Common use of Repurchase of Mortgage Loans Clause in Contracts

Repurchase of Mortgage Loans. With respect to any Mortgage Loan that is not in default or as to which no default is imminent, no purchase or substitution pursuant to Section 4.03 or 7.02 shall be made, unless, if so required by the applicable REMIC Documents the Seller has obtained an Opinion of Counsel to the effect that such purchase will not (i) result in the imposition of taxes on "prohibited transactions" of such REMIC (as defined in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time.

Appears in 9 contracts

Samples: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Asset Securities Corp), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sturctured Asset Securities Corp Mort Pass Thru Ser 2004-1), Mortgage Loan Purchase Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-34a)

AutoNDA by SimpleDocs

Repurchase of Mortgage Loans. With respect to any Mortgage Loan that is not in default or as to which no default is imminent, no purchase repurchase or substitution pursuant to Section 4.03 or 7.02 shall be made, unless, if so required by the applicable REMIC Documents the Seller Company has obtained an Opinion of Counsel to the effect that such purchase repurchase will not (i) result in the imposition of taxes on "prohibited transactions" of such REMIC (as defined in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time.

Appears in 4 contracts

Samples: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sasco 2006-Bc3), Mortgage Loan Purchase Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5), Servicing Agreement (Sail 2006-3)

Repurchase of Mortgage Loans. With respect to any Mortgage Loan that is not in default or as to which no default is imminent, no purchase or substitution pursuant to Section 4.03 or 7.02 8.03 shall be made, unless, if so required by the applicable REMIC Documents the Seller has obtained an Opinion of Counsel to the effect that such purchase will not (i) result in the imposition of taxes on "prohibited transactions" of such REMIC (as defined in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time.

Appears in 4 contracts

Samples: Servicing Agreement (Lehman Mortgage Trust 2007-10), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-5), Servicing Agreement (LXS 2007-3)

Repurchase of Mortgage Loans. With respect to any Mortgage Loan that is not in default or as to which no default is imminent, no purchase repurchase or substitution pursuant to Section 4.03 Subsection 3.03 ,3.06 or 7.02 shall be made, unless, if so required by the applicable REMIC Documents the Seller Company has obtained an Opinion of Counsel to the effect that such purchase repurchase will not (i) result in the imposition of taxes on "prohibited transactions" of such REMIC (as defined in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time.

Appears in 3 contracts

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 03 2a), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h)

Repurchase of Mortgage Loans. With respect to any Mortgage Loan that is not in default or as to which no default is imminent, no purchase or substitution pursuant to Section 4.03 or 7.02 repurchase under this Agreement shall be made, unless, if so required by the applicable REMIC Documents Documents, the Seller has obtained an Opinion of Counsel to the effect that such purchase repurchase will not (i) result in the imposition of taxes on "prohibited transactions" of such REMIC (as defined in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time.

Appears in 2 contracts

Samples: Mortgage Loan Purchase Agreement (Lehman XS Trust Series 2007-7n), Mortgage Loan Purchase Agreement (Lehman XS Trust Series 2007-15n)

Repurchase of Mortgage Loans. With respect to any Mortgage Loan that is not in default or as to which no default is imminent, no purchase or substitution pursuant to Section 4.03 or 7.02 shall be made, unless, if so required by the applicable REMIC Documents the Seller has obtained an Opinion of Counsel to the effect that such purchase will not (i) result in the imposition of taxes on "prohibited transactions" of such REMIC (as defined in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-11xs)

Repurchase of Mortgage Loans. With respect to any Mortgage Loan that is not in default or as to which no default is imminent, no purchase or substitution repurchase pursuant to Section 4.03 or 7.02 8.03 shall be made, unless, if so required by the applicable REMIC Documents the Seller Company has obtained an Opinion of Counsel to the effect that such purchase repurchase will not (i) result in the imposition of taxes on "prohibited transactions" of such REMIC (as defined in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time.

Appears in 1 contract

Samples: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-23)

AutoNDA by SimpleDocs

Repurchase of Mortgage Loans. With respect to any Mortgage Loan that is not in default or as to which no default is imminent, no purchase or substitution repurchase pursuant to Section 4.03 or 7.02 8.03 shall be made, unless, if so required by the applicable REMIC Documents the Seller has obtained an Opinion of Counsel to the effect that such purchase repurchase will not (i) result in the imposition of taxes on "prohibited transactions" of such REMIC (as defined in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time.

Appears in 1 contract

Samples: Flow Purchase, Warranties and Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22)

Repurchase of Mortgage Loans. With respect to any Mortgage Loan that is not in default or as to which no default is imminent, no purchase or substitution repurchase pursuant to Section 4.03 or 7.02 8.03 shall be made, unless, if so required by the applicable REMIC Documents the Seller Company has obtained an Opinion of Counsel to the effect that such purchase repurchase will not (i) result in the imposition of taxes on "prohibited transactions" of such REMIC (as defined in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time.

Appears in 1 contract

Samples: Servicing Agreement (Lehman Mortgage Trust 2007-5)

Repurchase of Mortgage Loans. With respect to any Mortgage Loan that is not in default or as to which no default is imminent, no purchase or substitution repurchase pursuant to Section 4.03 or 7.02 8.03 shall be made, unless, if so required by the applicable REMIC Documents the Seller has obtained an Opinion of Counsel to the effect that such purchase repurchase will not (i) result in the imposition of taxes on "prohibited transactions" of such REMIC (as defined in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-10)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!