Modifications of Mortgage Loans. Notwithstanding anything to the contrary in this Agreement, neither the Trustee nor the Servicer shall permit any modification of, or take any action with respect to, the Mortgage Loans (including the Mortgage Interest Rate or, in the case of a Mortgage Loan in the Adjustable Rate Group, the method of determining the Mortgage Interest Rate, the Principal Balance, the amortization schedule, or any other term affecting the amount or timing of payments on the Mortgage Loans) that would result in an exchange within the meaning of Section 1001 of the Code unless the Trustee or the Servicer has received a Nondisqualification Opinion or a ruling from the Internal Revenue Service (at the expense of the party making the request of the Servicer or the Trustee to modify the Mortgage Loans) to the same effect as a Nondisqualification Opinion with respect to such modification.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Eqcc Asset Backed Corp), Pooling and Servicing Agreement (Eqcc Asset Backed Corp)
Modifications of Mortgage Loans. Notwithstanding anything to the contrary in this Agreement, neither the Trustee nor the Servicer shall permit any modification of, or take any action with respect to, the Mortgage Loans (including the Mortgage Interest Rate or, in the case of a Mortgage Loan in the Adjustable Rate Group, the method of determining the Mortgage Interest Rate, the Principal Balance, the amortization schedule, or any other term affecting the amount or timing of payments on the Mortgage Loans) that would result in an exchange within the meaning of Section 1001 of the Code unless (i) the Trustee or the Servicer has received a Nondisqualification Opinion or a ruling from the Internal Revenue Service (at the expense of the party making the request of the Servicer or the Trustee to modify the Mortgage Loans) to the same effect as a Nondisqualification Opinion with respect to such modification.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Eqcc Asset Backed Corp), Pooling and Servicing Agreement (Eqcc Asset Backed Corp)