Common use of Procedure Upon Termination of Trust Fund Clause in Contracts

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice of the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to Certificateholders mailed no later than 5 Business Days after the Trustee has received notice from the Master Servicer of its election to cause (x) the sale of all of the property of the Trust Fund pursuant to Section 7.01(b), (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee therein specified. Upon any such Trust Fund Termination Event, the duties of the Certificate Registrar with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 7 contracts

Samples: Trust Agreement (Lehman Mortgage Trust 2006-8), Trust Agreement (Lehman Mortgage Trust 2006-9), Trust Agreement (Lehman Mortgage Trust 2007-8)

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Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to shall be made or the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be madeTrust's assets will occur, shall be given promptly by the Trustee Securities Administrator by first class mail to Certificateholders mailed in the case of a redemption of the Certificates, no later than 5 Business Days after (i) the Trustee has received notice from first day of the Master Servicer month in which the Distribution Date selected for redemption of its election to cause the Certificates shall occur or (ii) upon (x) the sale of all of the property of the Trust Fund pursuant to Section 7.01(b)by the Securities Administrator or in the case of a sale of assets of the Trust Fund, or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Initial Optional Purchase Date, Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Certificate Registrar's Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee Securities Administrator therein specified. The Securities Administrator shall give such notice to the Trustee, the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the Certificates. Upon any such Trust Fund Termination Eventtermination, the duties of the Certificate Registrar with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee Securities Administrator shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s Securities Administrator's obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2005-10), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-2), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2005-4)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice of the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to Certificateholders mailed no later than 5 Business Days after the Trustee has received notice from the Master Servicer of its election to cause (x) the sale of all of the property of the Trust Fund pursuant to Section 7.01(b), (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. Notice of any termination pursuant to the provisions of Section 7.01(a)(A), specifying the Distribution Date upon which the final distribution shall be made, shall be given promptly by the Trustee by first class mail no later than five Business Days after the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c). In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee Master Servicer and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee therein specified. Upon any such Trust Fund Termination Event, the duties of the Certificate Registrar with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the TrusteeOffice, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 3 contracts

