Common use of Servicer Covenants Clause in Contracts

Servicer Covenants. The 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 Servicer shall deliver on the Closing Date an opinion from the general counsel or the corporate counsel of the Servicer as to general corporate matters in form and substance reasonably satisfactory to Underwriter's counsel and counsel to the Certificate Insurer. (b) The Servicer may in its discretion (i) waive any prepayment charge, assumption fee, late payment charge or other charge in connection with a Mortgage Loan, and (ii) 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 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]

Servicer Covenants. The 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 Servicer shall deliver on the Closing Date an opinion from the general counsel or the corporate counsel of the Servicer as to general corporate matters in form and substance reasonably satisfactory to Underwriter's counsel and counsel to the Certificate Insurer. (b) The Servicer may in its discretion (i) waive any prepayment charge, assumption fee, late payment charge or other charge in connection with a Mortgage Loan, and (ii) 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 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]Trustee.

Servicer Covenants. The 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 Servicer shall deliver on the Closing Date an opinion from the general counsel or the corporate counsel of the Servicer as to general corporate matters in form and substance reasonably satisfactory to Underwriter's counsel and counsel to the Certificate Insurer. (b) The Servicer may in its discretion (i) waive any prepayment charge, assumption fee, late payment charge or other charge in connection with a Mortgage Loan, and (ii) 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 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].

Servicer Covenants. The 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 Servicer shall deliver on the Closing Date an opinion from the general counsel or the corporate counsel of the Servicer as to general corporate matters in form and substance reasonably satisfactory to Underwriter's Underwriters' counsel and counsel to the Certificate Insurer.; and (b) The Servicer may in its discretion (i1) waive any prepayment penalty or other charge, assumption fee, late payment charge or other charge in connection with a Mortgage Loan, and (ii2) arrange a schedule, running for no more than 180 days after the Due Date for payment of any installment on any Mortgage NoteNote or Manufactured Home Contract, as applicable, for the liquidation of delinquent items; providedPROVIDED, that the 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 3.6 shall survive the delivery of the respective Mortgage Trustee Loan 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].