Common use of Representations and Warranties of the Sponsor with Respect to the Mortgage Loans Clause in Contracts

Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. The Sponsor hereby makes the following representations and warranties to the Trustee on behalf of the Certificateholders and the Certificate Insurer as of the Closing Date with respect to the Mortgage Loans: (i) Each Mortgage Loan at the time it was made complied in all material respects with applicable local, state, and federal laws, including, but not limited to, all applicable predatory and abusive lending laws. (ii) No Mortgage Loan is a “High Cost Loan” or “Covered Loan,” as applicable, (as such terms are defined in the then current Standard & Poor’s LEVELS® Glossary, Appendix E, in effect as of the Closing Date) and no Mortgage Loan originated on or after October 1, 2002 through March 6, 2003 is governed by the Georgia Fair Lending Act; and (iii) With respect to each representation and warranty with respect to any Mortgage Loan made by the Originators in the Purchase Agreements that is made as of the related Closing Date (as defined in the applicable Purchase Agreement), no event has occurred since the related Closing Date (as defined in the applicable Purchase Agreement) that would render such representations and warranties to be untrue in any material respect as of the Closing Date. It is understood and agreed that the representations and warranties in this Section 2.04 shall survive delivery of the Mortgage Files to the Trustee and shall inure to the benefit of the Certificateholders and the Certificate Insurer notwithstanding any restrictive or qualified endorsement or assignment. Upon discovery by any of the Depositor, the Seller, the Master Servicer, the Certificate Insurer or the Trustee of a breach of any of the foregoing representations and warranties which materially and adversely affects the value of any Mortgage Loan or the interests therein of the Certificateholders or the Certificate Insurer, the party discovering such breach shall give prompt written notice to the other parties, and in no event later than two Business Days from the date of such discovery. It is understood and agreed that the obligations of the Seller set forth in Section 2.03(b) hereof to cure, substitute for or repurchase (or, with respect to any costs and damages incurred by the Trust Fund in connection with any violation of any anti-predatory or anti-abusive lending laws, indemnify for) a related Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement constitute the sole remedies available to the Certificateholders or to the Trustee on their behalf respecting a breach of the representations and warranties incorporated in this Section 2.04.

Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. The Sponsor hereby makes the following representations and warranties to the Trustee on behalf of the Certificateholders and the Certificate Insurer as of the Closing Date with respect to the Mortgage Loans: (i) Each Mortgage Loan at the time it was made complied in all material respects with applicable local, state, and federal laws, including, but not limited to, all applicable predatory and abusive lending laws. (ii) No Mortgage Loan is a “High Cost Loan” or “Covered Loan,” as applicable, (as such terms are defined in the then current Standard & Poor’s LEVELS® Glossary, Appendix E, in effect as of the Closing Date) and no Mortgage Loan originated on or after October 1, 2002 through March 6, 2003 is governed by the Georgia Fair Lending Act; and (iii) With respect to each representation and warranty with respect to any Mortgage Loan made by the Originators in the Purchase Agreements that is made as of the related Closing Date (as defined in the applicable Purchase Agreement)May 22, 2006, no event has occurred since the related Closing Date (as defined in the applicable Purchase Agreement) such date that would render such representations and warranties to be untrue in any material respect as of the Closing Date. It is understood and agreed that the representations and warranties in this Section 2.04 shall survive delivery of the Mortgage Files to the Trustee and shall inure to the benefit of the Certificateholders and the Certificate Insurer notwithstanding any restrictive or qualified endorsement or assignment. Upon discovery by any of the Depositor, the Seller, the Master Servicer, the Certificate Insurer Servicer or the Trustee of a breach of any of the foregoing representations and warranties which materially and adversely affects the value of any Mortgage Loan or the interests therein of the Certificateholders or the Certificate InsurerCertificateholders, the party discovering such breach shall give prompt written notice to the other parties, and in no event later than two Business Days from the date of such discovery. It is understood and agreed that the obligations of the Seller set forth in Section 2.03(b) hereof to cure, substitute for or repurchase (or, with respect to any costs and damages incurred by the Trust Fund in connection with any violation of any anti-predatory or anti-abusive lending laws, indemnify for) a related Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement constitute the sole remedies available to the Certificateholders or to the Trustee on their behalf respecting a breach of the representations and warranties incorporated in this Section 2.04.

Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. The Sponsor hereby makes the following representations and warranties to the Trustee on behalf of the Certificateholders and the Certificate Insurer as of the Closing Date with respect to the Mortgage Loans: (i) Each Mortgage Loan at the time it was made complied in all material respects with applicable local, state, and federal laws, including, but not limited to, all applicable predatory and abusive lending laws. (ii) No Mortgage Loan is a “High Cost Loan” or “Covered Loan,” as applicable, (as such terms are defined in the then current Standard & Poor’s LEVELS® Glossary, Appendix E, in effect as of the Closing Date) and no Mortgage Loan originated on or after October 1, 2002 through March 6, 2003 is governed by the Georgia Fair Lending Act; and (iii) With respect to each representation and warranty with respect to any Mortgage Loan made by the Originators in the Purchase Agreements that is made as of the related Closing Date (as defined in the applicable Purchase Agreement), no event has occurred since the related Closing Date (as defined in the applicable Purchase Agreement) that would render such representations and warranties to be untrue in any material respect as of the Closing Date. It is understood and agreed that the representations and warranties in this Section 2.04 shall survive delivery of the Mortgage Files to the Trustee and shall inure to the benefit of the Certificateholders and the Certificate Insurer notwithstanding any restrictive or qualified endorsement or assignment. Upon discovery by any of the Depositor, the Seller, the Master Servicer, the Certificate Insurer Servicer or the Trustee of a breach of any of the foregoing representations and warranties which materially and adversely affects the value of any Mortgage Loan or the interests therein of the Certificateholders or the Certificate InsurerCertificateholders, the party discovering such breach shall give prompt written notice to the other parties, and in no event later than two Business Days from the date of such discovery. It is understood and agreed that the obligations of the Seller set forth in Section 2.03(b) hereof to cure, substitute for or repurchase (or, with respect to any costs and damages incurred by the Trust Fund in connection with any violation of any anti-predatory or anti-abusive lending laws, indemnify for) a related Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement constitute the sole remedies available to the Certificateholders or to the Trustee on their behalf respecting a breach of the representations and warranties incorporated in this Section 2.04.

Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. The Sponsor hereby makes the following representations represents and warranties warrants to the Trustee on behalf for the benefit of the Certificateholders and the Certificate Insurer Depositor that as of the Closing Date with respect to the Mortgage Loansor as of such other date specifically provided herein: (ia) Each The representations and warranties made by the Sponsor pursuant to Section 3.01 of the Mortgage Loan at Purchase Agreement are hereby being made to the time it was made complied in all material respects with applicable local, state, Trustee and federal laws, including, but not limited to, all applicable predatory are true and abusive lending laws. (ii) No Mortgage Loan is a “High Cost Loan” or “Covered Loan,” as applicable, (as such terms are defined in the then current Standard & Poor’s LEVELS® Glossary, Appendix E, in effect correct as of the Closing Date. (b) and no Any written agreement between the Mortgagor in respect of a Mortgage Loan originated on and the Servicer modifying such Mortgagor’s obligation to make payments under the Mortgage Loan (such modified Mortgage Loan, a “Modified Mortgage Loan”) involved the application of the Sponsor’s underwriting standards or after October 1, 2002 through March 6, 2003 is governed by some assessment of the Georgia Fair Lending Act; and (iii) Mortgagor’s ability to repay the Modified Mortgage Loan. With respect to each the representations and warranties set forth in this Section 2.04 that are made to the best of the Sponsor’s knowledge or as to which the Sponsor has no knowledge, if it is discovered by the Depositor, the Sponsor, the Servicer, the Trustee or the Custodian that the substance of such representation and warranty is inaccurate and such inaccuracy materially and adversely affects the value of the related Mortgage Loan or the interest therein of the Certificateholders then, notwithstanding the Sponsor’s lack of knowledge with respect to the substance of such representation and warranty being inaccurate at the time the representation or warranty was made, such inaccuracy shall be deemed a breach of the applicable representation or warranty. Upon discovery by the Depositor, the Sponsor, the Servicer, the Trustee or the Custodian of a breach of any of the representations and warranties contained in this Section that materially and adversely affects the value of any Mortgage Loan made by or the Originators interest therein of the Certificateholders, the party discovering the breach shall give prompt written notice to the others and in no event later than two Business Days from the date of such discovery. Within ninety days of its discovery or its receipt of notice of any such missing or materially defective documentation or any such breach of a representation or warranty, the Sponsor shall promptly deliver such missing document or cure such defect or breach in all material respects, or in the Purchase Agreements that is made as event such defect or breach cannot be cured, the Sponsor shall repurchase the affected Mortgage Loan or cause the removal of such Mortgage Loan from the related Closing Date (as defined Trust Fund and substitute for it one or more Eligible Substitute Mortgage Loans, in the applicable Purchase Agreement)either case, no event has occurred since the related Closing Date (as defined in the applicable Purchase Agreement) that would render such representations and warranties to be untrue in any material respect as of the Closing Dateaccordance with Section 2.03. It is understood and agreed that the representations and warranties set forth in this Section 2.04 shall survive delivery of the Mortgage Files to the Trustee and shall inure to the benefit of the Certificateholders and the Certificate Insurer Depositor notwithstanding any restrictive or qualified endorsement or assignment. Upon discovery by any of the Depositor, the Seller, the Master Servicer, the Certificate Insurer or the Trustee of a breach of any of the foregoing representations and warranties which materially and adversely affects the value of any Mortgage Loan or the interests therein of the Certificateholders or the Certificate Insurer, the party discovering such breach shall give prompt written notice to the other parties, and in no event later than two Business Days from the date of such discovery. It is understood and agreed that the obligations of the Seller Sponsor set forth in Section 2.03(b2.03(a) hereof to cure, substitute for or repurchase (or, with respect to any costs and damages incurred by the Trust Fund in connection with any violation of any anti-predatory or anti-abusive lending laws, indemnify for) a related Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement constitute the sole remedies available to the Depositor and to the Certificateholders or to the Trustee on their behalf respecting a breach of the representations and warranties incorporated contained in this Section 2.04.