Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer nor the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 39 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Top20), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 TOP 17), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying AgentCertificate Administrator, the Custodian, the Master Servicer nor or the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a repurchase or substitution pursuant to contemplated by Article II hereof), nor acquire any assets for the Trust, except as provided in contemplated by Article II hereof, nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" ” or other tax pursuant to the REMIC Provisions.
Appears in 33 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14)
Prohibited Transactions and Activities. Neither the TrusteeDepositor, the Paying Agent, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has and the NIMS Insurer have received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 31 contracts
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Opt5), Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Opt1), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Opt2)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer Depositor nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to any tax including a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 22 contracts
Samples: Trust Agreement (Merrill Lynch Mort Invest Inc MLCC 2003-B Mort Ps THR Cert), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust MLCC Series 2004-1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2006-1)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Loan unless the Mortgage Loan is the subject of a Material Breach or Material Document Defect or is in default or default with respect thereto is reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the three (3-) month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will shall not (Aa) affect adversely the status of any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Trust Interests as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the CertificatesTrust Interests, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 17 contracts
Samples: Trust and Servicing Agreement (CSAIL 2021-C20 Commercial Mortgage Trust), Trust and Servicing Agreement (BBCMS Mortgage Trust 2021-C9), Trust and Servicing Agreement (Benchmark 2021-B23 Mortgage Trust)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer Depositor nor the Special Servicer Securities Administrator shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to any tax including a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 16 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Af2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3), Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A3)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust Fund and the Companion Loan Holders, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Whole Loan at a time when the Whole Loan is not the subject of a breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services not contemplated herein, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the 3three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will not (Aa) affect adversely the status of any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Certificates as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Regular Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 12 contracts
Samples: Trust and Servicing Agreement (Bank 2020-Bnk25), Trust and Servicing Agreement (Bank 2019-Bnk23), Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C5)
Prohibited Transactions and Activities. Neither the TrusteeSeller, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 12 contracts
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp C Bass Mort Ln as Bk Ce Se 02-Cb6), Pooling and Servicing Agreement (Asset Backed Funding Corp), Pooling and Servicing Agreement (Asset Backed Funding Corp 2002 Wf1 Trust)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust Fund, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Trust Loan at a time when the Trust Loan is not the subject of a breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the 3three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will not (Aa) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC, or adversely affect adversely the status of any REMIC Pool the Regular Certificates as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 11 contracts
Samples: Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2021-C61), Trust and Servicing Agreement (3650R 2021-Pf1 Commercial Mortgage Trust), Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2021-C60)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has and the NIMS Insurer have received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to any tax including a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 11 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Am1), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)
Prohibited Transactions and Activities. Neither the TrusteeSeller, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for any REMIC constituting part of the Trust, except as provided in Article II hereofTrust Fund, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during constituting part of the 3-month period beginning on Trust Fund after the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 10 contracts
Samples: Pooling and Servicing Agreement (C-Bass 2007-Cb5 Trust), Pooling and Servicing Agreement (Asset Backed Funding Corp C-Bass Mortgage Loan Asset-Backed Certificates, Series 2004-Cb5), Pooling and Servicing Agreement (Asset Backed Funding Corp C Bass Mor Ln as Bk Ce Se 2004 Cb1)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it and any NIMS Insurer has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to any tax including a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 9 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10), Trust Agreement (First Franklin Mortgage Loan Trust 2003-FFB), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-S2)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Loan unless the Mortgage Loan is the subject of a Material Breach or Material Document Defect or is in default or default with respect thereto is reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the three (3-) month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will shall not (Aa) affect adversely the status of any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Certificates as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 8 contracts
Samples: Trust and Servicing Agreement (Bank 2022-Bnk41), Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2022-C62), Trust and Servicing Agreement (BBCMS Mortgage Trust 2022-C15)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer or the Trustee shall sell, the Master Servicer nor the Special Servicer shall permit the saledispose of, disposition or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-Wf2), Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-Eq1), Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-Wf1)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying AgentCertificate Administrator, the Master Servicer nor or the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a repurchase or substitution pursuant to contemplated by Article II hereof), nor acquire any assets for the Trust, except as provided in contemplated by Article II hereof, nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" ” or other tax pursuant to the REMIC Provisions.