Common use of Effective Period, Termination and Amendment, and Interpretive and Additional Provisions Clause in Contracts

Effective Period, Termination and Amendment, and Interpretive and Additional Provisions. This agreement may be terminated (a) by Citibank’s resignation as Custodian, or (b) by either CitiMortgage or the Trustee. In each case, such termination will be effected by notice to the other parties given no less than 60 days prior to termination. Upon notice of such termination, CitiMortgage will use its reasonable best efforts to select a successor Custodian reasonably acceptable to the Trustee upon substantially the same terms and conditions as set forth in this agreement. If no such successor Custodian has been selected by the 50th day after such notice, the Trustee may, upon prior notice to CitiMortgage, select a successor Custodian. If no successor Custodian has been selected by CitiMortgage or the Trustee by the effective date of the Citibank’s termination, the Trustee will act as successor Custodian until the Trustee and CitiMortgage agree on a successor Custodian. At, or as soon as practicable after, the termination of this agreement, Citibank will deliver the Mortgage Files to the successor Custodian at such place as the successor Custodian reasonably designates.

Appears in 8 contracts

Samples: Pooling Agreement (Citicorp Mortgage Securities Trust, Series 2007-2), Pooling Agreement (Citicorp Mortgage Securities Inc), Pooling Agreement (Citicorp Mortgage Securities Inc)

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Effective Period, Termination and Amendment, and Interpretive and Additional Provisions. This agreement may be terminated (a) by CitibankCitibank (West)’s resignation as Custodian, or (b) by either CitiMortgage or the Trustee. In each case, such termination will be effected by notice to the other parties given no less than 60 days prior to termination. Upon notice of such termination, CitiMortgage will use its reasonable best efforts to select a successor Custodian reasonably acceptable to the Trustee upon substantially the same terms and conditions as set forth in this agreement. If no such successor Custodian has been selected by the 50th day after such notice, the Trustee may, upon prior notice to CitiMortgage, select a successor Custodian. If no successor Custodian has been selected by CitiMortgage or the Trustee by the effective date of the CitibankCitibank (West)’s termination, the Trustee will act as successor Custodian until the Trustee and CitiMortgage agree on a successor Custodian. At, or as soon as practicable after, the termination of this agreement, Citibank (West) will deliver the Mortgage Files to the successor Custodian at such place as the successor Custodian reasonably designates.

Appears in 3 contracts

Samples: Pooling Agreement (Citicorp Mortgage Securities Inc), Pooling Agreement (Citicorp Mortgage Securities Inc), Pooling Agreement (CMALT (CitiMortgage Alternative Loan Trust), Series 2006-A2)

Effective Period, Termination and Amendment, and Interpretive and Additional Provisions. This agreement may be terminated (a) by Citibank’s 's resignation as Custodian, or (b) by either CitiMortgage or the Trustee. In each case, such termination will be effected by notice to the other parties given no less than 60 days prior to termination. Upon notice of such termination, CitiMortgage will use its reasonable best efforts to select a successor Custodian reasonably acceptable to the Trustee upon substantially the same terms and conditions as set forth in this agreement. If no such successor Custodian has been selected by the 50th day after such notice, the Trustee may, upon prior notice to CitiMortgage, select a successor Custodian. If no successor Custodian has been selected by CitiMortgage or the Trustee by the effective date of the Citibank’s 's termination, the Trustee will act as successor Custodian until the Trustee and CitiMortgage agree on a successor Custodian. At, or as soon as practicable after, the termination of this agreement, Citibank will deliver the Mortgage Files to the successor Custodian at such place as the successor Custodian reasonably designates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Citicorp Residential Mortgage Trust Series 2006-3), Pooling and Servicing Agreement (Citicorp Residential Mortgage Trust Series 2007-1)

Effective Period, Termination and Amendment, and Interpretive and Additional Provisions. This agreement may be terminated (a) by Citibank’s Citibank (West)'s resignation as Custodian, or (b) by either CitiMortgage or the Trustee. In each case, such termination will be effected by notice to the other parties given no less than 60 days prior to termination. Upon notice of such termination, CitiMortgage will use its reasonable best efforts to select a successor Custodian reasonably acceptable to the Trustee upon substantially the same terms and conditions as set forth in this agreement. If no such successor Custodian has been selected by the 50th day after such notice, the Trustee may, upon prior notice to CitiMortgage, select a successor Custodian. If no successor Custodian has been selected by CitiMortgage or the Trustee by the effective date of the Citibank’s Citibank (West)'s termination, the Trustee will act as successor Custodian until the Trustee and CitiMortgage agree on a successor Custodian. At, or as soon as practicable after, the termination of this agreement, Citibank (West) will deliver the Mortgage Files to the successor Custodian at such place as the successor Custodian reasonably designates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Citicorp Residential Mortgage Trust Series 2006-1), Pooling and Servicing Agreement (Citicorp Residential Mortgage Trust Series 2006-2)

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Effective Period, Termination and Amendment, and Interpretive and Additional Provisions. This agreement may be terminated (a) by Citibank’s resignation as Custodian, or (b) by either CitiMortgage or the Trustee. In each case, such termination will be effected by notice to the other parties given no less than 60 days prior to termination. Upon notice of such termination, CitiMortgage will use its reasonable best efforts to select a successor Custodian reasonably acceptable to the Trustee upon substantially the same terms and conditions as set forth in this agreement. If no such successor Custodian has been selected by the 50th day after such notice, the Trustee may, upon prior notice to CitiMortgage, select a successor Custodian. If no successor Custodian has been selected by CitiMortgage or the Trustee by the effective date of the Citibank’s termination, the Trustee will act as successor Custodian until the Trustee and CitiMortgage agree on a successor Custodian. At, or as soon as practicable after, the termination of this agreement, Citibank will deliver the Mortgage Files mortgage notes to the successor Custodian at such place as the successor Custodian reasonably designates.

Appears in 1 contract

Samples: Pooling Agreement (Citicorp Mortgage Securities Inc)

Effective Period, Termination and Amendment, and Interpretive and Additional Provisions. This agreement may be terminated (a) by Citibank’s 's resignation as Mortgage Note Custodian, or (b) by either CitiMortgage or the Trustee. In each case, such termination will be effected by notice to the other parties given no less than 60 days prior to termination. Upon notice of such termination, CitiMortgage will use its reasonable best efforts to select a successor Mortgage Note Custodian reasonably acceptable to the Trustee upon substantially the same terms and conditions as set forth in this agreement. If no such successor Mortgage Note Custodian has been selected by the 50th day after such notice, the Trustee may, upon prior notice to CitiMortgage, select a successor Mortgage Note Custodian. If no successor Mortgage Note Custodian has been selected by CitiMortgage or the Trustee by the effective date of the Citibank’s 's termination, the Trustee will act as successor Mortgage Note Custodian until the Trustee and CitiMortgage agree on a successor Mortgage Note Custodian. At, or as soon as practicable after, the termination of this agreement, Citibank will deliver the Mortgage Files Notes to the successor Mortgage Note Custodian at such place as the successor Mortgage Note Custodian reasonably designates.

Appears in 1 contract

Samples: Pooling Agreement (Citicorp Residential Mortgage Trust Series 2007-2)

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