Samples: Trust Agreement (Lehman Mortgage Trust 2006-3), Trust Agreement (Lehman Mortgage Trust 2006-2), Trust Agreement (LMT 2006-4)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to shall be made or the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be madeTrust’s assets related to the Aggregate Group I Certificates or the Aggregate Group II Certificates, as applicable, will occur, shall be given promptly by the Trustee Securities Administrator by first class mail to Certificateholders mailed in the case of a redemption of the affected Certificates, no later than 5 Business Days after (i) the Trustee has received notice from first day of the Master Servicer month in which the Distribution Date selected for redemption of its election to cause the affected Certificates shall occur or (ii) upon (x) the sale of all of the property of the Trust Fund pursuant related to Section 7.01(b)that Aggregate Loan Group by the Securities Administrator or in the case of a sale of assets of the Trust Fund related to that Aggregate Loan Group, or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust FundFund related to that Aggregate Loan Group. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the related Initial Optional Purchase Date, Distribution Date upon which final distribution on the affected Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the such Certificates at the Certificate Registrar’s Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee Securities Administrator therein specified. The Securities Administrator shall give such notice to the Trustee, the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the Certificates. Upon any such Trust Fund Termination Eventtermination, the duties of the Certificate Registrar with respect to the affected Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee Securities Administrator shall terminate or request and, if such termination is the Master Servicer second termination pursuant to terminateSection 7.01, the Collection Account it maintains, the Certificate Distribution Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular InterestsCertificates, subject to the TrusteeSecurities Administrator’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of Section 7.01 (or the purchase retirement of the Lower Tier REMIC 1 Uncertificated Regular InterestsCertificates), specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to Certificateholders the Certificateholders, the Certificate Insurer and any NIMS Insurer, mailed upon (x) no later than 5 five Business Days after the Trustee has received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund pursuant to Section 7.01(b), ) (or the retirement of the Certificates) or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the related Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the related Certificates at the office or agency of the Trustee therein specified. The Trustee shall give such notice to the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the related Certificates. Upon any such Trust Fund Termination Eventtermination pursuant to Section 7.01(b), the duties of the Certificate Registrar with respect to the applicable Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the related Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (GreenPoint Mortgage Funding Trust 2006-Ar7)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event termination pursuant to the provisions of Section 7.01 (or the retirement of Certificates related to Pool 1 and notice of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsPool 2 or Pool 3, as applicable), specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to the Certificateholders and any NIMS Insurer, mailed upon (x) no later than 5 five Business Days after the Trustee has received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund pursuant to Section 7.01(b) (or the retirement of the Certificates related to Pool 1 and Pool 2 or Pool 3, as applicable, to the extent that not all of the Mortgage Pools are terminated pursuant to such Section 7.01(b), ) or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the related Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the related Certificates at the office or agency of the Trustee therein specified. The Trustee shall give such notice to the Master Servicer, the Swap Counterparty and the Certificate Registrar at the time such notice is given to Holders of the related Certificates. The Master Servicer shall give notice to the Swap Counterparty on the date the Master Servicer elects its option pursuant to Section 7.01(b). Upon any such Trust Fund Termination Eventtermination pursuant to Section 7.01(b), the duties of the Certificate Registrar with respect to the applicable Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interestsrelated Certificates, subject to the Trustee’s 's obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (Greenpoint Mortgage Funding Trust 2007-Ar1)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to Certificateholders mailed (1) no later than 5 five Business Days after the Trustee has received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund pursuant to Section 7.01(b7.01(c), (y2) no later than five Business Days after the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests Trustee has begun to solicit bids pursuant to Section 7.01(csection 7.01(b) or (z3) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date, or in the case of sub-clause (2) above, the expected Distribution Date if the auction call is successful, upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Corporate Trust Office, and (B) if notice is given pursuant to sub-clause (1) or (3) above, that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee therein specified. The Trustee shall give such notice to the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the Certificates. Upon any such Trust Fund Termination Eventtermination, the duties of the Certificate Registrar with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (Lehman Abs Corp Mortgage Pass THR Certs Ser 2003-1)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee Securities Administrator, on behalf of the Trustee, by first class mail to the Certificateholders mailed upon (x) no later than 5 five Business Days after the Trustee has and the Securities Administrator shall have received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund pursuant to Section 7.01(b), (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (zy) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the related Certificates at the Corporate Trust OfficeOffice of the Certificate Registrar, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the related Certificates at the office or agency of the Trustee Certificate Registrar therein specified. The Securities Administrator shall give such notice to the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the related Certificates. Upon any such Trust Fund Termination Eventtermination pursuant to Section 7.01(b), the duties of the Certificate Registrar with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account Securities Administrator or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the TrusteeCertificate Registrar’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-2xs)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice of the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to Certificateholders mailed no later than 5 Business Days after the Trustee has received notice from the Master Servicer of its election to cause (x) the sale of all of the property of the Trust Fund pursuant to Section 7.01(b), (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee therein specified. Upon any such Trust Fund Termination Event, the duties of the Certificate Registrar with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.. 115

Appears in 1 contract

Samples: Re:   Trust Agreement (LMT 2007-1)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Securities Administrator on behalf of Trustee by first class mail to Certificateholders mailed (x) no later than 5 five Business Days after the Trustee has and the Securities Administrator shall have received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund by the Trustee pursuant to Section 7.01(b), 7.01 (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(cb) or (zy) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the related Certificates at the Corporate Trust OfficeOffice of the Certificate Registrar, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee Certificate Registrar therein specified. The Securities Administrator shall give such notice to the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the Certificates. Upon any such Trust Fund Termination Eventtermination, the duties of the Certificate Registrar with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account Securities Administrator or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the TrusteeCertificate Registrar’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-16xs)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to shall be made or the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be madeTrust’s assets related to the Aggregate Group I Certificates or the Aggregate Group II Certificates, as applicable, will occur, shall be given promptly by the Trustee Securities Administrator by first class mail to Certificateholders mailed in the case of a redemption of the affected Certificates, no later than 5 Business Days after (i) the Trustee has received notice from first day of the Master Servicer month in which the Distribution Date selected for redemption of its election to cause the affected Certificates shall occur or (ii) upon (x) the sale of all of the property of the Trust Fund pursuant related to Section 7.01(b)that Aggregate Loan Group by the Securities Administrator or in the case of a sale of assets of the Trust Fund related to that Aggregate Loan Group, or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust FundFund related to that Aggregate Loan Group. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the related Initial Optional Purchase Date, Distribution Date upon which final distribution on the affected Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the such Certificates at the Certificate Registrar’s Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee Securities Administrator therein specified. The Securities Administrator shall give such notice to the Trustee, the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the Certificates. Upon any such Trust Fund Termination Eventtermination, the duties of the Certificate Registrar with respect to the affected Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and and, if such termination is the Trustee second termination pursuant to Section 7.01, the Securities Administrator shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Distribution Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular InterestsCertificates, subject to the TrusteeSecurities Administrator’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-13)