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2012-C4)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer nor the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Hq13), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Hq12), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006 - HQ9)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentSecurities Administrator, the Master Servicer nor or the Special Servicer Trustee shall permit the salesell, disposition dispose of or substitution of substitute for any of the Mortgage Loans (except in a disposition pursuant to connection with (i) the foreclosure or default of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy or insolvency of any REMIC Pool, I (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) I pursuant to Article IX of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereofof this Agreement or (v) a purchase of Loans pursuant to Article II of this Agreement), nor acquire any assets for the Trust, except as provided any REMIC (other than REO Property acquired in Article II hereofrespect of a defaulted Loan), nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool after the Closing Date (other than a cash contribution during the 3-month period beginning on the Startup DaySubstitute Loan delivered in accordance with Section 2.3), unless it has received an Opinion of Counsel Counsel, addressed to the Trustee (at the expense of the Person requesting party seeking to cause such action) to the effect that such sale, disposition, acquisition, substitution, acquisition or acceptance contribution but in no event at the expense of the Trustee) that such sale, disposition, substitution, acquisition or contribution will not (Aa) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (Db) cause any REMIC Pool to be subject to a tax on "“prohibited transactions" ” or "prohibited “contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Deutsche Mortgage Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-4), Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust Fund, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Loan at a time when the Mortgage Loan is not the subject of a breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than the Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the 3three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will not (Aa) affect adversely the status of any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Certificates as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 7 contracts
Samples: Trust and Servicing Agreement (Benchmark 2022-B35 Mortgage Trust), Trust and Servicing Agreement (Bank 2022-Bnk41), Trust and Servicing Agreement (Benchmark 2022-B34 Mortgage Trust)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to any tax including a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Sequoia Residential Funding Inc), Pooling and Servicing Agreement (Sequoia Residential Funding Inc), Pooling and Servicing Agreement (Sequoia Residential Funding Inc)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicers or the Trustee shall sell, the Master Servicer nor the Special Servicer shall permit the saledispose of, disposition or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Ctx1), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-2), Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-4, Asset-Backed Certificates, Series 2005-4)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to any tax including a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 6 contracts
Samples: Trust Agreement (Amoritizing Residential Col Tr Mor Pas Thru Cer Ser 2002-Bc6), Trust Agreement (Structured Asset Securities Corp), Trust Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-12xs)
Prohibited Transactions and Activities. Neither the TrusteeSeller, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2005-Cb8, C-Bass Mortgage Loan Asset-Backed Certificates), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc), Pooling and Servicing Agreement (C-Bass MTG Ln as Bk Cert Ser 2004-Cb4)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer or the Trustee shall sell, the Master Servicer nor the Special Servicer shall permit the saledispose of, disposition or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) an optional purchase by the Servicer pursuant to Section 3.16 of this Agreement, nor acquire any assets for any REMIC constituting part of the Trust, except as provided in Article II hereofTrust Fund, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during constituting part of the 3-month period beginning on Trust Fund after the Startup Day)Closing Date, unless it such party and the NIMS Insurer has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class R Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (CHEC Loan Trust 2004-2 Asset-Backed Certificates, Series 2004-2), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff5), Pooling and Servicing Agreement (ABFC Asset-Backed Certificates, Series 2005-He2)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust Fund, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Trust Loan at a time when the Trust Loan is not the subject of a breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the 3three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will not (Aa) affect adversely the status of any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Certificates as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 5 contracts
Samples: Trust and Servicing Agreement (CSAIL 2016-C7 Commercial Mortgage Trust), Trust and Servicing Agreement (CSAIL 2016-C6 Commercial Mortgage Trust), Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2016-Ubs9)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying AgentDepositor, the Master Servicer nor or the Special Servicer Trustee shall permit (except as otherwise expressly permitted under the saleterms of this Agreement) (1) sell, disposition dispose of, or substitution of substitute any of property for any of, the Mortgage Loans (except in a disposition pursuant to connection with (i) the foreclosure or default of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) 1, REMIC 2 or REMIC 3 pursuant to Article IX of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereofof this Agreement or (v) a purchase of defective or defaulted Mortgage Loans pursuant to Article II or III of this Agreement), nor (2) acquire any assets for the TrustTrust Fund (other than REO Property acquired in respect of a defaulted Mortgage Loan), except as provided in Article II hereof, nor (3) sell or dispose of any investments in the Certificate Custodial Account or Distribution the Certificate Account for gain, nor (4) accept any contributions to any REMIC Pool the REMICs after the Closing Date (other than a cash contribution during the 3-month period beginning on the Startup DayQualified Substitute Mortgage Loan delivered in accordance with Section 2.04), in each case, unless it has received an Opinion of Counsel Counsel, addressed to the Trustee (at the expense of the Person requesting party seeking to cause such action) to the effect that such sale, disposition, acquisition, substitution, acquisition or acceptance contribution, but in no event at the expense of the Trustee) that such sale, disposition, substitution, acquisition or contribution will not (Aa) affect adversely the status of any REMIC Pool 1, REMIC 2 or REMIC 3 as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) REMICs or (Db) cause any REMIC Pool the Trust Fund to be subject to a tax on "“prohibited transactions" ” or "prohibited “contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Impac Secured Assets Trust 2007-3), Pooling and Servicing Agreement (Impac Secured Assets Trust 2007-3), Pooling and Servicing Agreement (Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-1)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying AgentDepositor, the Master Servicer nor Servicer, the Special Servicer Trust Administrator or the Trustee shall permit the salesell, disposition dispose of or substitution of substitute for any of the Mortgage Loans (except in a disposition pursuant to connection with (i) the foreclosure or default of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy or insolvency of any REMIC PoolI, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) I pursuant to Article IX of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereofof this Agreement or (v) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement), nor acquire any assets for the Trustany of REMIC I, except as provided REMIC II or REMIC III (other than REO Property acquired in Article II hereofrespect of a defaulted Mortgage Loan), nor sell or dispose of any investments in the Certificate Collection Account or the Distribution Account for gain, nor accept any contributions to any of REMIC Pool I, REMIC II or REMIC III after the Closing Date (other than a cash contribution during the 3-month period beginning on the Startup DayQualified Substitute Mortgage Loan delivered in accordance with Section 2.03), unless it has received an Opinion of Counsel Counsel, addressed to the Trustee and the Trust Administrator (at the expense of the Person requesting party seeking to cause such action) to the effect that such sale, disposition, acquisition, substitution, acquisition or acceptance contribution but in no event at the expense of the Trustee or the Trust Administrator) that such sale, disposition, substitution, acquisition or contribution will not (Aa) affect adversely the status of any of REMIC Pool I, REMIC II or REMIC III as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (Db) cause any of REMIC Pool I, REMIC II or REMIC III to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rte Cert Se 1999-Nc4), Pooling and Servicing Agreement (Salomon Broth Mo Se Vii Inc Fl Rt Mor Pa Th Cer Ser 1999 Nc2), Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Inc Mor Pa THR Cer Ser 1999 Nc1)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer nor the The Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Loan at a time when the Mortgage Loan is not the subject of a breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services not contemplated herein, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the 3three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will not (Aa) affect adversely the status of any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Certificates as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Regular Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 5 contracts
