Prohibited Transactions and Activities. Neither the Depositor, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account for gain, nor accept any contributions to the Trust Fund after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 14 contracts
Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance CORP), Pooling and Servicing Agreement (Opteum Mortgage Acceptance CORP), Pooling and Servicing Agreement (BNP Paribas Mortgage ABS LLC)
Prohibited Transactions and Activities. Neither the DepositorCompany, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account for gain, nor accept any contributions to the Trust Fund after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 11 contracts
Samples: Pooling and Servicing Agreement (WMC Secured Assets Corp), Pooling and Servicing Agreement (American Home Mortgage Assets LLC), Pooling and Servicing Agreement (Peoples Choice Home Loan Securities Corp)
Prohibited Transactions and Activities. Neither None of the Depositor, the Securities Administrator, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, REMIC I (iii) the termination of the Trust Fund REMIC I pursuant to Article IX of this Agreement or Agreement, (iv) a substitution pursuant to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust Fundany REMIC (other than REO Property acquired in respect of a defaulted Loan), nor sell or dispose of any investments in the Custodial Account or the Certificate Distribution Account for gain, nor accept any contributions to the Trust Fund any REMIC after the Closing Date (other than a Substitute 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 party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the Trust Fund any REMIC as a REMIC or (b) cause the Trust Fund any REMIC to be subject to a tax on "“prohibited transactions" ” or "“contributions" ” pursuant to the REMIC Provisions.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-Ar1), Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-4)
Prohibited Transactions and Activities. Neither None of the Depositor, the Securities Administrator, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust FundREMIC I, (iii) the termination of the Trust Fund REMIC I pursuant to Article IX X of this Agreement, (iv) a substitution pursuant to Article II of this Agreement or (ivv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust Fundany REMIC (other than REO Property acquired in respect of a defaulted Loan), nor sell or dispose of any investments in the Custodial Account or the Certificate Distribution Account for gain, nor accept any contributions to the Trust Fund any REMIC after the Closing Date (other than a Substitute 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 party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the Trust Fund any REMIC as a REMIC or (b) cause the Trust Fund any REMIC to be subject to a tax on "“prohibited transactions" ” or "“contributions" ” pursuant to the REMIC Provisions.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar5), Pooling and Servicing Agreement (PHH Alternative Mortgage Trust, Series 2007-2), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar5)
Prohibited Transactions and Activities. Neither the Depositor, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) , nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account for gain, nor accept any contributions to the Trust Fund after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass Thro Cer Ser 1996-Q2), Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass THR Cert Ser 1995 5), Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass THR Cert Ser 1995 Q10)
Prohibited Transactions and Activities. Neither None of the Depositor, the Securities Administrator, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust FundREMIC I, (iii) the termination of the Trust Fund REMIC I pursuant to Article IX of this Agreement or Agreement, (iv) a substitution pursuant to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust Fundany REMIC (other than REO Property acquired in respect of a defaulted Loan), nor sell or dispose of any investments in the Custodial Account or the Certificate Distribution Account for gain, nor accept any contributions to the Trust Fund any REMIC after the Closing Date (other than a Substitute 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 party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the Trust Fund any REMIC as a REMIC or (b) cause the Trust Fund any REMIC to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Mortgage Loan Trust Series 2004-3), Pooling and Servicing Agreement (Deutsche Mort Sec Inc Mortgage Loan Trust Series 2004 2), Pooling and Servicing Agreement (Deutsche Mort Sec Inc Mortgage Loan Trust Series 2004 2)
Prohibited Transactions and Activities. Neither the Depositor, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account for gain, nor accept any contributions to the Trust Fund after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "“prohibited transactions" ” or "“contributions" ” pursuant to the REMIC Provisions.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Shellpoint Mortgage Acceptance LLC), Pooling and Servicing Agreement (BNP Paribas Mortgage Securities LLC), Pooling and Servicing Agreement (Ab Mortgage Securities Corp)
Prohibited Transactions and Activities. Neither the DepositorCompany, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX VIII of this Agreement Agreement, or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) Agreement nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account Accounts for gain, nor accept any contributions to the Trust Fund after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp), Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