Procedure Upon Termination of Trust Fund. (a) Notice a)Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to shall be made or the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be madeTrust’s assets will occur, shall be given promptly by the Trustee Securities Administrator by first class mail to Certificateholders mailed in the case of a redemption of the Certificates, no later than 5 Business Days after (i) the Trustee has received notice from first day of the Master Servicer month in which the Distribution Date selected for redemption of its election to cause the Certificates shall occur or (ii) upon (x) the sale of all of the property of the Trust Fund pursuant to Section 7.01(b)by the Securities Administrator or in the case of a sale of assets of the Trust Fund, or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Initial Optional Purchase Date, Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Certificate Registrar’s Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee Securities Administrator therein specified. The Securities Administrator shall give such notice to the Trustee, the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the Certificates. Upon any such Trust Fund Termination Eventtermination, the duties of the Certificate Registrar with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee Securities Administrator shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Distribution Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular InterestsCertificates, subject to the TrusteeSecurities Administrator’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice of the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee Securities Administrator by first class mail to Certificateholders mailed no later than 5 Business Days after the Trustee Securities Administrator has received notice from the Master Servicer of its election to cause (x) the sale of all of the property of the Trust Fund pursuant to Section 7.01(b), (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee Securities Administrator shall also give notice to the Certificate Registrar (if the Trustee Securities Administrator and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee Securities Administrator therein specified. Upon any such Trust Fund Termination Event, the duties of the Certificate Registrar with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee Securities Administrator shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the TrusteeSecurities Administrator’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the TrusteeSecurities Administrator, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee Securities Administrator therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee Securities Administrator shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the TrusteeSecurities Administrator’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-LTURI holder.

Appears in 1 contract

Samples: Trust Agreement (Lehman Mortgage Trust 2007-10)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to shall be made or the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be madeTrust's assets will occur, shall be given promptly by the Trustee Securities Administrator by first class mail to the Certificateholders mailed in the case of a redemption of the Certificates, no later than 5 Business Days after (i) the Trustee has received notice from first day of the Master Servicer month in which the Distribution Date selected for redemption of its election to cause such Certificates shall occur or (ii) upon (x) the sale of all of the property of the Trust Fund pursuant to Section 7.01(b)by the Securities Administrator or in the case of a sale of assets of the Trust Fund, or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Initial Optional Termination Date, Distribution Date upon which final distribution on the related Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Certificate Registrar's Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee Securities Administrator therein specified. The Securities Administrator shall give such notice to the Trustee, the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the Certificates. Upon any such Trust Fund Termination Eventtermination, the duties of the Certificate Registrar with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee Securities Administrator shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s Securities Administrator's obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-5ar)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event termination pursuant to the provisions of Section 7.01 (or the retirement of Certificates related to Pool 1 or Pool 2 and notice of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsPool 3, as applicable), specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to the Certificateholders and any NIMS Insurer, mailed upon (x) no later than 5 five Business Days after the Trustee has received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund pursuant to Section 7.01(b) (or the retirement of Certificates related to Pool 1, or Pool 2 and Pool 3, as applicable, to the extent that not all of the Mortgage Pools are terminated pursuant to such Section 7.01(b), ) or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the related Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the related Certificates at the office or agency of the Trustee therein specified. The Trustee shall give such notice to the Master Servicer, the Swap Counterparty and the Certificate Registrar at the time such notice is given to Holders of the related Certificates. The Master Servicer shall give notice to the Swap Counterparty on the date the Master Servicer elects its option pursuant to Section 7.01(b). Upon any such Trust Fund Termination Eventtermination pursuant to Section 7.01(b), the duties of the Certificate Registrar with respect to the applicable Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the related Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (Lehman XS Trust Series 2007-16n)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of Section 7.01 (or the retirement of the purchase of the Lower Tier REMIC Pool 1 Uncertificated Regular InterestsCertificates or Pool 2 Certificates, as applicable), specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to the Certificateholders and any NIMS Insurer, mailed upon (x) no later than 5 five Business Days after the Trustee has received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund pursuant to Section 7.01(b) (or the retirement of the Pool 1 Certificates or Pool 2 Certificates, as applicable, to the extent that not all of the Mortgage Pools are terminated pursuant to such Section 7.01(b), ) or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the related Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the related Certificates at the office or agency of the Trustee therein specified. The Trustee shall give such notice to the Master Servicer, the Swap Counterparty and the Certificate Registrar at the time such notice is given to Holders of the related Certificates. The Master Servicer shall give notice to the Swap Counterparty on the date the Master Servicer elects its option pursuant to Section 7.01(b). Upon any such Trust Fund Termination Eventtermination pursuant to Section 7.01(b), the duties of the Certificate Registrar with respect to the applicable Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the related Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (Greenpoint Mortgage Funding Trust 2007-Ar2)