Samples: Trust and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P6), Trust and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P5), Trust and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer or the Trustee shall sell, the Master Servicer nor the Special Servicer shall permit the saledispose of, disposition or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)or Section 3.10 of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor or acquire any assets for the Trustany REMIC, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account Distribution Account, or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such action) to the effect that such sale, disposition, acquisition, substitutionsubstitution or acceptance) acceptable to the Certificate Insurer that such sale, disposition, acquisition, substitution or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class R Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or ), (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC ProvisionsProvisions or (e) disqualify the Trust from being a qualifying special purpose entity under generally accepted accounting principles.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (IndyMac Residential Mortgage-Backed Trust, Series 2006-L3), Pooling and Servicing Agreement (IndyMac Residential Mortgage-Backed Trust, Series 2006-L2), Pooling and Servicing Agreement (IndyMac Residential Mortgage-Backed Trust, Series 2006-L3)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer Servicers nor the Special Servicer Servicers shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account Accounts or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ10), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq16), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq15)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Option One Mortgage Acceptance Corp Ass Back Cert Ser 2000 4), Pooling and Servicing Agreement (Financial Asset Sec Corp First Franklin Mort Ln Tr 2000 Ff1), Pooling and Servicing Agreement (Financial Assets Sec Corp First Frank Mort Ln Tr 2002-Ff1)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it the Trustee and any NIMS Insurer has received an Opinion of Counsel addressed to the Trustee (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to any tax including a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 4 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc5), Trust Agreement (Structured Asset Investment Loan Trust 2003-Bc2), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc4)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying AgentDepositor, the Master Servicer nor or the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) an optional purchase by the Master Servicer pursuant to Section 3.16 of this Agreement, nor acquire any assets for any REMIC constituting part of the Trust, except as provided in Article II hereofTrust Fund, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during constituting part of the 3-month period beginning on Trust Fund after the Startup Day)Closing Date, unless it such party and the NIMS Insurer has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class R Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp. ABFC Asset Backed Certificates Series 2004-Opt3), Pooling and Servicing Agreement (Asset-Backed Funding Corp. ABFC Asset Backed Certificates, Series 2004-Opt4), Pooling and Servicing Agreement (Asset-Backed Funding Corp. ABFC Asset Backed Certificates, Series 2004-Opt5)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying AgentDepositor, the Master Servicer nor or the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 4 contracts
Samples: Trust Agreement (Lehman Mortgage Trust 2007-2), Trust Agreement (Lehman Mortgage Trust 2007-3), Trust Agreement (Lehman Mortgage Trust 2007-6)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust and the Companion Loan Holders, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Whole Loan at a time when the Whole Loan is not the subject of a breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services not contemplated herein, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the 3three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will not (Aa) affect adversely the status of any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Certificates as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Regular Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 4 contracts
Samples: Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C5), Trust and Servicing Agreement (UBS Commercial Mortgage Trust 2019-C17), Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C4)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying Agent, the Master Servicer nor or the Special Servicer shall shall, to the extent within its control, permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure foreclosure, default or imminent default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the REMIC Pool Pools in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a repurchase or substitution pursuant to by any Seller, as contemplated by Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereofherein, nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such sale, disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Certificates or the Component Interests of the Class X Certificates, other than as the Residual Certificatescase may be, as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Com Mort Ps THR Cer Se 1998-Cf1), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer nor the Special Servicer The Trustee shall not permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Trust REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Trust REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, ) or substitution of the Mortgage Loans (iv) except a substitution pursuant to Article II hereof)Sections 2.06(b) or 3.03) or the substitution of a property for a Mortgaged Property, nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell Trust REMIC (other than REO Property or dispose of any investments in the Certificate Account a Qualified Substitute Mortgage Loan pursuant to Sections 2.06(b) or Distribution Account for gain3.03), nor accept any contributions to any the Trust REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting the Trustee to take such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any the Trust REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, Class A Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any the Trust REMIC Pool (except pursuant to the provisions of this Agreement) or (Dd) cause any the Trust REMIC Pool to be subject to a an unindemnified tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Eqcc Asset Backed Corp), Pooling and Servicing Agreement (Eqcc Asset Backed Corp), Pooling and Servicing Agreement (Eqcc Asset Backed Corp)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any the REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, Certificates other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 3 contracts
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Ser 01 7a), Trust Agreement (Structured Asset Sec Corp Mort Pass-THR Cert Ser 2001-14a), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001-10a)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer Servicers nor the Special Servicer Servicers shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account Accounts or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust Fund, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Trust Loan at a time when the Trust Loan is not the subject of a Material Breach or a Material Document Defect or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than REO Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the 3three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will not (Aa) affect adversely the status of any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Certificates as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Regular Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 3 contracts
