Common use of REMIC-Related Covenants Clause in Contracts

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer and the Securities Administrator shall comply with any directions of the Depositor, the Servicer or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion or of any investment of deposits in an Account unless, in each such case, such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have received a REMIC Opinion addressed to the Trustee and the Securities Administrator prepared at the expense of the Trust Fund; and (c) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to the Securities Administrator.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-6), Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-1), Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-5)

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REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer Trustee and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer Trustee and the Securities Administrator shall comply with any directions of the Depositor, the Servicer Servicers or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not (a) sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee and the Securities Administrator Opinion, prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement, a Subsequent Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to Opinion. In addition, the Securities AdministratorTrustee shall comply with all of the requirements of Treasury Regulation ss. 1.860F-2(a)(2), including, without limitation, the requirement that each REMIC account for items of income and ownership of assets in a manner that respects the separate existence of each REMIC.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2004-Ar8), Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2004-Ar8), Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2005-Ar3)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer and the Securities Administrator shall comply with any directions of the DepositorCompany, the Servicer or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion or of any investment of deposits in an Account unless, in each such case, such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have received a REMIC Opinion addressed to the Trustee and the Securities Administrator prepared at the expense of the Trust Fund; and (c) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to the Securities Administrator.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2005-2), Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-2), Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-1)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer Trustee and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer Trustee and the Securities Administrator shall comply with any directions of the Depositor, the Servicer Servicers or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not (a) sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee and the Securities Administrator prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to Opinion. In addition, the Securities AdministratorTrustee shall comply with all of the requirements of Treasury Regulation ss. 1.860F-2(a)(2), including, without limitation, the requirement that each REMIC account for items of income and ownership of assets in a manner that respects the separate existence of each REMIC.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Trust Series 2004-Ar2), Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Series 2004-Ar5)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer Trustee and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer Trustee and the Securities Administrator shall comply with any directions of the DepositorSeller, the Company, the Servicer or the Master Servicer to assure such continuing treatment. In particularfurtherance, but not in limitation, of the foregoing, neither the Trustee nor the Securities Administrator shall (unless otherwise expressly permitted in this Agreement) (a) the Trustee shall not sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee Securities Administrator and the Securities Administrator Trustee prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 2.03 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to Opinion; or (c) acquire any assets for any REMIC other than any REO Property after the Securities AdministratorStartup Day without receipt of a REMIC Opinion.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (SACO I Trust 2006-10), Pooling and Servicing Agreement (SACO I Trust 2007-2), Pooling and Servicing Agreement (SACO I Trust 2006-10)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer Trustee and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer Trustee and the Securities Administrator shall comply with any directions of the Depositor, the related Servicer or the Master Servicer to assure such continuing treatment. In particular, (a) the Securities Administrator or the Trustee shall not (a) sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, (except as otherwise expressly permitted by this Agreement) unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee Securities Administrator and the Securities Administrator Trustee prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to the Securities AdministratorAdministrator and the Trustee; or (c) acquire any assets for any REMIC (except as otherwise expressly permitted by this Agreement) other than any REO Property after the Startup Day without receipt of a REMIC Opinion.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-1), Custodial Agreement (Bear Stearns ARM Trust 2007-4), Custodial Agreement (Bear Stearns ARM Trust 2006-4)

