If the Buyer delivers a Margin Call to Section 4(b) may be given by any written the Sellers on or electronic means. Any notice given before 10:00 prior to 9:30 a.m. (New York City time) on a any Business Day Day, then the Sellers shall be met, and transfer cash or Additional Purchased Assets to the related Margin Call satisfied, Buyer no later than 5:00 5 p.m. (New York City time) on such Business Day; notice given that day. In the event the Buyer delivers a Margin Call to the Sellers after 10:00 9:30 a.m. (New York City time) on a any Business Day Day, the Sellers shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Assets no later than 5:00 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) The Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions. (e) Notwithstanding anything to the contrary herein, if a Margin Deficit occurs with respect to a Low Purchase Price Mortgage Loan, which, if considered to be a High Purchase Price Mortgage Loan, would not cause a Margin Deficit to occur, then Sellers may transfer to Buyer cash in an amount at least equal to the Margin Deficit, provided that such cash is sufficient to ensure such Purchased Asset is fully compliant as a Low Purchase Price Mortgage Loan.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine determines the Asset Value of each the Purchased Mortgage Loan Assets at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans Assets subject to a Transaction all Transactions is less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to pay such Margin Deficit or to transfer to Buyer or Additional Purchased Assets approved by Buyer in its designee cash sole discretion so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Assets, including any such Additional Purchased Assets, will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If Buyer delivers a Margin Call to Section 4(b) may be given by any written Seller on or electronic means. Any notice given before prior to 10:00 a.m. (New York City time) on a any Business Day Day, then Seller shall be met, and the related Margin Call satisfied, transfer Additional Purchased Assets to Buyer no later than 5:00 p.m. 10:00 a.m. (New York City time) on such the succeeding Business Day; notice given . In the event Buyer delivers a Margin Call to Seller after 10:00 a.m. (New York City time) on a any Business Day shall Day, Seller will be met, and the related Margin Call satisfied, required to transfer Additional Purchased Assets no later than 5:00 p.m. 10:00 a.m. (New York City time) on the following second (2nd) succeeding Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit will not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash Additional Purchased Assets transferred to Buyer pursuant to Section 4(b) above shall will be credited to the Repurchase Price processed by Buyer as a curtailment of the related Transactionsparticular Purchased Asset(s) as identified by Buyer as having the lower Asset Value(s) causing the Margin Deficit, as determined by Buyer in its sole discretion.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value Values of any all Purchased Mortgage Loans subject to a Transaction in the Asset Base is less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer the Administrative Agent may by notice to the Seller (as such notice is more particularly set forth below, a “Margin CallXxxx-to-Market”), require the Seller to transfer to Buyer Administrative Agent for the benefit of Buyers or its designee cash Additional Mortgage Loan Equivalents so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Loans, including any such Additional Mortgage Loan Equivalents, will thereupon equal or exceed the aggregate Purchase Price for such Transactionall Transactions. If Administrative Agent delivers a Xxxx-to-Market to Sellers on or prior to 10:00 a.m. (Central Time) on any Business Day, then the Seller shall transfer Additional Mortgage Loan Equivalents to Administrative Agent for the benefit of Buyers no later than 2:00 p.m. (Central Time) that day. In the event the Administrative Agent delivers a Xxxx-to-Market to Seller after 10:00 a.m. (Central Time) on any Business Day, the Sellers shall be required to transfer Additional Mortgage Loan Equivalents no later than 2:00 p.m. (Central Time) on the subsequent Business Day. (b) Administrative Agent’s election, in its sole and (ii) no Concentration Limit will be exceededabsolute discretion, not to make a Xxxx-to-Market at any time there is a Margin Deficit shall not in any way limit or impair its right to make a Xxxx-to-Market at any time a Margin Deficit exists. (c) Notice delivered Any Cash transferred to the Administrative Agent pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b4(a) above shall be credited to the Repurchase Price of the related Transactions. (d) On any day, the aggregate Purchase Price of all Transactions outstanding under the Repurchase Agreement shall in no event exceed the Maximum Purchase Price. The Seller shall (a) if notice is given on or before 10:00 a.m. (Central time), by 2:00 p.m. on that same Business Day or (b) if notice is given after 10:00 a.m. (Central time), by 1:00 p.m. on the next Business Day, in each case, repurchase Purchased Mortgage Loans such that the aggregate Purchase Price for all such Transactions equals or is less than the Maximum Purchase Price. (e) On any day on which the aggregate Asset Values of all Purchased Mortgage Loans in the Asset Base exceeds the then outstanding aggregate Purchase Price (a

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole good faith discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded Transaction (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) that the Asset Value of the Purchased Mortgage Loans Loan will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller.. ‑5‑ (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Market Value of each Purchased Mortgage Loan Asset at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any the Purchased Mortgage Loans Assets subject to a Transaction Transactions is less than the aggregate Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded the Purchased Assets (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) in the Asset Value amount of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceededMargin Deficit. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”)Day. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited applied to the Repurchase Price of the related Transactionsall Obligations under this Agreement.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Market Value of each the Purchased Mortgage Loan Loans on a weekly basis, or at such intervals as determined by the Buyer in its sole discretion. (b) . If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the Purchase aggregate Repurchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “"Margin Deficit”"), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “"Margin Call”"), require Seller to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole discretion ("Additional Purchased Mortgage Loans") so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such cash or Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If Buyer delivers a Margin Call to Section 4(b) may be given by any written the Seller on or electronic means. Any notice given before 10:00 prior to 9:30 a.m. (New York City time) on a any Business Day Day, then the Seller shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 5:00 5 p.m. (New York City time) on such Business Day; notice given that day. In the event the Buyer delivers a Margin Call to a Seller after 10:00 9:30 a.m. (New York City time) on a any Business Day Day, the Seller shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Mortgage Loans no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day (the foregoing time requirements for satisfaction of Day. Buyer's election, in its sole and absolute discretion, not to make a Margin Call are referred to as the “at any time there is a Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, Deficit shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) limit or impair its right to make a Margin Call at any time a Margin Deficit exists. Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions. On any day on which the aggregate Asset Value of the Purchased Mortgage Loans exceeds the then outstanding aggregate Purchase Price of all Transactions (a "Margin Excess"), so long as no Default or Event of Default has occurred and is continuing, Buyer shall, upon receipt of written request from Seller remit an amount equal to such Margin Excess to Seller as additional Purchase Price with respect to the Transactions, provided that in no event shall the Purchase Price exceed the Purchase Price as calculated on the applicable Purchase Date. Any request received by the Buyer after 2:00 p.m. (eastern time) shall be remitted by the Buyer on the next Business Day. Buyer shall not be obligated to remit the additional Purchase Price requested pursuant to a request for Margin Excess which (i) Buyer reasonably determines is based on erroneous information or would result in a Transaction other than in accordance with the terms of this Agreement, or (ii) does not reflect Buyer's current determination of Market Value as provided in the definition thereof.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Market Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all Purchased Mortgage Loans subject to a Transaction Transactions plus any cash held as segregated cash in the margin account is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded Purchased Mortgage Loans (a “Margin Deficit”), then then, provided, that such Margin Deficit is greater than the Margin Threshold, Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) in the Asset Value amount of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceededMargin Deficit. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the second (2nd) Business Day following such Business Daynotice; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following third (3rd) Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”)following such notice. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for either Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited held in the margin account as segregated cash margin and collateral for all Obligations under this Agreement. Any such cash in the margin account shall be used by Buyer in order to calculate the aggregate Price Differential due to Buyer hereunder (i.e., as a reduction of the Purchase Price for purposes of such calculation). Buyer shall return any such cash to Seller within three Business Days of a written request therefore to the Repurchase Price of the related Transactionsextent such return would not result in a Margin Deficit.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Assets at such intervals as determined by the Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans Assets subject to a Transaction all Transactions is less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “"Margin Deficit”"), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “"Margin Call”"), require Seller to transfer to Buyer or its designee cash or Eligible Assets approved by the Buyer in its sole discretion ("Additional Purchased Assets") so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Assets, including any such cash or Additional Purchased Assets, will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If Buyer delivers a Margin Call to Section 4(b) may be given by any written the Seller on or electronic means. Any notice given before 10:00 prior to 9:30 a.m. (New York City time) on a any Business Day Day, then the Seller shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Assets to Buyer no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 9:30 a.m. (New York City time) on the subsequent Business Day. In the event the Buyer delivers a Margin Call to a Seller after 9:30 a.m. (New York City time) on any Business Day Day, the Seller shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Assets no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer's election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Market Value of each Purchased Mortgage Loan Asset at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans Asset subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded Purchased Asset (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) in the Asset Value amount of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceededMargin Deficit. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”)Day. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactionsheld as unsegregated cash margin and collateral for all Obligations under this Agreement.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at At any time the Asset Value a Margin Deficit in excess of any Purchased Mortgage Loans subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded (a “Margin Deficit”)[***] exists, then Buyer may may, by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee designee, cash so that, as applicable, in an amount sufficient to eliminate the Margin Deficit (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceededa “Margin Payment”). (cb) Notice delivered pursuant to Section 4(b4(a) may be given by any written or electronic means. Any Margin Deficit notice given before 10:00 a.m. [***] (New York City time) on a Business Day shall be met, and the related Margin Call satisfiedPayment received, no later than 5:00 p.m. [***] (New York City time) on such Business Day; . If notice given is made after 10:00 a.m. [***] (New York City time) on a Business Day Day, the Margin Payment shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. received by Buyer at [***] (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of Day. If a Margin Call are referred exceeds the Maximum Cash Margin Call, or if a series of Margin Calls made within a [***] period exceed the Maximum Cash Margin Call, then Seller will pay to as Buyer the “Margin Deadlines”)Payment in excess of the Maximum Cash Margin Call no later than the [***] following receipt of the notice of the Margin Call. (dc) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, including, without limitation, its failure to send a Cure/Sell Notice or Margin Call notice at any time a Purchased Asset is no longer an Eligible Mortgage Loan, or at any time there exists a Margin Deficit, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law , or in any way create additional rights for Seller. (ed) Any cash transferred to Buyer pursuant to Section 4(b4(a) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any all Purchased Mortgage Loans which are subject to a Transaction Transactions is less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by written notice to the related Seller (as such notice is more particularly set forth belownotice, a “Margin Call”), require such Seller to transfer to Buyer or its designee cash so thatat least equal to such Margin Deficit. If Buyer delivers a Margin Call to such Seller on or prior to 10:00 a.m. (eastern time) on any Business Day, as applicablethen such Seller shall transfer cash to Buyer no later than 5 p.m. (eastern time) that same Business Day. In the event Buyer delivers a Margin Call to such Seller after 10:00 a.m. (eastern time) on any Business Day, such Seller shall be required to transfer cash (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant subject to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City timebelow) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 5 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City eastern time) on the following subsequent Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later dateDay. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to this Section 4(b4(a) above shall be credited to the Repurchase Price of the related TransactionsTransaction. (b) In the event that a Margin Deficit exists with respect to the Purchased Mortgage Loans, Buyer may retain any funds received by it to which such Seller would otherwise be entitled hereunder, which funds shall be held against the Margin Deficit and which may be applied by Buyer against any Purchased Mortgage Loans to the extent the Margin Deficit remains otherwise unsatisfied. (c) To the extent that no Event of Default shall have occurred and be continuing and in Buyer’s sole discretion, a Seller may satisfy a Margin Call by entering into a new Transaction pursuant to which Buyer may, and is hereby authorized to net from the proceeds to be remitted in connection therewith, the amount of any such Margin Deficit. (d) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call at any time there is a Margin Deficit in accordance with Section 4(a) or to retain funds in accordance with Section 4(b) shall not in any way limit or waive Buyer’s rights under this Repurchase Agreement or impair its right to make a Margin Call at any time a Margin Deficit exists.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded (a “Margin Deficit”), then Buyer may by notice to Seller Sellers (as such notice is more particularly set forth below, a “Margin Call”), require Seller Sellers to transfer to Buyer or its designee cash so that, as applicable, (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such the next Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following second Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller Sellers and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for SellerSellers. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole good faith discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded Transaction (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) that the Asset Value of the Purchased Mortgage Loans Loan will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Market Value of each the Purchased Mortgage Loan Assets at such intervals as determined by the Buyer in its sole discretion. (b) If at any time the Asset a Market Value of any Purchased Mortgage Loans subject to a Transaction Trigger Event has occurred and is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded continuing (a “"Margin Deficit”"), then Buyer may by written notice to Seller the Sellers (as such notice is more particularly set forth below, a “"Margin Call”"), require Seller Sellers to transfer to Buyer or Buyer's designee cash, Cash Equivalents or Subject Securities approved by the Buyer in its designee cash sole discretion ("Additional Assets") so that, as applicable, (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed that the Purchase Price for such Transaction, and (ii) no Concentration Limit then outstanding will be exceededless than or equal to 80% of aggregate Market Value of all Purchased Assets, including any such Additional Assets. If Buyer delivers a Margin Call to the Sellers on any Business Day, then the Seller shall transfer Additional Assets to Buyer no later than the time of delivery of such Margin Call on the next Business Day. Any cash transferred to the Buyer in response to a Margin Call shall be credited to the Purchase Price on the date of payment. (c) Notice Buyer's election, in its sole and absolute discretion, not to make a Margin Call at any time there is a Margin Deficit shall not in any way limit or impair its right to make a Margin Call at any time a Margin Deficit exists. (d) If, at any time prior to the occurrence of a CDO Trigger Event, the aggregate outstanding Purchase Price is less than 80% of the Market Value of the Purchased Assets (a "Margin Excess"), then the Sellers may by notice to the Buyer require Buyer, in Buyer's sole discretion, transfer to either Seller, as applicable, previously delivered Additional Assets pursuant to Section 4(b) above, provided that the aggregate outstanding Purchase Price, after deduction of any such Additional Assets so transferred, will thereupon not exceed 80% of Market Value of the Purchased Assets. For the avoidance of doubt, only Additional Assets delivered to Buyer to satisfy a Margin Call under Section 4(b) (such assets, "Margin Call Assets") may be given released by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on Buyer to satisfy a Business Day shall be metMargin Excess, and if the related Buyer has no Margin Call satisfiedAssets, the Buyer shall have no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction obligation to take any action in respect of a Margin Call are referred to as the “Margin Deadlines”)Excess hereunder. