Common use of Compliance with REMIC Provisions Clause in Contracts

Compliance with REMIC Provisions. If a REMIC election is or is to be made with respect to the arrangement under which the Mortgage Loans and any REO property are held, the Servicer shall manage, conserve, protect and operate each REO Property in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by such REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" within the meaning of Section 860G(c)(2) of the Code.

Compliance with REMIC Provisions. If a REMIC election is or is to be made with respect to the arrangement under which the Mortgage Loans and any REO property are held, the Servicer shall manage, conserve, protect and operate each REO Property in a manner which does not cause such REO Property to fail to qualify as "“foreclosure property" ” within the meaning of Section 860G(a)(8) of the Code or result in the receipt by such REMIC of any "“income from non-permitted assets" ” within the meaning of Section 860F(a)(2)(B) of the Code or any "“net income from foreclosure property" ” within the meaning of Section 860G(c)(2) of the Code.