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

Procedure Upon Termination of Trust Fund. (a) Notice of any termination pursuant to the provisions of Section 7.01, specifying the Distribution Date upon which the final distribution shall be made, shall be given promptly by the Trustee by first class mail to (A) the Class 1-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(b), (B) the Class 2-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(c) and (C) to all Certificateholders in the case of a termination pursuant to Section 7.01(d), mailed (1) no later than five Business Days after the Trustee has received notice from the Master Servicer of its intent to exercise its right to cause the termination of the Trust Fund pursuant to Section 7.01(d), (2) no later than five Business Days after the Trustee has begun to solicit bids pursuant to Section 7.01(b) or (c) or (3) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates 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 termination, the duties of the Certificate Registrar with respect to the Certificates 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, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment.

Appears in 1 contract

Samples: Trust Agreement (Lehman Abs Corp Mortgage Pass-Through Certs Series 2004-1)

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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 (other than the Holders of the Group 4 Certificates) 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 7.017.01(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 to (A) the Class 1-A and Class M Certificateholders in Holders of the case of a termination pursuant to Section 7.01(b), (B) the Class 2-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(c) and (C) to all Certificateholders in the case of a termination pursuant to Section 7.01(d), Group 4 Certificates mailed (1x) 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 election to cause (x) the termination sale of all of the property of the Underlying Trust Fund pursuant to Section 7.01(d7.01(b), (2y) no later than five Business Days after the Trustee has begun to solicit bids purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(b) 7.01(c), or (c) or (3z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Underlying Trust Fund. Such In the case of a Trust Fund Termination Event, the Trustee shall also give notice to the Master Servicer and the Certificate Registrar 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 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 terminationTrust 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 CertificatesCertificates 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.

Appears in 1 contract

Samples: Trust Agreement (Lehman Mortgage Trust 2006-1)

Procedure Upon Termination of Trust Fund. (a) Notice of any termination pursuant to Trust Fund Termination Event and notice of the provisions purchase of Section 7.01the 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 (A) the Class 1-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(b), (B) the Class 2-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(c) and (C) to all Certificateholders in the case of a termination pursuant to Section 7.01(d), mailed (1) no later than five 5 Business Days after the Trustee has received notice from the Master Servicer of its intent to exercise its right election to cause (x) the termination sale of all of the property of the Trust Fund pursuant to Section 7.01(d7.01(b), (2y) no later than five Business Days after the Trustee has begun to solicit bids purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(b7.01(c) or (c) or (3z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. Such 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 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 terminationTrust 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, the Reserve 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 Mortgage Trust 2008-2)

Procedure Upon Termination of Trust Fund. (a) Notice of any termination pursuant to the provisions of Section 7.017.01 (or the retirement of Certificates related to Pool 0, Xxxx 0X, Xxxx 2 and Pool 3 or Pool 4, as applicable), specifying the Distribution Date upon which the final distribution shall be made, shall be given promptly by the Trustee by first class mail to (A) the Class 1-A Certificateholders and Class M Certificateholders in the case of a termination pursuant to Section 7.01(b), (B) the Class 2-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(c) and (C) to all Certificateholders in the case of a termination pursuant to Section 7.01(d)any NIMS Insurer, mailed upon (1x) no later than five Business Days after the Trustee has received notice from the Master Servicer of its intent to exercise its right to cause the termination of the Trust Fund pursuant to Section 7.01(d)7.01(b) (or the retirement of Certificates related to Pool 0, (2) no later than five Business Days after Xxxx 0X, Xxxx 2 and Pool 3 or Pool 4, as applicable, to the Trustee has begun to solicit bids extent that not all of the Mortgage Pools are terminated pursuant to such Section 7.01(b)) or (c) or (3y) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates 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 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 terminationtermination pursuant to Section 7.01(b), the duties of the Certificate Registrar with respect to the applicable Certificates 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 related Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment.

Appears in 1 contract

Samples: Reconstituted Servicing Agreement (Lehman XS Trust Series 2007-15n)

Procedure Upon Termination of Trust Fund. (a) Notice of any termination pursuant to the provisions of Section 7.017.01 (or the retirement of Certificates), specifying the Distribution Date upon which the final distribution shall be made, shall be given promptly by the Trustee by first class mail to (A) the Class 1-A Certificateholders and Class M Certificateholders in the case of a termination pursuant to Section 7.01(b), (B) the Class 2-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(c) and (C) to all Certificateholders in the case of a termination pursuant to Section 7.01(d)any NIMS Insurer, mailed upon (1x) no later than five Business Days after the Trustee has received notice from the Master Servicer of its intent to exercise its right to cause the termination of the Trust Fund pursuant to Section 7.01(d), 7.01(b) (2) no later than five Business Days after or the Trustee has begun to solicit bids pursuant to Section 7.01(bretirement of the Certificates) or (c) or (3y) upon the 127 final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates 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 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 terminationtermination pursuant to Section 7.01(b), the duties of the Certificate Registrar with respect to the applicable Certificates 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 related Certificates, subject to the Trustee’s 's obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment.

