Common use of Optional Purchase of Defaulted SBA Loans Clause in Contracts

Optional Purchase of Defaulted SBA Loans. The Servicer shall have the right, but not the obligation, to purchase the Unguaranteed Interest of any Defaulted SBA Loan for a purchase price equal to the Principal Balance of such Unguaranteed Interest as of the date of repurchase, plus 30 days' interest on such Principal Balance, computed at the Adjusted SBA Loan Remittance Rate as of the next succeeding Determination Date, plus any accrued unpaid Servicing Fees, Monthly Advances and Servicing Advances reimbursable to the Servicer, which purchase price shall be deposited in the Principal and Interest Account on the next succeeding Determination Date. Any such repurchase shall be accomplished in the manner specified in Section 2.05(b). In no event shall the aggregate Principal Balance of the Unguaranteed Interests of all Defaulted SBA Loans purchased pursuant to this Section 2.10 exceed 5% of the sum of (i) the Original Pool Principal Balance and (ii) the Original Pre-Funded Amount.

Optional Purchase of Defaulted SBA Loans. The Servicer shall have the right, but not the obligation, to purchase the Unguaranteed Interest of any Defaulted SBA Loan for a purchase price equal to the Principal Balance of such Unguaranteed Interest as of the date of repurchase, plus 30 days' interest on such Principal Balance, computed at the Adjusted SBA Loan Remittance Benchmark Rate as of the next succeeding Determination Date, plus any accrued unpaid Servicing Fees, Monthly Advances and Servicing Advances reimbursable to the Servicer, which purchase price shall be deposited in the Principal and Interest Account on the next succeeding Determination Date. Any such repurchase shall be accomplished in the manner specified in Section 2.05(b). In no event shall the aggregate Principal Balance of the Unguaranteed Interests of all Defaulted SBA Loans purchased pursuant to this Section 2.10 exceed 510.0% of the sum of (i) the Original Pool Principal Balance and (ii) the Original Pre-Funded Amount.

Optional Purchase of Defaulted SBA Loans. The Servicer shall have the right, but not the obligation, to purchase the Unguaranteed Interest of any Defaulted SBA Loan for a purchase price equal to the Principal Balance of such Unguaranteed Interest as of the date of repurchase, plus 30 days' interest on such Principal Balance, computed at the Adjusted SBA Loan Remittance Rate as of the next succeeding Determination Date, plus any accrued unpaid Servicing Fees, Monthly Advances and Servicing Advances reimbursable to the Servicer, which purchase price shall be deposited in the Principal and Interest Account on the next succeeding Determination Date. Any such repurchase shall be accomplished in the manner specified in Section 2.05(b), and the release provisions of Section 2.05(c) shall also apply thereto. In no event shall the aggregate Principal Balance of the Unguaranteed Interests of all Defaulted SBA Loans purchased pursuant to this Section 2.10 exceed 510.0% of the sum of (i) the Original Pool Principal Balance and (ii) the Original Pre-Funded Amount.

Optional Purchase of Defaulted SBA Loans. The Servicer shall have the right, but not the obligation, to purchase the Unguaranteed Interest of any Defaulted SBA Loan for a purchase price equal to the Principal Balance of such Unguaranteed Interest as of the date of repurchase, plus 30 days' interest on such Principal Balance, computed at the Adjusted SBA Loan Remittance Benchmark Rate as of the next succeeding Determination Date, plus any accrued unpaid Servicing Fees, Monthly Advances and Servicing Advances reimbursable to the Servicer, which purchase price shall be deposited in the Principal and Interest Account on the next succeeding Determination Date. Any such repurchase shall be accomplished in the manner specified in Section 2.05(b). In no event shall the aggregate Principal Balance of the Unguaranteed Interests of all Defaulted SBA Loans purchased pursuant to this Section 2.10 exceed 55.0% of the sum of (i) the Original Pool Principal Balance and (ii) the Original Pre-Funded Amount.

Optional Purchase of Defaulted SBA Loans. The Servicer shall have the right, but not the obligation, to purchase the Unguaranteed Interest of any Defaulted SBA Loan for a purchase price equal to the Principal Balance of such Unguaranteed Interest as of the date of repurchase, plus 30 days' interest on such Principal Balance, computed at the Adjusted SBA Loan Remittance Rate as of the next succeeding Determination Date, plus any accrued unpaid Servicing Fees, Monthly Advances and Servicing Advances reimbursable to the Servicer, which purchase price shall be deposited in the Principal and Interest Account on the next succeeding Determination Date. Any such repurchase shall be accomplished in the manner specified in Section 2.05(b). In no event shall the aggregate Principal Balance of the Unguaranteed Interests of all Defaulted SBA Loans purchased pursuant to this Section 2.10 exceed 510% of the sum of (i) the Original Pool Principal Balance and (ii) the Original Pre-Funded Amount.