Common use of CONVEYANCE OF MORTGAGE LOANS; ORIGINAL Clause in Contracts

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL. ISSUANCE OF CERTIFICATES 55 SECTION 2.01. Conveyance of the Mortgage Loans......................................................55 SECTION 2.02. Acceptance of REMIC I by Trustee......................................................58 SECTION 2.03. Repurchase or Substitution of Mortgage Loans by NC Capital or the Seller..............59 SECTION 2.04. Reserved..............................................................................62 SECTION 2.05. Representations, Warranties and Covenants of the Servicer.............................62 SECTION 2.06. Conveyance of REMIC Regular Interests and Acceptance of REMIC I, REMIC II, REMIC III and REMIC IV by the Trustee; Issuance of Certificates.......................65 SECTION 2.07. Issuance of Class R Certificates and Class R-X Certificates...........................66 ARTICLE III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS 67

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL. ISSUANCE OF CERTIFICATES 55 72 SECTION 2.01. Conveyance of the Mortgage Loans......................................................55 ............................72 SECTION 2.02. Acceptance of REMIC I by Trustee......................................................58 ............................75 SECTION 2.03. Repurchase or Substitution of Mortgage Loans by NC Capital an Originator or the Seller..............59 ....................................77 SECTION 2.04. Reserved..............................................................................62 ....................................................79 SECTION 2.05. Representations, Warranties and Covenants of the Servicers and the Master Servicer.............................62 ...........................80 SECTION 2.06. Conveyance of REMIC Regular Interests and Acceptance of REMIC I, REMIC II, REMIC III III, REMIC IV, REMIC V, REMIC VI and REMIC IV VII by the Trustee; Issuance of Certificates.......................65 ................................................83 SECTION 2.07. Issuance of Class R Certificates and Class R-X Certificates...........................66 ARTICLE III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS 67................................................85

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL. ISSUANCE OF CERTIFICATES 55 SECTION 2.01. Conveyance of the Mortgage Loans..................................................................................................................55 SECTION 2.02. Acceptance of REMIC I by Trustee..................................................................................................................58 SECTION 2.03. Repurchase or Substitution of Mortgage Loans by NC Capital an Originator or the Seller...............................59 SECTION 2.04. Reserved..................................................................................................................................................................62 SECTION 2.05. Representations, Warranties and Covenants of the Master Servicer.........................................................62 SECTION 2.06. Conveyance of REMIC Regular Interests and Acceptance of REMIC I, REMIC II, REMIC III and REMIC IV by the Trustee; Issuance of Certificates.......................65 .........................64 SECTION 2.07. Issuance of Class R Certificates and Class R-X Certificates...........................66 .................................65 ARTICLE III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS 6765

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL. ISSUANCE OF CERTIFICATES 55 SECTION 2.01. Conveyance of the Mortgage Loans......................................................55 SECTION ...............................................................49 2.02. Acceptance of REMIC I by Trustee......................................................58 SECTION ...............................................................51 2.03. Repurchase or Substitution of Mortgage Loans by NC Capital the Seller or the Seller..............59 SECTION Depositor......................................................................................52 2.04. Reserved..............................................................................62 SECTION Representations and Warranties of the Depositor................................................55 2.05. Representations, Warranties and Covenants of the Master Servicer.............................62 SECTION ...............................57 2.06. Issuance of the Class R-I Certificates.........................................................59 2.07. Conveyance of the REMIC I Regular Interests; Acceptance of REMIC II by the Trustee.................................................................................60 2.08. Issuance of Class R-II Certificates............................................................60 2.09. Conveyance of REMIC II Regular Interests and Interests; Acceptance of REMIC I, REMIC II, REMIC III and REMIC IV by the Trustee; Issuance of Certificates.......................65 SECTION 2.07.................................................................................60 2.10. Issuance of Class R Certificates and Class R-X REMIC III Certificates...........................66 ARTICLE III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS 67.............................................................60 2.11. Conveyance of the Subsequent Mortgage Loans....................................................61

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL. ISSUANCE OF CERTIFICATES 55 SECTION 2.01. Conveyance of the Mortgage Loans......................................................55 SECTION 47 2.02. Acceptance of REMIC I by Trustee......................................................58 SECTION 49 2.03. Repurchase or Substitution of Mortgage Loans by NC Capital the Originator, the Seller or the Seller..............59 SECTION Depositor...............................................................50 2.04. Reserved..............................................................................62 Representations and Warranties of the Depositor.......................................53 SECTION PAGE ------- ---- 2.05. Representations, Warranties and Covenants of the Master Servicer.............................62 SECTION ......................55 2.06. Issuance of the Class R-I Certificates................................................58 2.07. Conveyance of the REMIC I Regular Interests; Acceptance of REMIC II by the Trustee........................................................................59 2.08. Issuance of Class R-II Certificates...................................................59 2.09. Conveyance of REMIC II Regular Interests and Interests; Acceptance of REMIC I, REMIC II, REMIC III and REMIC IV by the Trustee; Issuance of Certificates.......................65 SECTION 2.07...........................................................................59 2.10. Issuance of Class R Certificates and Class R-X REMIC III Certificates...........................66 ARTICLE III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS 67....................................................59 2.11. Conveyance of the Subsequent Mortgage Loans...........................................60