Common use of Converted Loans Clause in Contracts

Converted Loans. Upon receipt of written notice from the Servicer of the conversion of any Adjustable Rate Asset to a Converted Loan, the Trustee shall direct the Servicer to enforce the related Seller's obligation set forth in its Sales Agreement to purchase such Converted Loan from the Trustee, or the Servicer shall repurchase such Converted Loan from the Trustee. In the event the Servicer or Seller defaults upon its obligation to purchase any Converted Loan, and, in the case of a Seller default, such default remains unremedied for a period of five Business Days after written notice of such default shall have been given by the Servicer to the Seller, then the Servicer shall use its best efforts to cause such Converted Loan to be sold for settlement on the last day of any month to any entity which the Servicer may in its sole discretion select. The Servicer shall not cause a Converted Loan to be sold or otherwise transferred to a Person other than the Servicer or Seller (or other Person who has a pre-existing obligation to purchase such loan) unless (i) upon such sale the Trust would receive a net amount at least equal to the Repurchase Price of the Converted Loan and (ii) if the Repurchase Price of the Converted Loan exceeds the related Basis Limit Amount, the Servicer receives an Opinion of Counsel that such disposition of a Converted Loan will not result in the imposition of a "prohibited transaction" tax (as such term is defined in the Code) on any related REMIC or jeopardize its status as a REMIC. Any such Converted Loan which is not purchased by the Servicer or the Seller and which the Servicer is unable to sell as described in the second preceding sentence shall remain in the Trust.

Converted Loans. Upon receipt of written notice from the Master Servicer of the conversion of any Adjustable Rate Asset to a Converted Loan, the Trustee shall direct the Master Servicer to enforce the related Seller's obligation set forth in its Sales Agreement to purchase such Converted Loan from the TrusteeTrust, or the Master Servicer shall repurchase such Converted Loan from the TrusteeTrust. In the event the Master Servicer or Seller defaults upon its obligation to purchase any Converted Loan, and, in the case of a Seller default, such default remains unremedied for a period of five Business Days after written notice of such default shall have been given by the Master Servicer to the Seller, then the Master Servicer shall use its best efforts to cause such Converted Loan to be sold for settlement on the last day of any month to any entity which the Master Servicer may in its sole discretion select. The Master Servicer shall not cause a Converted Loan to be sold or otherwise transferred to a Person other than the Master Servicer or Seller (or other Person who has a pre-existing obligation to purchase such loan) unless (i) upon such sale the Trust would receive a net amount at least equal to the Repurchase Price of the Converted Loan and (ii) if the Repurchase Price of the Converted Loan exceeds the related Basis Limit Amount, the Master Servicer receives an Opinion of Counsel that such disposition of a Converted Loan will not result in the imposition of a "prohibited transaction" tax (as such term is defined in the Code) on any related REMIC or jeopardize its status as a REMIC. Any such Converted Loan which is not purchased by the Master Servicer or the Seller and which the Master Servicer is unable to sell as described in the second preceding sentence shall remain in the Trust.

Converted Loans. Upon receipt of written notice from the Master Servicer of the conversion of any Adjustable Rate Asset to a Converted Loan, the Trustee shall direct the Master Servicer to enforce the related Seller's obligation set forth in its Sales Agreement to purchase such Converted Loan from the Trustee, or the Master Servicer shall repurchase such Converted Loan from the Trustee. In the event the Master Servicer or Seller defaults upon its obligation to purchase any Converted Loan, and, in the case of a Seller default, such default remains unremedied for a period of five Business Days after written notice of such default shall have been given by the Master Servicer to the Seller, then the Master Servicer shall use its best efforts to cause such Converted Loan to be sold for settlement on the last day of any month to any entity which the Master Servicer may in its sole discretion select. The Master Servicer shall not cause a Converted Loan to be sold or otherwise transferred to a Person other than the Master Servicer or Seller (or other Person who has a pre-existing obligation to purchase such loan) unless (i) upon such sale the Trust would receive a net amount at least equal to the Repurchase Price of the Converted Loan and (ii) if the Repurchase Price of the Converted Loan exceeds the related Basis Limit Amount, the Master Servicer receives an Opinion of Counsel that such disposition of a Converted Loan will not result in the imposition of a "prohibited transaction" tax (as such term is defined in the Code) on any related REMIC or jeopardize its status as a REMIC. Any such Converted Loan which is not purchased by the Master Servicer or the Seller and which the Master Servicer is unable to sell as described in the second preceding sentence shall remain in the Trust.

Converted Loans. Upon receipt of written notice from the Servicer of --------------- the conversion of any Adjustable Rate Asset to a Converted Loan, the Trustee shall direct the Servicer to enforce the related Seller's obligation set forth in its Sales Agreement to purchase such Converted Loan from the Trustee, or the Servicer shall repurchase such Converted Loan from the Trustee. In the event the Servicer or Seller defaults upon its obligation to purchase any Converted Loan, and, in the case of a Seller default, such default remains unremedied for a period of five Business Days after written notice of such default shall have been given by the Servicer to the Seller, then the Servicer shall use its best efforts to cause such Converted Loan to be sold for settlement on the last day of any month to any entity which the Servicer may in its sole discretion select. The Servicer shall not cause a Converted Loan to be sold or otherwise transferred to a Person other than the Servicer or Seller (or other Person who has a pre-existing obligation to purchase such loan) unless (i) upon such sale the Trust would receive a net amount at least equal to the Repurchase Price of the Converted Loan and (ii) if the Repurchase Price of the Converted Loan exceeds the related Basis Limit Amount, the Servicer receives an Opinion of Counsel that such disposition of a Converted Loan will not result in the imposition of a "prohibited transaction" tax (as such term is defined in the Code) on any related REMIC or jeopardize its status as a REMIC. Any such Converted Loan which is not purchased by the Servicer or the Seller and which the Servicer is unable to sell as described in the second preceding sentence shall remain in the Trust.

Converted Loans. Upon receipt of written notice from the Master Servicer of the conversion of any Adjustable Rate Asset to a Converted Loan, the Trustee shall direct the Master Servicer to enforce the related Seller's ’s obligation set forth in its Sales Agreement to purchase such Converted Loan from the Trustee, or the Master Servicer shall repurchase such Converted Loan from the Trustee. In the event the Master Servicer or Seller defaults upon its obligation to purchase any Converted Loan, and, in the case of a Seller default, such default remains unremedied for a period of five Business Days after written notice of such default shall have been given by the Master Servicer to the Seller, then the Master Servicer shall use its best efforts to cause such Converted Loan to be sold for settlement on the last day of any month to any entity which the Master Servicer may in its sole discretion select. The Master Servicer shall not cause a Converted Loan to be sold or otherwise transferred to a Person other than the Master Servicer or Seller (or other Person who has a pre-existing obligation to purchase such loan) unless (i) upon such sale the Trust would receive a net amount at least equal to the Repurchase Price of the Converted Loan and (ii) if the Repurchase Price of the Converted Loan exceeds the related Basis Limit Amount, the Master Servicer receives an Opinion of Counsel that such disposition of a Converted Loan will not result in the imposition of a "“prohibited transaction" ” tax (as such term is defined in the Code) on any related REMIC or jeopardize its status as a REMIC. Any such Converted Loan which is not purchased by the Master Servicer or the Seller and which the Master Servicer is unable to sell as described in the second preceding sentence shall remain in the Trust.