Prohibited Transactions and Activities. Neither None of the Depositor, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX of this Agreement, (iv) a substitution pursuant to Article II of this Agreement or (ivv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust FundFund (other than REO Property acquired in respect of a defaulted Mortgage Loan), nor sell or dispose of any investments in the Custodial Collection Account or the Certificate Distribution Account for gain, nor accept any contributions to the Trust Fund after the Closing Date (other than a Qualified Substitute Mortgage Loan delivered in accordance with Section 2.03), unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution, but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Inc Mor Pa THR Cer Ser 1995 3), Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Inc Mor Pa THR Cer Ser 1995 2)
Prohibited Transactions and Activities. Neither the DepositorSeller, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) , nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account, the Excess Proceeds Account or the Certificate Security Account for gain, nor accept any contributions to the Trust Fund after the Closing Date Date, nor permit any modifications of a material term of a Mortgage Loan that is not in default or with respect to which default is reasonably foreseeable, unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution substitution, acquisition, or acquisition modification but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution substitution, acquisition, contribution or acquisition modification will not (a) affect adversely the status of either the Trust Fund Issuing REMIC or the Pooling REMIC as a REMIC or (b) cause either the Trust Fund Issuing REMIC or the Pooling REMIC to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Financial Asset Securitization Inc), Pooling and Servicing Agreement (Financial Asset Securitization Inc)
Prohibited Transactions and Activities. Neither None of the Depositor, the Securities Administrator, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust FundREMIC I, (iii) the termination of the Trust Fund REMIC I pursuant to Article IX of this Agreement or Agreement, (iv) a substitution pursuant to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust Fundany REMIC (other than REO Property acquired in respect of a defaulted Loan), nor sell or dispose of any investments in the Custodial Account or the Certificate Distribution Account for gain, nor accept any contributions to the Trust Fund any REMIC after the Closing Date (other than a Substitute Loan delivered in accordance with Section 2.03), unless it has received an Opinion of Counsel Counsel, addressed to the Trustee (at the expense of the party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the Trust Fund any REMIC as a REMIC or (b) cause the Trust Fund any REMIC to be subject to a tax on "“prohibited transactions" ” or "“contributions" ” pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-Ab4), Pooling and Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-Ab3)
Prohibited Transactions and Activities. Neither None of the Depositor, the Securities Administrator, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, REMIC I (iii) the termination of the Trust Fund REMIC I pursuant to Article IX of this Agreement or Agreement, (iv) a substitution pursuant to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust Fundany REMIC (other than REO Property acquired in respect of a defaulted Loan), nor sell or dispose of any investments in the Custodial Account or the Certificate related Distribution Account for gain, nor accept any contributions to the Trust Fund any REMIC after the Closing Date (other than a Substitute 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 party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the Trust Fund any REMIC as a REMIC or (b) cause the Trust Fund any REMIC to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-2), Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-1)
Prohibited Transactions and Activities. Neither None of the Depositor, the Securities Administrator, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust FundREMIC I, (iii) the termination of the Trust Fund REMIC I pursuant to Article IX of this Agreement or Agreement, (iv) a substitution pursuant to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust Fundany REMIC (other than REO Property acquired in respect of a defaulted Loan), nor sell or dispose of any investments in the Custodial Account or the Certificate Distribution Account for gain, nor accept any contributions to the Trust Fund any REMIC after the Closing Date (other than a Substitute 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 party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the Trust Fund any REMIC as a REMIC or (b) cause the Trust Fund any REMIC to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc Mort Loan Trust Series 2003-3), Pooling and Servicing Agreement (Mortgage Loan Trust Series 2003-2xs)
Prohibited Transactions and Activities. Neither the Depositor, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX VIII of this Agreement Agreement, or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) Agreement nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account Accounts for gain, nor accept any contributions to the Trust Fund after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ace Securities Corp)
