Common use of Optional Purchase of Delinquent Mortgage Loans Clause in Contracts

Optional Purchase of Delinquent Mortgage Loans. The Servicer may, at its option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Rate, net of any unreimbursed Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full by the Servicer). Any such purchase of a Mortgage Loan pursuant to this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price. Upon receipt of such purchase price, the Servicer shall provide to the Trustee a Request for Release and the Trustee shall promptly release to the Servicer, at the Servicer's expense, the Mortgage File relating to the Mortgage Loan being repurchased." (e) Section 4.02(a) is hereby amended by adding the following sentence to the end of such section: "The effect of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR Certificates."

Optional Purchase of Delinquent Mortgage Loans. The Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting 90+ Delinquent Mortgage Loans to be repurchased which is materially adverse from the Trust by payment to the interests Trust of the Certificateholders. The Servicer shall a purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the applicable Servicer). Any such purchase ; provided, however, that neither the Depositor nor any Affiliate of a Mortgage Loan pursuant the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee applicable Custodian a Request for Release (with a copy to the Trustee) and the Trustee applicable Custodian shall promptly release to the Servicersuch Servicer (or its assignee) or such Class X Certificateholders (or their designee), at the Servicer's expenseas applicable, the Mortgage File relating to the Mortgage Loan being repurchased." (e) . No Person holding the foregoing option under this Section 4.02(a) 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is hereby amended by adding the following sentence materially adverse to the end of such section: "The effect interests of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR CertificatesCertificateholders."

Optional Purchase of Delinquent Mortgage Loans. The Servicer may, at its option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Rate, net of any unreimbursed Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full by the Servicer). Any such purchase of a Mortgage Loan pursuant to this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price. Upon receipt of such purchase price, the Servicer shall provide to the Trustee a Request for Release and the Trustee shall promptly release to the Servicer, at the Servicer's expense, the Mortgage File relating to the Mortgage Loan being repurchased. Notwithstanding anything to the contrary contained herein, until the Class A-2 Certificates and any amounts owing to the Class A-2 Certificate Insurer have been paid in full and the Class A-2 Certificate Insurance Policy has been cancelled, the Servicer may not, without the prior written consent of the Class A-2 Certificate Insurer, purchase delinquent Mortgage Loans pursuant to this Section 3.27 if the aggregate amount of Mortgage Loans so repurchased exceeds 2% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date." (e) Section 4.02(a) is hereby amended by adding the following sentence to the end of such section: "The effect of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR Certificates."

Optional Purchase of Delinquent Mortgage Loans. The Servicer may(a) Each of the Depositor and the Servicer, at in each case in its sole discretion, shall have the option, but shall not be obligated, to purchase any 90+ Delinquent Mortgage Loans from the Trust Fund. During the first ten (10) days after a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted becomes a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.2790+ Delinquent Mortgage Loan, the Servicer Depositor shall have the exclusive option to purchase such 90+ Delinquent Mortgage Loan. The purchase price for any such Mortgage Loan shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the Servicer). Any such purchase of a Mortgage Loan pursuant to this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price. Upon receipt of such purchase price, the Servicer shall provide to the Trustee a Request for Release and the Trustee shall promptly release to the Depositor or the Servicer, at the Servicer's expenseas applicable, the Mortgage File relating to the Mortgage Loan being repurchased." (eb) Section 4.02(a) is hereby amended by adding After the following sentence to Depositor or the end of such section: "The effect of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by Servicer have purchased any 90+ Day Delinquent Mortgage Loans from the Trust Fund on the pursuant to this Section 3.29 in an aggregate unpaid principal amount equal to or in excess of $54,000,000, any further 90+ Day Delinquent Mortgage Loans that is not otherwise distributable purchased by either the Depositor or the Servicer shall (i) be included by the Servicer in calculating (1) the Cumulative Loss Percentage and (2) whether a Trigger Event has occurred and (ii) be included by the Servicer in the delinquency information required to any Class of LIBOR Certificatesbe included in the Servicer Remittance Report pursuant to Section 4.03(d)(vi)."

