Common use of Repurchase of Mortgage Loans with First Payment Defaults Clause in Contracts

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty (30) days of such Due Date, the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right to request a repurchase hereunder shall not commence until the date which is sixty (60) days following the related Due Date (the "Breach Date"). The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request a repurchase and the Seller shall repurchase such Mortgage Loan within forty-five (45) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchase.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty sixty (3060) days of such the related Due Date, the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right to request a repurchase hereunder shall not commence until the date which is sixty (60) days following the related Due Date (the "Breach Date")Repurchase Price. The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request a repurchase and the Seller shall repurchase such delinquent Mortgage Loan within forty-five thirty (4530) days of receipt of such noticerequest unless the Seller can provide evidence reasonably acceptable to the Purchaser in its good faith discretion that such delinquency was due to a servicing error. Notwithstanding the foregoing, the Purchaser reserves may, in its sole discretion, elect to submit for the right to request Seller's consideration a repurchase following such sixty revised Purchase Price Percentage (60) day timeframe as defined in the event of related Purchase Price and Terms Agreement) (in each case, a NSF return"Revised Pricing Offer") with respect to any such Mortgage Loan. Thereafter, the Seller shall accept or reject such Revised Pricing Offer. In additionthe event the Seller rejects a Revised Pricing Offer, if the applicable Mortgage Loan shall be repurchased pursuant to the previous paragraph. In the event the Seller accepts a Revised Pricing Offer with respect to any payment referred such Mortgage Loan (such loan, a "Repriced Mortgage Loan") the Seller shall refund to above is received the Purchaser an amount equal to (i) the product of (x) the difference between the original related Purchase Price Percentage and (y) the applicable Revised Pricing Offer, and (ii) the outstanding principal balance of such Repriced Mortgage Loan as of the related Cut-off Date (such product, in each case, the "Repricing Adjustment"), plus accrued interest on such Repricing Adjustment calculated at the federal funds rate as of the related Closing Date. Such amount shall be paid by the Seller following to the Transfer Date but such payment is made Purchaser within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchasedays thereof.

Repurchase of Mortgage Loans with First Payment Defaults. With If the related Mortgagor is delinquent with respect to any the Mortgage Loan, in the event that the 's first scheduled payment of principal and interest due Monthly Payment either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty (30) days of such Due Date, the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the percentage of par as stated in the related Purchase Price Percentage and Terms Agreement (subject to adjustment as provided therein) multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding A Mortgage Loan's first Monthly Payment after the foregoing, related Closing Date shall be considered "delinquent" if such Monthly Payment has not been received by the Purchaser's right to request a repurchase hereunder shall not commence until Purchaser by the date which is sixty fifteenth (6015th) days day of the month following the related Due Date (month in which the "Breach Date")Monthly Payment was due. The Purchaser shall have ninety (90) days following the related Breach Date any such delinquency to notify the Seller and of any repurchase request a repurchase and the Seller shall repurchase such delinquent Mortgage Loan within forty-five (45) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, days of the Purchaser shall not have the option to request a repurchasedate of such request.