Samples: Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2016-Bnk2), Trust and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31), Trust and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has and the NIMs Insurer have received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Option One Mort Accep Corp Asset Backed Cert Ser 2001-1), Pooling and Servicing Agreement (Asset Backed Certificates Series 2001-2), Pooling and Servicing Agreement (Option One Mort Ln Trust Asset Back Certs Ser 2001-3)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying AgentDepositor, the Master Servicer nor or the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) an optional purchase by the Master Servicer pursuant to Section 3.16 of this Agreement, nor acquire any assets for any REMIC constituting part of the Trust, except as provided in Article II hereofTrust Fund, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during constituting part of the 3-month period beginning on Trust Fund after the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class R Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Abfc Asset-Backed Certificates Series 2004-Opt1), Pooling and Servicing Agreement (Asset Backed Funding Corp. ABFC Asset Backed Certificates Series 2004-Opt3), Pooling and Servicing Agreement (Abfc Asset-Backed Certificates Series 2004-Opt2)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Loan unless the Mortgage Loan is the subject of a Material Breach or Material Document Defect or is in default or default with respect thereto is reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the 3-three month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will shall not (Aa) affect adversely the status of any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Trust Interests as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the CertificatesTrust Interests, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 3 contracts
Samples: Trust and Servicing Agreement (Benchmark 2024-V10 Mortgage Trust), Trust and Servicing Agreement (BBCMS Mortgage Trust 2024-5c29), Trust and Servicing Agreement (Bank5 2024-5yr9)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer and the Trustee shall sell, the Master Servicer nor the Special Servicer shall permit the saledispose of, disposition or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)or Section 3.16 of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC created hereunder, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during created hereunder after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class A-R Certificate as the regular interests "residual interest" therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer, the Master Servicer Servicer, the Trustee nor the Special Servicer Trust Administrator shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Fremont Home Loan Trust 2003 A), Pooling and Servicing Agreement (Fremont Home Loan Trust 2004-B)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer, the Master Servicer nor Servicer, the Special Servicer Securities Administrator or the Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Issuing Entity, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Issuing Entity (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to any tax including a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series MLCC 2007-3), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series MLCC 2007-2)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer nor the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any either REMIC Pool, (iii) the termination of any either REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any either REMIC Pool as a REMIC or of the REMIC Certificates, other than I Regular Interests or the Residual Certificates, REMIC Regular Certificates as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any either REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any either REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Trust 2001-PPM), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital 1 Inc Series 2000-Prin)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement 125 or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Series 2000-3), Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Series 2000-3)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentSecurities Administrator, the Master Servicer nor or the Special Servicer Trustee shall permit the salesell, disposition dispose of or substitution of substitute for any of the Mortgage Loans (except in a disposition pursuant to connection with (i) the foreclosure or default of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy or insolvency of any REMIC PoolI, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) I pursuant to Article IX of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereofof this Agreement or (v) a purchase of Loans pursuant to Article II of this Agreement), nor acquire any assets for the Trust, except as provided any REMIC (other than REO Property acquired in Article II hereofrespect of a defaulted Loan), nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool after the Closing Date (other than a cash contribution during the 3-month period beginning on the Startup DaySubstitute Loan delivered in accordance with Section 2.3), unless it has received an Opinion of Counsel Counsel, addressed to the Trustee and the Trustee (at the expense of the Person requesting party seeking to cause such action) to the effect that such sale, disposition, acquisition, substitution, acquisition or acceptance contribution but in no event at the expense of the Trustee) that such sale, disposition, substitution, acquisition or contribution will not (Aa) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (Db) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mortgage Loan Trust Series 2003-2xs), Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc Mort Loan Trust Series 2003-3)
Prohibited Transactions and Activities. Neither the TrusteeDepositor, the Paying Agent, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash with respect to any contribution during pursuant to Section 860G(d)(2) of the 3-month period beginning on Code) to either REMIC after the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, substitution or contribution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Meritage Mortgage Loan Trust 2005-2), Pooling and Servicing Agreement (Meritage Mortgage Loan Trust 2005-1 Asset-Backed Certificates, Series 2005-1)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer or the Trustee shall sell, the Master Servicer nor the Special Servicer shall permit the saledispose of, disposition or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) an optional purchase by the Servicer pursuant to Section 3.16 of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class R Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Abfc Asset-Backed Certificates Series 2003-Wmc1), Pooling and Servicing Agreement (Abfc Asset Backed Certificates Series 2003-Ahl1)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has and any NIMS Insurer have received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to any tax including a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the applicable Master Servicer nor the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the a Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005-Hq6), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005-Hq6)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentOcwen, the Master Servicer nor Servicer, the Special Servicer Trust Administrator or the Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-1), Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-1)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying AgentDepositor, the Master Servicer nor or the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) an optional purchase by the Master Servicer pursuant to Section 3.16 of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class R Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Funding Corp Abfc Asst BCKD Cert Ser 2002-Opt1), Pooling and Servicing Agreement (Asset Backed Funding Corp Abfc Asset Back Cert Ser 2003 Opt1)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer Issuer nor the Special Servicer Indenture Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Issuer, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in an optional redemption pursuant to Section 860F(a)(4) 8.02 of the CodeServicing Agreement, or (iv) a substitution of a Qualifying Substitute Mortgage Loan pursuant to Article II hereof)Section 3.04 of the Sale and Servicing Agreement or (v) a repurchase of Mortgage Loans pursuant to Section 3.04 of the Sale and Servicing Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Payment Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual CertificatesClass G, Class R or Class