Common use of OPTIONAL REPURCHASE OF DEFAULTED MORTGAGE LOANS Clause in Contracts

OPTIONAL REPURCHASE OF DEFAULTED MORTGAGE LOANS. The Servicer shall have the right, but not the obligation, to repurchase any Defaulted Mortgage Loan for a purchase price equal to the Principal Balance of such Mortgage Loan as of the date of repurchase, plus accrued but unpaid interest (whether through payments by the applicable Mortgagor, Monthly Advances or otherwise) on such Principal Balance, computed at the applicable Mortgage Interest Rate (net of the per annum rate used in calculating the Servicing Fee and the Contingency Fee) 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 all Defaulted Mortgage Loans purchased pursuant to this Section 2.10 exceed 10% of the aggregate Pool Original Collateral Amounts for each of the Pools.

OPTIONAL REPURCHASE OF DEFAULTED MORTGAGE LOANS. The Servicer shall have the right, but not the obligation, to repurchase any Defaulted Mortgage Loan for a purchase price equal to the Principal Balance of such Mortgage Loan as of the date of repurchase, plus accrued but unpaid interest (whether through payments by the applicable Mortgagor, Monthly Advances or otherwise) on such Principal Balance, computed at the applicable Mortgage Interest Rate (net of the per annum rate used in calculating the Servicing Fee and the Contingency Fee) 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 all Defaulted Mortgage Loans purchased pursuant to this Section 2.10 exceed 105% of the aggregate Pool Original Collateral Amounts for each of the Pools.

OPTIONAL REPURCHASE OF DEFAULTED MORTGAGE LOANS. The Servicer shall have the right, but not the obligation, to repurchase any Defaulted Mortgage Loan for a purchase price equal to the Principal Balance of such Mortgage Loan as of the date of repurchase, plus accrued but unpaid interest (whether through payments by the applicable Mortgagor, Monthly Advances or otherwise) on such Principal Balance, computed at the applicable Mortgage Interest Rate (net of the per annum rate used in calculating the Servicing Fee and the Contingency Fee) 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 all Defaulted Mortgage Loans purchased pursuant to this Section 2.10 exceed 105% of the aggregate Pool Original Collateral Amounts for each Amount of the PoolsPool.