Repurchase of Mortgage Loans with First Payment Defaults. With If the related Mortgagor is delinquent with respect to any the Mortgage Loan, in the event that the 's first scheduled payment of principal and interest due Monthly Payment either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty (30) days of such Due Date, the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the percentage of par as stated in the related Purchase Price Percentage and Terms Agreement (subject to adjustment as provided therein) multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding For purposes of clarification, with respect to a Mortgage Loan's first Monthly Payment after the foregoingrelated Closing Date, the Purchaser's right to request a repurchase hereunder such payment shall not commence be considered a "First Payment Default" for purposes of clause (ii) of the previous sentence until the date which is payment has not been received by the Purchaser within sixty (60) days following of the related Due Date (the "Breach Date"effectively allowing for a thirty (30) day cure period). The Purchaser shall have ninety (90) days following the related Breach Date any such delinquency to notify the Seller and of any repurchase request a repurchase and the Seller shall repurchase such delinquent Mortgage Loan within forty-five (45) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, days of the Purchaser shall not have the option to request a repurchasedate of such request.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in if the event that related Mortgagor fails to make the first scheduled payment of principal and interest due either (i) after origination of such Mortgage Loan, or (ii) Monthly Payment to be made by the Mortgagor after the related Closing Date is not paid by before the related Mortgagor to the Purchaser within thirty Due Date immediately following such initial Due Date (30) days of such Due Datedate, the Seller"First Payment Default Date", at such failure to pay, a "First Payment Default"), the Seller shall, within five Business Days of receipt of notice from the Purchaser's option, shall promptly repurchase such Mortgage Loan (a "First Payment Default Mortgage Loan") from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon at the Mortgage Interest Rate from the date to on which interest was had last been paid through the day prior to the repurchase date at the applicable Mortgage Interest Rateof such repurchase, plus the amount of any outstanding advances owed to any servicer, plus all costs and expenses incurred by the Purchaser or any servicer arising out of or based upon such breach, including, without limitation, costs and expenses incurred in connection with such the enforcement of the Seller's repurchase obligation hereunder. The Purchaser shall request repurchase of any Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right Loans to request a repurchase hereunder shall not commence until be repurchased pursuant to this Subsection 9.04 on or before the date which is sixty (60) days following the related Due Date (the "Breach Date"). The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request a repurchase and the Seller shall repurchase such Mortgage Loan within forty-five (45) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, days after the Purchaser shall not have the option to request a repurchaserelated First Payment Default Date.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty (30) days of such Due Date, the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was and last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right to request a repurchase hereunder shall not commence until the date which is sixty (60) days following the related Due Date (the "Breach Date"). The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request a repurchase within 90 days after the Mortgagor fails to make such payment and the Seller shall repurchase such delinquent Mortgage Loan within forty-five (45) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchase.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty (30) days of such Due Date, the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right to request a repurchase hereunder shall not commence until the date which is sixty (60) days following the related Due Date (the "Breach Date"). The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request a repurchase and the Seller shall repurchase such Mortgage Loan within forty-five thirty (4530) days of receipt of such notice, provided notification is in accordance with Section 17. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchase.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination of such Mortgage LoanLoan is not paid by the related Mortgagor to the then current mortgagee, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty (30) days of such related Due Date, the Seller, at the Purchaser's ’s option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right to request a repurchase hereunder shall not commence until the date which is sixty (60) days following the related Due Date (the "Breach Date"). The Purchaser shall have ninety (90) days following the related Breach Date such thirty (30) day period to notify the Seller and request a repurchase and the Seller shall repurchase such delinquent Mortgage Loan within forty-five thirty (4530) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty ninety (6090) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by return of the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchaserelated first payment.