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans at such intervals as determined by Buyer in its sole discretionmay choose; provided, however, that such intervals may not be more often than weekly. (b) If at any time seven (7) days or more after a Purchase Date, upon a calculation of the Asset Value of any the Purchased Mortgage Loans subject to a Transaction all Transactions after taking into account any adjustment made in accordance with the definition of Market Value herein, the aggregate Asset Value of all such Purchased Mortgage Loans is less than 100% of the aggregate outstanding Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded all Purchased Mortgage Loans subject to then outstanding Transactions under this Agreement (a “Margin Deficit”), then Buyer may may, by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash or Eligible Mortgage Loans (or other assets reasonably acceptable to Buyer in its sole discretion) (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Loans, including any such cash or Additional Purchased Mortgage Loans, will thereupon equal or exceed 100% of the aggregate Purchase Price for such Transactionall Transactions. In the event Buyer delivers a Margin Call to Seller on any Business Day, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day Seller shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Mortgage Loans no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 5 p.m. (New York City time) on the following Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to against the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans at such intervals as determined by the Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is at least $100,000 less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then the Buyer may by notice to Seller the Sellers (as such notice is more particularly set forth below, a “Margin Call”), require Seller the Sellers to transfer to the Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Loans, including any such cash or Additional Purchased Mortgage Loans, will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If the Buyer delivers a Margin Call to Section 4(b) may be given by any written the Seller on or electronic means. Any notice given before 10:00 prior to 9:30 a.m. (New York City time) on a any Business Day Day, then the Sellers shall be met, and transfer cash or Additional Purchased Mortgage Loans to the related Margin Call satisfied, Buyer no later than 5:00 5 p.m. (New York City time) on such Business Day; notice given that day. In the event the Buyer delivers a Margin Call to a Seller after 10:00 9:30 a.m. (New York City time) on a any Business Day Day, the Sellers shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Mortgage Loans no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) The Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction Margin Base is less than the aggregate Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded all outstanding Transactions (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin CallDeficit Notice”), ) require Seller to transfer to Buyer or its designee (including Custodian) cash or Eligible Assets (“Additional Purchased Assets”) (provided that the Buyer may, in its sole discretion, require Seller to deliver cash rather than additional Eligible Assets), so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Assets, including any such Additional Purchased Assets, will thereupon equal or exceed the aggregate Purchase Price for such Transactionall outstanding Transactions. If Buyer delivers a Margin Deficit Notice to Seller on or prior to 10 a.m., and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) , on a any Business Day Day, then Seller shall be met, and the related Margin Call satisfied, transfer Additional Purchased Assets to Buyer no later than 5:00 5 p.m. (New York City time) , on such Business Day; notice given . In the event Buyer delivers a Margin Deficit Notice to Seller after 10:00 a.m. (10 a.m., New York City time) , on a any Business Day Day, Seller shall be met, and the related Margin Call satisfied, required to transfer Additional Purchased Assets no later than 5:00 p.m. (5 p.m., New York City time) , on the following subsequent Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later dateDay. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any All cash transferred to Buyer pursuant to this Section 4(b4(a) above shall be credited deposited in the account set forth in Section 8(a) hereof and shall be deemed to reduce the Repurchase aggregate Purchase Price of the related with respect to all outstanding Transactions. (b) Buyer’s election, in its sole and absolute discretion, not to deliver a Margin Deficit Notice at any time there is a Margin Deficit shall not in any way limit or impair its right to deliver a Margin Deficit Notice at any time a Margin Deficit exists.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans on a weekly basis, or at such intervals as determined by the Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the Purchase aggregate Repurchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “"Margin Deficit”"), then the Buyer may by notice to Seller the Sellers (as such notice is more particularly set forth below, a “"Margin Call”"), require Seller the Sellers to transfer to the Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole discretion ("Additional Purchased Mortgage Loans") so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such cash or Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If the Buyer delivers a Margin Call to Section 4(b) may be given by any written the Sellers on or electronic means. Any notice given before 10:00 prior to 9:30 a.m. (New York City time) on a any Business Day Day, then the Sellers shall be met, and transfer cash or Additional Purchased Mortgage Loans to the related Margin Call satisfied, Buyer no later than 5:00 5 p.m. (New York City time) on such Business Day; notice given that day. In the event the Buyer delivers a Margin Call to the Sellers after 10:00 9:30 a.m. (New York City time) on a any Business Day Day, the Sellers shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Mortgage Loans no later than 5:00 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) The Buyer's election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction Margin Base is less than the aggregate Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded all outstanding Transactions (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin CallDeficit Notice”), ) require Seller to transfer to Buyer or its designee cash so that, as applicable, (iincluding Custodian) Cash to be applied to reduce the Purchase Price with respect to all outstanding Transactions such that the aggregate Asset Value of the Purchased Mortgage Loans Assets will thereupon equal or exceed the aggregate Purchase Price for such Transactionall outstanding Transactions. If Buyer delivers a Margin Deficit Notice to Seller on or prior to 10 a.m., and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) , on a any Business Day Day, then Seller shall be met, and the related Margin Call satisfied, transfer such cash to Buyer no later than 5:00 4 p.m. (New York City time) , on such Business Day; notice given . In the event Buyer delivers a Margin Deficit Notice to Seller after 10:00 a.m. (10 a.m., New York City time) , on a any Business Day Day, Seller shall be met, and the related Margin Call satisfied, required to transfer such cash no later than 5:00 p.m. (4 p.m., New York City time) , on the following subsequent Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later dateDay. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash All Cash transferred to Buyer pursuant to this Section 4(b4(a) above shall be credited deposited in the account set forth in Section 9(a) hereof. (b) Buyer’s election, in its sole discretion, not to the Repurchase Price of the related Transactionsdeliver a Margin Deficit Notice at any time there is a Margin Deficit shall not in any way limit or impair its right to deliver a Margin Deficit Notice at any time a Margin Deficit exists.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction Margin Base is less than the aggregate Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded all outstanding Transactions (a “"Margin Deficit”"), then -------------- Buyer may by notice to Seller (as such notice is more particularly set forth below, a “"Margin Call”Deficit Notice"), require Seller to transfer to --------------------- Buyer or its designee (including Custodian) cash or Eligible Assets ("Additional Purchased Assets") so that, as applicable, (i) that the aggregate Asset Value of --------------------------- the Purchased Mortgage Loans Assets, including any such Additional Purchased Assets, will thereupon equal or exceed the aggregate Purchase Price Prices for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Purchased Assets. If Buyer delivers a Margin Deficit Notice delivered pursuant to Section 4(b) may be given by any written Seller on or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 prior to 6 p.m. (New York City time) on such any Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day , then Seller shall be met, and the related Margin Call satisfied, transfer Additional Purchased Assets to Buyer no later than 5:00 5 p.m. (New York City time) the following Business Day. In the event Buyer delivers a Margin Deficit Notice to Seller after 6 p.m. (New York time) on any Business Day, then such Margin Deficit Notice shall be deemed to have been delivered on the following Business Day and Seller shall be required to transfer Additional Purchased Assets no later than 5 p.m. (New York time) on the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later datesubsequent Business Day. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any All cash transferred to Buyer pursuant to this Section 4(b4(a) above shall be credited deposited in the account set forth in Section 8(a) hereof and shall be deemed to reduce the Repurchase aggregate Purchase Price of the related with respect to all outstanding Transactions. (b) Buyer's election, in its sole and absolute discretion, not to deliver a Margin Deficit Notice at any time there is a Margin Deficit shall not in any way limit or impair its right to deliver a Margin Deficit Notice at any time a Margin Deficit exists.