Common use of PROCEDURE UPON TERMINATION EVENT Clause in Contracts

PROCEDURE UPON TERMINATION EVENT. (a) On the date specified in a written notice of termination given to the Fiscal Agent pursuant to Section 7.6(c), all authority, power and rights of the Fiscal Agent under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall terminate and either a successor Fiscal Agent shall be appointed by the Trustee, with the consent of the Depositor, or the Trustee shall take such other action as shall prevent the downgrading of the then-current ratings of the certificates; provided that in no event shall the termination of the Fiscal Agent be effective until Rating Agency Confirmation shall have been obtained with respect to the appointment of a successor fiscal agent or such other action. The Fiscal Agent agrees to cooperate with the Trustee in effecting the termination of the Fiscal Agent's responsibilities and rights hereunder as Fiscal Agent. (b) Notwithstanding the termination of its activities as Fiscal Agent, the terminated Fiscal Agent shall continue to be entitled to reimbursement of its Advances (with Advance Interest thereon) to the extent provided in Section 5.2 but only to the extent such reimbursement relates to the period up to and including the date on which the Fiscal Agent's termination is effective. The Fiscal Agent shall be reimbursed for all amounts owed to it hereunder on or prior to the effective date of its termination from amounts on deposit in the Collection Account.

PROCEDURE UPON TERMINATION EVENT. (a) On the date specified in a written notice of termination given to the Fiscal Agent pursuant to Section 7.6(c), all authority, power and rights of the Fiscal Agent under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall terminate and either a successor Fiscal Agent Agent, if necessary, shall be appointed by the Trustee, with the consent of the Depositor, or the Trustee shall take such other action as shall prevent the downgrading of the then-current ratings of the certificates; provided that Rating Agency Confirmation is obtained with respect to the appointment of such successor Fiscal Agent, and in no event shall the termination of the Fiscal Agent be effective until Rating Agency Confirmation shall have been obtained with respect to the appointment of a successor fiscal agent or such other actionagent. The Fiscal Agent agrees to cooperate with the Trustee in effecting the termination of the Fiscal Agent's responsibilities and rights hereunder as Fiscal Agent. (b) Notwithstanding the termination of its activities as Fiscal Agent, the terminated Fiscal Agent shall continue to be entitled to reimbursement of its Advances (with Advance Interest thereon) to the extent provided in Section 5.2 4.6 but only to the extent such reimbursement relates to the period up to and including the date on which the Fiscal Agent's termination is effective. The Fiscal Agent shall be reimbursed for all amounts owed to it hereunder on or prior to the effective date of its termination from amounts on deposit in the Collection Certificate Account.

PROCEDURE UPON TERMINATION EVENT. (a) On the date specified in a written notice of termination given to the Fiscal Agent pursuant to Section 7.6(c), all authority, power and rights of the Fiscal Agent under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall terminate and either a successor Fiscal Agent shall be appointed by the Trustee, with the consent of the Depositor, or the Trustee shall take such other action as shall prevent the downgrading of the then-current ratings of the certificates; provided that in no event shall the termination of the Fiscal Agent be effective until Rating Agency Confirmation shall have been obtained with respect to the appointment of a successor fiscal agent or such other action. The Fiscal Agent agrees to cooperate with the Trustee in effecting the termination of the Fiscal Agent's responsibilities and rights hereunder as Fiscal Agent. (b) Notwithstanding the termination of its activities as Fiscal Agent, the terminated Fiscal Agent shall continue to be entitled to reimbursement of its Advances (with Advance Interest thereon) to the extent provided in Section 5.2 but only to the extent such reimbursement relates to the period up to and including the date on which the Fiscal Agent's termination is effective. The Fiscal Agent shall be reimbursed for all amounts owed to it hereunder on or prior to the effective date of its termination from amounts on deposit in the Collection Account.. 103