Common use of Covenants and Representations Regarding Prepayment Charges Clause in Contracts

Covenants and Representations Regarding Prepayment Charges. (a) The Servicer will not waive any Prepayment Charge or part of a Prepayment Charge unless in connection with a Mortgage Loan that is in default or for which a default is reasonably foreseeable. (b) The information set forth in the Prepayment Charge Schedule (including the prepayment charge summary attached thereto) is complete, true and correct in all material respects at the date or dates respecting which such information is furnished and each Prepayment Charge is permissible and enforceable in accordance with its terms (except to the extent that the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors' rights generally) under applicable state law. (c) Upon discovery by the Seller, the Depositor, the Servicer or a Responsible Officer of the Trustee of a breach of the foregoing, which materially and adversely affects the right of the Holders of the Class P Certificates to any Prepayment Charge, the party discovering such breach shall give prompt written notice to the other parties. Within 60 days of the earlier of discovery by the Servicer or the Seller, as the case may be, or receipt of notice by the Servicer or the Seller, as the case may be, of a breach of clause (a) or (b) above, then in the case of clause (a) above the Servicer shall cure such breach in all material respects and in the case of clause (b) above the Seller shall cure such breach in all material respects. If the covenant in clause (a) above is breached, the Servicer must pay into the Collection Account the amount of the waived Prepayment Charge. If the representation in clause (b) above is breached, in addition to any rights the Trustee may have hereunder, the Seller must pay into the Collection Account the amount of the scheduled Prepayment Charge, less any amount previously collected and paid by the Servicer into the Collection Account.

Covenants and Representations Regarding Prepayment Charges. (a) The Servicer will not waive any Prepayment Charge or part of a Prepayment Charge unless in connection with a Mortgage Loan that is in default or for which a default is reasonably foreseeable. (b) The information set forth in the Prepayment Charge Schedule (including the prepayment charge summary attached thereto) is complete, true and correct in all material respects at the date or dates respecting which such information is furnished and each Prepayment Charge is permissible and enforceable in accordance with its terms (except to the extent that the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors' rights generally) under applicable state law. (c) Upon discovery by the Seller, the Depositor, the Servicer or a Responsible Officer of the Trustee of a breach of the foregoing, which materially and adversely affects the right of the Holders of the Class P Certificates to any Prepayment Charge, the party discovering such breach shall give prompt written notice to the other parties. Within 60 days of the earlier of discovery by the Servicer or the Seller, as the case may be, or receipt of notice by the Servicer or the Seller, as the case may be, of a breach of clause (a) or (b) above, then in the case of clause (a) above the Servicer shall cure such breach in all material respects and in the case of clause (b) above the Seller shall cure such breach in all material respects. If the covenant in clause (a) above is breached, the Servicer must pay into the Collection Account the amount of the waived Prepayment Charge. If the representation in clause (b) above is breached, in addition to any rights the Trustee may have hereunder, the Seller must pay into the Collection Account the amount of the scheduled Prepayment Charge, less any amount previously collected and paid by the Servicer into the Collection Account.

Covenants and Representations Regarding Prepayment Charges. (a) The Servicer will not waive any Prepayment Charge or part of a Prepayment Charge unless in connection with a Mortgage Loan that is in default or for which a default is reasonably foreseeable. (b) The information set forth in the Prepayment Charge Schedule (including the prepayment charge summary attached thereto) is complete, true and correct in all material respects at the date or dates respecting which such information is furnished and each Prepayment Charge is permissible and enforceable in accordance with its terms (except to the extent that the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors' rights generally) under applicable state law. (c) Upon discovery by the Seller, the Depositor, the Servicer or a Responsible Officer of the Trustee of a breach of the foregoing, which materially and adversely affects the right of the Holders of the Class P Certificates to any Prepayment Charge, the party discovering such breach shall give prompt written notice to the other parties. Within 60 days of the earlier of discovery by the Servicer or the Seller, as the case may be, or receipt of notice by the Servicer or the Seller, as the case may be, of a breach of clause (a) or (b) above, then in the case of clause (a) above the Servicer shall cure such breach in all material respects and in the case of clause (b) above the Seller shall cure such breach in all material respects. If the covenant in clause (a) above is breached, the Servicer must pay into the Collection Account the amount of the waived Prepayment Charge. If the representation in clause (b) above is breached, in addition to any rights the Trustee and the Certificate Insurer may have hereunder, the Seller must pay into the Collection Account the amount of the scheduled Prepayment Charge, less any amount previously collected and paid by the Servicer into the Collection Account.

Covenants and Representations Regarding Prepayment Charges. (a) The Servicer will not waive any Prepayment Charge or part of a Prepayment Charge unless in connection with a Mortgage Loan that is in default or for which a default is reasonably foreseeable. (b) The information set forth in the Prepayment Charge Schedule (including the prepayment charge summary attached thereto) is complete, true and correct in all material respects at the date or dates respecting which such information is furnished and each Prepayment Charge is permissible and enforceable in accordance with its terms (except to the extent that the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors' rights generally) under applicable state law. (c) Upon discovery by the Seller, the Depositor, the Servicer or a Responsible Officer of the Trustee of a breach of the foregoing, which materially and adversely affects the right of the Holders of the Class P Certificates to any Prepayment Charge, the party discovering such breach shall give prompt written notice to the other parties. Within 60 days of the earlier of discovery by the Servicer or the Seller, as the case may be, or receipt of notice by the Servicer or the Seller, as the case may be, of a breach of clause (a) or (b) above, then in the case of clause (a) above the Servicer shall cure such breach in all material respects and in the case of clause (b) above the Seller shall cure such breach in all material respects. If the covenant in clause (a) above is breached, the -66- Servicer must pay into the Collection Account the amount of the waived Prepayment Charge. If the representation in clause (b) above is breached, in addition to any rights the Trustee may have hereunder, the Seller must pay into the Collection Account the amount of the scheduled Prepayment Charge, less any amount previously collected and paid by the Servicer into the Collection Account.

Covenants and Representations Regarding Prepayment Charges. (a) The Servicer will not waive any Prepayment Charge or part of a Prepayment Charge unless in connection with a Mortgage Loan that is in default or for which a default is reasonably foreseeable. (b) The information set forth in the Prepayment Charge Schedule (including the prepayment charge summary attached thereto) is complete, true and correct in all material respects at the date or dates respecting which such information is furnished and each Prepayment Charge is permissible and enforceable in accordance with its terms (except to the extent that the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors' ’ rights generally) under applicable state law. (c) Upon discovery by the Seller, the Depositor, the Servicer or a Responsible Officer of the Trustee of a breach of the foregoing, which materially and adversely affects the right of the Holders of the Class P Certificates to any Prepayment Charge, the party discovering such breach shall give prompt written notice to the other parties. Within 60 days of the earlier of discovery by the Servicer or the Seller, as the case may be, or receipt of notice by the Servicer or the Seller, as the case may be, of a breach of clause (a) or (b) above, then in the case of clause (a) above the Servicer shall cure such breach in all material respects and in the case of clause (b) above the Seller shall cure such breach in all material respects. If the covenant in clause (a) above is breached, the Servicer must pay into the Collection Account the amount of the waived Prepayment Charge. If the representation in clause (b) above is breached, in addition to any rights the Trustee may have hereunder, the Seller must pay into the Collection Account the amount of the scheduled Prepayment Charge, less any amount previously collected and paid by the Servicer into the Collection Account.