R-X Certificates as the regular interests therein, (Bb) affect the distribution payment of interest or principal on the CertificatesNotes, (Cc) result in the encumbrance of the assets transferred or assigned pledged to any REMIC Pool the Indenture Trustee (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Indenture (Greenpoint Mortgage Funding Trust 2005-He4), Indenture (Greenpoint Mortgage Funding Trust 2005-He1)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer nor the Special Servicer The Trustee shall not permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Trust REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Trust REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, ) or substitution of the Mortgage Loans (iv) except a substitution pursuant to Article II hereof)Sections 2.06(b) or 3.03) or the substitution of a property for a Mortgaged Property, nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell Trust REMIC (other than REO Property or dispose of any investments in the Certificate Account a Qualified Substitute Mortgage Loan pursuant to Sections 2.06(b) or Distribution Account for gain3.03), nor accept any contributions to any the Trust REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting the Trustee to take such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any the Trust REMIC Pool as a REMIC or of the REMIC Certificates, other than Class A Certificates and the Residual Certificates, Class X Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any the Trust REMIC Pool (except pursuant to the provisions of this Agreement) or (Dd) cause any the Trust REMIC Pool to be subject to a an unindemnified tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Eqcc Receivables Corp), Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1998-3)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying AgentDepositor, the Master Servicer nor or the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)or Section 3.10 of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor or acquire any assets for the Trustany REMIC, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account Distribution Account, or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such action) to the effect that such sale, disposition, acquisition, substitutionsubstitution or acceptance) acceptable to the Certificate Insurer that such sale, disposition, acquisition, substitution or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class R Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or ), (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC ProvisionsProvisions or (e) disqualify the Trust from being a qualifying special purpose entity under generally accepted accounting principles.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Indymac Residential Mortgage-Backed Trust, Series 2005-L2), Pooling and Servicing Agreement (Indymac Residential Mortgage-Backed Trust, Series 2005-L3)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust Fund, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Trust Loan at a time when the Trust Loan is not the subject of a breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the 3three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will not (Aa) adversely affect adversely the status of any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Certificates as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Trust and Servicing Agreement (GS Mortgage Securities Trust 2016-Gs3), Trust and Servicing Agreement (Gs Mortgage Securities Corp Ii)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer, the Master Servicer nor Securities Administrator or the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) an optional purchase by the NIMS Insurer and the Depositor pursuant to Section 3.16 of this Agreement, nor acquire any assets for any REMIC constituting part of the Trust, except as provided in Article II hereofTrust Fund, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during constituting part of the 3-month period beginning on Trust Fund after the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class R Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Wells Fargo Asset Securities Corp), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer Servicers nor the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account Accounts or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq12), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq12)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust Fund, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Trust Loan at a time when the Trust Loan is not the subject of a breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the 3three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will not (Aa) affect adversely cause either the status of any Lower-Tier REMIC Pool or the Upper-Tier REMIC to fail to qualify as a REMIC or adversely affect the status of the REMIC Certificates, other than the Residual Certificates, Regular Certificates as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Trust and Servicing Agreement (JPMDB Commercial Mortgage Securities Trust 2017-C5), Trust and Servicing Agreement (GS Mortgage Securities Trust 2017-Gs5)
Prohibited Transactions and Activities. Neither the Trustee, Trustee nor the Paying Agent, the Master Servicer nor the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer or the Trustee shall sell, the Master Servicer nor the Special Servicer shall permit the saledispose of, disposition or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) an optional purchase pursuant to Section 3.32, nor acquire any assets for any REMIC constituting part of the Trust, except as provided in Article II hereofTrust Fund, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during constituting part of the 3-month period beginning on Trust Fund after the Startup Day)Closing Date, unless it such party and the NIMS Insurer has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the a Residual Certificates, Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (ABFC 2006-Opt2 Trust), Pooling and Servicing Agreement (ABFC 2006-Opt3 Trust)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying AgentDepositor, the Master Servicer nor Servicer, the Special Servicer Securities Administrator or the Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for any REMIC constituting part of the Trust, except as provided in Article II hereofTrust Fund, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during constituting part of the 3-month period beginning on Trust Fund after the Startup Day)Closing Date, unless it such party and the NIMS Insurer has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class R Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (ABFC Asset-Backed Certificates, Series 2005-He1), Pooling and Servicing Agreement (ABFC Asset-Backed Certificates, Series 2004-He1)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) the exercise of the Class 1-A Call Option or the Class 2-A Call Option, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any the REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, Certificates other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2001 3a)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust Fund, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Trust Loan at a time when the Trust Loan is not the subject of a breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than REO Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the 3three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will not (Aa) affect adversely the status of any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Certificates as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Regular Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Trust and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp)
Prohibited Transactions and Activities. 115 Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, Certificates other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentIssuer, the Master Servicer nor the Special Servicer Manager acting on behalf of the Issuer shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Estate, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Indenture, or (iv) a substitution of a Replacement Mortgage Loan for a Mortgage Loan or (v) a purchase of a Mortgage Loan pursuant to Article II hereof)Section 8.04 or Section 8.05 of this Indenture, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any the REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it the Trustee has received an Opinion of Counsel (at the expense of the Person requesting party causing such actiondisposition, acquisition, substitution, or acceptance) to the effect that such disposition, acquisition, substitution, or acceptance will shall not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, Bonds other than the Residual Certificates, Class A-R Bonds as the regular interests therein, (Bb) affect adversely the distribution payment of interest or principal on the CertificatesBonds, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool constituting the Trust Estate (except pursuant to the provisions of this AgreementIndenture) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) the exercise of the Pool 1 Call Option or the Pool 2 Call Option, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any the REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, Certificates other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2000-2)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, Certificates other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.. 110
