Common use of Reconstitutions Clause in Contracts

Reconstitutions. (a) Upon 15 days' prior written notice to the applicable Seller(s) and the Servicer, the Purchaser may, at its sole option, effect one or more Whole Loan Transfers or Securitization Transactions with respect to some or all of the Mortgage Loans purchased on any Closing Date, retaining the Servicer as servicer or subservicer, if a master servicer is employed; provided, however, that neither the Purchaser nor any of its permitted assignees may effect a Reconstitution with respect to Mortgage Loans in any Loan Pool if as a result thereof: (i) more than three (3) investors would own Mortgage Loans in such Loan Pool at any one time (unless otherwise stated in the related Commitment Letter), (ii) any single investor would own Mortgage Loans from such Loan Pool having an aggregate Unpaid Principal Balance immediately after such Reconstitution of less than $5,000,000, (iii) the applicable Seller(s) and the Servicer are not provided with initial drafts of all documents for which such Sellers and Servicer are requested to become a party in connection with such Reconstitution at least 10 days prior to the related settlement date (the "Subsequent Transfer Settlement Date"), (iv) a final list of the Mortgage Loans intended to be subject to such Reconstitution is not provided to the Servicer at least 2 Business Days prior to the related Subsequent Transfer Settlement Date, (v) any Mortgage Loan is subject to more than one Reconstitution in any given Due Period, unless the Purchaser and the initial transferee from the Purchaser each give appropriate notice pursuant to this section or (vii) the related Subsequent Transfer Settlement Date occurs on or prior to the related Servicing Cut-off Date.

Reconstitutions. (a) Upon 15 days' prior written notice Required Notice to the applicable Seller(s) and the Servicer), the Purchaser may, at its sole option, effect one or more Whole Loan Transfers or Securitization Transactions Reconstitutions with respect to some or all of the Mortgage Loans purchased on any Closing Date, retaining the Servicer as servicer or subservicer, if a master servicer is employed; provided, however, that neither no Reconstitution may be made by the Purchaser nor or any of its permitted assignees may effect a Reconstitution with respect to Mortgage Loans in any Loan Pool if as a result thereof: (i) more than three (3) investors (other than the Purchaser) would own Mortgage Loans in such Loan Pool at any one time (unless otherwise stated in the related Commitment Letter), (ii) any single investor (other than the Purchaser) would own Mortgage Loans from such Loan Pool having an aggregate Unpaid Principal Balance immediately after such Reconstitution of less than $5,000,0005,000,000 (unless mutually agreed upon otherwise by the parties thereto), (iii) the applicable Seller(s) and the Servicer are not provided with initial drafts of all documents for which such Sellers the applicable Seller(s) and Servicer are requested to become a party in connection with such Reconstitution at least 10 days prior to the related settlement date (the "“Subsequent Transfer Settlement Date"”), (iv) a final list of the Mortgage Loans intended to be subject to such Reconstitution is not provided to the Servicer at least 2 Business Days prior to the related Subsequent Transfer Settlement DateDate (unless mutually agreed upon otherwise by the parties thereto), (v) any Mortgage Loan is subject to more than one Reconstitution in any given Due Period, unless the Purchaser and the initial transferee from the Purchaser each give appropriate notice pursuant to this section or (viivi) the related Subsequent Transfer Settlement Date occurs on or prior to the related Servicing Cut-off Date.

Reconstitutions. (a) Upon 15 days' prior written notice Required Notice to the applicable Seller(s) and the ServicerSeller, the Purchaser mayPurchaser, at its sole option, may effect one or more Whole Loan Transfers or Securitization Transactions Reconstitutions with respect to some or all of the Mortgage Loans purchased on any Closing Datesold pursuant to this Agreement, retaining the Servicer as servicer or subservicer, if a master servicer is employed; provided, however, that neither no Reconstitution may be made by the Purchaser nor or any of its permitted assignees may effect a Reconstitution with respect to Mortgage Loans in any Loan Pool if as a result thereof: (i) more than three (3) investors would own Mortgage Loans in such Loan Pool at any one time time; provided, that the Purchaser's completion of a Clean-Up Transfer (unless otherwise stated in the related Commitment Letteras defined below) shall not be counted for purposes of this subclause (i), (ii) any single investor would own Mortgage Loans from such Loan Pool having an aggregate Unpaid Principal Balance immediately after such Reconstitution of less than $5,000,000, (iii) the applicable Seller(s) and Purchaser or its designee shall fail to use commercially reasonable efforts to provide the Seller or the Servicer are not provided with initial drafts of all documents for which such Sellers the Seller and Servicer are requested to become a party in connection with such Reconstitution at least 10 days prior to the related settlement date (the "Subsequent Transfer Settlement Date"), (iviii) the Purchaser or its designee shall fail to use commercially reasonable efforts to provide the Seller or the Servicer with a final list of the Mortgage Loans intended to be subject to such Reconstitution is not provided to the Servicer at least 2 Business Days prior to the related Subsequent Transfer Settlement Date, (viv) any Mortgage Loan is subject to more than one Reconstitution in any given Due Periodcalendar month, unless the Purchaser and the initial transferee from the Purchaser each give appropriate notice pursuant to this section or (viiv) the related Subsequent Transfer Settlement Date occurs on or prior to the related Servicing Cut-off DateDate or (ii) any single investor would own Mortgage Loans having an aggregate unpaid principal balance immediately following such Reconstitution of less than $5,000,000; provided, that the Purchaser may complete one Reconstitution of less than $5,000,000 (a "Clean-Up Transfer").