Optional Purchase of Delinquent Mortgage Loans. The Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting 90+ Delinquent Mortgage Loans to be repurchased which is materially adverse from the Trust by payment to the interests Trust of the Certificateholders. The Servicer shall a purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the applicable Servicer). Any such purchase ; provided, however, that neither the Depositor nor any Affiliate of a Mortgage Loan pursuant the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee a Request for Release (with a copy to the Trustee) and the Trustee shall promptly release to the Servicersuch Servicer (or its assignee) or such Class X Certificateholders (or their designee), at the Servicer's expenseas applicable, the Mortgage File relating to the Mortgage Loan being repurchased." (e) . No Person holding the foregoing option under this Section 4.02(a) 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is hereby amended by adding the following sentence materially adverse to the end of such section: "The effect interests of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR CertificatesCertificateholders."

Optional Purchase of Delinquent Mortgage Loans. The Servicer may, at its option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Rate, net of any unreimbursed Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full by the Servicer). Any such purchase of a Mortgage Loan pursuant to this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price. Upon receipt of such purchase price, the Servicer shall provide to the Trustee a Request for Release and the Trustee shall promptly release to the Servicer, at the Servicer's expense, the Mortgage File relating to the Mortgage Loan being repurchased." (e) The definition of "Specified Subordinated Amount" in Article I of the Pooling and Servicing Agreement is hereby amended by adding the following sentence to the end of such definition: "When the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, the Specified Subordinated Amount will thereafter equal zero." (f) Section 4.02(a) is hereby amended by adding the following sentence to the end of such section: "The effect of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR Certificates."

Optional Purchase of Delinquent Mortgage Loans. The Servicer may, at its option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Rate, net of any unreimbursed Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full by the Servicer). Any such purchase of a Mortgage Loan pursuant to this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price. Upon receipt of such purchase price, the Servicer shall provide to the Trustee a Request for Release and the Trustee shall promptly release to the Servicer, at the Servicer's expense, Servicer the Mortgage File relating to the Mortgage Loan being repurchased." (e) The definition of "Specified Subordinated Amount" in Article I of the Pooling and Servicing Agreement is hereby amended by adding the following sentence to the end of such definition: "When the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, the Specified Subordinated Amount will thereafter equal zero." (f) Section 4.02(a) is hereby amended by adding the following sentence to the end of such section: "The effect of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR Certificates."

Optional Purchase of Delinquent Mortgage Loans. Either (i) The applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting 90+ Delinquent Mortgage Loans to be repurchased which is materially adverse from the Trust by payment to the interests Trust of the Certificateholders. The Servicer shall a purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the applicable Servicer). Any such purchase ; provided, however, that neither the Depositor nor any Affiliate of a Mortgage Loan pursuant the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee a Request for Release (with a copy to the Trustee) and the Trustee shall promptly release to the Servicerapplicable Servicer (or its assignee) or such Class X Certificateholders (or their designee), at the Servicer's expenseas applicable, the Mortgage File relating to the Mortgage Loan being repurchased." (e) . No Person holding the foregoing option under this Section 4.02(a) 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is hereby amended by adding the following sentence materially adverse to the end of such section: "The effect interests of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR CertificatesCertificateholders."