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty sixty (3060) days of such the related Due Date (the "Breach Date"), the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right to request a repurchase hereunder shall not commence until the date which is sixty (60) days following the related Due Date (the "Breach Date")Repurchase Price. The Purchaser shall have ninety one hundred eighty (90180) days following the related Breach Date to notify the Seller and request a repurchase and the Seller shall repurchase such delinquent Mortgage Loan within forty-five thirty (4530) days of receipt of such noticerequest unless the Seller can provide evidence reasonably acceptable to the Purchaser in its good faith discretion that such delinquency was due to a servicing error. Notwithstanding the foregoing, the Purchaser reserves may, in its sole discretion, elect to submit for the right to request Seller's consideration a repurchase following such sixty revised Purchase Price Percentage (60) day timeframe as defined in the event of related Purchase Price and Terms Agreement) (in each case, a NSF return"Revised Pricing Offer") with respect to any such Mortgage Loan. Thereafter, the Seller shall accept or reject such Revised Pricing Offer. In additionthe event the Seller rejects a Revised Pricing Offer, if the applicable Mortgage Loan shall be repurchased pursuant to the previous paragraph. In the event the Seller accepts a Revised Pricing Offer with respect to any payment referred such Mortgage Loan (such loan, a "Repriced Mortgage Loan") the Seller shall refund to above is received the Purchaser an amount equal to (i) the product of (x) the difference between the original related Purchase Price Percentage and (y) the applicable Revised Pricing Offer, and (ii) the outstanding principal balance of such Repriced Mortgage Loan as of the related Cut-off Date (such product, in each case, the "Repricing Adjustment"), plus accrued interest on such Repricing Adjustment calculated at the federal funds rate as of the related Closing Date. Such amount shall be paid by the Seller following to the Transfer Date but such payment is made Purchaser within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchasedays thereof.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination of such Mortgage LoanLoan is not paid by the related Mortgagor to the then current mortgagee, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty (30) days of such related Due Date, the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding the foregoing, with respect to the Purchaser's right to request a repurchase hereunder shall not commence until the date which is sixty (60) days first scheduled payment of principal and interest due following the related Closing Date, such payment shall not be considered a "First Payment Default" for purposes of this provision until the payment has not been received by the Purchaser within forty-five (45) days of the related Due Date (the "Breach Date"). The Purchaser shall have ninety (90) days following the related Breach Date such forty-five (45) day period to notify the Seller and request a repurchase and the Seller shall repurchase such delinquent Mortgage Loan within forty-five thirty (4530) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty ninety (6090) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by return of the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchaserelated first payment.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination of such Mortgage LoanLoan is not paid by the related Mortgagor to the then current mortgagee, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty (30) days of such related Due Date, the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right to request a repurchase hereunder shall not commence until the date which is sixty (60) days following the related Due Date (the "Breach Date"). The Purchaser shall have ninety (90) days following the related Breach Date such thirty (30) day period to notify the Seller and request a repurchase and the Seller shall repurchase such delinquent Mortgage Loan within forty-five thirty (4530) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty ninety (6090) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by return of the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchaserelated first payment.

Repurchase of Mortgage Loans with First Payment Defaults. With If the related Mortgagor is delinquent with respect to any the Mortgage Loan, in the event that the ’s first scheduled payment of principal and interest due Monthly Payment either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty (30) days of such Due Date, the Seller, at the Purchaser's ’s option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the percentage of par as stated in the related Purchase Price Percentage and Terms Agreement (subject to adjustment as provided therein) multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding For purposes of clarification, with respect to a Mortgage Loan’s first Monthly Payment after the foregoingrelated Closing Date, the Purchaser's right to request a repurchase hereunder such payment shall not commence be considered a “First Payment Default” for purposes of clause (ii) of the previous sentence until the date which is payment has not been received by the Purchaser within sixty (60) days following of the related Due Date (the "Breach Date"effectively allowing for a thirty (30) day cure period). The Purchaser shall have ninety (90) days following the related Breach Date any such delinquency to notify the Seller and of any repurchase request a repurchase and the Seller shall repurchase such delinquent Mortgage Loan within forty-five (45) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, days of the Purchaser shall not have the option to request a repurchasedate of such request.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty sixty (3060) days of such the related Due Date, the Seller, at the Purchaser's ’s option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right to request a repurchase hereunder shall not commence until the date which is sixty (60) days following the related Due Date (the "Breach Date")Repurchase Price. The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request a repurchase and the Seller shall repurchase such delinquent Mortgage Loan within forty-five thirty (4530) days of receipt of such noticerequest unless the Seller can provide evidence reasonably acceptable to the Purchaser in its good faith discretion that such delinquency was due to a servicing error. Notwithstanding the foregoing, the Purchaser reserves may, in its sole discretion, elect to submit for the right to request Seller's consideration a repurchase following such sixty revised Purchase Price Percentage (60) day timeframe as defined in the event of related Purchase Price and Terms Agreement) (in each case, a NSF return“Revised Pricing