Prohibited Transactions and Activities. 94 100 Neither the DepositorCompany, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX VIII of this Agreement Agreement, or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) Agreement nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account Accounts for gain, nor accept any contributions to the Trust Fund after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Prohibited Transactions and Activities. Neither None of the DepositorCompany, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund REMIC 1 or REMIC 2 pursuant to Article IX of this Agreement, (iv) a substitution pursuant to Article II of this Agreement or (ivv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust FundFund (other than REO Property acquired in respect of a defaulted Mortgage Loan), nor sell or dispose of any investments in the Custodial Account or the Certificate Account for gain, nor accept any contributions to the Trust Fund REMICs after the Closing Date (other than a Qualified Substitute Mortgage Loan delivered in accordance with Section 2.04), unless it has received an Opinion of Counsel Counsel, addressed to the Trustee (at the expense of the party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the Trust Fund REMIC 1 or REMIC 2 as a REMIC REMICs or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Prohibited Transactions and Activities. Neither the Depositor, the Master Servicer Trustee nor the Trustee Servicer shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund REMIC pursuant to Article IX of this Agreement XI or (iv) a purchase of Mortgage Loans pursuant to Article Articles II or III of this Agreement) III), nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account for gain, nor accept any contributions to the Trust Fund REMIC after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trusteeacquisition) indicating that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund REMIC as a REMIC or (b) cause the Trust Fund REMIC to be subject to a tax on "prohibited transactions" or ", "contributions" or, except as otherwise provided for in this Agreement, "net income from foreclosure property" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Superior Bank FSB)
Prohibited Transactions and Activities. Neither the Depositor, the Master Servicer Trustee nor the Trustee Servicer shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund REMIC pursuant to Article IX of this Agreement XI or (iv) a purchase of Mortgage Loans pursuant to Article Articles II or III of this Agreement) III), nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account for gain, nor accept any contributions to the Trust Fund REMIC after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trusteeacquisition) indicating that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund REMIC as a REMIC or (b) cause the Trust Fund REMIC to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Superior Bank FSB)
Prohibited Transactions and Activities. Neither the DepositorCompany, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX VIII of this Agreement Agreement, or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) Agreement nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Lower-Tier Distribution Account for gain, nor accept any contributions to the Trust Fund after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC three separate REMICs or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Nations Banc Asset Sec Ins Asset Backed Cert Series 1997-1)
Prohibited Transactions and Activities. Neither the DepositorCompany, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust FundREMIC I and REMIC II, (iii) the termination of the Trust Fund REMIC I and REMIC II pursuant to Article IX VIII of this Agreement Agreement, or (iv) a 119 purchase of Mortgage Loans pursuant to Article II or III of this Agreement) Agreement nor acquire any assets for the Trust FundREMIC I and REMIC II, nor sell or dispose of any investments in the Custodial Account or the Certificate Account Accounts for gain, nor accept any contributions to the Trust Fund REMIC I and REMIC II after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund either REMIC I or REMIC II as a REMIC or (b) cause the Trust Fund REMIC I and REMIC II to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
Prohibited Transactions and Activities. Neither None of the Depositor, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, Fund (iii) the termination of the Trust Fund pursuant to Article IX X of this Agreement, (iv) a substitution pursuant to Article II of this Agreement or (ivv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust FundFund (other than REO Property acquired in respect of a defaulted Mortgage Loan), nor sell or dispose of any investments in the Custodial Collection Account or the Certificate Distribution Account for gain, nor accept any contributions to the Trust Fund after the Closing Date (other than a Qualified Substitute Mortgage Loan delivered in accordance with Section 2.03), unless it has received an Opinion of Counsel Counsel, addressed to the Certificate Insurer and the Trustee (at the expense of the party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Prohibited Transactions and Activities. Neither the DepositorCompany, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX VIII of this Agreement Agreement, or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) Agreement nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account Accounts for gain, nor accept any contributions to the Trust Fund after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Nations Asset Securities Inc)
Prohibited Transactions and Activities. Neither the Depositor, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX VIII of this Agreement Agreement, or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) , nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account Accounts for gain, nor accept any contributions to the Trust Fund after the Closing Date unless it has [and the Certificate Insurer] have received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund (exclusive of the Basis Risk Reserve Fund) as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC ProvisionsProvisions (such opinion, a "REMIC Opinion").