Optional Purchase of Delinquent Mortgage Loans. The applicable Servicer (or its assignee) may, at its optionor upon request of the Holders of a majority (by Percentage Interest) of the Class X Certificates (other than the Depositor or any Affiliate of the Depositor, and provided that neither the Depositor nor any Affiliate of the Depositor shall have the power to direct the Holders of the majority (by Percentage Interest) of the Class X Certificates to issue any direction under this Section 3.28) shall, purchase a any 90+ Delinquent Mortgage Loan serviced by it that has become 90 or more days delinquent or for which Loans from the Servicer has accepted a deed in lieu of foreclosureTrust Fund. Prior to any purchase pursuant to this Section 3.27, the No Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase price for any such delinquent Mortgage Loan at a price equal to shall be 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon made by such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full by the Servicer). Any such purchase of a Mortgage Loan pursuant to this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price. Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee or the Custodian, as applicable, a Request for Release and the Trustee or the Custodian, as applicable, shall promptly release to the Servicer, at the Servicer's expense, such Servicer the Mortgage File relating to the Mortgage Loan being repurchased." (e) Section 4.02(a) is hereby amended by adding the following sentence to the end of such section: "The effect of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR Certificates."

Optional Purchase of Delinquent Mortgage Loans. The Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting 90+ Delinquent Mortgage Loans to be repurchased which is materially adverse from the Trust by payment to the interests Trust of the Certificateholders. The Servicer shall a purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the applicable Servicer). Any such purchase ; provided, however, that neither the Depositor nor any Affiliate of a Mortgage Loan pursuant the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee or the applicable Custodian, as applicable, a Request for Release (with a copy to the Trustee in the case of the Custodian) and the Trustee or the applicable Custodian, as applicable, shall promptly release to the Servicersuch Servicer (or its assignee) or such Class X Certificateholders (or their designee), at the Servicer's expenseas applicable, the Mortgage File relating to the Mortgage Loan being repurchased." (e) . No Person holding the foregoing option under this Section 4.02(a) 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is hereby amended by adding the following sentence materially adverse to the end of such section: "The effect interests of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR CertificatesCertificateholders."

Optional Purchase of Delinquent Mortgage Loans. The Servicer (or an affiliate of the Servicer) may, at its option, purchase repurchase a Mortgage Loan serviced by it that has become 90 or REO Property which becomes ninety (90) or more days delinquent or for which the Servicer has accepted a deed in deed-in-lieu of foreclosure. Prior to any purchase repurchase pursuant to this Section 3.27, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the Stated Principal Balance of the Mortgage Loan, plus all related accrued and unpaid interest thereon at the applicable Mortgage Rate and the amount of any unreimbursed Servicing Advances made by the Servicer related to such Mortgage Loan. Any such repurchase of a Mortgage Loan or REO Property pursuant to this Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Distribution Account of the amount of the purchase price. The Trustee shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Servicer to the extent reasonably requested by the Servicer, including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicer. Notwithstanding the preceding paragraph, in the event that the Servicer or an affiliate thereof is the owner of more than 50% of a class of Certificates which is then currently in a first loss position and such party is deemed to be the "Primary Beneficiary" as defined in FIN 46, the Servicer (or an affiliate of the Servicer) may, at its option, repurchase a Mortgage Loan or REO Property which becomes 120 or more days delinquent or for which the Servicer has accepted a deed-in-lieu of foreclosure, during the period commencing on the first day of the calendar quarter succeeding the calendar quarter in which the Mortgage Loan first became 120 days delinquent and ending on the last Business Day of such calendar quarter. If the Servicer (or an affiliate of the Servicer) does not exercise its purchase right with respect to a Mortgage Loan during the period specified in the preceding sentence, such Mortgage Loan shall thereafter again become eligible for purchase pursuant to the preceding sentence only after the Mortgage Loan ceases to be 120 days or more delinquent and thereafter becomes 120 days delinquent again. Prior to repurchase pursuant to this Section 3.27, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase any such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance Stated Principal Balance of such the Mortgage Loan plus all related accrued and unpaid interest on the related Mortgage Loan thereon at the applicable Mortgage Rate, net Rate and the amount of any unreimbursed Servicing Advances owed to made by the Servicer (it being understood that upon related to such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full by the Servicer)Mortgage Loans. Any such purchase repurchase of a Mortgage Loan or REO Property pursuant to this Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Collection Distribution Account of the amount of such the purchase price. Upon receipt The Trustee shall immediately effectuate the conveyance of such purchase price, delinquent Mortgage Loan or REO Property to the Servicer shall provide to the Trustee a Request for Release and the Trustee shall promptly release to extent reasonably requested by the Servicer, at including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicer's expense, the Mortgage File relating to the Mortgage Loan being repurchased." (e) Section 4.02(a) is hereby amended by adding the following sentence to the end of such section: "The effect of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR Certificates."