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. [***] (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. [***]. (New York City time) on such Business Day; notice given after 10:00 a.m. [***]. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. [***]. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions, or, at Buyer’s option, may be placed in the Reserve Account until such time that Buyer determines, in its sole discretion, that the Margin Deficit has been eliminated, and following elimination of the Margin Deficit Buyer shall deposit the remaining portion of the cash transfer in excess of the Minimum Reserve Amount, if any, into the Haircut Account.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans, in its sole discretion, on a daily basis, or at such other intervals as determined by the Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the Purchase aggregate Repurchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to a Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller the Sellers to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the Purchase aggregate Repurchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If Buyer delivers a Margin Call to Section 4(b) may be given by any written a Seller on or electronic means. Any notice given before prior to 10:00 a.m. (New York City time) on a any Business Day Day, then the Sellers shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 5:00 p.m. (New York City time) on such that Business Day; notice given . In the event the Buyer delivers a Margin Call to a Seller after 10:00 a.m. (New York City time) on a any Business Day Day, the Sellers shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Mortgage Loans no later than 5:00 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall shall, at the relevant Seller’s election, either (i) be treated as if it constituted a transfer of Mortgage Loans (with a Market Value equal to the Dollar amount of such cash) pursuant to Section 4(b) above (including for purposes of the definition of “Additional Purchased Mortgage Loans”), or (ii) be credited to the Repurchase Price of the related TransactionsTransaction. (e) Margin Calls may be made orally by telephone directly to one of the individuals set forth in the applicable Confirmation.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Market Value of each Purchased Mortgage Loan Asset at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value Values of any Purchased Mortgage Loans Assets then subject to a Transaction is Transactions are less than the aggregate Purchase Price Prices (taking into account the application of any Buydown Availability pursuant to Section 9(f) hereof) for such Transaction, or any applicable Concentration Limit has been exceeded Purchased Assets (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) in the Asset Value amount of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceededMargin Deficit. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”)Day. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactionsheld as unsegregated cash margin and collateral for all Obligations under this Agreement.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any the related Purchased Mortgage Loans Assets subject to a Transaction all Transactions is less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “"Margin Deficit”"), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “"Margin Call”Deficit Notice"), require Seller to either (a) transfer to Buyer or its designee cash (including the Custodian) Eligible Assets ("Additional Purchased Assets"), so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Assets, including any such Additional Purchased Assets, will thereupon equal or exceed the aggregate Asset Value, or (b) remit to Buyer a payment (the "Margin Deficit Payment") (to be applied against the Purchase Price) in such amount as may be necessary to reduce the outstanding Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) that it is less than or equal to the Asset Value. If Buyer delivers a Margin Deficit Notice delivered pursuant to Section 4(b) may be given by any written Seller on or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 prior to 5 p.m. (New York City time) on such any Business Day; notice given , then Seller shall transfer Additional Purchased Assets or remit the Margin Deficit Payment to Buyer no later than 5 p.m. (New York City time) the following Business Day. In the event the Buyer delivers a Margin Deficit Notice to Seller after 10:00 a.m. 5 p.m. (New York City time) on a any Business Day, then such Margin Deficit Notice shall be deemed to have been delivered on the following Business Day and Seller shall be met, and required to transfer Additional Purchased Assets or remit the related Margin Call satisfied, Deficit Payment no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”)Day. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (ai) Buyer shall determine the Asset Market Value of each any Purchased Mortgage Loan Asset only (i) on the applicable Purchase Date; (ii) at such intervals as determined by Buyer any time upon the occurrence and continuance of a Credit Event; (iii) in accordance with exercising its sole discretionremedies pursuant to Section 16 hereof; or (iv) at any time upon the occurrence and continuance of an Event of Default. (bii) If at any time the aggregate Asset Value of any all Purchased Mortgage Loans Assets subject to a Transaction Transactions is less than the aggregate outstanding Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded all Purchased Assets (a “Margin Deficit”), then then, if such Margin Deficit is greater than the Margin Threshold, Buyer may by written notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee designee, cash so thatin the amount at least equal to the Margin Deficit, as applicable, (i) and Buyer shall apply such cash to the Asset Value outstanding Purchase Price of the Purchased Mortgage Loans will thereupon equal or exceed Assets as directed by Seller, or, in the Purchase Price for absence of such Transactiondirection, and (ii) no Concentration Limit will be exceededon a weighted average, pro rata basis, with respect to the Purchased Assets that gave rise to the Margin Call. (ciii) Notice delivered pursuant to Section 4(b5(b) hereof may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 4:30 p.m. (New York City time) on the date of such Business Daynotice; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 2:00 p.m. (New York City time) on the following Business Day (following the foregoing time requirements for satisfaction date of a Margin Call are referred to as the “Margin Deadlines”)such notice. (div) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Market Value of each Purchased Mortgage Loan Asset and Mezzanine Subsidiary Asset at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all Purchased Mortgage Loans Assets subject to a Transaction Transactions is less than 98% of the aggregate Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded Purchased Assets (a “Margin Deficit”), then then, provided that such Margin Deficit in the aggregate is greater than the Margin Threshold, Buyer may by written notice to Seller Sellers (as such notice is more particularly set forth below, a “Margin Call”), require Seller Sellers to transfer to Buyer or its designee designee, cash so thatin the amount at least equal to the Margin Deficit, as applicable, (i) and Buyer shall apply such cash to the Asset Value outstanding Purchase Price of the Purchased Mortgage Loans will thereupon equal or exceed Assets (including the Purchase Price for Mezzanine Subsidiary Assets) as directed by Sellers, or, in the absence of such Transactiondirection, and on a weighted average, pro rata basis, with respect to the Purchased Assets (iiincluding the Mezzanine Subsidiary Assets) no Concentration Limit will be exceededthat gave rise to the Margin Call. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. 10:00 a.m. (New York City time) on such the following Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (following the foregoing time requirements for satisfaction date of a Margin Call are referred to as the “Margin Deadlines”)such notice. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller Sellers and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for SellerSellers. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans on a daily basis, or at such other intervals as determined by the Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the Purchase aggregate Repurchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the Purchase aggregate Repurchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If Buyer delivers a Margin Call to Section 4(b) may be given by any written the Seller on or electronic means. Any notice given before 10:00 prior to 9:30 a.m. (New York City time) on a any Business Day Day, then the Seller shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 5:00 5 p.m. (New York City time) on such Business Day; notice given that day. In the event the Buyer delivers a Margin Call to a Seller after 10:00 9:30 a.m. (New York City time) on a any Business Day Day, the Seller shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Mortgage Loans no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b4(a) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole sole, good faith discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded [***] (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time[***]) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day[***]; notice given after 10:00 a.m. (New York City time) on a Business Day [***] shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day [***] (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer Xxxxx each agree that a failure or delay by Buyer Xxxxx to -24- LEGAL02/41080625v5 LEGAL02/41080625v8 exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall may be either credited to the Repurchase Price of the related Transactions, or, at Buyer’s option, may be placed in the Reserve Account until such time that Buyer determines, in its sole good faith discretion and consistent with market practice, that the Margin Deficit has been eliminated, and following elimination of the Margin Deficit Buyer shall deposit the remaining portion of the cash transfer in excess of the Minimum Reserve Amount, if any, into the Haircut Account.