Appears in 1 contract

Samples: Trust Agreement (Lehman Xs Trust Series 2006-2n)

Procedure Upon Termination of Trust Fund. (a) Notice of any termination pursuant to Trust Fund Termination Event and notice of the provisions purchase of Section 7.01the 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 (A) the Class 1-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(b), (B) the Class 2-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(c) and (C) to all Certificateholders in the case of a termination pursuant to Section 7.01(d), mailed (1) no later than five 5 Business Days after the Trustee has received notice from the Master Servicer of its intent to exercise its right election to cause (x) the termination sale of all of the property of the Trust Fund pursuant to Section 7.01(d7.01(b), (2y) no later than five Business Days after the Trustee has begun to solicit bids purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(b7.01(c) or (c) or (3z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. Such 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 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 terminationTrust 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. 125

Appears in 1 contract

Samples: Trust Agreement (Lehman Mortgage Trust 2007-7)

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Procedure Upon Termination of Trust Fund. (a) Notice of any termination pursuant to the provisions of Section 7.017.01 (or the retirement of Certificates), specifying the Distribution Date upon which the final distribution shall be made, shall be given promptly by the Trustee by first class mail to (A) the Class 1-A Certificateholders and Class M Certificateholders in the case of a termination pursuant to Section 7.01(b), (B) the Class 2-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(c) and (C) to all Certificateholders in the case of a termination pursuant to Section 7.01(d)any NIMS Insurer, mailed upon (1x) no later than five Business Days after the Trustee has received notice from the Master Servicer of its intent to exercise its right to cause the termination of the Trust Fund pursuant to Section 7.01(d), 7.01(b) (2) no later than five Business Days after or the Trustee has begun to solicit bids pursuant to Section 7.01(bretirement of the Certificates ) or (c) or (3y) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. Such notice shall specify (A) the Distribution Date upon which final distribution on the Certificates 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 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 terminationtermination pursuant to Section 7.01(b), the duties of the Certificate Registrar with respect to the applicable Certificates 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 related Certificates, subject to the Trustee’s obligation hereunder to hold all amounts payable to Certificateholders in trust without interest pending such payment.

Appears in 1 contract

Samples: Trust Agreement (Lehman XS Trust Series 2006-12n)

Procedure Upon Termination of Trust Fund. (a) Notice of any termination pursuant to Trust Fund Termination Event and notice of the provisions purchase of Section 7.01the 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 (A) the Class 1-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(b), (B) the Class 2-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(c) and (C) to all Certificateholders in the case of a termination pursuant to Section 7.01(d), mailed (1) no later than five 5 Business Days after the Trustee has received notice from the Master Servicer of its intent to exercise its right election to cause (x) the termination sale of all of the property of the Trust Fund pursuant to Section 7.01(d7.01(b), (2y) no later than five Business Days after the Trustee has begun to solicit bids purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(b7.01(c) or (c) or (3z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. Such 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 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 terminationTrust 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. 141

Appears in 1 contract

Samples: Re: Trust Agreement (Lehman Mortgage Trust 2007-5)

Procedure Upon Termination of Trust Fund. (a) Notice of any termination pursuant to Trust Fund Termination Event and notice of the provisions purchase of Section 7.01the 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 (A) the Class 1-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(b), (B) the Class 2-A and Class M Certificateholders in the case of a termination pursuant to Section 7.01(c) and (C) to all Certificateholders in the case of a termination pursuant to Section 7.01(d), mailed (1) no later than five 5 Business Days after the Trustee has received notice from the Master Servicer of its intent to exercise its right election to cause (x) the termination sale of all of the property of the Trust Fund pursuant to Section 7.01(d7.01(b), (2y) no later than five Business Days after the Trustee has begun to solicit bids purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(b7.01(c) or (c) or (3z) upon the final payment or other liquidation of the last Mortgage Loan or REO Property in the Trust Fund. Such 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 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 terminationTrust 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, the Cap Agreement 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 Mortgage Trust 2008-6)

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