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Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event termination pursuant to the provisions of Section 7.01 (or the retirement of Certificates related to Pool 1 and notice of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsPool 2 or Pool 3, as applicable), specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to the Certificateholders and any NIMS Insurer, mailed upon (x) no later than 5 five Business Days after the Trustee has received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund pursuant to Section 7.01(b) (or the retirement of the Certificates related to Pool 1 and Pool 2 or Pool 3, as applicable, to the extent the other such Mortgage Pool is not terminated pursuant to such Section 7.01(b), ) or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the related Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the related Certificates at the office or agency of the Trustee therein specified. The Trustee shall give such notice to the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the related Certificates. Upon any such Trust Fund Termination Eventtermination pursuant to Section 7.01(b), the duties of the Certificate Registrar with respect to the applicable Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the related Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (Lehman XS Trust Series 2006-14n)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to the Certificateholders and any NIMS Insurer, mailed upon (x) no later than 5 five Business Days after the Trustee has received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund pursuant to Section 7.01(b), ) or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the related Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the related Certificates at the office or agency of the Trustee therein specified. The Trustee shall give such notice to the Master Servicer, the Swap Counterparty and the Certificate Registrar at the time such notice is given to Holders of the related Certificates. The Master Servicer shall give notice to the Swap Counterparty on the date the Master Servicer elects its option pursuant to Section 7.01(b). Upon any such Trust Fund Termination Eventtermination pursuant to Section 7.01(b), the duties of the Certificate Registrar with respect to the applicable Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the related Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (GreenPoint Mortgage Funding Trust 2007-Ar3)

Procedure Upon Termination of Trust Fund. (a) Notice of any termination of the Trust Fund Termination Event and notice (or the retirement of the purchase Certificates related to Mortgage Group I or Mortgage Group II, as applicable) pursuant to the provisions of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee Securities Administrator by first class mail to the applicable Certificateholders mailed (x) no later than 5 five Business Days after the Trustee Securities Administrator has received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund pursuant to Section 7.01(b), ) (y) or the purchase retirement of the Lower Tier REMIC 1 Uncertificated Regular Interests Certificates related to Mortgage Group I or Mortgage Group II, as applicable, to the extent the other such Mortgage Group is not terminated pursuant to such Section 7.01(c7.01(b)) or (zy) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee Securities Administrator therein specified. The Securities Administrator shall give such notice to the Trustee, the Master Servicer, the Depositor and the Certificate Registrar at the time such notice is given to Holders of the Certificates. Upon any such termination of the entire Trust Fund Termination EventFund, the duties of the Certificate Registrar with respect to the applicable Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate terminate, or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interestsrelated Certificates, subject to the TrusteeSecurities Administrator’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.115

