Common use of Mortgage-Backed Securities Clause in Contracts

Mortgage-Backed Securities. Section 4.02(o) of the Nova II Disclosure Letter sets forth a list of the mortgage backed securities owned by Nova II or a Nova II Subsidiary that have a net book value of $10 million or more (collectively, the “Nova II MBS”). Nova II or a Nova II Subsidiary is the sole owner of the Nova II MBS, free and clear of any Liens (other than Permitted Liens). Nova II has made available to each of the Other Parties complete and correct copies of the Nova II MBS, the Nova II Principal MBS Agreements and the related certificates and other instruments evidencing ownership of the Nova II MBS to the extent that such foregoing documents are in Nova II’s possession, custody or control. Except as has not resulted in, and would not reasonably be expected to result in, a Nova II Material Adverse Effect, neither Nova II nor any Nova II Subsidiary (1) is in default in the performance of any of its obligations under any pooling and servicing agreements, trust and servicing agreements, trust agreements, servicing agreements or other similar documents providing for the creation of the Nova II MBS or the servicing of the mortgage loans underlying the Nova II MBS (collectively, but only to the extent that Nova II is a party to any of such foregoing agreements, the “Nova II Principal MBS Agreements”) or (2) has received any notice of any default by any master or special servicer of any Nova II MBS. There are no material agreements (other than the Nova II Principal MBS Agreements) between Nova II or any Nova II Subsidiary and the master or special servicer with respect to any series of Nova II MBS.

Mortgage-Backed Securities. Section 4.02(o4.01(o) of the Nova II I Disclosure Letter sets forth a list of the mortgage backed securities owned by Nova II I or a Nova II I Subsidiary that have a net book value of $10 million or more (collectively, the “Nova II I MBS”). Nova II I or a Nova II I Subsidiary is the sole owner of the Nova II I MBS, free and clear of any Liens (other than Permitted Liens). Nova II I has made available to each of the Other Parties complete and correct copies of the Nova II I MBS, the Nova II I Principal MBS Agreements and the related certificates and other instruments evidencing ownership of the Nova II I MBS to the extent that such foregoing documents are in Nova III’s possession, custody or control. Except as has not resulted in, and would not reasonably be expected to result in, a Nova II I Material Adverse Effect, neither Nova II I nor any Nova II I Subsidiary (1) is in default in the performance of any of its obligations under any pooling and servicing agreements, trust and servicing agreements, trust agreements, servicing agreements or other similar documents providing for the creation of the Nova II I MBS or the servicing of the mortgage loans underlying the Nova II I MBS (collectively, but only to the extent that Nova II I is a party to any of such foregoing agreements, the “Nova II I Principal MBS Agreements”) or (2) has received any notice of any default by any master or special servicer of any Nova II I MBS. There are no material agreements (other than the Nova II I Principal MBS Agreements) between Nova II I or any Nova II I Subsidiary and the master or special servicer with respect to any series of Nova II I MBS.