Negative Covenants of the Trust Fund. Except as otherwise expressly permitted by this Agreement, the Trust Fund shall not: (a) sell, transfer, exchange or otherwise dispose of any of the assets of the Trust Fund; (b) dissolve or liquidate in whole or in part; (c) engage, directly or indirectly, in any business other than that arising out of the issue of the Certificates, and the actions contemplated or required to be performed under this Agreement; (d) incur, create or assume any indebtedness for borrowed money; (e) voluntarily file a petition for bankruptcy, reorganization, assignment for the benefit of creditors or similar proceeding; or (f) merge, convert or consolidate with any other Person.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Residential Accredit Loans Inc), Pooling and Servicing Agreement (Residential Accredit Loans Inc), Pooling and Servicing Agreement (Impac Secured Assets Corp)
Negative Covenants of the Trust Fund. Except as otherwise expressly permitted by this Agreement, the Trust Fund shall not:
(a) sell, transfer, exchange or otherwise dispose of any of the assets of the Trust Fund;
(b) dissolve or liquidate in whole or in part;
(c) engage, directly or indirectly, in any business other than that arising out of the issue of the Certificates, and the actions contemplated or required to be performed under this Agreement;
(d) incur, create or assume any indebtedness for borrowed moneymoney other than the Certificates;
(e) voluntarily file a petition for bankruptcy, reorganization, assignment for the benefit of creditors or similar proceeding; or
(f) merge, convert or consolidate with any other Person.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Residential Accredit Loans Inc), Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc), Pooling and Servicing Agreement (Residential Accredit Loans Inc)
Negative Covenants of the Trust Fund. Except as otherwise expressly permitted by this Agreement, the Trust Fund shall not:
(a) sell, transfer, exchange or otherwise dispose of any of the assets of the Trust Fund;
(b) dissolve or liquidate in whole or in part;
(c) engage, directly or indirectly, in any business other than that arising out of the issue of the Certificates, and the actions contemplated or required to be performed under this Agreement;
(d) incur, create or assume any indebtedness for borrowed moneymoney other than the Certificates;
(e) voluntarily file a petition for bankruptcy, reorganization, assignment for the benefit of creditors or similar proceeding; or
(f) merge, convert or consolidate with any other Person.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp)
