Common use of Defaults by the Underlying Trust Clause in Contracts

Defaults by the Underlying Trust. In connection with its receipt of any distribution on the Underlying MBS on any Underlying Distribution Date, if (i) the amount of any distribution varies from the amount due thereon pursuant to the terms of the Underlying Agreement, (ii) the Trustee shall not have received a distribution by the close of business on such Underlying Distribution Date, or (iii) a Responsible Officer of the Trustee shall gain actual knowledge of any default under the Underlying Agreement, the Trustee shall promptly notify the Depositor, the Underlying MBS Seller and the Certificateholders, and shall pursue such remedies as may be available to it as holder of such Underlying MBS in accordance with the terms of the Underlying Agreement.