Procedure Upon Optional Termination. (a) In case of any Optional Termination pursuant to Section 11.01, the Terminating Entity shall, at least twenty days prior to the date notice is to be mailed to the affected Certificateholders notify the Trustee and Trust Administrator of such Optional Termination Date and of the applicable purchase price of the Mortgage Loans to be purchased. The Trust Administrator shall give notice to the Rating Agencies of election to purchase the Mortgage Loans pursuant to Section 11.01 hereof and of the Optional Termination Date.
(b) Any purchase of the Mortgage Loans by the Terminating Entity shall be made on an Optional Termination Date by deposit of the applicable purchase price into the Certificate Account, as applicable, before the Distribution Date on which such purchase is effected. Upon receipt by the Trust Administrator of an Officer’s Certificate of the Terminating Entity certifying as to the deposit of such purchase price into the Certificate Account, the Trust Administrator and each co-trust administrator and separate trust administrator, if any, then acting as such under this Agreement, shall, upon request and at the expense of the Terminating Entity execute and deliver all such instruments of transfer or assignment, in each case without recourse, as shall be reasonably requested by the Terminating Entity to vest title in the Terminating Entity in the Mortgage Loans so purchased and shall transfer or deliver to the Terminating Entity the purchased Mortgage Loans. Any distributions on the Mortgage Loans which have been subject to an Optional Termination received by the Trustee subsequent to (or with respect to any period subsequent to) the Optional Termination Date shall be promptly remitted by it to the Terminating Entity.
(c) Notice of the Distribution Date on which the Master Servicer anticipates that the final distribution shall be made (whether upon Optional Termination or otherwise), shall be given promptly by the Master Servicer to the Trust Administrator and by the Trust Administrator by first class mail to Holders of the affected Certificates. Such notice shall be mailed no earlier than the 15th day and not later than the 10th day preceding the applicable Optional Termination Date or date of final distribution, as the case may be. Such notice shall specify (i) the Distribution Date upon which final distribution on the affected Certificates will be made upon presentation and surrender of such Certificates at the office or agency therein designate...
Procedure Upon Optional Termination. 124 SECTION 10.03
Procedure Upon Optional Termination. (a) In case of any Optional Termination pursuant to Section 11.01, Olympus shall, at least twenty days prior to the date notice is to be mailed to the affected Certificateholders notify the Trustee and Trust Administrator of such Optional Termination Date and of the applicable purchase price of the Mortgage Loans to be purchased.
(b) Any purchase of the Mortgage Loans by Olympus shall be made on an Optional Termination Date by deposit of the applicable purchase price into the Certificate Account, as applicable, before the Distribution Date on which such purchase is effected. Upon receipt by the Trust Administrator of an Officer's Certificate of Olympus certifying as to the deposit of such purchase price into the Certificate Account, the Trust Administrator and each co-trust administrator and separate trust administrator, if any, then acting as such under this Agreement, shall, upon request and at the expense of Olympus execute and deliver all such instruments of transfer or assignment, in each case without recourse, as shall be reasonably requested by Olympus to vest title in Olympus in the Mortgage Loans so purchased and shall transfer or deliver to Olympus the purchased Mortgage Loans. Any distributions on the Mortgage Loans which have been subject to an Optional Termination received by the Trustee subsequent to (or with respect to any period subsequent to) the Optional Termination Date shall be promptly remitted by it to Olympus.
Procedure Upon Optional Termination. (a) In case of any Optional Termination pursuant to Section 4.01, the [Depositor] shall, at least 20 days prior to the date notice is to be mailed to the Certificateholders (unless a shorter period shall be satisfactory to the Master Servicer and the Trustee), notify the Master Servicer and the Trustee of such Optional Termination Date, and of the Repurchase Price of the Contracts to be repurchased.
(b) Any repurchase by the [Depositor] of the Contracts shall be made on the Optional Termination Date by deposit of the Repurchase Price into the Certificate Account on or before the Distribution Date on which such repurchase is effected. Upon receipt by the Trustee of an Officers' Certificate of the Master Servicer certifying as to the deposit of the Repurchase Price into the Certificate Account, the Trustee and each co-trustee and separate trustee, if any, then acting as such under this Agreement, shall, upon request of the [Depositor] and at the expense of the [Depositor], execute and deliver all such instruments of transfer or assignment, in each case without recourse, as shall be reasonably requested by the [Depositor] to vest title in the Contracts so repurchased to the [Depositor] and shall transfer or deliver or shall cause the applicable Custodian to transfer or deliver to the [Depositor] or its designee the repurchased Contracts. Any distributions on the Contracts received by the Trustee or the Master Servicer subsequent to the Optional Termination Date shall be promptly remitted by it to the [Depositor].
