Common use of Occurrence; Trustee’s Determinations Clause in Contracts

Occurrence; Trustee’s Determinations. Upon the occurrence of a Deficiency Event, the Trustee shall, promptly after the Distribution Date on which such Deficiency Event occurs, determine whether or not the application on a monthly basis of all future Agency Security Distributions and other amounts receivable with respect to the Trust Fund towards distributions on the Regular Certificates in accordance with the priorities as to distributions of principal set forth in such Certificates and Section 3.03 will result in the retirement of the entire Aggregate Current Principal Amount of and the distribution of all interest accrued on the Regular Certificates under the Maximum Rate Assumption. In making any such determination, the Trustee shall ignore all Initial Principal Distribution Dates and, except for the Final Distribution Date applicable to the Class or Classes of Regular Certificates having the latest Final Distribution Date, all Final Distribution Dates, to the effect that a positive determination under this Section 7.01 can be made if the Trustee can determine that such distributions will be sufficient to pay interest at the applicable Certificate Interest Rates under the Maximum Rate Assumption and to retire the entire Current Principal Amount of each Regular Certificate on or before such latest Final Distribution Date. The Trustee may, but need not, obtain and rely upon an opinion or report of the firm of Independent Accountants acting pursuant to Section 6.01 as to the sufficiency of the amounts receivable with respect to the Trust Fund to make such distributions of principal of and interest on the Regular Certificates, which opinion or report shall be conclusive evidence as to such sufficiency. Pending the making of any determination pursuant to this Section 7.01, distributions on the Regular Certificates shall continue to be made in accordance with Section 5.02(d). As promptly as practicable following any determination pursuant to this Section 7.01, the Trustee shall notify all Holders of Certificates as to such determination and the effect thereof upon future distributions on the Certificates as set forth in Sections 7.02 and 7.03.

Occurrence; Trustee’s Determinations. Upon the occurrence of a Deficiency Eventevent, the Trustee shall, promptly after the Distribution Date on which such Deficiency Event occurs, determine whether or not the application on a monthly basis of all future Agency Security Distributions distributions on the Mortgage Assets and other amounts receivable with respect to the Trust Fund towards distributions on the Regular Multi-Class Certificates in accordance with the priorities as to distributions of principal set forth in such Certificates and Section 3.03 Article XI will result in the retirement of the entire Aggregate Current Stated Principal Amount Balance of and the distribution of all interest accrued on the Regular Multi- Class Certificates under the Maximum Rate Assumption, if applicable. In making any such determination, the Trustee shall ignore all Initial Principal Distribution Reduction Dates and, except for the Final Scheduled Distribution Date applicable to the Class or Classes of Regular Multi-Class Certificates having the latest Final Scheduled Distribution Date, all Final Scheduled Distribution Dates, to the effect that a positive determination under this Section 7.01 6.01 can be made if the Trustee can determine that such distributions will be sufficient to pay interest at the applicable Certificate Interest Rates under the Maximum Rate Assumption Assumption, if applicable and to retire reduce the entire Current Outstanding Stated Principal Amount Balance of each Regular Certificate to zero on or before such latest Final Scheduled Distribution Date. The Trustee may, but need not, shall obtain and rely upon an opinion or report of the a firm of Independent Accountants acting pursuant to Section 6.01 of nationally recognized reputation as to the sufficiency of the amounts receivable with respect to the Trust Fund to make such distributions in reduction of principal Outstanding Stated Principal Balance of and interest on the Regular Multi-Class Certificates, which opinion or report shall be conclusive evidence as to such sufficiency. Pending the making of any determination pursuant to this Section 7.016.01, distributions on the Regular Multi-Class Certificates shall continue to be made in accordance with Section 5.02(d)Articles I and III. As promptly as practicable following any determination pursuant to this Section 7.016.01, the Trustee shall notify all Holders of Certificates as to such determination and the effect thereof upon future distributions on the Certificates as set forth in Sections 7.02 6.02 and 7.036.03.

Occurrence; Trustee’s Determinations. Upon the occurrence of a Deficiency Event, the Trustee shall, promptly after the Distribution Date on which such Deficiency Event occurs, determine whether or not the application on a monthly basis of all future Agency Security Distributions and other amounts receivable with respect to the Trust Fund towards distributions on the Regular Certificates in accordance with the priorities as to distributions of principal set forth in such Certificates and Section 3.03 will result in the retirement of the entire Aggregate Current Principal Amount of and the distribution of all interest accrued on the Regular Certificates under the Maximum Rate Assumption. In making any such determination, the Trustee shall ignore all Initial Principal Distribution Dates and, except for the Final Distribution Date applicable to the Class or Classes of Regular Certificates having the latest Final Distribution Date, all Final Distribution Dates, to the effect that a positive determination under this Section 7.01 8.01 can be made if the Trustee can determine that such distributions will be sufficient to pay interest at the applicable Certificate Interest Rates under the Maximum Rate Assumption and to retire the entire Current Principal Amount of each Regular Certificate on or before such latest Final Distribution Date. The Trustee may, but need not, obtain and rely upon an opinion or report of the firm of Independent Accountants acting pursuant to Section 6.01 7.01 as to the sufficiency of the amounts receivable with respect to the Trust Fund to make such distributions of principal of and interest on the Regular Certificates, which opinion or report shall be conclusive evidence as to such sufficiency. Pending the making of any determination pursuant to this Section 7.018.01, distributions on the Regular Certificates shall continue to be made in accordance with Section 5.02(d). As promptly as practicable following any determination pursuant to this Section 7.018.01, the Trustee shall notify all Holders of Certificates as to such determination and the effect thereof upon future distributions on the Certificates as set forth in Sections 7.02 8.02 and 7.038.03.