Common use of Covenants of the Sponsor Clause in Contracts

Covenants of the Sponsor. The Sponsor hereby covenants as of the date hereof and as of the Closing Date that, except for the transfer hereunder, on and after the Closing Date, the Sponsor will not sell, pledge, assign or transfer to any other Person, or grant, create, incur or assume any Lien on, any Mortgage Loan, whether now existing or hereafter created, or any interest therein; the Sponsor will notify the Custodian and the Trustee of the existence of any such Lien on any Mortgage Loan immediately upon discovery thereof; the Sponsor will defend the right, title and interest of the Trustee, on its own behalf and as assignee of the Depositor, in, to and under the Mortgage Loans, whether now existing or hereafter created, against all claims of third parties claiming through or under the Sponsor. In the event that the Custodian or the Trustee receives actual notice of any Transfer Taxes arising out of the transfer, assignment and conveyance of the Mortgage Loans, on written demand by the Custodian, or upon the Sponsor’s otherwise being given notice thereof by the Custodian, the Sponsor shall pay any and all such Transfer Taxes (it being understood that the Holders of the Certificates, the Depositor, the Custodian and the Trustee shall have no obligation to pay such Transfer Taxes).

Covenants of the Sponsor. The Sponsor hereby covenants as of the date hereof and as of the Closing Date that, except for the transfer hereunder, on and after the Closing Date, the Sponsor will not sell, pledge, assign or transfer to any other Person, or grant, create, incur or assume any Lien on, any Mortgage Loan, whether now existing or hereafter created, or any interest therein; the Sponsor will notify the Custodian and the Trustee of the existence of any such Lien on any Mortgage Loan immediately upon discovery thereof; the Sponsor will defend the right, title and interest of the Trustee, on its own behalf and as assignee of the Depositor, in, to and under the Mortgage Loans, whether now existing or hereafter created, against all claims of third parties claiming through or under the Sponsor, and the Sponsor will sell sufficient Subsequent Mortgage Loans to the Depositor so as to use substantially all of the amounts on deposit in the Pre-Funding Account pursuant to this Purchase Agreement no later than September 23, 2006. In the event that the Custodian or the Trustee receives actual notice of any Transfer Taxes arising out of the transfer, assignment and conveyance of the Mortgage Loans, on written demand by the Custodian, or upon the Sponsor’s otherwise being given notice thereof by the Custodian, the Sponsor shall pay any and all such Transfer Taxes (it being understood that the Holders of the Certificates, the Depositor, the Custodian and the Trustee shall have no obligation to pay such Transfer Taxes).

Covenants of the Sponsor. The Sponsor hereby covenants as of the date hereof and as of the Closing Date that, except for the transfer hereunder, on and after the Closing Date, the Sponsor will not sell, pledge, assign or transfer to any other Person, or grant, create, incur or assume any Lien on, any Mortgage Loan, whether now existing or hereafter created, or any interest therein; the Sponsor will notify the Custodian and the Trustee of the existence of any such Lien on any Mortgage Loan immediately upon discovery thereof; the Sponsor will defend the right, title and interest of the Trustee, on its own behalf and as assignee of the Depositor, in, to and under the Mortgage Loans, whether now existing or hereafter created, against all claims of third parties claiming through or under the SponsorSponsor and the Sponsor will sell sufficient Subsequent Mortgage Loans to the Depositor so as to use substantially all of the amounts on deposit in the Pre-Funding Account pursuant to this Purchase Agreement no later than October 31, 2006. In the event that the Custodian or the Trustee receives actual notice of any Transfer Taxes arising out of the transfer, assignment and conveyance of the Mortgage Loans, on written demand by the Custodian, or upon the Sponsor’s otherwise being given notice thereof by the Custodian, the Sponsor shall pay any and all such Transfer Taxes (it being understood that the Holders of the Certificates, the Depositor, the Custodian and the Trustee shall have no obligation to pay such Transfer Taxes).