Procedure Upon Optional Termination. 13 ARTICLE V MISCELLANEOUS...................................................14 SECTION 5.01.
Procedure Upon Optional Termination. (a) In case of any Optional Termination pursuant to Section 11.01, Vesta shall, at least twenty days prior to the date notice is to be mailed to the affected Certificateholders notify the Trustee and Trust Administrator of such Optional Termination Date and of the applicable purchase price of the Mortgage Loans to be purchased.
(b) Any purchase of the Mortgage Loans by Vesta shall be made on an Optional Termination Date by deposit of the applicable purchase price into the Certificate Account, as applicable, before the Distribution Date on which such repurchase is effected. Upon receipt by the Trust Administrator of an Officer's Certificate of Vesta certifying as to the deposit of such purchase price into the Certificate Account, the Trust Administrator and each co-trust administrator and separate trust administrator, if any, then acting as such under this Agreement, shall, upon request and at the expense of Vesta execute and deliver all such instruments of transfer or assignment, in each case without recourse, as shall be reasonably requested by Vesta to vest title in Vesta in the Mortgage Loans so purchased and shall transfer or deliver to Vesta the purchased Mortgage Loans. Any distributions on the Mortgage Loans which have been subject to an Optional Termination received by the Trustee subsequent to (or with respect to any period subsequent to) the Optional Termination Date shall be promptly remitted by it to Vesta.
Procedure Upon Optional Termination. (a) In case of any Optional Termination pursuant to Section 10.01, MLS shall, at least twenty days prior to the date notice is to be mailed to the affected Certificateholders notify the Trustee of such Optional Termination Date and of the applicable purchase price of the Mortgage Loans to be repurchased.
(b) Any repurchase of the Mortgage Loans by MLS shall be made on an Optional Termination Date by deposit of the applicable purchase price into the Certificate Account, as applicable, before the Distribution Date on which such repurchase is effected. Upon receipt by the Trustee of an Officer's Certificate of MLS certifying as to the deposit of such purchase price into the Certificate Account, the Trustee and each co-trustee and separate trustee, if any, then acting as such under this Agreement, shall, upon request and at the expense of MLS, execute and deliver all such instruments of transfer or assignment, in each case without recourse, as shall be reasonably requested by MLS, to vest title in MLS in the Mortgage Loans so repurchased and shall transfer or deliver to MLS the repurchased Mortgage Loans. Any distributions on the Mortgage Loans which have been subject to an Optional Termination received by the Trustee subsequent to (or with respect to any period subsequent to) the Optional Termination Date shall be promptly remitted by it to MLS.
(c) Notice of the Distribution Date on which a Servicer anticipates that the final distribution shall be made (whether upon Optional Termination or otherwise), shall be given promptly by such Servicer to the Trustee and by the Trustee by first class mail to Holders of the affected Certificates and to MBIA. Such notice shall be mailed no earlier than the 15th day and not later than the 10th day preceding the Optional Termination Date or date of final distribution, as the case may be. Such notice shall specify (i) the Distribution Date upon which final distribution on the affected Certificates will be made upon presentation and surrender of such Certificates at the office or agency therein designated, (ii) the amount of such final distribution and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, such distribution being made only upon presentation and surrender of such Certificates at the office or agency maintained for such purposes (the address of which shall be set forth in such notice).
(d) In the event that any Certificateholders shall not surrender Certificates for cancel...
Procedure Upon Optional Termination. 127 SECTION 10.03. Additional Termination Requirements.....................128 ARTICLE XI MISCELLANEOUS PROVISIONS
Procedure Upon Optional Termination. In case of any Optional Termination pursuant to Section 11.01, the Terminating Entity shall, at least twenty days prior to the date notice is to be mailed to the affected Certificateholders notify the Trustee and Trust Administrator of such Optional Termination Date and of the applicable purchase price of the Mortgage Loans to be purchased. The Trust Administrator shall give notice to the Rating Agencies and the Servicers of election to purchase the Mortgage Loans pursuant to Section 11.01 hereof and of the Optional Termination Date.
Procedure Upon Optional Termination. 153 TABLE OF CONTENTS (Continued) Page ----