Reconstitutions. (a) Upon 15 days' prior written notice Required Notice to the applicable Seller(s) Company and the Master Servicer, the Purchaser may, at its sole option, effect one or more Whole Loan Transfers or Securitization Transactions Reconstitutions with respect to some or all of the Mortgage Loans purchased on any Closing Date, retaining the Master Servicer as servicer or subservicer, if a master servicer is employedthe servicer; provided, however, that neither no Reconstitution may be made by the Purchaser nor or any of its permitted assignees may effect a Reconstitution with respect to Mortgage Loans in any Loan Pool if as a result thereof: (i) more than three (3) investors would own Mortgage Loans in such Loan Pool at any one time (unless otherwise stated in the related Commitment Letter), (ii) any single investor would own Mortgage Loans from such Loan Pool having an aggregate Unpaid Principal Balance immediately after such Reconstitution of less than $5,000,0005,000,000 (unless mutually agreed upon otherwise by the parties thereto), (iii) the applicable Seller(s) Company and the Master Servicer are not provided with initial drafts of all documents for which such Sellers the Company and the Master Servicer are requested to become a party in connection with such Reconstitution at least 10 days Business Days prior to the related settlement date (the "Subsequent Transfer Settlement Date"), (iv) a final list of the Mortgage Loans intended to be subject to such Reconstitution is not provided to the Master Servicer and any applicable Servicer at least 2 Business Days prior to the related Subsequent Transfer Settlement DateDate (unless mutually agreed upon otherwise by the parties thereto), (v) any Mortgage Loan is subject to more than one Reconstitution in any given Due Period, unless the Purchaser and the initial transferee from the Purchaser each give appropriate notice pursuant to this section or (viivi) the related Subsequent Transfer Settlement Date occurs on or prior to the related Servicing Cut-off Date. For the avoidance of doubt, the parties agree that for the purpose of this Section 6.1, the number of investors in a Securitization Transaction shall be deemed to be one.

Reconstitutions. (a) Upon 15 days' prior written notice Required Notice to the applicable Seller(s) and the Servicer), the Purchaser may, at its sole option, effect one or more Whole Loan Transfers or Securitization Transactions Reconstitutions with respect to some or all of the Mortgage Loans purchased on any Closing Date, retaining the Servicer as servicer or subservicer, if a master servicer Master Servicer is employed; provided, however, that neither no Reconstitution may be made by the Purchaser nor or any of its permitted assignees may effect a Reconstitution with respect to Mortgage Loans in any Loan Pool if as a result thereof: (i) more than three (3) investors would own Mortgage Loans in such Loan Pool at any one time (unless otherwise stated in the related Commitment Letter), (ii) any single investor would own Mortgage Loans from such Loan Pool having an aggregate Unpaid Principal Balance immediately after such Reconstitution of less than $5,000,0005,000,000 (unless mutually agreed upon otherwise by the parties thereto), (iii) the applicable Seller(s) and the Servicer are not provided with initial drafts of all documents for which such Sellers the applicable Seller(s) and Servicer are requested to become a party in connection with such Reconstitution at least 10 days prior to the related settlement date (the "“Subsequent Transfer Settlement Date"”), (iv) a final list of the Mortgage Loans intended to be subject to such Reconstitution is not provided to the Servicer at least 2 Business Days prior to the related Subsequent Transfer Settlement DateDate (unless mutually agreed upon otherwise by the parties thereto), (v) any Mortgage Loan is subject to more than one Reconstitution in any given Due Period, unless the Purchaser and the initial transferee from the Purchaser each give appropriate notice pursuant to this section or (viivi) the related Subsequent Transfer Settlement Date occurs on or prior to the related Servicing Cut-off Date.