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Finance America Securities LLC)
Prohibited Transactions and Activities. Neither None of the Depositor, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX X of this Agreement, (iv) a substitution pursuant to Article II of this Agreement or (ivv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust FundFund (other than REO Property acquired in respect of a defaulted Mortgage Loan), nor sell or dispose of any investments in the Custodial Account or the Certificate Distribution Account for gain, nor accept any contributions to the Trust Fund after the Closing Date (other than an Eligible Substitute Mortgage Loan delivered in accordance with Section 2.03), unless it has received an Opinion of Counsel Counsel, addressed to the Trustee (at the expense of the party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, 117 disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cendant Mortgage Capital LLC CDMC Mort Pas THR Ce Se 04 1)
Prohibited Transactions and Activities. Neither the DepositorCompany, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust FundREMIC I and REMIC II, (iii) the termination of the Trust Fund REMIC I and REMIC II pursuant to Article IX VIII of this Agreement Agreement, or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) Agreement nor acquire any assets for the Trust FundREMIC I and REMIC II, nor sell or dispose of any investments in the Custodial Account or the Certificate Account Accounts for gain, nor accept any contributions to the Trust Fund REMIC I and REMIC II after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition 112 will not (a) affect adversely the status of the Trust Fund either REMIC I or REMIC II as a REMIC or (b) cause the Trust Fund REMIC I and REMIC II to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
Prohibited Transactions and Activities. Neither None of the Depositor, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust FundREMIC I, (iii) the termination of the Trust Fund REMIC I pursuant to Article IX of this Agreement, (iv) a substitution pursuant to Article II of this Agreement or (ivv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the any Trust FundREMIC (other than REO Property acquired in respect of a defaulted Mortgage Loan), nor sell or dispose of any investments in the Custodial Collection Account or the Certificate Distribution Account for gain, nor accept any contributions to the any Trust Fund REMIC after the Closing Date (other than a Qualified 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 NIMS Insurer (at the expense of the party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.contribution will
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Cert Ser 2002-Nc1)
Prohibited Transactions and Activities. Neither the DepositorCompany, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust FundREMIC I, REMIC II and REMIC III, (iii) the termination of the Trust Fund REMIC I, REMIC II and REMIC III pursuant to Article IX VIII of this Agreement Agreement, or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) Agreement nor acquire any assets for the Trust FundREMIC I, REMIC II and REMIC III, nor sell or dispose of any investments in the Custodial Account or the Certificate Account Accounts for gain, nor accept any contributions to the Trust Fund REMIC I, REMIC II and REMIC III after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition 112 but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund either REMIC I, REMIC II or REMIC III as a REMIC or (b) cause the Trust Fund REMIC I, REMIC II and REMIC III to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
Prohibited Transactions and Activities. Neither None of the Depositor, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX X of this Agreement, (iv) a substitution pursuant to Article II of this Agreement or (ivv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust FundFund (other than REO Property acquired in respect of a defaulted Mortgage Loan), nor 119 sell or dispose of any investments in the Custodial Account or the Certificate Distribution Account for gain, nor accept any contributions to the Trust Fund after the Closing Date (other than an Eligible Substitute Mortgage Loan delivered in accordance with Section 2.03), unless it has received an Opinion of Counsel Counsel, addressed to the Trustee (at the expense of the party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the Trust Fund as a REMIC two REMICs or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cendant Mortgage Capital LLC CDMC Mort Pas THR Ce Se 04 3)
Prohibited Transactions and Activities. Neither the Depositor, the Master Servicer Trustee nor the Trustee shall sell, Servicer shall: (i) sell or dispose of or substitute for any of the Mortgage Loans (except in connection with (ia) the foreclosure of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of foreclosure, (iib) the bankruptcy of the Trust Fund, (iiic) the termination of the Trust Fund pursuant to Article IX of this Agreement Agreement, or (ivd) a purchase purchase, sale or disposition of Mortgage Loans pursuant to Article II or III of this Agreement); (ii) nor acquire any assets for the Trust Fund, nor Fund except as expressly permitted by this Agreement; (iii) sell or dispose of any investments in the Custodial Collection Account, the Distribution Account or the Certificate REO Account for gain, nor ; or (iv) accept any contributions to the Trust Fund after the Closing Date (other than a Qualified Substitute Mortgage Loan delivered in accordance with Section 2.04), in any event unless it has received an Opinion of Counsel (at no expense to the expense of Servicer, the party seeking to cause such sale, disposition, substitution Trustee or acquisition but in no event shall such Opinion of Counsel be an expense of the TrusteeTrust Fund) that such sale, disposition, substitution or acquisition will not not: (a) affect adversely cause the status of Lower-Tier REMIC or the Trust Fund Upper-Tier REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding; or (b) cause the Trust Fund to be subject to a the imposition of any prohibited transactions or contribution tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fdic Remic Trust 1996-C1)