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Secs Corp Mort Pass-Thru Cert Sers 2004-2ac)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying Agent, the Master Servicer nor or the Special Servicer shall shall, to the extent within its control, permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure foreclosure, default or imminent default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the REMIC Pool Pools in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a repurchase or substitution pursuant to by any Seller, as contemplated by Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereofherein, nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such sale, disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Certificates or the Component Interests of the 161 Class X Certificates, other than as the Residual Certificatescase may be, as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent------------------------------------------ Depositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any the REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, Certificates other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer nor the Special Servicer The Trustee shall not permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, either Trust REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any either Trust REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, ) or substitution of the Mortgage Loans (iv) except a substitution pursuant to Article II hereof)SECTIONS 2.06(B) or 3.03) or the substitution of a property for a Mortgaged Property, nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell either Trust REMIC (other than REO Property or dispose of any investments in the Certificate Account a Qualified Substitute Mortgage Loan pursuant to SECTIONS 2.06(B) or Distribution Account for gain3.03), nor accept any contributions to any either Trust REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting the Trustee to take such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any either Trust REMIC Pool as a REMIC or of the REMIC Certificates, other than Lower-Tier Regular Interests or the Residual Certificates, Upper-Tier Regular Interests represented by the Class A Certificates and the Class X Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either Trust REMIC Pool (except pursuant to the provisions of this Agreement) or (Dd) cause any either Trust REMIC Pool to be subject to a an unindemnified tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1999-1)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, Trustee the Master Servicer nor the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Ser 1999-Life1)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any the REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) holding such Mortgage Loan pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool after the Closing Date (other than a cash contribution during than, if applicable, any contributions from the 3-month period beginning on the Startup DayFunding Account as provided in Section 5.06 hereof), unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such action) sale, disposition, or substitution), a copy of which shall be provided to the effect any NIMS Insurer, that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, Certificates other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-3)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any the REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofREMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any the REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any the REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any the REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (United Panam Financial Corp)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer or the Trustee shall (except as otherwise expressly permitted under the terms of this Agreement)
(1) sell, the Master Servicer nor the Special Servicer shall permit the sale, disposition dispose of or substitution of substitute for any of the Mortgage Loans (except in a disposition pursuant to connection with (i) the foreclosure or default of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) 1, REMIC 2, REMIC 3 or REMIC 4 pursuant to Article IX of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereofof this Agreement or (v) a purchase of defective or defaulted Mortgage Loans pursuant to Article II or III of this Agreement), nor acquire any assets for the TrustTrust Fund (other than REO Property acquired in respect of a defaulted Mortgage Loan), except as provided in Article II hereof, nor (2) sell or dispose of any investments in the Certificate Collection Account or Distribution the Certificate Account for gain, nor (3) accept any contributions to any REMIC Pool the REMICs after the Closing Date (other than a cash contribution during the 3-month period beginning on the Startup DayQualified Substitute Mortgage Loan delivered in accordance with Section 2.04), in each case, unless it has received an Opinion of Counsel Counsel, addressed to the Trustee (at the expense of the Person requesting party seeking to cause such action) to the effect that such sale, disposition, acquisition, substitution, acquisition or acceptance contribution, but in no event at the expense of the Trustee) that such sale, disposition, substitution, acquisition or contribution will not (Aa) affect adversely the status of any REMIC Pool 1, REMIC 2, REMIC 3 or REMIC 4 as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) REMICs or (Db) cause any REMIC Pool the Trust Fund to be subject to a tax on "“prohibited transactions" ” or "prohibited “contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Accredited Mortgage Loan REIT Trust)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any Trust REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany Trust REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any either REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has it, the Guarantor and the NIMS Insurer have received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any Trust REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any Trust REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Tr Asset Backed Cert Ser 2002-5)
Prohibited Transactions and Activities. Neither the TrusteeSeller, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Indenture Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Group I Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Group I Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Estate, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)the Servicing Agreement or (v) a repurchase of Group I Mortgage Loans pursuant to the Servicing Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Payment Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Notes as the regular interests therein, (Bb) affect the distribution payment of interest or principal on the CertificatesNotes, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Estate (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Indenture (C-Bass Mortgage Loan as-BCK Nt Sal Mort Ln Tr Ser 2001-Cb4)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying Agent, the Master Servicer nor or the Special Servicer shall shall, to the extent within its control, permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure foreclosure, default or imminent default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a repurchase or substitution pursuant to by any Seller, any Additional Warranting Party or the Xxxxx Guarantor as contemplated by Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such sale, disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC I Regular Interests, the REMIC II Regular Interests or the REMIC III Regular Certificates, other than as the Residual Certificatescase may be, as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer nor the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Capital