Optional Purchase of Delinquent Mortgage Loans. The Servicer may, at its option, purchase a (a) On any Distribution Date (the “Optional Purchase Date”) occurring on or after the date on which any Mortgage Loan serviced by it that has become becomes 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27delinquent, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests Holders of the Certificateholders. The Servicer Class [ - ] Certificates shall have the option to purchase such Mortgage Loan from the Trust Fund. (b) In the event that the Holders of the Class [ - ] Certificates do not exercise their option to purchase any such delinquent Mortgage Loan pursuant to Section 2.5(a) above, the Master Servicer shall have the option to purchase such Mortgage Loan from the Trust Fund on the Optional Purchase Date. (c) With respect to any Mortgage Loan purchased by the Holders of the Class [ - ] Certificates or the Master Servicer pursuant to Section 2.5(a) or (b) above, the purchase of such Mortgage Loan shall be made at a price (the “Optional Purchase Price”) equal to the sum of (i) 100% of the unpaid principal balance Scheduled Principal Balance of the Mortgage Loan on the date of such Mortgage Loan purchase, plus (ii) accrued and unpaid interest on the related Mortgage Loan thereon at the applicable Mortgage RateRate from the date through which interest was last paid by the Mortgagor to the Due Date in the month in which the purchase price is to be distributed to Certificateholders, net plus (iii) the amount of any unreimbursed Advances owed to made by the Servicer or the Master Servicer in respect of such Mortgage Loan. (it being understood that upon such purchase, such unreimbursed Advances d) The Optional Purchase Price for any Mortgage Loan repurchased pursuant to Section 2.5(a) or (b) above shall be deemed to have been reimbursed in full by the Servicer). Any such purchase of a Mortgage Loan pursuant to this Section 3.27 shall be accomplished by deposit in deposited into the Collection Account of and the amount of such purchase price. Upon Trustee, upon receipt of such purchase price, the Servicer shall provide to the Trustee a Request for Release and written certification from the Master Servicer of such deposit, shall release to the Holders of the Class [ - ] Certificates or the Master Servicer, as the case may be, the related Mortgage File and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty, as the Holders of the Class [ - ] Certificates or the Master Servicer, as the case may be, may furnish to the Trustee and as shall be necessary to vest in such party any Mortgage Loan released pursuant hereto. The Trustee shall have no responsibility for determining the sufficiency of such assignment for its intended purpose, and upon such release the Trustee shall promptly release have no further responsibility with regard to the Servicer, at the Servicer's expense, the such Mortgage File relating to the Mortgage Loan being repurchasedFile." (e) Section 4.02(a) is hereby amended by adding the following sentence to the end of such section: "The effect of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR Certificates."

Optional Purchase of Delinquent Mortgage Loans. The Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting 90+ Day Delinquent Mortgage Loans to be repurchased which is materially adverse from the Trust by payment to the interests Trust of the Certificateholders. The Servicer shall a purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the applicable Servicer). Any such purchase ; provided, however, that neither the Depositor nor any Affiliate of a Mortgage Loan pursuant the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee and the applicable Custodian, as applicable, a Request for Release and the Trustee (in its custodial capacity) or the applicable Custodian, as applicable, shall promptly release to the Servicersuch Servicer (or its assignee) or such Class X Certificateholders (or their designee), at the Servicer's expenseas applicable, the Mortgage File relating to the Mortgage Loan being repurchased." (e) . No Person holding the foregoing option under this Section 4.02(a) 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is hereby amended by adding the following sentence materially adverse to the end of such section: "The effect interests of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR CertificatesCertificateholders."

