Common use of Converted Mortgage Loans; Certain Procedures and - Clause in Contracts

Converted Mortgage Loans; Certain Procedures and -. Purchases. ---------- (a) The Trustee, as Note Holder (as defined in the Mortgage Notes for the Mortgage Loans) on behalf of the Certificateholders and the Insurer is hereby authorized and hereby authorizes and directs the Servicer, on behalf of the Note Holder, to determine fixed interest rates into which Mortgagors under Convertible Mortgage Loans may convert the adjustable interest rates on their Mortgage Notes in accordance with the terms set forth in such Mortgage Notes. The Servicer agrees to make such determinations and otherwise administer the program contemplated in the Mortgage Notes for the Convertible Mortgage Loans until the later to occur of (i) the date on which all the Convertible Mortgage Loans have become Converted Mortgage Loans, and (ii) the last date on which Mortgagors have the option to convert the adjustable interest rates on their Mortgage Notes to fixed interest rates. (b) The Seller shall purchase such Converting Mortgage Loan. All amounts paid by the Seller in connection with the purchase of a Converting Mortgage Loan or Converted Mortgage Loan, as the case may be, will be deposited in the Custodial Account. (c) Notwithstanding that a Mortgage Loan becomes a Converting Mortgage Loan or Converted Mortgage Loan in any month, in the event that such Mortgage Loan is not purchased pursuant to Section 3.21(b) such Converting Mortgage Loan or Converted Mortgage Loan shall remain in the Trust Fund and all payments in respect thereof shall remain in the Trust Fund unless and until such Converting Mortgage Loan or Converted Mortgage Loan, as the case may be, is purchased by the Seller, pursuant to Section 3.21(b). (d) Upon any purchase of a Converting Mortgage Loan or Converted Mortgage Loan, as the case may be, by the Seller pursuant to Section 3.21(b) and the deposit in the Custodial Account of the Purchase Price, the Seller shall give the Trustee written notice thereof and, based thereon, the Trustee shall release, or cause any Custodian to release, the related Mortgage File and convey such Mortgage Loan to the purchaser whereupon such purchased Converted Mortgage Loan shall cease to be part of the Trust Fund.

Converted Mortgage Loans; Certain Procedures and -. Purchases. ------------------- (a) The Trustee, as Note Holder (as defined in the Mortgage Notes for the Mortgage Loans) on behalf of the Certificateholders and the Insurer is hereby authorized and hereby authorizes and directs the Servicer, on behalf of the Note Holder, to determine fixed interest rates into which Mortgagors under Convertible Mortgage Loans may convert the adjustable interest rates on their Mortgage Notes in accordance with the terms set forth in such Mortgage Notes. The Servicer agrees to make such determinations and otherwise administer the program contemplated in the Mortgage Notes for the Convertible Mortgage Loans until the later to occur of (i) the date on which all the Convertible Mortgage Loans have become Converted Mortgage Loans, and (ii) the last date on which Mortgagors have the option to convert the adjustable interest rates on their Mortgage Notes to fixed interest rates. (b) The Seller shall Servicer may, but is not obligated to, purchase such Converting Mortgage Loan. All amounts paid by the Seller Servicer in connection with the purchase of a Converting Mortgage Loan or Converted Mortgage Loan, as the case may be, will be deposited in the Custodial Account. No party to this Agreement or any successor to any party shall be required to purchase any Converted or Converting Mortgage Loan. (c) Notwithstanding that a Mortgage Loan becomes a Converting Mortgage Loan or Converted Mortgage Loan in any month, in the event that such Mortgage Loan is not purchased pursuant to Section 3.21(b) such Converting Mortgage Loan or Converted Mortgage Loan shall remain in the Trust Fund and all payments in respect thereof shall remain in the Trust Fund unless and until such Converting Mortgage Loan or Converted Mortgage Loan, as the case may be, is purchased by the SellerServicer, pursuant to Section 3.21(b). (d) Upon any purchase of a Converting Mortgage Loan or Converted Mortgage Loan, as the case may be, by the Seller Servicer pursuant to Section 3.21(b) and the deposit in the Custodial Account of the Purchase Price, the Seller shall give the Trustee written notice thereof and, based thereon, the Trustee shall release, or Pri cause any Custodian to release, the related Mortgage File and convey such Mortgage Loan to the purchaser whereupon such purchased Converted Mortgage Loan shall cease to be part of the Trust Fund.

