Common use of Abandonments of Mortgaged Property Clause in Contracts

Abandonments of Mortgaged Property. The Master Servicer shall prepare and deliver, or cause to be prepared, mailed and filed all federal and state information reports for the Home Equity Loans when and as required by all applicable state and federal income tax laws including, to the extent applicable, returns reporting a cancellation of indebtedness as prescribed by Section 6050P of the Code. In particular, with respect to the requirement under Section 6050J of the Code, to the effect that a lender shall be required to report foreclosures and abandonments of any mortgaged property for each year beginning in 2003, the Master Servicer shall prepare, mail and file in a timely fashion each year as required by law information statements in accordance with the reporting requirements imposed by Section 6050J with respect to each instance occurring during the previous calendar year in which the Master Servicer or any Servicer (i) on behalf of the Indenture Trustee acquired an interest in any Mortgaged Property through foreclosure or other comparable conversion in full or partial satisfaction of a Home Equity Loan or (ii) knew or had reason to know that any Mortgaged Property has been abandoned. The information statements from the Master Servicer shall be in form and substance sufficient to meet the reporting requirements imposed by Section 6050J of the Code.

Abandonments of Mortgaged Property. The Master Servicer shall prepare and deliver, or cause to be prepared, mailed and filed all federal and state information reports for the Home Equity Loans when and as required by all applicable state and federal income tax laws including, to the extent applicable, returns reporting a cancellation of indebtedness as prescribed by Section 6050P of the Code. In particular, with respect to the requirement under Section 6050J of the Code, to the effect that a lender shall be required to report foreclosures and abandonments of any mortgaged property for each year beginning in 20032005, the Master Servicer shall prepare, mail and file in a timely fashion each year as required by law information statements in accordance with the reporting requirements imposed by Section 6050J with respect to each instance occurring during the previous calendar year in which the Master Servicer or any Servicer (i) on behalf of the Indenture Trustee acquired an interest in any Mortgaged Property through foreclosure or other comparable conversion in full or partial satisfaction of a Home Equity Loan or (ii) knew or had reason to know that any Mortgaged Property has been abandoned. The information statements from the Master Servicer shall be in form and substance sufficient to meet the reporting requirements imposed by Section 6050J of the Code.

Abandonments of Mortgaged Property. The Master Servicer shall prepare and deliver, or cause to be prepared, mailed and filed all federal and state information reports for the Home Equity Loans when and as required by all applicable state and federal income tax laws including, to the extent applicable, returns reporting a cancellation of indebtedness as prescribed by Section 6050P of the Code. In particular, with respect to the requirement under Section 6050J of the Code, to the effect that a lender shall be required to report foreclosures and abandonments of any mortgaged property for each year beginning in 20032004, the Master Servicer shall prepare, mail and file in a timely fashion each year as required by law information statements in accordance with the reporting requirements imposed by Section 6050J with respect to each instance occurring during the previous calendar year in which the Master Servicer or any Servicer (i) on behalf of the Indenture Trustee acquired an interest in any Mortgaged Property through foreclosure or other comparable conversion in full or partial satisfaction of a Home Equity Loan or (ii) knew or had reason to know that any Mortgaged Property has been abandoned. The information statements from the Master Servicer shall be in form and substance sufficient to meet the reporting requirements imposed by Section 6050J of the Code.

Abandonments of Mortgaged Property. The Master Servicer shall prepare and deliver, or cause to be preparedprepared and delivered, mailed and filed to the Trustee all federal and state information reports for the Home Equity Loans when and as required by all applicable state and federal income tax laws including, to the extent applicable, returns reporting a cancellation of indebtedness as prescribed by Section 6050P of the Code. In particular, with respect to the requirement under Section 6050J of the Code, Code to the effect that a lender the Trustee shall be required to report make reports of foreclosures and abandonments of any mortgaged property for each year beginning in 20031999, the Master Servicer Servicer, in order to facilitate this reporting process, shall prepare, mail and file provide to the Trustee in a timely fashion each year as required by law information statements in accordance with the reporting requirements imposed by Section 6050J with respect reports relating to each instance occurring during the previous calendar year in which the Master Servicer or any Servicer (i) on behalf of the Indenture Trustee acquired an interest in any Mortgaged Property through foreclosure or other comparable conversion in full or partial satisfaction of a Home Equity Loan or (ii) knew or had reason to know that any Mortgaged Property has been abandoned. The information statements reports from the Master Servicer shall be in form and substance sufficient to enable the Trustee to meet the reporting requirements imposed by Section 6050J of the Code.