I Tr 2004-Hq3)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent-------------------------------------- Depositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any the REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, Certificates other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust Fund, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Trust Loan at a time when the Trust Loan is not the subject of a breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Trust REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Trust REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereofTrust REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to any the Trust REMIC Pool (other than a cash contribution during the 3three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will not (Aa) affect adversely the status of any the Trust REMIC Pool as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Regular Certificates as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Regular Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any the Trust REMIC Pool (except pursuant to the provisions of this Agreement) ), or (Dd) cause any the Trust REMIC Pool to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Trust and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C18)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer, the Master Servicer nor Securities Administrator or the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) an optional purchase by the Depositor pursuant to Section 3.16 of this Agreement, nor acquire any assets for any REMIC constituting part of the Trust, except as provided in Article II hereofTrust Fund, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during constituting part of the 3-month period beginning on Trust Fund after the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class R Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wells Fargo Asset Securities Corp)
Prohibited Transactions and Activities. | Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any the REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, Certificates other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 01 1)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer or the Trustee shall sell, the Master Servicer nor the Special Servicer shall permit the saledispose of, disposition or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class R Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Abfc Asset Backed Certificates Series 2002-Nc1)
Prohibited Transactions and Activities. Neither The Special Servicer, on behalf of the TrusteeTrust Fund, the Paying Agent, the Master Servicer nor the Special Servicer shall not permit the sale, sale or disposition or substitution of any of the Mortgage Loans Loan at a time when the Mortgage Loan is not the subject of a breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the Lower-Tier REMIC or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the Lower-Tier REMIC Pool in a "“qualified liquidation" ” as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for either the Trust, except as provided in Article II hereofLower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Certificate Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (other than a cash contribution during the 3three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution, substitution or acceptance will not (Aa) affect adversely the status of any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC as a REMIC REMIC, or of the REMIC Certificates, other than the Residual Certificates, Certificates as the representing regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement) ), or (Dd) cause any either the Lower-Tier REMIC Pool or the Upper-Tier REMIC to be subject to a tax on "“prohibited transactions" ” or "“prohibited contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Trust and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2015-C28)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer nor the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC CertificatesI Regular Interests, other than the Residual CertificatesREMIC II Regular Interests or REMIC III Regular Interests, as applicable, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2001-Top4)
Prohibited Transactions and Activities. Neither (a) None of the TrusteeDepositor, the Paying AgentServicer, the Master Servicer nor Securities Administrator or the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) an optional purchase by the Depositor pursuant to Section 3.16 of this Agreement, nor acquire any assets for any REMIC constituting part of the Trust, except as provided in Article II hereofTrust Fund, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during constituting part of the 3-month period beginning on Trust Fund after the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Class R or Class R-X Certificates, as applicable, and as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
(b) No Eligible Investments will be sold or disposed of at a gain prior to maturity unless the Securities Administrator has received an Opinion of Counsel or other evidence satisfactory to it that such sale or disposition will not cause the Trust Fund to be subject to the tax on "prohibited transactions" imposed by Code Section 860F(a)(1), otherwise subject the Trust Fund to tax, or cause the Trust Fund to fail to qualify as a REMIC while any Certificates are outstanding.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wells Fargo Asset Securities Corp)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, Certificates other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.. 124
Appears in 1 contract
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer nor the Special Servicer The Trustee shall not permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any Trust REMIC Pool, or (iiiii) the termination of any Trust REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, ) or substitution of the Mortgage Loans (iv) except a substitution pursuant to Article II hereof)SECTIONS 2.06(B) or 3.03) or the substitution of a property for a Mortgaged Property, nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell any Trust REMIC (other than REO Property or dispose of any investments in the Certificate Account a Qualified Substitute Mortgage Loan pursuant to SECTIONS 2.06(B) or Distribution Account for gain3.03), nor accept any contributions to any Trust REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting the Trustee to take such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any Trust REMIC Pool as a REMIC or of the REMIC CertificatesI Regular Interests, other than the Residual CertificatesREMIC II Regular Interests, the REMIC III Regular Interests or the REMIC IV Regular Interests represented by the Class A Certificates and the Class X Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any Trust REMIC Pool (except pursuant to the provisions of this Agreement) or (Dd) cause any Trust REMIC Pool to be subject to a an unindemnified tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1999-3)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer nor the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC III Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Hq11)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer, the Master Servicer nor Servicer, the Special Servicer Securities Administrator or the Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Issuing Entity, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the 117 encumbrance of the assets transferred or assigned to any REMIC Pool the Issuing Entity (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to any tax including a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2007-1)
Prohibited Transactions and Activities. Neither None of the TrusteeDepositor, the Paying AgentServicer or the Trustee shall sell, the Master Servicer nor the Special Servicer shall permit the saledispose of, disposition or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) an optional purchase by the Servicer pursuant to Section 3.16 of this Agreement, nor acquire any assets for any REMIC constituting part of the Trust, except as provided in Article II hereofTrust Fund, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during constituting part of the 3-month period beginning on Trust Fund after the Startup Day)Closing Date, unless it such party and the NIMS Insurer has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, interests therein other than the a Residual Certificates, Certificate as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ABFC Asset-Backed Certificates, Series 2005-Wmc1)
