Common use of Procedure Upon Optional Termination or Terminating Auction Sale Clause in Contracts

Procedure Upon Optional Termination or Terminating Auction Sale. (a) In case of any Optional Termination, the Terminating Entity shall, no later than ten (10) days prior to the first day of the Optional Termination Notice Period, notify the Trustee and Trust Administrator of such Optional Termination Date and of the applicable purchase price of the Mortgage Loans to be purchased. Upon purchase by the Terminating Entity of any Mortgage Loans pursuant to Section 11.01, the Trust Administrator shall notify each Servicer that is servicing any of such Mortgage Loans of such purchase.

Procedure Upon Optional Termination or Terminating Auction Sale. (a) In case of any Optional Termination, the Terminating Entity shall, no later than ten (10) days prior to the first day of the Optional Termination Notice Period, notify the Trustee and Trust Administrator of such Optional Termination Date and of the applicable purchase price of the Mortgage Loans to be purchased. Upon purchase by the Terminating Entity of any Mortgage Loans pursuant to Section 11.01, the Trust Administrator shall notify each Servicer that is servicing any of such Mortgage Loans (and with respect to the purchase of the Group 4 Loans, the Swap Counterparty) of such purchase.

Procedure Upon Optional Termination or Terminating Auction Sale. (a) In case of any Optional TerminationTermination pursuant to Section 11.01, the Terminating Entity shall, no later than ten (10) at least twenty days prior to the first day of date notice is to be mailed to the Optional Termination Notice Period, 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. Upon The Trust Administrator shall give notice to the Rating Agencies and the Servicers of election to purchase by the Terminating Entity of any Mortgage Loans pursuant to Section 11.01, 11.01 hereof and of the Trust Administrator shall notify each Servicer that is servicing any of such Mortgage Loans of such purchaseOptional Termination Date.