Common use of Converted Mortgage Loans; Purchase Obligations Upon Conversion; Administration by the Trustee Clause in Contracts

Converted Mortgage Loans; Purchase Obligations Upon Conversion; Administration by the Trustee. (a) The Trustee, as Noteholder (as defined in the Mortgage Notes for the Mortgage Loans), hereby authorizes and directs the Master Servicer, on behalf of the Noteholder, 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 fixed formula set forth insuch Mortgage Notes. The Master Servicer agrees to make such determinations and otherwise administer the Convertible Mortgage Loans as contemplated in the Mortgage Notes 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) Upon becoming aware of the intent to convert any Convertible Mortgage Loan the Master Servicer will promptly notify the Trustee (if it holds the related Mortgage File) and (if the Sponsor is not then the Master Servicer) the Sponsor. Prior to the day on which a Convertible Mortgage Loan has become a Converted Mortgage Loan, the Sponsor shall be obligated pursuant to the terms of the Sponsor 's Warranty Certificate to purchase a Converting Mortgage Loan at the Purchase Price. All amounts paid by the Sponsor in connection with the purchase of a Converting Mortgage Loan will be deposited in the Custodial Account. A failure by the Sponsor to purchase a Converting Mortgage Loan will constitute an Event of Default for the Sponsor in its capacity as Master Servicer under this Agreement pursuant to Section 7.01. (c) A Converting Mortgage Loan or a 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 is purchased by the Sponsor pursuant to Section 3.25(b). (d) Upon any purchase of a Converting Mortgage Loan by the Sponsor pursuant to Section 3.25(b) and the deposit in the Custodial Account of the Purchase Price, the Trustee shall give the Master Servicer written notice thereof, and the Trustee shall release, or cause to be released, the related Mortgage File, shall execute and deliver such instruments of transfer or assignment (which shall be prepared by, and be at the expense of the Sponsor), in each case without recourse, as the Sponsor, a third party, or the Trustee, as purchaser thereof, shall require as necessary to vest in the Sponsor ownership of any Mortgage Loan released pursuant hereto and at such time the Trustee shall have no further responsibility with respect to the related Mortgage File and whereupon such Converted Mortgage Loan shall cease to be a part of the Trust Fund.

Converted Mortgage Loans; Purchase Obligations Upon Conversion; Administration by the Trustee. (a) The Trustee, as Noteholder (as defined in the Mortgage Notes for the Mortgage Loans), hereby authorizes and directs the Master Servicer, on behalf of the Noteholder, 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 fixed formula set forth insuch in such Mortgage Notes. The Master Servicer agrees to make such determinations and otherwise administer the Convertible Mortgage Loans as contemplated in the Mortgage Notes 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) Upon becoming aware of the intent to convert any Convertible Mortgage Loan the Master Servicer will promptly notify the Trustee (if it holds the related Mortgage File) and (if the Sponsor Seller is not then the Master Servicer) the SponsorSeller. Prior to the day on which a Convertible Mortgage Loan has become a Converted Mortgage Loan, the Sponsor Seller shall be obligated pursuant to the terms of the Sponsor Seller's Warranty Certificate to purchase a Converting Mortgage Loan at the Purchase Price. All amounts paid by the Sponsor Seller in connection with the purchase of a Converting Mortgage Loan will be deposited in the Custodial Account. A failure by the Sponsor Seller to purchase a Converting Mortgage Loan will constitute an Event of Default for the Sponsor Seller in its capacity as Master Servicer under this Agreement pursuant to Section 7.01. (c) A Converting Mortgage Loan or a 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 is purchased by the Sponsor Seller pursuant to Section 3.25(b). (d) Upon any purchase of a Converting Mortgage Loan by the Sponsor Seller pursuant to Section 3.25(b) and the deposit in the Custodial Account of the Purchase Price, the Trustee shall give the Master Servicer written notice thereof, and the Trustee shall release, or cause to be released, the related Mortgage File, shall execute and deliver such instruments of transfer or assignment (which shall be prepared by, and be at the expense of the SponsorSeller), in each case without recourse, as the SponsorSeller, a third party, or the Trustee, as purchaser thereof, shall require as necessary to vest in the Sponsor Seller ownership of any Mortgage Loan released pursuant hereto and at such time the Trustee shall have no further responsibility with respect to the related Mortgage File and whereupon such Converted Mortgage Loan shall cease to be a part of the Trust Fund.

Converted Mortgage Loans; Purchase Obligations Upon Conversion; Administration by the Trustee. (a) The Trustee, as Noteholder (as defined in the Mortgage Notes for the Mortgage Loans), hereby authorizes and directs the Master Servicer, on behalf of the Noteholder, 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 fixed formula set forth insuch in such Mortgage Notes. The Master Servicer agrees to make such determinations and otherwise administer the Convertible Mortgage Loans as contemplated in the Mortgage Notes 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) Upon becoming aware of the intent to convert any Convertible Mortgage Loan the Master Servicer will promptly notify the Trustee (if it holds the related Mortgage File) and (if the Sponsor is not then the Master Servicer) the Sponsor. Prior to the day on which a Convertible Mortgage Loan has become a Converted Mortgage Loan, the Sponsor shall be obligated pursuant to the terms of the Sponsor 's Sponsor’s Warranty Certificate to purchase a Converting Mortgage Loan at the Purchase Price. All amounts paid by the Sponsor in connection with the purchase of a Converting Mortgage Loan will be deposited in the Custodial Account. A failure by the Sponsor to purchase a Converting Mortgage Loan will constitute an Event of Default for the Sponsor in its capacity as Master Servicer under this Agreement pursuant to Section 7.01. (c) A Converting Mortgage Loan or a 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 is purchased by the Sponsor pursuant to Section 3.25(b). (d) Upon any purchase of a Converting Mortgage Loan by the Sponsor pursuant to Section 3.25(b) and the deposit in the Custodial Account of the Purchase Price, the Trustee shall give the Master Servicer written notice thereof, and the Trustee shall release, or cause to be released, the related Mortgage File, shall execute and deliver such instruments of transfer or assignment (which shall be prepared by, and be at the expense of the Sponsor), in each case without recourse, as the Sponsor, a third party, or the Trustee, as purchaser thereof, shall require as necessary to vest in the Sponsor ownership of any Mortgage Loan released pursuant hereto and at such time the Trustee shall have no further responsibility with respect to the related Mortgage File and whereupon such Converted Mortgage Loan shall cease to be a part of the Trust Fund.