Prohibited Transactions and Activities. Neither the Trustee, the Paying Agent, the Master Servicer nor the Special Servicer The Trustee shall not permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any Trust REMIC Pool, or (iiiii) the termination of any Trust REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, ) or substitution of the Mortgage Loans (iv) except a substitution pursuant to Article II hereof)Sections -------- 2.06(b) or 3.03) or the substitution of a property for a Mortgaged Property, nor ------- ----- acquire any assets for the Trust, except as provided in Article II hereof, nor sell any Trust REMIC (other than REO Property or dispose of any investments in the Certificate Account a Qualified Substitute Mortgage Loan pursuant to Sections 2.06(b) or Distribution Account for gain3.03), nor accept any ---------------- ----- contributions to any Trust REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting the Trustee to take such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any Trust REMIC Pool as a REMIC or of the REMIC CertificatesI Regular Interests, other than the Residual Certificates, REMIC II Regular Interests or the REMIC III Regular Interests represented by the Class A Certificates and the Class X Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any Trust REMIC Pool (except pursuant to the provisions of this Agreement) or (Dd) cause any Trust REMIC Pool to be subject to a an unindemnified tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Receivables Corp)
Prohibited Transactions and Activities. Neither the TrusteeDepositor, the Paying Agent, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) created hereunder pursuant to Article X of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)or Section 3.16 of this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC created hereunder, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during created hereunder after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any REMIC Pool created hereunder as a REMIC or of the REMIC Certificates, interests therein other than the Residual Certificates, Class A-R Certificate as the regular interests "residual interest" therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any REMIC Pool created hereunder to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Prohibited Transactions and Activities. Neither the Trustee, Trustee nor the Paying Agent, the Master Servicer nor the Special Servicer shall permit the sale, disposition or substitution of any of the Mortgage Loans (except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article II hereof, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any REMIC Pool (other than a cash contribution during the 3-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (A) affect adversely the status of any REMIC Pool as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) or (D) cause any REMIC Pool to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Prohibited Transactions and Activities. Neither None of the Trustee, the Paying AgentDepositor, the Master Servicer nor or the Special Servicer Trustee shall permit (except as otherwise expressly permitted under the saleterms of this Agreement) (1) sell, disposition dispose of or substitution of substitute for any of the Mortgage Loans (except in a disposition pursuant to connection with (i) the foreclosure or default of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) 1, REMIC 2, REMIC 3 or REMIC 4 pursuant to Article IX of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereofof this Agreement or (v) a purchase of defective or defaulted Mortgage Loans pursuant to Article II or III of this Agreement), nor acquire any assets for the TrustTrust Fund (other than REO Property acquired in respect of a defaulted Mortgage Loan), except as provided in Article II hereof, nor (2) sell or dispose of any investments in the Certificate Custodial Account or Distribution the Certificate Account for gain, nor (3) accept any contributions to any REMIC Pool the REMICs after the Closing Date (other than a cash contribution during the 3-month period beginning on the Startup DayQualified Substitute Mortgage Loan delivered in accordance with Section 2.04), in each case, unless it has received an Opinion of Counsel Counsel, addressed to the Trustee (at the expense of the Person requesting party seeking to cause such action) to the effect that such sale, disposition, acquisition, substitution, acquisition or acceptance contribution, but in no event at the expense of the Trustee) that such sale, disposition, substitution, acquisition or contribution will not (Aa) affect adversely the status of any REMIC Pool 1, REMIC 2, REMIC 3 or REMIC 4 as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (B) affect the distribution of interest or principal on the Certificates, (C) result in the encumbrance of the assets transferred or assigned to any REMIC Pool (except pursuant to the provisions of this Agreement) REMICs or (Db) cause any REMIC Pool the Trust Fund to be subject to a tax on "“prohibited transactions" ” or "prohibited “contributions" or other tax ” pursuant to the REMIC Provisions.
Appears in 1 contract
Prohibited Transactions and Activities. Neither Subject to the Trusteeprovisions of Article II, neither the Paying Agent, the Master Servicer Trustee nor the Special Servicer shall permit the sale, disposition or substitution of any a Mortgage Note or the substitution of the Mortgage Loans a property for a Mortgaged Property (except in a disposition pursuant to (i) the foreclosure bankruptcy or default insolvency of a Mortgage Loan, the REMIC I or REMIC II or (ii) the bankruptcy or insolvency of any REMIC Pool, (iii) the termination of any the REMIC Pool I or REMIC II in a "qualified liquidation" as defined in Section 860F(a)(4) of the Code, or (iv) a substitution pursuant to Article II hereof), nor acquire any assets for the Trust, except as provided in Article REMIC I or REMIC II hereof(other than REO), nor sell or dispose of any investments in the Certificate Account or Distribution Account Accounts for gain, nor accept any contributions to any the REMIC Pool I or REMIC II (other than a cash contribution during the 3-month period beginning on the Startup Dayexcept as contemplated by Section 4.2), unless it has received an a Nondisqualification Opinion of Counsel (at the expense of the Person requesting the Trustee to take such action) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any the REMIC Pool I or REMIC II as a REMIC or of the REMIC Certificates, other than the Residual Certificates, as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any the REMIC Pool I or REMIC II (except pursuant to the provisions of this Agreement) or (Dd) cause any the REMIC Pool I or REMIC II to be subject to a tax on "prohibited transactions" or "prohibited contributions" or other tax pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)
Prohibited Transactions and Activities. Neither the Trustee, the Paying AgentDepositor, the Master Servicer nor the Special Servicer Trustee shall permit the salesell, disposition dispose of, or substitution of substitute for any of the Mortgage Loans (Loans, except in a disposition pursuant to (i) the foreclosure or default of a Mortgage Loan, (ii) the bankruptcy or insolvency of any REMIC Poolthe Trust Fund, (iii) the termination of any each REMIC Pool in a "qualified liquidation" as defined in Section 860F(a)(4) pursuant to Article VII of the Codethis Agreement, or (iv) a substitution pursuant to Article II hereof)of this Agreement, or (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi) the exercise of the Class 1-A1 Call Option or the Class 2-A1 Call Option, nor acquire any assets for the Trust, except as provided in Article II hereofany REMIC, nor sell or dispose of any investments in the Certificate Account or Distribution Account for gain, nor accept any contributions to any the REMIC Pool (other than a cash contribution during after the 3-month period beginning on the Startup Day)Closing Date, unless it has received an Opinion of Counsel (at the expense of the Person requesting party causing such actionsale, disposition, or substitution) to the effect that such disposition, acquisition, substitution, or acceptance will not (Aa) affect adversely the status of any such REMIC Pool as a REMIC or of the REMIC Certificates, Certificates other than the Residual Certificates, Certificates as the regular interests therein, (Bb) affect the distribution of interest or principal on the Certificates, (Cc) result in the encumbrance of the assets transferred or assigned to any REMIC Pool the Trust Fund (except pursuant to the provisions of this Agreement) or (Dd) cause any such REMIC Pool to be subject to a tax on "prohibited transactions" transactions or "prohibited contributions" or other tax contributions pursuant to the REMIC Provisions.
Appears in 1 contract