Master Servicer Covenants. The Master Servicer hereby covenants to the Trustee, the Depositor [and the Certificate Insurer] and the Certificateholders that as of the Closing Date and during the term of this Agreement: (a) The Master Servicer shall deliver on the Closing Date an opinion from the general counsel or the corporate counsel of the Master Servicer as to general corporate matters in form and substance reasonably satisfactory to Underwriter's counsel [and counsel to the Certificate Insurer]; and (b) The Master Servicer may in its discretion (1) waive any prepayment penalty or other charge, assumption fee, late payment charge or other charge in connection with a Mortgage Loan, and (2) arrange a schedule, running for no more than 180 days after the Due Date for payment of any installment on any Mortgage Note, for the liquidation of delinquent items; provided, that the Master Servicer shall not agree to the modification or waiver of any provision of a Mortgage Loan at a time when such Mortgage Loan is not in default or such default is not imminent, if such modification or waiver would be treated as a taxable exchange under Code Section 1001, unless such exchange would not be considered a "prohibited transaction" under the REMIC Provisions. It is understood and agreed that the covenants set forth in this Section 3.4 shall survive the delivery of the respective Mortgage Files to the Trustee or to a custodian, as the case may be, and inure to the benefit of the Trustee [and the Certificate Insurer]. [Remainder of this page intentionally left blank]
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Bcap LLC), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC), Pooling and Servicing Agreement (Hsi Asset Securitization Corp)
Master Servicer Covenants. The Master Servicer hereby covenants to the Trustee, the Depositor [and the Certificate Insurer] and the Certificateholders that as of the Closing Date and during the term of this Agreement:
(a) The Master Servicer shall deliver on the Closing Date an opinion from the general counsel or the corporate counsel of the Master Servicer as to general corporate matters in form and substance reasonably satisfactory to Underwriter's counsel [and counsel to the Certificate Insurer]; and
(b) The Master Servicer may in its discretion (1) waive any prepayment penalty or other charge, assumption fee, late payment charge or other charge in connection with a Mortgage Loan, and (2) arrange a schedule, running for no more than 180 days after the Due Date for payment of any installment on any Mortgage Note, for the liquidation of delinquent items; provided, that the Master Servicer shall not agree to the modification or waiver of any provision of a Mortgage Loan at a time when such Mortgage Loan is not in default or such default is not imminent, if such modification or waiver would be treated as a taxable exchange under Code Section 1001, unless such exchange would not be considered a "prohibited transaction" under the REMIC Provisions. It is understood and agreed that the covenants set forth in this Section 3.4 shall survive the delivery of the respective Mortgage Files to the Trustee or to a custodian, as the case may be, and inure to the benefit of the Trustee [and the Certificate Insurer]. [Remainder of this page intentionally left blank].
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Painewebber Mortgage Acceptance Corporation Iv)
Master Servicer Covenants. The Master Servicer hereby covenants to the Trustee, the Depositor [and the Certificate Insurer] Insurer and the Certificateholders that as of the Closing Date and during the term of this Agreement:
(a) The Master Servicer shall deliver on the Closing Date an opinion from the general counsel or the corporate counsel of the Master Servicer as to general corporate matters in form and substance reasonably satisfactory to Underwriter's counsel [and counsel to the Certificate Insurer]; and
(b) The Master Servicer may in its discretion (1) waive any prepayment penalty or other charge, assumption fee, late payment charge or other charge in connection with a Mortgage Loan, and (2) arrange a schedule, running for no more than 180 days after the Due Date for payment of any installment on any Mortgage Note, for the liquidation of delinquent items; provided, that the Master Servicer shall not agree to the modification or waiver of any provision of a Mortgage Loan at a time when such Mortgage Loan is not in default or such default is not imminent, if such modification or waiver would be treated as a taxable exchange under Code Section 1001, unless such exchange would not be considered a "prohibited transaction" under the REMIC Provisions. It is understood and agreed that the covenants set forth in this Section 3.4 shall survive the delivery of the respective Mortgage Files to the Trustee or to a custodian, as the case may be, and inure to the benefit of the Trustee [and the Certificate Insurer]. [Remainder of this page intentionally left blank]
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Master Servicer Covenants. The Master Servicer hereby covenants to the Trustee, the Depositor [and the Certificate Insurer] and the Certificateholders that as of the Closing Date and during the term of this Agreement:
(a) The Master Servicer shall deliver on the Closing Date an opinion from the general counsel or the corporate counsel of the Master Servicer as to general corporate matters in form and substance reasonably satisfactory to Underwriter's ’s counsel [and counsel to the Certificate Insurer]; and
(b) The Master Servicer may in its discretion (1) waive any prepayment penalty or other charge, assumption fee, late payment charge or other charge in connection with a Mortgage Loan, and (2) arrange a schedule, running for no more than 180 days after the Due Date for payment of any installment on any Mortgage Note, for the liquidation of delinquent items; provided, that the Master Servicer shall not agree to the modification or waiver of any provision of a Mortgage Loan at a time when such Mortgage Loan is not in default or such default is not imminent, if such modification or waiver would be treated as a taxable exchange under Code Section 1001, unless such exchange would not be considered a "“prohibited transaction" ” under the REMIC Provisions. It is understood and agreed that the covenants set forth in this Section 3.4 shall survive the delivery of the respective Mortgage Files to the Trustee or to a custodian, as the case may be, and inure to the benefit of the Trustee [and the Certificate Insurer]. [Remainder of this page intentionally left blank].
Appears in 1 contract