Converted Mortgage Loans; Certain Procedures and -. Purchases. ------------------- (a) The Trustee, as Note Holder (as defined in the Mortgage Notes for the Mortgage Loans) on behalf of the Certificateholders and the Insurer is hereby authorized and hereby authorizes and directs the Servicer, on behalf of the Note Holder, to determine fixed interest rates into which Mortgagors under Convertible Mortgage Loans may convert the adjustable interest rates on their Mortgage Notes in accordance with the terms set forth in such Mortgage Notes. The Servicer agrees to make such determinations and otherwise administer the program contemplated in the Mortgage Notes for the Convertible Mortgage Loans until the later to occur of (i) the date on which all the Convertible Mortgage Loans have become Converted Mortgage Loans, and (ii) the last date on which Mortgagors have the option to convert the adjustable interest rates on their Mortgage Notes to fixed interest rates. (b) The Seller shall may, but is not obligated to, purchase such Converting Mortgage Loan. All amounts paid by the Seller in connection with the purchase of a Converting Mortgage Loan or Converted Mortgage Loan, as the case may be, will be deposited in the Custodial Account. No party to this Agreement or any successor to any party shall be required to purchase any Converted or Converting Mortgage Loan. (c) Notwithstanding that a Mortgage Loan becomes a Converting Mortgage Loan or Converted Mortgage Loan in any month, in the event that such Mortgage Loan is not purchased pursuant to Section 3.21(b) such Converting Mortgage Loan or Converted Mortgage Loan shall remain in the Trust Fund and all payments in respect thereof shall remain in the Trust Fund unless and until such Converting Mortgage Loan or Converted Mortgage Loan, as the case may be, is purchased by the Seller, pursuant to Section 3.21(b). (d) Upon any purchase of a Converting Mortgage Loan or Converted Mortgage Loan, as the case may be, by the Seller pursuant to Section 3.21(b) and the deposit in the Custodial Account of the Purchase Price, the Seller shall give the Trustee written notice thereof and, based thereon, the Trustee shall release, or cause any Custodian to release, the related Mortgage File and convey such Mortgage Loan to the purchaser whereupon such purchased Converted Mortgage Loan shall cease to be part of the Trust Fund.

Converted Mortgage Loans; Certain Procedures and -. Purchases. ------------------- (a) The Trustee, as Note Holder (as defined in the Mortgage Notes for the Mortgage Loans) on behalf of the Certificateholders and the Certificate Insurer is hereby authorized and hereby authorizes and directs the Servicer, on behalf of the Note Holder, to determine fixed interest rates into which Mortgagors under Convertible Mortgage Loans may convert the adjustable interest rates on their Mortgage Notes in accordance with the terms set forth in such Mortgage Notes. The Servicer agrees to make such determinations and otherwise administer the program contemplated in the Mortgage Notes for the Convertible Mortgage Loans until the later to occur of (i) the date on which all the Convertible Mortgage Loans have become Converted Mortgage Loans, and (ii) the last date on which Mortgagors have the option to convert the adjustable interest rates on their Mortgage Notes to fixed interest rates. (b) The Seller shall may, but is not obligated to, purchase such Converting Mortgage Loan. All amounts paid by the Seller in connection with the purchase of a Converting Mortgage Loan or Converted Mortgage Loan, as the case may be, will be deposited in the Custodial Account. No party to this Agreement or any successor to any party shall be required to purchase any Converted or Converting Mortgage Loan. (c) Notwithstanding that a Mortgage Loan becomes a Converting Mortgage Loan or Converted Mortgage Loan in any month, in the event that such Mortgage Loan is not purchased pursuant to Section 3.21(b) such Converting Mortgage Loan or Converted Mortgage Loan shall remain in the Trust Fund and all payments in respect thereof shall remain in the Trust Fund unless and until such Converting Mortgage Loan or Converted Mortgage Loan, as the case may be, is purchased by the Seller, pursuant to Section 3.21(b). (d) Upon any purchase of a Converting Mortgage Loan or Converted Mortgage Loan, as the case may be, by the Seller pursuant to Section 3.21(b) and the deposit in the Custodial Account of the Purchase Price, the Seller shall give the Trustee written notice thereof and, based thereon, the Trustee shall release, or cause any Custodian to release, the related Mortgage File and convey such Mortgage Loan to the purchaser whereupon such purchased Converted Mortgage Loan shall cease to be part of the Trust Fund.