MARGIN AMOUNT MAINTENANCE. (a) Buyer The Administrative Agent shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer the Administrative Agent in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded (a “Margin Deficit”), then Buyer the Administrative Agent may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer the Administrative Agent or its designee cash so that, as applicable, (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. [***] (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. [***] (New York City time) on such Business Day; notice given after 10:00 a.m. [***] (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. [***] (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyerthe Administrative Agent, on any one or more occasions, to exercise its rights hereunderunder this Section 4, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer the Administrative Agent to do so at a later date. Seller and Buyer the Buyers each agree that a failure or delay by Buyer the Administrative Agent to exercise its rights hereunder under this Section 4 shall not limit or waive Buyerthe Administrative Agent’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer the Administrative Agent pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans on a weekly basis, or at such intervals as determined by the Buyer in its sole good faith discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the Purchase aggregate Repurchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole good faith discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such cash or Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the Purchase aggregate Repurchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic meansall Transactions. Any notice given before 10:00 a.m. (New York City time) on If Buyer delivers a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 to the Seller on or prior to 5 p.m. (New York City time) on such any Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day , then the Seller shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller the Sellers (as such notice is more particularly set forth below, a “Margin CallXxxx-to-Market”), require Seller the Sellers to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the Purchase aggregate Repurchase Price for such Transactionall Transactions. If Buyer delivers a Xxxx-to-Market to Sellers on or prior to 9:30 a.m. (Central time) on any Business Day, then the Sellers shall transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 4:00 p.m. (Central time) that day. In the event the Buyer delivers a Xxxx-to-Market to Sellers after 9:30 a.m. (Central time) on any Business Day, the Sellers shall be required to transfer cash or Additional Purchased Mortgage Loans no later than 4:00 p.m. (Central time) on the subsequent Business Day. (b) Buyer’s election, in its sole and (ii) no Concentration Limit will be exceededabsolute discretion, not to make a Xxxx-to-Market at any time there is a Margin Deficit shall not in any way limit or impair its right to make a Xxxx-to-Market at any time a Margin Deficit exists. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b4(a) above shall be credited to the Repurchase Price of the related Transactions. (d) On any day on which the aggregate Asset Value of the Purchased Mortgage Loans subject to Transactions exceeds the then outstanding aggregate Purchase Price of all Transactions (a “Margin Excess”), so long as no Default or Event of Default has occurred and is continuing or will result therefrom, the Buyer shall, upon receipt of written request from Seller, remit cash or release Purchased Mortgage Loans as requested by the Seller, in either case, in amount equal to the lesser of (i) the amount requested by the Seller and (ii) such Margin Excess to Seller. To the extent that the Buyer remits cash to the Seller, such cash shall be additional Purchase Price with respect to the Transactions. Any request received by the Buyer after 9:30 a.m. (Central time) shall be remitted by the Buyer on the next Business Day. (e) Buyer shall not be obligated to remit an amount or release Purchased Mortgage Loans requested pursuant to a request for Margin Excess which (i) Buyer determines is based on erroneous information or would result in a Transaction other than in accordance with the terms of this Repurchase Agreement or (ii) does not reflect the current determination of Asset Value as provided in the definition thereof. (f) Notwithstanding anything to the contrary herein, if a Margin Deficit occurs with respect to a Medium Purchase Price Mortgage Loan or a Low Purchase Price Mortgage Loan, which, if considered to be a High Purchase Price Mortgage Loan, would not cause a Margin Deficit to occur, then Sellers may transfer to Buyer cash in an amount at least equal to the Margin Deficit, provided that such cash is sufficient to ensure such Purchased Mortgage Loan is fully compliant as a Medium Purchase Price Mortgage Loans or a Low Purchase Price Mortgage Loan, as applicable.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans at such intervals as determined by the Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is at least $100,000 less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller Sellers (as such notice is more particularly set forth below, a “Margin Call”), require Seller Sellers to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Loans, including any such cash or Additional Purchased Mortgage Loans, will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If Buyer delivers a Margin Call to Section 4(b) may be given by any written the Seller on or electronic means. Any notice given before 10:00 prior to 9:30 a.m. (New York City time) on a any Business Day Day, then the Sellers shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 5:00 5 p.m. (New York City time) on such Business Day; notice given that day. In the event the Buyer delivers a Margin Call to a Seller after 10:00 9:30 a.m. (New York City time) on a any Business Day Day, the Sellers shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Mortgage Loans no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer The Administrative Agent shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer the Administrative Agent in its sole sole, good faith discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded (a “Margin Deficit”), then Buyer the Administrative Agent may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer the Administrative Agent or its designee cash so that, as applicable, (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyerthe Administrative Agent, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer the Administrative Agent to do so at a later date. Seller and Buyer the Buyers each agree that a failure or delay by Buyer the Administrative Agent to exercise its rights hereunder shall not limit or waive Buyerthe Administrative Agent’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer the Administrative Agent pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Market Value of each Purchased Mortgage Loan Asset at such intervals as determined by Buyer in its sole good faith discretion. (b) If at any time the aggregate Asset Value Values of any Purchased Mortgage Loans Assets then subject to a Transaction is Transactions are less than the aggregate Purchase Price Prices for such Transaction, or any applicable Concentration Limit has been exceeded Purchased Assets (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) in the Asset Value amount of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceededMargin Deficit. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”)Day. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited held as unsegregated cash margin and collateral for all Obligations under this Agreement. (f) In the event Buyer makes a Margin Call and upon the request of Seller, Buyer shall deliver (by written or electronic means) to Seller its determination of the Repurchase Price Market Value of the related TransactionsPurchased Asset in form and substance acceptable to Buyer in its sole good faith discretion; provided, however, that such delivery shall in no way effect Seller’s obligations to meet the related Margin Call in accordance with the time frames set forth in Section 4(c) herein.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction Margin Base is less than the aggregate Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded all outstanding Transactions (a “Margin Deficit”), then the Buyer may by notice to the Seller (as such notice is more particularly set forth below, a “Margin CallDeficit Notice”), ) require the Seller to transfer to the Buyer or its designee (including the Custodian) cash so that, as applicable, (i) to be applied to reduce the Asset Value of Purchase Price with respect to all outstanding Transactions such that the Purchased Mortgage Loans Margin Base will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) all outstanding Transactions. If the Buyer delivers a Margin Deficit Notice delivered pursuant to Section 4(b) may be given by any written the Seller on or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 prior to 6 p.m. (New York City time) on such any Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day , then the Seller shall be met, and transfer such cash to the related Margin Call satisfied, Buyer no later than 5:00 5 p.m. (New York City time) the following Business Day. In the event the Buyer delivers a Margin Deficit Notice to the Seller after 6 p.m. (New York time) on any Business Day, then such Margin Deficit Notice shall be deemed to have been delivered on the following Business Day and the Seller shall be required to transfer cash no later than 5 p.m. (New York time) on the foregoing time requirements for satisfaction of a Margin Call are referred subsequent Business Day. All cash transferred to as the “Margin Deadlines”)Buyer pursuant to this Section 4(a) shall be deposited in the account set forth in Section 8(a) hereof. (db) The failure of the Buyer’s election, on in its sole discretion, not to deliver a Margin Deficit Notice at any one or more occasions, to exercise its rights hereunder, time there is a Margin Deficit shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Sellerlimit or impair its right to deliver a Margin Deficit Notice at any time a Margin Deficit exists. