Optional Purchase by Guarantor Sample Clauses

Optional Purchase by Guarantor. The Guarantor may purchase a Mortgage Loan or REO Property, or cause a Mortgage Loan or REO Property to be purchased, from a Trust at the purchase price specified in Subsection 2.5(4) under any of the following circumstances: (a) at any time after that Mortgage Loan has been in a state of continuous delinquency, without having been fully cured with respect to payments required by the related Mortgage Documents, during the period from the first missed payment date through the fourth consecutive payment date (or eighth consecutive payment date, in the case of a bi-weekly Mortgage Loan), without regard to (i) whether any particular payment was made in whole or in part during the period extending from the earliest through the latest payment date, (ii) any grace or cure period (with respect to the latest such payment date) under the related Mortgage Documents, and (iii) any period during which a Loss Mitigation Alternative is in effect (unless such Loss Mitigation Alternative is deemed to cure the payment default, in which case any previous delinquency with respect to that Mortgage Loan will be disregarded for purposes of calculations of future delinquency on that Mortgage Loan); (b) at any time after a payment default with respect to that Mortgage Loan becomes Reasonably Foreseeable; (c) if a court approves a plan that either (i) affects the Mortgage Interest Rate, principal balance, amount or timing of principal or interest payments, term or last scheduled payment date of that Mortgage Loan or (ii) authorizes a transfer or substitution of all or part of the related Mortgaged Property; (d) if compliance with applicable law (including a Relief Act) requires a change in any of the terms of that Mortgage Loan (including a change in the Mortgage Interest Rate, principal balance, amortization schedule, timing of payments or last scheduled payment date); (e) if a Mortgage Loan has been modified through a Loss Mitigation Alternative under Subsection 5.3(3) and as a direct result of that modification the Guarantor is thereafter required to make Guaranty payments for that Mortgage Loan to meet its Guaranty obligations under Section 7.5; provided, however, that in no event will such a purchase result in a “Prohibited Transaction” within the meaning of Section 860F(a)(2) of the Code; (f) if the related Mortgaged Property is acquired by a Trust as REO Property; or