Optional Purchase of Delinquent Mortgage Loans. The Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting 90+ Delinquent Mortgage Loans to be repurchased which is materially adverse from the Trust by payment to the interests Trust of the Certificateholders. The Servicer shall a purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the applicable Servicer). Any such purchase ; provided, however, that neither the Depositor nor any Affiliate of a Mortgage Loan pursuant the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee or the Custodian, as applicable, a Request for Release (with a copy to the Trustee in the case of the Custodian) and the Trustee or the Custodian, as applicable, shall promptly release to the Servicersuch Servicer (or its assignee) or such Class X Certificateholders (or their designee), at the Servicer's expenseas applicable, the Mortgage File relating to the Mortgage Loan being repurchased." (e) . No Person holding the foregoing option under this Section 4.02(a) 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is hereby amended by adding the following sentence materially adverse to the end of such section: "The effect interests of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR CertificatesCertificateholders."

Optional Purchase of Delinquent Mortgage Loans. The Servicer may, at its option, purchase repurchase a Mortgage Loan serviced by it that has become 90 or REO Property which becomes ninety (90) or more days delinquent or for which the Servicer has accepted a deed in deed-in-lieu of foreclosure. Prior to any purchase repurchase pursuant to this Section 3.27, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the Stated Principal Balance of the Mortgage Loan, plus all related accrued and unpaid interest thereon at the applicable Mortgage Rate and the amount of any unreimbursed Servicing Advances made by the Servicer related to such Mortgage Loan. Any such repurchase of a Mortgage Loan or REO Property pursuant to this Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Distribution Account of the amount of the purchase price. The Trustee shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Servicer to the extent reasonably requested by the Servicer, including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicer. Notwithstanding the preceding paragraph, in the event that the Servicer thereof is the owner of more than 50% of a class of Certificates which is then currently in a first loss position and such party is deemed to be the "Primary Beneficiary" as defined in FIN 46, the Servicer may, at its option, repurchase a Mortgage Loan or REO Property which becomes 120 or more days delinquent or for which the Servicer has accepted a deed-in-lieu of foreclosure, during the period commencing on the first day of the calendar quarter succeeding the calendar quarter in which the Mortgage Loan first became 120 days delinquent and ending on the last Business Day of such calendar quarter. If the Servicer does not exercise its purchase right with respect to a Mortgage Loan during the period specified in the preceding sentence, such Mortgage Loan shall thereafter again become eligible for purchase pursuant to the preceding sentence only after the Mortgage Loan ceases to be 120 days or more delinquent and thereafter becomes 120 days delinquent again. Prior to repurchase pursuant to this Section 3.27, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase any such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance Stated Principal Balance of such the Mortgage Loan plus all related accrued and unpaid interest on the related Mortgage Loan thereon at the applicable Mortgage Rate, net Rate and the amount of any unreimbursed Servicing Advances owed to made by the Servicer (it being understood that upon related to such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full by the Servicer)Mortgage Loans. Any such purchase repurchase of a Mortgage Loan or REO Property pursuant to this Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Collection Distribution Account of the amount of such the purchase price. Upon receipt The Trustee shall immediately effectuate the conveyance of such purchase price, delinquent Mortgage Loan or REO Property to the Servicer shall provide to the Trustee a Request for Release and the Trustee shall promptly release to extent reasonably requested by the Servicer, at including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicer's expense, the Mortgage File relating to the Mortgage Loan being repurchased." (e) Section 4.02(a) is hereby amended by adding the following sentence to the end of such section: "The effect of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR Certificates."

