Optional Purchase of Certain HELOCs. (a) With respect to any HELOC which as of the first day of a Calendar Quarter is delinquent in payment by 90 days or more or is an REO Property, the Class E Certificateholder shall have the right to purchase such HELOC from the Trust Estate at a price equal to the Repurchase Price; provided however (i) that such HELOC is still 90 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall terminate on the date prior to the last day of the related Calendar Quarter. This purchase option, if not exercised, shall not be thereafter reinstated unless the delinquency is cured and the HELOC thereafter again becomes 90 days or more delinquent or becomes an REO Property, in which case the option shall again become exercisable as of the first day of the related Calendar Quarter. (b) If at any time the Class E Certificateholder remits to the Master Servicer a payment for deposit in the Master Servicer Collection Account covering the amount of the Repurchase Price for a HELOC in accordance with Section 4.18(a) above, and the Master Servicer provides to the Indenture Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Master Servicer Collection Account, then the Indenture Trustee shall execute the assignment of such HELOC to the Class E Certificateholder, without recourse, representation or warranty and the Class E Certificateholder shall succeed to all of the Indenture Trustee’s right, title and interest in and to such HELOC, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Class E Certificateholder will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Issuing Entity, the Indenture Trustee, the Noteholders or the Certificateholders with respect thereto.
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Samples: Sale and Servicing Agreement (SACO I Trust 2006-8), Sale and Servicing Agreement (SACO I Trust 2006-1)
Optional Purchase of Certain HELOCs. (a) With respect to any HELOC which as of the first day of a Calendar Quarter is delinquent in payment by 90 days or more or is an REO Property, the Class E Certificateholder shall have the right to purchase such HELOC from the Trust Estate at a price equal to the Repurchase Price; provided however (i) that such HELOC is still 90 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall terminate on the date prior to the last day of the related Calendar Quarter. This purchase option, if not exercised, shall not be thereafter reinstated unless the delinquency is cured and the HELOC thereafter again becomes 90 days or more delinquent or becomes an REO Property, in which case the option shall again become exercisable as of the first day of the related Calendar Quarter.
(b) If at any time the Class E Certificateholder remits to the Master Servicer a payment for deposit in the Master Servicer Collection Account covering the amount of the Repurchase Price for a HELOC in accordance with Section 4.18(a3.19(a) above, and the Master Servicer provides to the Indenture Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Master Servicer Collection Account, then the Indenture Trustee shall execute the assignment of such HELOC to the Class E Certificateholder, without recourse, representation or warranty and the Class E Certificateholder shall succeed to all of the Indenture Trustee’s right, title and interest in and to such HELOC, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Class E Certificateholder will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Issuing EntityIssuer, the Indenture Trustee, the Noteholders or the Certificateholders with respect thereto.
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Samples: Sale and Servicing Agreement (Saco I Trust 2005-Gp1), Sale and Servicing Agreement (Saco I Trust 2005-Gp1)
Optional Purchase of Certain HELOCs. (a) With respect to any HELOC HELOCs which as of the first day of a Calendar Fiscal Quarter is delinquent in payment by 90 91 days or more or is an REO Property, the Class E Certificateholder EMC shall have the right to purchase such any HELOC from the Trust Estate which becomes 91 days or more delinquent or becomes an REO Property at a price equal to the Repurchase Price; provided however (i) that such HELOC is still 90 91 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall terminate on the date prior to the last day of the related Calendar Fiscal Quarter. This purchase option, if not exercised, shall not be thereafter reinstated unless the delinquency is cured and the HELOC thereafter again becomes 90 91 days or more delinquent or becomes an REO Property, in which case the option shall again become exercisable as of the first day of the related Calendar Fiscal Quarter.
(b) . If at any time the Class E Certificateholder EMC remits to the Master Servicer a payment for deposit in the Master Servicer Collection Account covering the amount of the Repurchase Purchase Price for such a HELOC in accordance with Section 4.18(a) aboveHELOC, and the Master Servicer EMC provides to the Master Servicer, Securities Administrator and Indenture Trustee a certification signed by a Servicing Officer an Officer’s Certificate stating that the amount of such payment has been deposited in the Master Servicer Collection Account, then the Indenture Trustee shall execute the assignment of such HELOC prepared and delivered to the Class E CertificateholderIndenture Trustee, at the request of EMC, without recourse, representation or warranty and the Class E Certificateholder warranty, to EMC which shall succeed to all of the Indenture Trustee’s right, title and interest in and to such HELOC, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Class E Certificateholder EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Issuing Entity, the Indenture Trustee, the Noteholders or and the Certificateholders with respect thereto.