Offer”) with respect to any such Mortgage Loan. Thereafter, the Seller shall accept or reject such Revised Pricing Offer. In additionthe event the Seller rejects a Revised Pricing Offer, if the applicable Mortgage Loan shall be repurchased pursuant to the previous paragraph. In the event the Seller accepts a Revised Pricing Offer with respect to any payment referred such Mortgage Loan (such loan, a “Repriced Mortgage Loan”) the Seller shall refund to above is received the Purchaser an amount equal to (i) the product of (x) the difference between the original related Purchase Price Percentage and (y) the applicable Revised Pricing Offer, and (ii) the outstanding principal balance of such Repriced Mortgage Loan as of the related Cut-off Date (such product, in each case, the “Repricing Adjustment”), plus accrued interest on such Repricing Adjustment calculated at the federal funds rate as of the related Closing Date. Such amount shall be paid by the Seller following to the Transfer Date but such payment is made Purchaser within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchasedays thereof.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in if the event that related Mortgagor fails to make the Monthly Payment to be made on the first scheduled payment of principal and interest due either (i) after origination of such Mortgage Loan, or (ii) Due Date after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty (30) 30 days of such Monthly Payment's Due DateDate (such date, the Seller"First Payment Default Date", at such failure to pay, a "First Payment Default"), the Seller shall, within five Business Days of receipt of notice from the Purchaser's option, shall promptly repurchase such Mortgage Loan (a "First Payment Default Mortgage Loan") from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon at the Mortgage Interest Rate from the date to on which interest was had last been paid through the day prior to the repurchase date at the applicable Mortgage Interest Rateof such repurchase, plus the amount of any outstanding advances owed to any servicer, plus all costs and expenses incurred by the Purchaser or any servicer arising out of or based upon such breach, including, without limitation, costs and expenses incurred in connection the enforcement of the Seller's repurchase obligation hereunder; provided that with such Mortgage Loan. Notwithstanding respect to First Payment Defaults which occur solely due to operational errors of the foregoingSeller, the Purchaser's right to request a repurchase hereunder shall not commence until the date which is sixty (60) days following the related Due Date (the "Breach Date"). The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request a repurchase and the Seller shall not be required to repurchase such Mortgage Loan if such First Payment Default is cured within forty-five (45) 30 days of receipt of notice of such notice. Notwithstanding First Payment Default from the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchasePurchase.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination any Mortgage Loan other than Alt-A Mortgage Loans, with respect to which a Mortgagor fails to make the first Monthly Payment due to the Purchaser immediately following the related Closing Date, and (ii) any Alt-A Mortgage Loan with respect to which a Mortgagor fails to make either of the first two (2) Monthly Payments due to the Purchaser immediately following the related Closing Date, in each case, within the calendar month such payment is due on the related Mortgage Loan, or (iia) after the related Closing Date is not paid by the related a Mortgagor to the Purchaser within thirty shall voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal or state bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (30b) days an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking liquidation, reorganization or other relief in respect of such Due Datea Mortgagor under any Federal or state bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Seller, at the Purchaser's option, Seller shall promptly repurchase such Mortgage Loan from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right to request a repurchase hereunder shall not commence until the date which is sixty within fifteen (6015) days following the related Due Date (the "Breach Date"). The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request a repurchase and the Seller shall repurchase such Mortgage Loan within forty-five (45) days calendar days' of receipt of written notice from the Purchaser. Any repurchase pursuant to this Section 3.05 shall be effected in accordance with the procedures set forth in Section 3.03 hereof, however, any such notice. Notwithstanding repurchase shall be made at the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchaseRepurchase Price.

Repurchase of Mortgage Loans with First Payment Defaults. With If the related Mortgagor is and remains delinquent with respect to any the Mortgage Loan, in the event that the 's first scheduled payment of principal and interest due Monthly Payment either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid Date, after giving credit for any payments collected by the related Mortgagor Seller and remitted to the Purchaser, and after usual and customary efforts by the Purchaser within thirty (30) days of such Due Dateto collect the delinquent payment(s), the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the related Purchase Price Percentage (subject to adjustment as provided therein) multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was and last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right to request related Mortgagor shall have a repurchase hereunder shall not commence until the date which is sixty period of forty-five (6045) days following the related Due Date (the "Breach Date")referenced above to cure any such delinquency. The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request a repurchase within seventy-five (75) days after the Mortgagor's failure to make such payment (following the cure period referenced in the previous sentence) and the Seller shall repurchase such Mortgage Loan within forty-five fifteen (4515) days of the receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchase.