Appears in 1 contract

Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-3)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee Trust Administrator by first class mail to Certificateholders mailed no later than 5 Business Days after the Trustee has received notice from the Master Servicer of its election to cause upon (x) the sale of all of the property of the Trust Fund by the Trustee pursuant to Section 7.01(b), (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (zy) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Corporate Trust OfficeOffice of the Trust Administrator, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee Trust Administrator therein specified. The Trust Administrator shall give such notice to the Trustee, the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the Certificates. Upon any such Trust Fund Termination Eventtermination, the duties of the Certificate Registrar with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee Trust Administrator shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular InterestsCertificates, subject to the TrusteeTrust Administrator’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. (b) In the case of a purchase event that all of the Lower Tier REMIC 1 Uncertificated Regular InterestsHolders do not surrender their Certificates for cancellation within three months after the time specified in the above-mentioned written notice, such the Trust Administrator shall give a second written notice shall specify (A) to the Distribution Date upon which remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution on with respect thereto. If within one year after the second notice any Certificates (other than shall not have been surrendered for cancellation, the Class LT-R Certificates) of all amounts required Trust Administrator may take appropriate steps to be distributed to contact the remaining Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and concerning surrender of such Certificates, and the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office cost thereof shall be paid out of the Trustee, and (B) that the Record Date otherwise applicable amounts distributable to such Distribution Date is Holders. If within two years after the second notice any Certificates shall not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interestshave been surrendered for cancellation, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the CertificatesTrust Administrator shall, subject to the Trustee’s obligation hereunder applicable state law relating to escheatment, hold all amounts payable distributable to Certificateholders such Holders for the benefit of such Holders. No interest shall accrue on any amount held by the Trust Administrator and not distributed to a Certificateholder due to such Certificateholder’s failure to surrender its Certificate(s) for payment of the final distribution thereon in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holderaccordance with this Section.

Appears in 1 contract

Samples: Trust Agreement (Fieldstone Mortgage Investment CORP)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to shall be made or the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be madeTrust’s assets will occur, shall be given promptly by the Trustee Securities Administrator by first class mail to Certificateholders mailed in the case of a redemption of the Certificates, no later than 5 Business Days after (i) the Trustee has received notice from first day of the Master Servicer month in which the Distribution Date selected for redemption of its election to cause the Certificates shall occur or (ii) upon (x) the sale of all of the property of the Trust Fund pursuant to Section 7.01(b)by the Securities Administrator or in the case of a sale of assets of the Trust Fund, or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Initial Optional Purchase Date, Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Certificate Registrar’s Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee Securities Administrator therein specified. The Securities Administrator shall give such notice to the Trustee, the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the Certificates. Upon any such Trust Fund Termination Eventtermination, the duties of the Certificate Registrar with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee Securities Administrator shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Distribution Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular InterestsCertificates, subject to the TrusteeSecurities Administrator’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of the purchase of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01(a)(B), specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to Certificateholders (other than the Holders of the Group 6 Certificates) mailed (x) no later than 5 five Business Days after the Trustee has received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all purchase of the property of the Trust Fund Mortgage Loans pursuant to Section 7.01(b), (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (zy) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In Notice of any termination pursuant to the case provisions of a Trust Fund Termination EventSection 7.01(a)(A), specifying the Distribution Date upon which the final distribution shall be made, shall be given promptly by the Trustee shall also give notice by first class mail to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the CertificatesGroup 6 Certificates mailed (x) no later than five Business Days after the Trustee has received notice from the Underlying Trustee that it has received notice from the Underlying Master Servicer of its intent to exercise its right to cause the purchase of the Underlying Mortgage Loans pursuant to Underlying Trust Agreement or (y) upon the final payment or other liquidation of the last Underlying Mortgage Loan or related REO Property in the Underlying Trust Fund. In the case of a Trust Fund Termination Event, Each such notice shall specify (A) the Distribution Date upon which final distribution on the related Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to the related Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the related Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the related Certificates at the office or agency of the Trustee therein specified. The Trustee shall give such notice to the Master Servicer and the Certificate Registrar at the time such notice is given to Holders of the related Certificates. Upon any such Trust Fund Termination Eventtermination, the duties of the Certificate Registrar with respect to the related Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate terminate, or request the Master Servicer to terminate, the Collection Account it maintainsmaintains (upon the purchase of the Mortgage Loans pursuant to Section 7.01(b)), the Certificate Account (unless any Class of Certificates are still outstanding) and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests(unless any Class of Certificates are still outstanding), subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (Structured Asset Securities Corp. 2005-15)