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Optional Purchase of Certain HELOCs. (a) With respect to any HELOC HELOCs which as of the first day of a Calendar Fiscal Quarter is delinquent in payment by 90 91 days or more or is an REO Property, the Class E Certificateholder EMC shall have the right to purchase such any HELOC from the Trust Estate which becomes 91 days or more delinquent or becomes an REO Property at a price equal to the Repurchase Price; provided however (i) that such HELOC is still 90 91 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall terminate on the date prior to the last day of the related Calendar Fiscal Quarter. This purchase option, if not exercised, shall not be thereafter reinstated unless the delinquency is cured and the HELOC thereafter again becomes 90 91 days or more delinquent or becomes an REO Property, in which case the option shall again become exercisable as of the first day of the related Calendar Fiscal Quarter.
(b) . Notwithstanding the foregoing, no such purchases may be made after HELOCs with Stated Principal Balances greater than 2.00% of the aggregate Stated Principal Balance as of the Cut-off Date have been so purchased, provided, however, such limitation shall not apply to any HELOC required to be repurchased by the EMC due to a breach of any representation or warranty relating to such HELOC. If at any time the Class E Certificateholder EMC remits to the Master Servicer a payment for deposit in the Master Servicer Collection Account covering the amount of the Repurchase Purchase Price for such a HELOC in accordance with Section 4.18(a) aboveHELOC, and the Master Servicer EMC provides to the Master Servicer, Securities Administrator and Indenture Trustee a certification signed by a Servicing Officer an Officer’s Certificate stating that the amount of such payment has been deposited in the Master Servicer Collection Account, then the Indenture Trustee shall execute the assignment of such HELOC prepared and delivered to the Class E CertificateholderIndenture Trustee, at the request of EMC, without recourse, representation or warranty and the Class E Certificateholder warranty, to EMC which shall succeed to all of the Indenture Trustee’s right, title and interest in and to such HELOC, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Class E Certificateholder EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Issuing Entity, the Indenture Trustee, the Noteholders or and the Certificateholders with respect thereto.
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Optional Purchase of Certain HELOCs. A HELOC is “delinquent” if any payment due on that HELOC is not made pursuant to the terms of such HELOC by the close of business of the day such payment is scheduled to be due. A HELOC is “30 days delinquent” if such payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such payment was due, or, if there is no such corresponding day (a) e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month), then on the last day of such immediately succeeding month. Similarly for “60 days delinquent,” “90 days delinquent” and so on. With respect to any HELOC which as of the first day of a Calendar Fiscal Quarter is delinquent in payment by 90 91 days or more or is an REO Property, the Class E Certificateholder EMC shall have the right to purchase such any HELOC from the Trust Estate which becomes 91 days or more delinquent or becomes an REO Property at a price equal to the Repurchase Price; provided however (i) that such HELOC is still 90 91 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall terminate on the date prior to the last day of the related Calendar Fiscal Quarter. This purchase option, if not exercised, shall not be thereafter reinstated unless the delinquency is cured and the HELOC thereafter again becomes 90 91 days or more delinquent or becomes an REO Property, in which case the option shall again become exercisable as of the first day of the related Calendar Fiscal Quarter.
(b) . Notwithstanding the foregoing, purchases of HELOCs cannot exceed in the aggregate more than 2.00% of the aggregate Stated Principal Balance of the HELOCs as of the Cut-off Date; provided, however, such limitation will not apply to any HELOC required to be repurchased by the Sponsor due to a Mortgage Loan defect or a breach of any representation or warranty relating to such HELOC. If at any time the Class E Certificateholder EMC remits to the Master Servicer a payment for deposit in the Master Servicer Collection Account covering the amount of the Repurchase Price for a HELOC in accordance with Section 4.18(a) abovesuch HELOC, and the Master Servicer EMC provides to the Master Servicer, Securities Administrator and Indenture Trustee a certification signed by a Servicing Officer an Officer’s Certificate stating that the amount of such payment has been deposited in the Master Servicer Collection Account, then the Indenture Trustee shall execute the assignment of such HELOC prepared and delivered to the Class E CertificateholderIndenture Trustee, at the request of EMC, without recourse, representation or warranty and the Class E Certificateholder warranty, to EMC which shall succeed to all of the Indenture Trustee’s right, title and interest in and to such HELOC, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Class E Certificateholder EMC will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Issuing Entity, the Indenture Trustee, the Noteholders or and the Certificateholders with respect thereto.
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Samples: Sale and Servicing Agreement (Greenpoint Mortgage Funding Trust 2007-He1)