04Additional Termination Requirements Sample Clauses

04Additional Termination Requirements. In the event the Auction Call with respect to any Group of Mortgage Loans is exercised as provided in Section 11.01, the Trust Fund shall be terminated in accordance with the following additional requirements, unless the Trustee, Master Servicer and the Securities Administrator have been supplied with an Opinion of Counsel, at the expense of the entity exercising the call right, to the effect that the failure to comply with the requirements of this Section 11.04 will not (i) result in the imposition of taxes on “prohibited transactions” on any Trust REMIC as defined in Section 860F of the Code, or (ii) cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding: The Securities Administrator on behalf of the Trustee shall sell the Auctioned Property to the entity with the highest bid received pursuant to the Auction Call and, by the next Distribution Date after such sale, shall distribute to the Certificateholders of the related Group the proceeds of such sale in complete liquidation of each of the Trust REMICs of such Group; and The Securities Administrator shall attach a statement to the final federal income tax return for each of the Trust REMICs of the related Group stating that pursuant to Treasury Regulations Section 1.860F-1, the first day of the ninety (90) day liquidation period for each such Trust REMIC was the date on which the Securities Administrator on behalf of the Trustee sold the assets of the Trust Fund allocable to such Group of Certificates to the entity with the highest bid received pursuant to the Auction Call.