Common use of REMIC-Related Covenants Clause in Contracts

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Depositor and the Servicer shall act in accordance herewith to assure continuing treatment of the Trust Estate as a REMIC and avoid the imposition of tax on the REMIC. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Certificates and the Residual Certificate. (b) Except as otherwise provided in the Code, (i) the Depositor and the Servicer shall not contribute to the Trust Estate and the Trustee shall not accept property unless substantially all of the property held in the REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the REMIC after the start-up day unless such contribution would not subject the Trust Estate to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Depositor and the each Servicer shall act in accordance herewith to assure continuing treatment of the Trust Estate as a REMIC and avoid the imposition of tax on the REMIC. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Certificates and the Residual Certificate. (b) Except as otherwise provided in the Code, (i) the Depositor and the Servicer Servicers shall not contribute to the Trust Estate and the Trustee shall not accept property unless substantially all of the property held in the REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the REMIC after the start-up day unless such contribution would not subject the Trust Estate to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the TrusteeDepositor, the Depositor Owner Trustee and the Servicer Administrator, in connection with any actions taken by any such Person on behalf of the Trust, shall act in accordance herewith to assure for the purpose of continuing treatment of the Trust Estate each REMIC as a REMIC and avoid the imposition of tax on the any REMIC. In particular: (a) The Trustee Trust shall not create, or permit the creation of, any "interests" in the any REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Certificates and the Residual Certificate.described in Section 2.11 hereof; (b) Except as otherwise provided in the Code, (i) the Depositor shall not grant and the Servicer shall not contribute to the Trust Estate and the Trustee shall not accept property unless (i) substantially all of the property held in the each REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the any REMIC after the start-up day unless such contribution grant would not subject the Trust Estate to the 100% tax on contributions to a REMIC after the start-up day of the such REMIC imposed by Code Section 860G(d).;