REMIC-Related Covenants. For as long as each REMIC created hereunder shall exist, the Trustee, the Master Servicer and the Securities Administrator Trustee shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer and the Securities Administrator Trustee shall comply with any directions of the DepositorSeller, the Servicer Company or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not (except as otherwise expressly permitted by this Agreement) (a) sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee and the Securities Administrator prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 2.02 or 2.03 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to Opinion; or (c) acquire any assets for any REMIC other than any REO Property after the Securities AdministratorStartup Day without receipt of a REMIC Opinion.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He7), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He6), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He6)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer and the Securities Administrator Trustee shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer and the Securities Administrator Trustee shall comply with any directions of the Depositor, the Servicer Seller or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not (a) sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, unless such sale is as a result of a repurchase of the Mortgage Loans by the Underlying Seller pursuant to the Servicing Agreements or the Assignment Agreement or by the Mortgage Loan Seller pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee and the Securities Administrator prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution by the Underlying Seller pursuant to the Servicing Agreements or the Assignment Agreement or by the Mortgage Loan Seller pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to the Securities AdministratorOpinion.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer Trustee and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer Trustee and the Securities Administrator shall comply with any directions of the Depositor, the Servicer Servicers or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not (a) sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee and the Securities Administrator Opinion, prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to Opinion. In addition, the Securities AdministratorTrustee shall comply with all of the requirements of Treasury Regulation ss. 1.860F-2(a)(2), including, without limitation, the requirement that each REMIC account for items of income and ownership of assets in a manner that respects the separate existence of each REMIC.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Trust Series 2005-Ar1), Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2005-Ar2)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer Trustee and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer Trustee and the Securities Administrator shall comply with any directions of the Depositor, the Servicer Servicers or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not (a) sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee and the Securities Administrator prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement, a Subsequent Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to Opinion. In addition, the Securities AdministratorTrustee shall comply with all of the requirements of Treasury Regulation ss. 1.860F-2(a)(2), including, without limitation, the requirement that each REMIC account for items of income and ownership of assets in a manner that respects the separate existence of each REMIC.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2004-Ar6), Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2004-Ar6)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer and the Securities Administrator Trustee shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer and the Securities Administrator Trustee shall comply with any directions of the Depositor, the related Servicer or the Master Servicer to assure ensure such continuing treatment. In particular, (a) the Trustee shall not (unless expressly permitted under the terms of this Agreement) (a) sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee and the Securities Administrator prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement Agreement, Section 2.04 or Section 2.04 2.07 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to the Securities AdministratorTrustee; or (c) acquire any assets for any REMIC other than any REO Property after the Startup Day without receipt of a REMIC Opinion.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-2), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-1)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer Trustee and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer Trustee and the Securities Administrator shall comply with any directions of the DepositorSeller, the Company, the related Servicer or the Master Servicer to assure such continuing treatment. In particularfurtherance, but not in limitation, of the foregoing, neither the Trustee nor the Securities Administrator shall (unless otherwise expressly permitted in this Agreement) (a) the Trustee shall not sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee Securities Administrator and the Securities Administrator Trustee prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 2.03 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to Opinion; or (c) acquire any assets for any REMIC other than any REO Property after the Securities AdministratorStartup Day without receipt of a REMIC Opinion.

Appears in 1 contract

Samples: Servicing Agreement (SACO I Trust 2007-1)

REMIC-Related Covenants. For as long as each the Trust REMIC and the ES Trust created hereunder shall exist, the Trustee, the Master Servicer and the Securities Administrator Trustee shall act in accordance herewith to assure continuing treatment of such the Trust REMIC as a REMICREMIC and the ES Trust as a grantor trust for federal income tax purposes, and the Trustee, the Master Servicer and the Securities Administrator Trustee shall comply with any directions of the DepositorSeller, the Servicer Company, the Servicers or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not (except as otherwise expressly permitted by this Agreement) (a) sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee and the Securities Administrator prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 2.02 or 2.03 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any the Trust REMIC after the Startup Day without receipt of a REMIC Opinion addressed to Opinion; (c) acquire any assets for the Securities AdministratorTrust REMIC other than any REO Property after the Startup Day without receipt of a REMIC Opinion; or (d) vary the corpus of the ES Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac6)

