TO
MORTGAGE ASSTS THAT ARE FUTURE ADVANCE LOANS, THE MAXIMUM FUTURE ADVANCE AMOUNT.
(L)
PURSUANT TO SECTION 3.01(B) OF THE CUSTODIAL AGREEMENT, THE
CUSTODIAN SHALL DELIVER TO THE SELLER AND THE AGENT AN ASSET SCHEDULE AND
EXCEPTION REPORT WITH RESPECT TO THE DRY MORTGAGE ASSETS WHICH THE SELLER HAS
REQUESTED THE AGENT PURCHASE, ON BEHALF OF THE BUYERS, ON SUCH PURCHASE DATE,
AND NO LATER THAN 12:00 P.M., NEW YORK CITY TIME, ON EACH PURCHASE DATE, THE
CUSTODIAN SHALL DELIVER TO THE AGENT A DRY TRUST RECEIPT IN RESPECT OF ALL SUCH
DRY MORTGAGE ASSETS PURCHASED BY THE AGENT, ON BEHALF OF THE BUYERS, ON SUCH
PURCHASE DATE.
SUBJECT TO THE PROVISIONS OF THIS ARTICLE III, THE PURCHASE
PRICE FOR EACH ELIGIBLE ASSET WILL BE MADE AVAILABLE TO THE SELLER BY THE AGENT
TRANSFERRING THE AGGREGATE AMOUNT OF SUCH PURCHASE PRICE IN ACCORDANCE WITH THE
WIRING INSTRUCTIONS SET FORTH IN RESPECT OF THE SELLER ON SCHEDULE 2.
(M)
WITH RESPECT TO ANY TRANSACTION INVOLVING AN ELIGIBLE ASSET THAT IS
A FUTURE ADVANCE LOAN, THE SELLER SHALL INDICATE ON THE RELATED CONFIRMATION
THAT SUCH ELIGIBLE ASSET IS A FUTURE ADVANCE LOAN, AND SHALL PROVIDE THE
INFORMATION CONTAINED IN APPENDIX II TO THE CONFIRMATION REGARDING SUCH FUTURE
ADVANCE LOAN, AS WELL AS ANY FUTURE ADVANCE LOANS THAT ARE SUBJECT TO ANY
OUTSTANDING TRANSACTIONS.
ON THE PURCHASE DATE OF A FUTURE ADVANCE LOAN, (I)
THE AMOUNTS DESIGNATED AS THE REMAINING FUTURE ADVANCE AMOUNT ON APPENDIX II OF
THE RELATED CONFIRMATION SHALL BE ALLOCATED TO THE MAXIMUM FUTURE ADVANCE
AMOUNT
AND (II) THE AMOUNTS DESIGNATED AS THE INITIAL AMOUNT AND THE FUNDED
FUTURE ADVANCE AMOUNT SHALL BE ALLOCATED TO THE MAXIMUM AMOUNT.
UPON RECEIPT OF
EVIDENCE SATISFACTORY TO THE AGENT THAT THE FUTURE ADVANCE LOAN HAS BEEN FUNDED
IN WHOLE OR PART BY THE SELLER, SUCH FUNDED AMOUNTS SHALL
41
AT THAT TIME BE ALLOCATED TO THE MAXIMUM AMOUNT AND ANY REMAINING AMOUNT OF THE
FUTURE ADVANCE LOAN SHALL CONTINUE TO BE ALLOCATED TO THE MAXIMUM FUTURE ADVANCE
AMOUNT.
FOR THE AVOIDANCE OF DOUBT, WITH RESPECT TO EACH FUTURE ADVANCE LOAN,
ANY AMOUNTS INITIALLY ALLOCATED AGAINST THE MAXIMUM FUTURE ADVANCE AMOUNT AND
SUBSEQUENTLY REALLOCATED TO THE MAXIMUM AMOUNT FOLLOWING THE FUNDING OF ALL OR A
PORTION OF THE FUTURE ADVANCES UNDER SUCH FUTURE ADVANCE LOAN, SUCH AMOUNTS WILL
AGAIN BE AVAILABLE UNDER THE MAXIMUM FUTURE ADVANCE AMOUNT, IN ACCORDANCE WITH
THIS CLAUSE (M), TO BE ALLOCATED AGAINST SUBSEQUENT FUTURE ADVANCE LOANS.
SECTION 3.04
REPURCHASES.
(A)
OPTIONAL REPURCHASES.
SUBJECT TO THE PAYMENT OF ANY LIBOR
BREAKAGE COSTS AND ANY OTHER FEE OR PAYMENT THEN DUE IN ACCORDANCE WITH TERMS
HEREOF, THE SELLER MAY REPURCHASE PURCHASED ASSETS, WITHOUT PENALTY OR PREMIUM
(OTHER THAN ANY FEES PAYABLE), IN WHOLE ON ANY DATE AND IN PART ON ANY DATE SO
LONG AS (I) NO MARGIN DEFICIT, DEFAULT OR EVENT OF DEFAULT SHALL HAVE OCCURRED
AND THEN BE CONTINUING AND (II) PROVIDED THAT THE AGGREGATE LETTER OF CREDIT
LIABILITY PLUS THE AGGREGATE REPURCHASE PRICE OF ALL PURCHASED ASSETS