Procedure Upon Termination of Trust Fund. (a) Notice of any Trust Fund Termination Event and notice termination pursuant to the provisions of Section 7.01 (or the purchase retirement of the Lower Tier REMIC 1 Uncertificated Regular InterestsCertificates), specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to the Certificateholders and any NIMS Insurer, mailed upon (x) no later than 5 five Business Days after the Trustee has received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund pursuant to Section 7.01(b), ) (or the retirement of the Certificates) or (y) the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c) or (z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the related Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the related Certificates at the office or agency of the Trustee therein specified. The Trustee shall give such notice to the Master Servicer, the Swap Counterparty and the Certificate Registrar at the time such notice is given to Holders of the related Certificates. The Master Servicer shall give notice to the Swap Counterparty on the date the Master Servicer elects to exercise its option pursuant to 7.01(b). Upon any such Trust Fund Termination Eventtermination pursuant to Section 7.01(b), the duties of the Certificate Registrar with respect to the applicable Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the related Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (Lehman XS Trust Series 2006-4n)

Procedure Upon Termination of Trust Fund. (a) Notice of any termination of the Trust Fund Termination Event and notice (or the retirement of the purchase Certificates related to Group I, Group II or Group III, as applicable) pursuant to the provisions of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to the applicable Certificateholders and any NIMS Insurer mailed (x) no later than 5 five Business Days after the Trustee has received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund pursuant to Section 7.01(b), ) (y) or the purchase retirement of the Lower Tier REMIC 1 Uncertificated Regular Interests Certificates related to Group I, Group II or Group III, as applicable, to the extent the other such Group of Certificates are not terminated pursuant to such Section 7.01(c7.01(b)) or (zy) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee therein specified. The Trustee shall give such notice to the Master Servicer, the Depositor, the Swap Counterparty and the Certificate Registrar at the time such notice is given to Holders of the Certificates. The Master Servicer shall give notice to the Swap Counterparty on the date the Master Servicer elects its option pursuant to Section 7.01(b). Upon any such termination of the entire Trust Fund Termination EventFund, the duties of the Certificate Registrar with respect to the applicable Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate terminate, or request the Master Servicer to terminate, the Collection Account it maintains, and the Trustee shall terminate the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the related Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-3)

Procedure Upon Termination of Trust Fund. (a) Notice of any termination of the Trust Fund Termination Event and notice (or the retirement of the purchase Certificates related to Mortgage Group I or Mortgage Group II, as applicable) pursuant to the provisions of the Lower Tier REMIC 1 Uncertificated Regular InterestsSection 7.01, specifying the Distribution Date upon which the final distribution to the Certificates (other than the Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests) shall be made, shall be given promptly by the Trustee by first class mail to the applicable Certificateholders mailed (x) no later than 5 five Business Days after the Trustee has received notice from the Master Servicer of its election intent to exercise its right to cause (x) the sale of all of the property termination of the Trust Fund pursuant to Section 7.01(b), ) (y) or the purchase retirement of the Lower Tier REMIC 1 Uncertificated Regular Interests Certificates related to Mortgage Group I or Mortgage Group II, as applicable, to the extent the other such Mortgage Group is not terminated pursuant to such Section 7.01(c7.01(b)) or (zy) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Certificate Registrar (if the Trustee and the Certificate Registrar are not the same person) at the time notice is given to Holders of the Certificates. In the case of a Trust Fund Termination Event, such Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 will be made upon presentation and surrender of the Certificates at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates at the office or agency of the Trustee therein specified. The Trustee shall give such notice to the Securities Administrator, the Master Servicer, the Depositor and the Certificate Registrar at the time such notice is given to Holders of the Certificates. Upon any 116 such termination of the entire Trust Fund Termination EventFund, the duties of the Certificate Registrar with respect to the applicable Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall terminate and the Trustee shall terminate terminate, or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interestsrelated Certificates, subject to the Trustee’s 's obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. In the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates (other than the Class LT-R Certificates) of all amounts required to be distributed to Certificateholders pursuant to Section 5.02 (other than any distributions to the Class LT-R Certificates in respect of REMIC I) will be made upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the Corporate Trust Office of the Trustee, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Certificates (other than the Class LT-R Certificates) at the office or agency of the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the Certificate Registrar with respect to the Certificates other than the Class LT-R Certificate shall terminate but the Trustee shall not terminate or request the Master Servicer to terminate, the Collection Account it maintains, the Certificate Account and any other account or fund maintained with respect to the Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment. For all Distribution Dates following the Distribution Date on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all amounts that would be distributed on the Certificates (other than the Class LT-R Certificate and exclusive of amounts payable from any fund held outside of REMIC I) absent such purchase shall be payable to the LTURI-holder.

Appears in 1 contract

Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-4)

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