REMIC-Related Covenants. For as long as the Trust REMIC shall ----------------------- exist, the Trustee, the Depositor and the Servicer Trustee shall act in accordance herewith to assure continuing treatment of the Trust Estate as a REMIC and avoid the imposition of tax on the REMICTrust. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Class A Certificates and the Residual CertificateClass R Certificates. (b) Except as otherwise provided in the Code, (i) neither the Depositor and nor the Servicer Seller shall not contribute to the Trust Estate grant and the Trustee shall not accept property unless (i) substantially all of the property held in the REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, respectively and (ii) no property shall be contributed to the REMIC after the startStart-up day Day unless such contribution grant would not subject the Trust Estate REMIC to the 100% tax on contributions to a the REMIC after the startStart-up day of the REMIC Day imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Certificate Administrator, the Depositor and the each Servicer shall act in accordance herewith to assure continuing treatment of the Trust Estate Upper-Tier REMIC and the Lower-Tier REMIC as a REMIC REMICs and avoid the imposition of tax on the either REMIC. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the either REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Certificates, the Residual Certificates and the Residual CertificateUncertificated Lower-Tier Regular Interests. (b) Except as otherwise provided in the Code, (i) the Depositor and the each Servicer shall not contribute to the Trust Estate and the Custodian, on behalf of the Trustee, and the Trustee shall not accept property unless substantially all of the property held in the each REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the each REMIC after the start-up day unless such contribution would not subject the Trust Estate to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Depositor and the Servicer shall act in accordance herewith to assure continuing treatment of the Trust Estate as a REMIC two REMICs and avoid the imposition of tax on the REMICREMICs. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the either REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Certificates and the Residual CertificateCertificate of such REMIC. (b) Except as otherwise provided in the Code, (i) the Depositor and the Servicer shall not contribute to the Trust Estate and the Trustee shall not accept property unless substantially all of the property held in the either REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the each REMIC after the start-up day unless such contribution would not subject the Trust Estate to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Depositor and the Servicer shall act in accordance herewith to assure continuing treatment of the Trust Estate as a REMIC and avoid the imposition of tax on the REMIC. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Certificates Certificates, the PO Components and the Residual Certificate. (b) Except as otherwise provided in the Code, (i) the Depositor and the Servicer shall not contribute to the Trust Estate and the Trustee shall not accept property unless substantially all of the property held in the REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the REMIC after the start-up day unless such contribution would not subject the Trust Estate to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Depositor and the Servicer shall act in accordance herewith to assure continuing treatment of the Trust Estate as a REMIC and avoid the imposition of tax on the REMIC. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Certificates Certificates, the Components and the Residual CertificateCertificates. (b) Except as otherwise provided in the Code, (i) the Depositor and the Servicer shall not contribute to the Trust Estate and the Trustee shall not accept property unless substantially all of the property held in the REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the REMIC after the start-up day unless such contribution would not subject the Trust Estate to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Depositor and the Servicer Trustee shall act in accordance herewith to assure continuing treatment of the Trust Estate Master REMIC and the Subsidiary REMIC as a REMIC REMICs and avoid the imposition of tax on the REMICsuch REMICs. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the either REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Trust Fund, the Regular Certificates Certificates, the Subsidiary REMIC Interests and the Residual CertificateCertificates, respectively. (b) Except as otherwise provided in the Code, (i) the Depositor Sponsor and the Master Servicer shall not contribute to the Trust Estate grant and the Trustee shall not accept property unless (i) substantially all of the property held in the each REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the either REMIC after the start-up day unless such contribution grant would not subject the Trust Estate Fund to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Depositor and the each Servicer shall act in accordance herewith to assure continuing treatment of the Trust Estate Fund as a REMIC and avoid the imposition of tax on the REMIC. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Trust Fund, the Regular Certificates and the Residual CertificateCertificates, respectively. (b) Except as otherwise provided in the Code, (i) the Depositor and the Servicer Servicers shall not contribute to the Trust Estate Fund and the Trustee shall not accept property unless substantially all of the property held in the REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the REMIC after the start-up day unless such contribution would not subject the Trust Estate Fund to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Depositor and the Servicer shall act in accordance herewith to assure continuing treatment of the Trust Estate as a REMIC and avoid the imposition of tax on the REMIC. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Certificates Certificates, the Components and the Residual Certificate. (b) Except as otherwise provided in the Code, (i) the Depositor and the Servicer shall not contribute to the Trust Estate and the Trustee shall not accept property unless substantially all of the property held in the REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the REMIC after the start-up day unless such contribution would not subject the Trust Estate to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall ----------------------- exist, the Trustee, the Depositor Trustee and the Servicer Certificate Administrator shall act in accordance herewith to assure continuing treatment of the Trust Estate as a REMIC and avoid the imposition of tax on the REMICTrust. In particular: (a) The Neither the Trustee nor the Certificate Administrator shall not create, or permit the creation of, any "interests" in the REMIC Trust within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Class A Certificates and the Residual CertificateCertificates. (b) Except as otherwise provided in the Code, (i) the Depositor and the Servicer shall not contribute to the Trust Estate grant and the Trustee shall not accept property unless (i) substantially all of the property held in the REMIC Trust constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the REMIC Trust after the start-up day Startup Day unless such contribution grant would not subject the Trust Estate to the 100% tax on contributions to a REMIC after the start-up day Startup Day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Depositor and the Master Servicer shall act in accordance herewith to assure continuing treatment of the Trust Estate as a REMIC and avoid the imposition of tax on the REMIC. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Certificates Certificates, the Components and the Residual Certificate. (b) Except as otherwise provided in the Code, (i) the Depositor and the Master Servicer shall not contribute to the Trust Estate and the Trustee shall not accept property unless substantially all of the property held in the REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the REMIC after the start-up day unless such contribution would not subject the Trust Estate to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Depositor and the Servicer shall act in accordance herewith to assure continuing treatment of the Trust Estate as a REMIC two REMICs and avoid the imposition of tax on the REMICREMICs. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the either REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Certificates and the Residual CertificateCertificate of such REMIC. (b) Except as otherwise provided in the Code, (i) the Depositor and the Servicer shall not contribute to the Trust Estate and the Trustee shall not accept property unless substantially all of the property held in the either REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the either REMIC after the start-up day unless such contribution would not subject the Trust Estate to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Depositor and the Servicer shall act in accordance herewith to assure continuing treatment of the Trust Estate REMIC as a REMIC and avoid the imposition of tax on the REMIC. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Regular Certificates Certificates, the Components and the Residual Certificate. (b) Except as otherwise provided in the Code, (i) the Depositor and the Servicer shall not contribute to the Trust Estate and the Trustee shall not accept property unless substantially all of the property held in the REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the REMIC after the start-up day unless such contribution would not subject the Trust Estate to the 100% tax on contributions to a the REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).

REMIC-Related Covenants. For as long as the Trust shall exist, the Trustee, the Depositor and the Master Servicer shall act in accordance herewith to assure continuing treatment of the Trust Estate Fund as a REMIC and avoid the imposition of tax on the REMIC. In particular: (a) The Trustee shall not create, or permit the creation of, any "interests" in the REMIC within the meaning of Code Section 860D(a)(2) other than the interests represented by the Trust Fund, the Regular Certificates and the Residual CertificateCertificates, respectively. (b) Except as otherwise provided in the Code, (i) the Depositor and the Master Servicer shall not contribute to the Trust Estate Fund and the Trustee shall not accept property unless substantially all of the property held in the REMIC constitutes either "qualified mortgages" or "permitted investments" as defined in Code Sections 860G(a)(3) and (5), respectively, and (ii) no property shall be contributed to the REMIC after the start-up day unless such contribution would not subject the Trust Estate Fund to the 100% tax on contributions to a REMIC after the start-up day of the REMIC imposed by Code Section 860G(d).