Optional Purchase of Delinquent Mortgage Loans. The Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting 90+ Delinquent Mortgage Loans to be repurchased which is materially adverse from the Trust by payment to the interests Trust of the Certificateholders. The Servicer shall a purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the applicable Servicer). Any such purchase ; provided, however, that neither the Depositor nor any Affiliate of a Mortgage Loan pursuant the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee or the applicable Custodian, as applicable, a Request for Release (with a copy to the Trustee in the case of a Custodian) and the Trustee or the applicable Custodian, as applicable, shall promptly release to the Servicersuch Servicer (or its assignee) or such Class X Certificateholders (or their designee), at the Servicer's expenseas applicable, the Mortgage File relating to the Mortgage Loan being repurchased." (e) . No Person holding the foregoing option under this Section 4.02(a) 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is hereby amended by adding the following sentence materially adverse to the end of such section: "The effect interests of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR CertificatesCertificateholders."

Optional Purchase of Delinquent Mortgage Loans. The Servicer mayDepositor (or its assignee), at its in it sole discretion, shall have the option, but shall not be obligated, to purchase a from the Trust Fund any Mortgage Loan serviced by it that has become 90 (i) is ninety (90) days or more days delinquent or for which the Servicer (ii) has accepted experienced a deed in lieu of foreclosure. Prior First Payment Default; provided, that, with respect to any a purchase pursuant to this Section 3.27under clause (i) above, the Servicer outstanding principal balance as of the Cut-off Date of such purchased Mortgage Loans shall not exceed 5% of the aggregate principal balance as of the Cut-off Date of all the Mortgage Loans in the Trust Fund. The purchase price for any purchased Mortgage Loan shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance Scheduled Principal Balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the Servicer). Any related Servicer with respect to such purchase of a Mortgage Loan pursuant to this Section 3.27 shall be accomplished by deposit in the Collection Account of plus the amount of any tax imposed on either REMIC formed hereby as a result of such purchase pricepurchase. Upon receipt of such purchase price, the Servicer shall provide to the Trustee Custodian a Request request for Release release and the Trustee Custodian shall promptly release to the Depositor or the Servicer, at the Servicer's expenseas applicable, the Mortgage File relating to the Mortgage Loan being repurchased." (e) Section 4.02(a) is hereby amended by adding ; and the following sentence Trustee shall execute and deliver to such Servicer, without recourse or representation and warranty, a request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the end of such section: "The effect lien of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received Mortgage (furnished by the Trust Fund on such Servicer), together with the Mortgage Loans that is Note. The Depositor may exercise the option in clause (ii) above up to 180 days after the First Payment Default occurs, or later if it has made a claim which has not otherwise distributable to any Class of LIBOR Certificatesyet been resolved with the related Seller within the initial 180 day period."

Optional Purchase of Delinquent Mortgage Loans. The applicable Servicer (or its assignee) may, at its optionor upon request of the Holders of a majority (by Percentage Interest) of the Class X Certificates (other than the Depositor or any Affiliate of the Depositor, and provided that neither the Depositor nor any Affiliate of the Depositor shall have the power to direct the Holders of the majority (by Percentage Interest) of the Class X Certificates to issue any direction under this Section 3.28) shall, purchase a any 90+ Delinquent Mortgage Loan serviced by it that has become 90 or more days delinquent or for which Loans from the Servicer has accepted a deed in lieu of foreclosureTrust Fund. Prior to any purchase pursuant to this Section 3.27, the No Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase price for any such delinquent Mortgage Loan at a price equal to shall be 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon made by such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full by the Servicer). Any such purchase of a Mortgage Loan pursuant to this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price. Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee or the applicable Custodian, as applicable, a Request for Release and the Trustee or the applicable Custodian, as applicable, shall promptly release to the Servicer, at the Servicer's expense, such Servicer the Mortgage File relating to the Mortgage Loan being repurchased." (e) Section 4.02(a) is hereby amended by adding the following sentence to the end of such section: "The effect of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR Certificates."