Repurchase of Mortgage Loans with First Payment Defaults. With If the related Mortgagor is delinquent with respect to any the Mortgage Loan, in the event that the ’s first scheduled payment of principal and interest due Monthly Payment either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser within thirty (30) days of such Due Date, the Seller, at the Purchaser's ’s option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the percentage of par as stated in the related Purchase Price Percentage and Terms Agreement (subject to adjustment as provided therein) multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding A Mortgage Loan’s first Monthly Payment after the foregoing, related Closing Date shall be considered “delinquent” if such Monthly Payment has not been received by the Purchaser's right to request a repurchase hereunder shall not commence until Purchaser by the date which is sixty fifteenth (6015th) days day of the month following the related Due Date (month in which the "Breach Date")Monthly Payment was due. The Purchaser shall have ninety (90) days following the related Breach Date any such delinquency to notify the Seller and of any repurchase request a repurchase and the Seller shall repurchase such delinquent Mortgage Loan within forty-five (45) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, days of the Purchaser shall not have the option to request a repurchasedate of such request.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by if the related Mortgagor fails to make the Purchaser within thirty first Monthly Payment to be made by the Mortgagor after the Closing Date before the Due Date immediately following such initial Due Date (30) days of such Due Datedate, the Seller"First Payment Default Date", at such failure to pay, a "First Payment Default"), the Seller shall, within five Business Days of receipt of notice from the Purchaser's option, shall promptly repurchase such Mortgage Loan (a "First Payment Default Mortgage Loan") from the Purchaser at a price equal to the related Purchase Price Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon at the Mortgage Interest Rate from the date to on which interest was had last been paid through the day prior to the repurchase date at the applicable Mortgage Interest Rateof such repurchase, plus the amount of any outstanding advances owed to any servicer, plus all costs and expenses incurred by the Purchaser or any servicer arising out of or based upon such breach, including, without limitation, costs and expenses incurred in connection with such the enforcement of the Seller's repurchase obligation hereunder. The Purchaser shall request repurchase of any Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right Loans to request a repurchase hereunder shall not commence until be repurchased pursuant to this Subsection 9.04 on or before the date which is sixty (60) days following the related Due Date (the "Breach Date"). The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request a repurchase and the Seller shall repurchase such Mortgage Loan within forty-five (45) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, days after the Purchaser shall not have the option to request a repurchaserelated First Payment Default Date.

Repurchase of Mortgage Loans with First Payment Defaults. With respect to any Mortgage Loan, in the event that the first scheduled payment of principal and interest due Loan for which either (i) after origination the related Mortgagor fails to make the first Monthly Payment due following the related Cut-off Date within forty five (45) days of the related Due Date or (ii) if the first Monthly Payment due on the Mortgage Loan is prior to the related Cut-off Date and the initial Monthly Payment is not made by the related Mortgagor within forty five (45) days of such Due Date (for example, if the first Monthly Payment due on the Mortgage Loan to the Purchaser is due on October 1, 2006 or November 1, 2006, and the related Cut- off Date is October 15, 2006, the related Mortgagor must make such Monthly Payment by November 15, 2006 or December 15, 2006, as appropriate) (each such Mortgage Loan, an "FPD Loan"), Seller shall repurchase at the price set forth below or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser substitute any FPD Loan. Such repurchase or substitution shall be made within thirty (30) days following receipt by Seller of notification of such Due Date, first payment default by the Purchaser (or its assignee) of the Mortgage Loan. Seller, at 's obligation to repurchase or substitute a FPD Loan shall expire within ninety (90) days following the Purchaser's option, shall repurchase related Closing Date of the sale of such Mortgage Loan from to the Purchaser at a Purchaser. The price for any repurchase hereunder shall be equal to the percentage of par as stated in the related Purchase Price Percentage and Terms Letter multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding servicing advances owed to any servicer in connection with such Mortgage Loan. Notwithstanding the foregoing, the Purchaser's right to request a repurchase hereunder shall not commence until the date which is sixty (60) days following the related Due Date (the "Breach Date"). The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request a repurchase and the Seller shall repurchase such Mortgage Loan within forty-five (45) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such sixty (60) day timeframe in the event of a NSF return. In addition, if any payment referred to above is received by the Seller following the Transfer Date but such payment is made within the allotted thirty (30) or sixty (60) day period, as applicable, the Purchaser shall not have the option to request a repurchase.