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REMIC-Related Covenants. For as long as each Trust REMIC shall exist, the Trustee, the Master Servicer and the Securities Administrator shall act in accordance herewith to assure continuing treatment of each such Trust REMIC as a REMIC, and the Trustee, the Master Servicer and the Securities Administrator shall comply with any directions of the Depositor, the Servicer or the Master Servicer to assure such continuing treatment. In particular, unless otherwise expressly permitted in the Agreement, (a) the Trustee shall not sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion or of any investment of deposits in an Account unless, in each such case, such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have received a REMIC Opinion addressed to the Trustee and the Securities Administrator prepared at the expense of the Trust Fund; and (c) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to the Securities Administrator.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (TBW Mortgage-Backed Trust Series 2006-5)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer and the Securities Administrator shall comply with any directions of the Depositor, the Servicer or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion or of any investment of deposits in an Account unless, in each such case, such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee Trustee, the Credit Enhancer and the Securities Administrator have received a REMIC Opinion addressed to the Trustee Trustee, the Credit Enhancer and the Securities Administrator prepared at the expense of the Trust Fund; and (c) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator Trustee shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to the Securities AdministratorTrustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-3)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer and the Securities Administrator shall comply with any directions of the Depositor, the Servicer or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion or of any investment of deposits in an Account unless, in each such case, such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and Trustee, the Securities Administrator and the Certificate Insurer have received a REMIC Opinion addressed to the Trustee and Trustee, the Securities Administrator and the Certificate Insurer prepared at the expense of the Trust Fund; and (c) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator Trustee shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to the Securities AdministratorTrustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-4)

REMIC-Related Covenants. For as long as each 2007-3 REMIC shall exist, the Trustee, the Master Servicer Trustee and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such 2007-3 REMIC as a REMIC, and the Trustee, the Master Servicer Trustee and the Securities Administrator shall comply with any directions of the Depositor, the Servicer related Servicer, the Guarantor or the Master Servicer to assure such continuing treatment. In particular, the Securities Administrator shall not (a) the Trustee shall not sell or permit authorize the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, (except as otherwise expressly permitted by this Agreement) unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee and the Securities Administrator prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement, the Subsequent Mortgage Loan Purchase Agreement or Section 2.02, Section 2.04 or Section 4.09 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any 2007-3 REMIC after the Startup Day without receipt of a REMIC Opinion addressed to the Securities AdministratorAdministrator prepared at the expense of the Trust Fund.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2007-3)

REMIC-Related Covenants. (a). For as long as each REMIC shall exist, the Trustee, the Master Servicer Trustee and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer Trustee and the Securities Administrator shall comply with any directions of the Depositor, the Servicer or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not (a) sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee and the Securities Administrator Opinion, prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to Opinion. In addition, the Securities AdministratorTrustee shall comply with all of the requirements of Treasury Regulation ss. 1.860F-2(a)(2), including, without limitation, the requirement that each REMIC account for items of income and ownership of assets in a manner that respects the separate existence of each REMIC.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II 2005-Ar4)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer and the Securities Administrator shall comply with any directions of the Depositor, the Servicer or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion or of any investment of deposits in an Account unless, in each such case, such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have received a REMIC Opinion addressed to the Trustee and the Securities Administrator prepared at the expense of the Trust Fund; and (c) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as applicable, the Securities Administrator Trustee shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to the Securities AdministratorTrustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-2)

REMIC-Related Covenants. For as long as each REMIC shall exist, the Trustee, the Master Servicer Trustee and the Securities Administrator shall act in accordance herewith to assure continuing treatment of such REMIC as a REMIC, and the Trustee, the Master Servicer Trustee and the Securities Administrator shall comply with any directions of the Depositor, the related Servicer or the Master Servicer to assure such continuing treatment. In particular, (a) the Trustee shall not (a) sell or permit the sale of all or any portion of the Mortgage Loans, (b) the Securities Administrator shall not sell or permit the sale of all or any portion Loans or of any investment of deposits in an Account unless, in each such case, unless such sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and the Securities Administrator have has received a REMIC Opinion addressed to the Trustee and the Securities Administrator prepared at the expense of the Trust Fund; and (cb) other than with respect to a substitution pursuant to the Mortgage Loan Purchase Agreement or Section 2.04 2.04, a contribution of this AgreementSubsequent Mortgage Loans pursuant to Section 2.07 or a deemed contribution of funds from the Pre-Funding Reserve Account or Interest Coverage Account as provided in Sections 4.06 or 4.07, as applicable, the Securities Administrator shall not accept any contribution to any REMIC after the Startup Day without receipt of a REMIC Opinion addressed to the Securities AdministratorTrustee .

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Trust 2005-Ar5)

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