Prohibited Transactions and Activities. Neither None of the Depositor, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX X of this Agreement, (iv) a substitution pursuant to Article II of this Agreement or (ivv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust FundFund (other than REO Property acquired in respect of a defaulted Mortgage Loan), nor sell or dispose of any investments in the Custodial Collection Account or the Certificate Distribution Account for gain, nor accept any contributions to the Trust Fund after the Closing Date (other than a Qualified Substitute Mortgage Loan delivered in accordance with Section 2.03), unless it has received an Opinion of Counsel Counsel, addressed to the Certificate Insurer and the Trustee (at the expense of the party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rte Cert Se 1996-Lb1)
Prohibited Transactions and Activities. Neither the DepositorCompany, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust FundREMIC I, REMIC II and REMIC III, (iii) the termination of the Trust Fund REMIC I and REMIC II pursuant to Article IX VIII of this Agreement Agreement, or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) Agreement nor acquire any assets for the Trust FundREMIC I and REMIC II, nor sell or dispose of any investments in the Custodial Account or the Certificate Account Accounts for gain, nor accept any contributions to the Trust Fund REMIC I and REMIC II after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to 125 cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund either REMIC I or REMIC II as a REMIC or (b) cause the Trust Fund REMIC I and REMIC II to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
Prohibited Transactions and Activities. Neither the Depositor, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX VIII of this Agreement Agreement, or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) Agreement nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account Distribution Accounts for gain, nor accept any contributions to the Trust Fund after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Prohibited Transactions and Activities. Neither None of the Depositor, the Master Servicer nor or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure 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 of the Trust Fund, Fund (iii) the termination of the Trust Fund pursuant to Article IX X of this Agreement, (iv) a substitution pursuant to Article II of this Agreement or (ivv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) ), nor acquire any assets for the Trust FundFund (other than a REO Property acquired in respect of a defaulted Mortgage Loan), nor sell or dispose of any investments in the Custodial Collection Account or the Certificate Distribution Account for gain, nor accept any contributions to the Trust Fund after the Closing Date (other than a Qualified Substitute Mortgage Loan delivered in accordance with Section 2.03), unless it has received an Opinion of Counsel Counsel, addressed to the Certificate Insurer and the Trustee (at the expense of the party seeking to cause such sale, disposition, substitution substitution, acquisition or acquisition contribution but in no event shall such Opinion of Counsel be an at the expense of the Trustee) that such sale, disposition, substitution substitution, acquisition or acquisition contribution will not (a) affect adversely the status of the REMIC Trust Fund as a REMIC or (b) cause the REMIC Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)
Prohibited Transactions and Activities. Neither the DepositorCompany, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust FundREMIC I and REMIC II, (iii) the termination of the Trust Fund REMIC I and REMIC II pursuant to Article IX VIII of this Agreement Agreement, or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) Agreement nor acquire any assets 138 for the Trust FundREMIC I and REMIC II, nor sell or dispose of any investments in the Custodial Account or the Certificate Account Accounts for gain, nor accept any contributions to the Trust Fund REMIC I and REMIC II after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund either REMIC I or REMIC II as a REMIC or (b) cause the Trust Fund REMIC I and REMIC II to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
Prohibited Transactions and Activities. Neither the Depositor, the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (Loans, except in connection with (i) the foreclosure 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 of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX of this Agreement Agreement, or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) Agreement nor acquire any assets for the Trust Fund, nor sell or dispose of any investments in the Custodial Account or the Certificate Account for gain, nor accept any contributions to the Trust Fund after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale, disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited transactions" or "contributions" pursuant to the REMIC Provisions.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp Mort Pass THR Cert Ser 1995 Qe9)