Optional Purchase of Delinquent Mortgage Loans. The Each Servicer may(or its assignee), at in its sole discretion, shall have the option, but shall not be obligated, to purchase a any 90+ Day Delinquent Mortgage Loan serviced by it that has become 90 or more days delinquent or for which Loans from the Servicer has accepted a deed in lieu of foreclosureTrust Fund. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Such Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase price for any such delinquent Mortgage Loan at a price equal to shall be 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the applicable Servicer). Any such purchase of a Mortgage Loan pursuant to this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price. Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee a Request for Release and the Trustee shall promptly release to the Servicer, at the Servicer's expense, such Servicer the Mortgage File relating to the Mortgage Loan being repurchased." (e) purchased. In addition, the applicable Servicer agrees to exercise the option set forth in this Section 4.02(a) is hereby amended by adding 3.27 at the following sentence to the end of such section: "The effect request of the foregoing provisions is to distribute to Holder of the Class X X-IO Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that (so long as such Holder is not otherwise distributable the Depositor or an Affiliate of the Depositor) or, if the Class X-IO Certificates have been pledged to any Class secure debt issued under an indenture, the majority equity holder in such transaction (so long as such equity holder is not the Depositor or an Affiliate of LIBOR Certificatesthe Depositor)."

Optional Purchase of Delinquent Mortgage Loans. The Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting 90+ Delinquent Mortgage Loans to be repurchased which is materially adverse from the Trust by payment to the interests Trust of the Certificateholders. The Servicer shall a purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the applicable Servicer). Any such purchase ; provided, however, that neither the Depositor nor any Affiliate of a Mortgage Loan pursuant the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee or the Custodian, as applicable, a Request for Release (with a copy to the Trustee, in the case of the Custodian) and the Trustee or the Custodian, as applicable, shall promptly release to the Servicersuch Servicer (or its assignee) or such Class X Certificateholders (or their designee), at the Servicer's expenseas applicable, the Mortgage File relating to the Mortgage Loan being repurchased." (e) . No Person holding the foregoing option under this Section 4.02(a) 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is hereby amended by adding the following sentence materially adverse to the end of such section: "The effect interests of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR CertificatesCertificateholders."

Optional Purchase of Delinquent Mortgage Loans. The Either (i) the applicable Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting 90+ Delinquent Mortgage Loans to be repurchased which is materially adverse from the Trust by payment to the interests Trust of the Certificateholders. The Servicer shall a purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the applicable Servicer). Any such purchase ; provided, however, that neither the Depositor nor any Affiliate of a Mortgage Loan pursuant the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price3.27). Upon receipt of such purchase price, the applicable Servicer shall provide to the Trustee a Request for Release and the Trustee shall promptly release to the Servicersuch Servicer (or its assignee) or such Class X Certificateholders (or their designee), at the Servicer's expenseas applicable, the Mortgage File relating to the Mortgage Loan being repurchased." (e) . No Person holding the foregoing option under this Section 4.02(a) 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is hereby amended by adding the following sentence materially adverse to the end of such section: "The effect interests of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR CertificatesCertificateholders."

Optional Purchase of Delinquent Mortgage Loans. Either (i) The Servicer (or its assignee) or (ii) the Holders of a majority (by Percentage Interest) of the Class X Certificates (or, if the Class X Certificates have been pledged to secure any NIM Securities, the holders of a majority of the equity interests in the related NIM Issuer) may, at its or their option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting 90+ Delinquent Mortgage Loans to be repurchased which is materially adverse from the Trust by payment to the interests Trust of the Certificateholders. The Servicer shall a purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, net plus the amount of any unreimbursed Servicing Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full made by the Servicer). Any such purchase ; provided, however, that neither the Depositor nor any Affiliate of a Mortgage Loan pursuant the Depositor may exercise the foregoing option, or have the power to direct either the Holders of the majority (by Percentage Interest) of the Class X Certificates or of the equity interests in the related NIM Issuer, as the case may be, to exercise the foregoing option, under this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price3.27). Upon receipt of such purchase price, the Servicer shall provide to the Trustee a Request for Release (with a copy to the Trustee) and the Trustee shall promptly release to the ServicerServicer (or its assignee) or such Class X Certificateholders (or their designee), at the Servicer's expenseas applicable, the Mortgage File relating to the Mortgage Loan being repurchased." (e) . No Person holding the foregoing option under this Section 4.02(a) 3.27 shall use any procedure in selecting Mortgage Loans to be repurchased which is hereby amended by adding the following sentence materially adverse to the end of such section: "The effect interests of the foregoing provisions is to distribute to Certificateholders or the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR CertificatesCertificate Insurer."

