Substitution and Repurchase Opinions. Notwithstanding any contrary provision of this Agreement, with respect to any Mortgage Loan that is not in default or as to which default is not imminent, no repurchase or substitution pursuant to Sections 2.02, 2.03, 2.04, or 2.06 shall be made unless the party repurchasing or substituting delivers to the Indenture Trustee an Opinion of Counsel to the effect that the repurchase or substitution would not result in the imposition of the tax on prohibited transactions of the Trust or contributions after the Startup Date, as defined in Sections 860F(a)(2) and 860G(d) of the Code, respectively or cause the any REMIC created under the Trust Agreement to fail to qualify as a REMIC at any time that any Notes or Certificates are outstanding. Any Mortgage Loan whose repurchase or substitution was delayed pursuant to this Section shall be repurchased or substituted for upon the earlier of the occurrence of a default or imminent default with respect to the Mortgage Loan and satisfaction of the requirements of this Section.
Appears in 16 contracts
Samples: Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2006-I), Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Asset Backed Notes, Series 2006-C), Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2005-J)
Substitution and Repurchase Opinions. Notwithstanding any contrary provision of this Agreement, with respect to any Mortgage Loan that is not in default or as to which default is not imminent, no repurchase or substitution pursuant to Sections 2.02, 2.03, 2.04, or 2.06 shall be made unless the party repurchasing or substituting delivers to the Indenture Trustee an Opinion of Counsel to the effect that the repurchase or substitution would not result in the imposition of the tax on prohibited transactions of the Trust or contributions after the Startup Date, as defined in Sections 860F(a)(2) and 860G(d) of the Code, respectively or cause the any REMIC created under the Trust Agreement to fail to qualify as a REMIC at any time that any Notes or Certificates are outstanding. Any Mortgage Loan whose repurchase or substitution was delayed pursuant to this Section shall be repurchased or substituted for upon the earlier of the occurrence of a default or imminent default with respect to the Mortgage Loan and satisfaction of the requirements of this Section.
Appears in 6 contracts
Samples: Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2007-G), Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2007-E), Sale and Servicing Agreement (CWHEQ Revolving Home Equity Loan Trust, Series 2007-D)