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine determines the Asset Value of each the Purchased Mortgage Loan Assets at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans Assets subject to a Transaction all Transactions is less than the Aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller Sellers (as such notice is more particularly set forth below, a “Margin Call”), require Seller Sellers to pay such Margin Deficit or to transfer to Buyer cash or Additional Purchased Assets approved by Buyer in its designee cash sole commercially reasonable discretion so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Assets, including any such cash or Additional Purchased Assets, will thereupon equal or exceed the Aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If Buyer delivers a Margin Call to Section 4(b) may be given by any written Sellers on or electronic means. Any notice given before prior to 10:00 a.m. (New York City time) on a any Business Day Day, then Sellers shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Assets to Buyer no later than 5:00 p.m. (New York City time) on such Business Day; notice given that day. In the event Buyer delivers a Margin Call to Sellers after 10:00 a.m. (New York City time) on a any Business Day shall Day, Sellers will be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Assets no later than 5:00 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit will not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash or Additional Purchased Assets transferred to Buyer pursuant to Section 4(b) above will be held as unsegregated cash margin and collateral for all Obligations. (e) Notwithstanding anything to the contrary in this Section 4, the Sellers may challenge the Asset Value of a Purchased Asset determined by the Buyer by delivery of up to three (3) third party quotations for Buyer’s consideration, at least two of which shall be credited to from nationally recognized banks or broker dealers that routinely transact in the Repurchase Price asset type of the related TransactionsPurchased Asset, for such Purchased Asset within three (3) Business Days of the Buyer’s determination of the Market Value of a Purchased Asset; provided, that no such dispute by a Seller or consideration by the Buyer shall delay the Seller’s obligation to timely cure any Margin Deficiency as provided in Section 4 herein. In addition, the Buyer may decide to disregard any additional third party quotations and determine the Asset Value in its sole and unreviewable discretion.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans on a weekly basis, or at such intervals as determined by the Buyer in its sole good faith discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the Purchase aggregate Repurchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller the Sellers (as such notice is more particularly set forth below, a “Margin Call”), require Seller the Sellers to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole good faith discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such cash or Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the Purchase aggregate Repurchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic meansall Transactions. Any notice given before 10:00 a.m. (New York City time) on If Buyer delivers a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 to the Sellers on or prior to 5 p.m. (New York City time) on such any Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day , then the Sellers shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. [***] (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. [***] (New York City time) on such Business Day; notice given after 10:00 a.m. [***] (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. [***] (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans at such intervals as determined by the Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the Purchase aggregate Repurchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Loans, including any such cash or Additional Purchased Mortgage Loans, will thereupon equal or exceed the Purchase aggregate Repurchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If Buyer delivers a Margin Call to Section 4(b) may be given by any written the Seller on or electronic means. Any notice given before 10:00 prior to 9:30 a.m. (New York City time) on a any Business Day Day, then the Seller shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 5:00 5 p.m. (New York City time) on such Business Day; notice given that day. In the event the Buyer delivers a Margin Call to a Seller after 10:00 9:30 a.m. (New York City time) on a any Business Day Day, the Seller shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Mortgage Loans no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Market Value of each the Purchased Mortgage Loan Loans on a weekly basis, or at such intervals as determined by the Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such cash or Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If Buyer delivers a Margin Call to Section 4(b) may be given by any written the Seller on or electronic means. Any notice given before 10:00 prior to 9:30 a.m. (New York City time) on a any Business Day Day, then the Seller shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 5:00 5 p.m. (New York City time) on such Business Day; notice given that day. In the event the Buyer delivers a Margin Call to a Seller after 10:00 9:30 a.m. (New York City time) on a any Business Day Day, the Seller shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Mortgage Loans no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price (other than that allocated to Price Differential) of the related TransactionsTransactions such that the Price Differential shall be calculated on the basis of the Purchase Price as so decreased, commencing on the date of such cash payment.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans on a weekly basis, or at such intervals as determined by the Buyer in its sole good faith discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the Purchase aggregate Repurchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “"Margin Deficit”"), then Buyer may by notice to Seller the Sellers (as such notice is more particularly set forth below, a “"Margin Call”"), require Seller the Sellers to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole good faith discretion ("Additional Purchased Mortgage Loans") so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such cash or Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the Purchase aggregate Repurchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic meansall Transactions. Any notice given before 10:00 a.m. (New York City time) on If Buyer delivers a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 to the Sellers on or prior to 5 p.m. (New York City time) on such any Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day , then the Sellers shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer's election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction Margin Base is less than the aggregate Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded all outstanding Transactions (a “"Margin Deficit”"), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “"Margin Call”), Deficit Notice") require Seller to transfer to Buyer or its designee (including Custodian) cash so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Assets will thereupon equal or exceed the aggregate Purchase Price for such Transactionall outstanding Transactions. If Buyer delivers a Margin Deficit Notice to Seller on or prior to 10 a.m., and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) , on a any Business Day Day, then Seller shall be met, and the related Margin Call satisfied, transfer cash to Buyer no later than 5:00 5 p.m. (New York City time) , on such Business Day; notice given . In the event Buyer delivers a Margin Deficit Notice to Seller after 10:00 a.m. (10 a.m., New York City time) , on a any Business Day Day, Seller shall be met, and the related Margin Call satisfied, required to transfer cash no later than 5:00 p.m. (5 p.m., New York City time) , on the following subsequent Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later dateDay. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any All cash transferred to Buyer pursuant to this Section 4(b4(a) above shall be credited deposited in the account set forth in Section 8(a) hereof and shall be deemed to reduce the Repurchase aggregate Purchase Price of the related with respect to all outstanding Transactions. (b) Buyer's election, in its sole and absolute discretion, not to deliver a Margin Deficit Notice at any time there is a Margin Deficit shall not in any way limit or impair its right to deliver a Margin Deficit Notice at any time a Margin Deficit exists.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Market Value of each the Purchased Mortgage Loan MH Loans on a weekly basis, or at such intervals as determined by the Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage MH Loans subject to a Transaction all Transactions is less than the Purchase aggregate Repurchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “"Margin Deficit”"), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “"Margin Call”"), require Seller to transfer to Buyer or its designee cash or Eligible MH Loans approved by the Buyer in its sole discretion ("Additional Purchased MH Loans") so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans MH Loans, including any such cash or Additional Purchased MH Loans, will thereupon equal or exceed the Purchase aggregate Repurchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic meansall Transactions. Any notice given before 10:00 a.m. (New York City time) on If Buyer delivers a Business Day shall be met, and the related Margin Call satisfied, no later than to the Seller on or prior to 5:00 p.m. (New York City time) on such any Business Day; notice given after 10:00 a.m. , then the Seller shall transfer cash or Additional Purchased MH Loans to Buyer no later than 5 p.m. (New York City time) on the next Business Day. In the event the Buyer delivers a Margin Call to Seller after 5:00 p.m. (New York City time) on any Business Day Day, the Seller shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased MH Loans no later than 5:00 p.m. (New York City time) on the following second succeeding Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “"Margin Deadlines”"). Notwithstanding the foregoing, in the event that the applicable Margin Deficit is greater than Five Million Dollars ($5,000,000) (such Margin Deficit, a "Significant Deficit"), the Margin Deadline set forth above shall apply with respect to Five Million Dollars ($5,000,000) and the balance of the Margin Deficit (i.e., the amount thereof in excess of Five Million Dollars ($5,000,000)) shall be satisfied by no later than 5:00 pm (New York City time) on the third Business Day following the date of the Margin Call; provided that no Event of Default has occurred and is continuing and provided further that the Seller shall demonstrate to Buyer's satisfaction that Seller has (A) an unsecured line of credit of at least $100,000,000 and (B) no event or circumstance has occurred thereunder which would, by the terms of the applicable agreement, prohibit Seller from borrowing or drawing money thereunder. The Seller agrees that should Seller incur secured Indebtedness pursuant to an agreement which by its terms provides for a margin deficit or other borrowing or collateral deficiency in excess of Five Million Dollars ($5,000,0000) to be satisfied within a shorter time period than set forth in the preceding sentence (such period, a "More Favorable Period"), the terms of this Repurchase Agreement shall be deemed automatically amended to provide that any Significant Deficit must be satisfied within the More Favorable Period contained in such agreement. The Seller further agrees to execute and deliver an amendment to this Repurchase Agreement evidencing such provisions, provided that the execution of such amendment shall not be a precondition to the effectiveness of such amendment, but shall merely be for the convenience of the parties hereto. (c) Buyer's election, in its sole and absolute discretion, not to make a Margin Call at any time there is a Margin Deficit shall not in any way limit or impair its right to make a Margin Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Market Value of each Purchased Mortgage Loan Asset at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans Asset subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded Purchased Asset (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) in the Asset Value amount of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceededMargin Deficit. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given on or before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”)Day. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactionsheld as unsegregated cash margin and collateral for all Obligations under this Agreement.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each the Purchased Mortgage Loan Loans and Underlying REO Property at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans and Underlying REO Properties subject to a Transaction all Transactions is less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller Sellers (as such notice is more particularly set forth below, a “Margin Call”), require Seller Sellers to transfer to Buyer or its designee cash so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans and Underlying REO Properties, including any such cash, will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered all Transactions. Any amount paid by Sellers to cure a Margin Deficit pursuant to this Section 4(b) may shall be given by any written no less than $100,000. If Buyer delivers a Margin Call to Sellers on or electronic means. Any notice given before 10:00 a.m. prior to 12:00 noon (New York City time) on a any Business Day Day, then Sellers shall be met, and the related Margin Call satisfied, transfer cash to Buyer no later than 5:00 p.m. (New York City time) on such Business Day; notice given that day. In the event Buyer delivers a Margin Call to Sellers after 10:00 a.m. 12:00 noon (New York City time) on a any Business Day Day, Sellers shall be met, and the related Margin Call satisfied, required to transfer cash no later than 5:00 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer the Administrative Agent may by notice to Seller the Sellers (as such notice is more particularly set forth below, a “Margin CallXxxx-to-Market”), require Seller the Sellers to transfer to Buyer Administrative Agent for the benefit of Buyers or its designee cash or Eligible Mortgage Loans approved by the Administrative Agent in its sole discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the aggregate Purchase Price for such Transactionall Transactions. If Administrative Agent delivers a Xxxx-to-Market to Sellers on or prior to 10:00 a.m. (Central time) on any Business Day, then the Sellers shall transfer cash or Additional Purchased Mortgage Loans to Administrative Agent for the benefit of Buyers no later than 1:00 p.m. (Central time) that day. In the event the Administrative Agent delivers a Xxxx-to-Market to Sellers after 10:00 a.m. (Central time) on any Business Day, the Sellers shall be required to transfer cash or Additional Purchased Mortgage Loans no later than 1:00 p.m. (Central time) on the subsequent Business Day. (b) Administrative Agent’s election, in its sole and (ii) no Concentration Limit will be exceededabsolute discretion, not to make a Xxxx-to-Market at any time there is a Margin Deficit shall not in any way limit or impair its right to make a Xxxx-to-Market at any time a Margin Deficit exists. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer the Administrative Agent pursuant to Section 4(b4(a) above shall be credited to the Repurchase Price of the related Transactions. (d) On any day, the outstanding Purchase Price for all Transactions under the Repurchase Agreement shall in no event exceed the Maximum Purchase Price minus outstanding Loans under the Loan Agreement. The Sellers shall (a) if notice is given on before 10:00 a.m. (Central time), by 1:00 p.m. on that same Business Day or (b) if notice is given after 10:00 a.m. (Central time) by 11:00 a.m. on the next Business Day, in each case, repurchase Purchased Mortgage Loans such that the Purchase Price equals or is less than the Maximum Purchase Price minus the aggregate outstanding Loans under the Loan Agreement. (e) On any day on which the aggregate Asset Value of the Purchased Mortgage Loans subject to Transactions exceeds the then outstanding aggregate Purchase Price of all Transactions (a “Margin Excess”), so long as no Default or Event of Default has occurred and is continuing or will result therefrom, the Administrative Agent shall, upon receipt of written request from Sellers, remit cash or release Purchased Mortgage Loans as requested by the Sellers, in either case, in amount equal to the lesser of (i) the amount requested by the Sellers and (ii) such Margin Excess to Seller. To the extent that the Administrative Agent remits cash to the Sellers, such cash shall be additional Purchase Price with respect to the Transactions, subject in all respects to each Buyer’s Available Commitment Amount (as defined under the Administration Agreement). Any request received by the Administrative Agent on or prior to 10:00 a.m. (Central time) on any Business Day shall be remitted by the Buyer no later than 1:00 USActive 5531664.18 -35-

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction Margin Base is less than the aggregate Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded all outstanding Transactions (a “Margin Deficit”"MARGIN DEFICIT"), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”"MARGIN DEFICIT NOTICE"), require Seller to transfer to Buyer or its designee (including Custodian) cash or Eligible Assets ("ADDITIONAL PURCHASED ASSETS") so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans Assets, including any such Additional Purchased Assets, will thereupon equal or exceed the aggregate Purchase Price Prices for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Purchased Assets. If Buyer delivers a Margin Deficit Notice delivered pursuant to Section 4(b) may be given by any written Seller on or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 prior to 6 p.m. (New York City time) on such any Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day , then Seller shall be met, and the related Margin Call satisfied, transfer Additional Purchased Assets to Buyer no later than 5:00 5 p.m. (New York City time) the following Business Day. In the event Buyer delivers a Margin Deficit Notice to Seller after 6 p.m. (New York time) on any Business Day, then such Margin Deficit Notice shall be deemed to have been delivered on the following Business Day and Seller shall be required to transfer Additional Purchased Assets no later than 5 p.m. (New York time) on the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later datesubsequent Business Day. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any All cash transferred to Buyer pursuant to this Section 4(b4(a) above shall be credited deposited in the account set forth in Section 8(a) hereof and shall be deemed to reduce the Repurchase aggregate Purchase Price of the related with respect to all outstanding Transactions. (b) Buyer's election, in its sole and absolute discretion, not to deliver a Margin Deficit Notice at any time there is a Margin Deficit shall not in any way limit or impair its right to deliver a Margin Deficit Notice at any time a Margin Deficit exists.

MARGIN AMOUNT MAINTENANCE. (a) The Buyer shall determine the Asset Market Value of each the Purchased Mortgage Loan Loans on a weekly basis, or at such intervals as determined by the Buyer in its sole discretion. (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the aggregate Purchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller Sellers (as such notice is more particularly set forth below, a “Margin Call”), require Seller Sellers to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such cash or Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If Buyer delivers a Margin Call to Section 4(b) may be given by any written the Sellers on or electronic means. Any notice given before 10:00 prior to 9:30 a.m. (New York City time) on a any Business Day Day, then the Sellers shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 5:00 5 p.m. (New York City time) on such Business Day; notice given that day. In the event the Buyer delivers a Margin Call to a Sellers after 10:00 9:30 a.m. (New York City time) on a any Business Day Day, the Sellers shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Mortgage Loans no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash (including Income paid as provided in Section 5 below) transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions.