Optional Purchase of Delinquent Mortgage Loans. The Servicer Beginning on the first Business Day of the fiscal quarter immediately following the date on which a Mortgage Loan has become at least 91 days delinquent, EMC may, at its option, purchase a such Mortgage Loan serviced from the Trust at the Repurchase Price therefor. Notice of any such optional purchase shall be sent to the Trustee and the Certificate Insurers. Any such purchase shall be accomplished as provided in Section 2.03(c) hereof. Any such optional right of repurchase by it EMC hereunder with respect to a delinquent Mortgage Loan shall, if unexercised, terminate on the earlier of (i) the date on which such delinquency has been cured or (ii) the last Business Day of such fiscal quarter immediately following the date on which such Mortgage Loan became 91 days delinquent, provided however, that has such optional right of repurchase shall be reinstated if (a) in the case of clause (i), the related Mortgage Loan shall thereafter again have become 90 91 or more days delinquent and (b) in the case of clause (ii), such delinquency shall have been subsequently cured and the related Mortgage Loan shall thereafter again become 91 or for which more days delinquent in any subsequent fiscal quarter. Notwithstanding the Servicer has accepted a deed in lieu of foreclosure. Prior to foregoing, EMC shall not have any purchase right pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting repurchase a Mortgage Loans to be repurchased which is materially adverse to the interests Loan that was 91 or more days delinquent as of the Certificateholders. The Servicer Cut-off Date, unless such delinquency shall purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of subsequently have been cured and such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Rate, net of any unreimbursed Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to thereafter have been reimbursed in full by the Servicer). Any such purchase of a Mortgage Loan pursuant to this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price. Upon receipt of such purchase price, the Servicer shall provide to the Trustee a Request for Release and the Trustee shall promptly release to the Servicer, at the Servicer's expense, the Mortgage File relating to the Mortgage Loan being repurchasedbecome 91 or more days delinquent." (e) Section 4.02(a) is hereby amended by adding the following sentence to the end of such section: "The effect of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR Certificates."

Optional Purchase of Delinquent Mortgage Loans. The Servicer may, at its option, purchase a Mortgage Loan serviced by it that has become 90 or more days delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to any purchase pursuant to this Section 3.27, the Servicer shall be required to continue to make Advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the unpaid principal balance of such Mortgage Loan plus accrued and unpaid interest on the related Mortgage Loan at the applicable Mortgage Rate, net of any unreimbursed Advances owed to the Servicer (it being understood that upon such purchase, such unreimbursed Advances shall be deemed to have been reimbursed in full by the Servicer). Any such purchase of a Mortgage Loan pursuant to this Section 3.27 shall be accomplished by deposit in the Collection Account of the amount of such purchase price. Upon receipt of such purchase price, the Servicer shall provide to the Trustee a Request for Release and the Trustee shall promptly release to the Servicer, at the Servicer's expense, the Mortgage File relating to the Mortgage Loan being repurchased." (e) Section 4.02(a) is hereby amended by adding the following sentence to the end of such section: "The effect of the foregoing provisions is to distribute to the Class X Certificates all principal and interest received by the Trust Fund on the Mortgage Loans that is not otherwise distributable to any Class of LIBOR LIBOR/Fixed Certificates."