MARGIN AMOUNT MAINTENANCE. (a) Buyer Administrative Agent shall determine the Asset Value of each Purchased Mortgage Loan the Underlying Assets at such intervals as determined by Buyer Administrative Agent in its sole discretiongood faith discretion (which may be performed on a daily basis, at Administrative Agent’s good faith discretion and in accordance with the Administrative Agent’s Methodology). (be) If at on any time the Asset Value of Business Day a Margin Deficit exists with respect to any Purchased Mortgage Loans subject Transaction Pool in an amount that is equal to a Transaction is less or greater than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded (a “Margin Deficit”)Threshold, then Buyer Administrative Agent may by written notice (including without limitation by electronic delivery) to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer Administrative Agent for the benefit of Buyers or its designee the applicable Margin Deficit Cure Amount. If Administrative Agent delivers a Margin Call to Seller on or prior to [***] LEGAL02/44639412v17 on any Business Day, then Seller shall transfer cash so thatto Administrative Agent no later than 5[***]. In the event Administrative Agent delivers a Margin Call to Seller after [***] on any Business Day, as applicable, (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) Seller shall be required to transfer cash no Concentration Limit will be exceededlater than [***]. (cf) Notice delivered Administrative Agent’s election, in its sole and absolute discretion, not to make a Margin Call at any time there is a Margin Deficit shall not in any way limit or impair its right to make a Margin Call at any time a Margin Deficit exists. (g) Upon Seller transferring any cash to Administrative Agent pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be metabove, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Purchase Price of the related TransactionsUnderlying Assets shall be immediately reduced by the amount of such payment. (h) If at any time the Asset Value of Underlying Assets subject to Transactions in any Transaction Pool is greater than the aggregate Purchase Price for such Transaction Pool plus accrued and unpaid Price Differential (a “Margin Excess”), then Seller may, by prior written notice to Administrative Agent (a “Margin Excess Notice”), request that Administrative Agent remit such Margin Excess and such Margin Excess shall be added to Purchase Price outstanding. If Seller delivers an Excess Margin Notice to Administrative Agent on or prior [***] on any Business Day, then Administrative Agent shall transfer such Margin Excess to Seller no later than [***]. In the event Seller delivers an Excess Margin Notice to Administrative Agent after [***] on any Business Day, Administrative Agent shall be required to transfer such Margin Excess no later than [***]. Administrative Agent shall not be obligated to remit Margin Excess to the extent (A) it would cause the outstanding Purchase Price for such Transaction Pool to exceed the Maximum Pool Purchase Price; (B) a Default has occurred and is continuing or would exist after such action by Administrative Agent; or (C) a Margin Deficit would exist after such action.

MARGIN AMOUNT MAINTENANCE. (ai) Buyer shall determine the Asset Market Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion.. LEGAL02/43731153v4 (bii) If at any time the aggregate Asset Value of any all Purchased Mortgage Loans subject to a Transaction Transactions plus any cash held as segregated cash in the margin account is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded Purchased Mortgage Loans (a “Margin Deficit”), then then, provided, that such Margin Deficit is greater than the Margin Threshold, Buyer may by notice to Seller Sellers (as such notice is more particularly set forth below, a “Margin Call”), require Seller Sellers to transfer to Buyer or its designee cash so that, as applicable, (i) in the Asset Value amount of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceededMargin Deficit. (ciii) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the second (2nd) Business Day following such Business Daynotice; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following third (3rd) Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”)following such notice. (div) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller Sellers and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for either Seller. (ev) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited held in the margin account as segregated cash margin and collateral for all Obligations under this Agreement. Any such cash in the margin account shall be used by Buyer in order to calculate the aggregate Price Differential due to Buyer hereunder (i.e., as a reduction of the Purchase Price for purposes of such calculation). Buyer shall return any such cash to Sellers within three Business Days of a written request therefore to the Repurchase Price of the related Transactionsextent such return would not result in a Margin Deficit.

MARGIN AMOUNT MAINTENANCE. ‌ (a) The Buyer shall determine the Asset Market Value of each the Purchased Mortgage Loan Loans on a weekly basis, or at such intervals as determined by the Buyer in its sole discretion.discretion.‌ (b) If at any time the aggregate Asset Value of any all related Purchased Mortgage Loans subject to a Transaction all Transactions is less than the Purchase aggregate Repurchase Price for all such Transaction, or any applicable Concentration Limit has been exceeded Transactions (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash or Eligible Mortgage Loans approved by the Buyer in its sole discretion (“Additional Purchased Mortgage Loans”) so that, as applicable, (i) that the aggregate Asset Value of the Purchased Mortgage Loans, including any such cash or Additional Purchased Mortgage Loans or cash, will thereupon equal or exceed the aggregate Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant all Transactions. If Buyer delivers a Margin Call to Section 4(b) may be given by any written the Seller on or electronic means. Any notice given before 10:00 prior to 9:30 a.m. (New York City time) on a any Business Day Day, then the Seller shall be met, and the related Margin Call satisfied, transfer cash or Additional Purchased Mortgage Loans to Buyer no later than 5:00 5 p.m. (New York City time) on such Business Day; notice given that day. In the event the Buyer delivers a Margin Call to a Seller after 10:00 9:30 a.m. (New York City time) on a any Business Day Day, the Seller shall be met, and the related Margin Call satisfied, required to transfer cash or Additional Purchased Mortgage Loans no later than 5:00 5 p.m. (New York City time) on the following subsequent Business Day Day. (the foregoing time requirements for satisfaction of c) Buyer’s election, in its sole and absolute discretion, not to make a Margin Call are referred at any time there is a Margin Deficit shall not in any way limit or impair its right to as the “make a Margin Deadlines”)Call at any time a Margin Deficit exists. (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to the Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions. (e) On any day on which the aggregate Asset Value of the Purchased Mortgage Loans exceeds the then outstanding aggregate Purchase Price of all Transactions (a “Margin Excess”), so long as no Default or Event of Default has occurred and is continuing, Buyer shall, upon receipt of written request from Seller remit an amount equal to such Margin Excess to Seller as additional Purchase Price with respect to the Transactions, provided that in no event shall the Purchase Price exceed the Purchase Price as calculated on the applicable Purchase Date. Any request received by the Buyer after 2:00 p.m. (eastern time) shall be remitted by the Buyer on the next Business Day. (f) Buyer shall not be obligated to remit the additional Purchase Price requested pursuant to a request for Margin Excess which (i) Buyer reasonably determines is based on erroneous information or would result in a Transaction other than in accordance with the terms of this Agreement, or (ii) does not reflect Buyer’s current determination of Market Value as provided in the definition thereof.

MARGIN AMOUNT MAINTENANCE. (a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. (b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction is less than the Purchase Price for such Transaction, or any applicable Concentration Limit has been exceeded (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to transfer to Buyer or its designee cash so that, as applicable, (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded. (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic means. Any notice given before 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). (d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. (e) Any cash transferred to Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Related Transactions.