Termination of Owner Trust Agreement. (a) The Trust shall dissolve upon the earlier of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or (ii) the Final Maturity Date. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. (b) Except as provided in Section 8.01(a), neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust. (c) Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholder shall surrender its Certificate to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder mailed within five Business Days of receipt of notice of such dissolution from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Certificate at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the Certificateholder shall not surrender its Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the Certificateholder to surrender the Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Certificate was to have been made pursuant to Section 3.10, the Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Servicer. (d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trust, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Trust Statute, upon which filing the Trust shall terminate.
Appears in 4 contracts
Samples: Owner Trust Agreement (Nomura Home Equity Loan, Inc.), Owner Trust Agreement (Nomura Asset Acceptance Corp), Owner Trust Agreement (Nomura Asset Acceptance Corp)
Termination of Owner Trust Agreement. (a) The This Agreement (other than Article VIII) and the Trust shall dissolve upon terminate and be of no further force or effect on the earlier of of: (i) the final distribution of all moneys or other property or proceeds satisfaction and discharge of the Owner Trust Estate in accordance with the terms Indenture pursuant to Section 4.01 of the Indenture and this Owner Trust Agreement or the termination of the Indenture and the Insurance Agreement; and (ii) the Final Maturity Dateexpiration of 21 years from the death of the last survivor of the descendants of Jxxxxx X. Xxxxxxx (the late ambassador of the United States to the Court of St. James’s) alive on the date hereof. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder any Owner shall not (x) operate to terminate this Owner Trust Agreement or the Trust or Trust, nor (y) entitle such Certificateholder's Owner’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) The Residual Interest Certificates shall be subject to an early redemption or termination at the option of the Majority Residual Interestholders[, the Securities Insurer] or the Servicer in the manner and subject to the provisions of [Section of] the Indenture.
(c) Except as provided in Section 8.01(a)Sections 9.1(a) and (b) above, neither none of the Depositor Depositor, the Company[, the Securities Insurer] nor the Certificateholder any Owner shall be entitled to revoke or terminate the Trust.
(cd) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder Certificateholders shall surrender its Certificate their Residual Interest Certificates to the Certificate [Paying Agent Agent] for payment of the final distribution distributions and cancellation, shall be given by the Certificate Paying Agent by letter Owner Trustee to the Certificateholder Certificateholders[, the Securities Insurer] and the Rating Agencies mailed within five Business Days of receipt by the Owner Trustee of notice of such dissolution from termination pursuant to Section 9.1(a) or (b) above, which notice given by the Owner Trustee, stating Trustee shall state (i) the Payment Date upon or with respect to which final payment of the Certificate Residual Interest Certificates shall be made upon presentation and surrender of the Certificate Residual Interest Certificates at the office of the Certificate [Paying Agent Agent] therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate Residual Interest Certificates at the office of the Certificate Payment Agent [Paying Agent] therein specified. The Certificate Paying Agent Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee Trustee) [and the Certificate Registrar Paying Agent] at the time such notice is given to Certificateholders. Upon presentation and surrender of the CertificateResidual Interest Certificates, the Certificate [Paying Agent Agent] shall cause to be distributed to the Certificateholder Certificateholders amounts distributable on such Payment Date pursuant to [Section 5.01of] the Indenture. In the event that all of the Certificateholder Certificateholders shall not surrender its Certificate their Residual Interest Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent Owner Trustee shall give a second written notice to the Certificateholder remaining Certificateholders to surrender the Certificate their Residual Interest Certificates for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if If within one year following after the Payment Date on which final payment of second notice all the Certificate was to have been made pursuant to Section 3.10, the Certificate Residual Interest Certificates shall not have been surrendered for cancellation, the Certificate Paying Agent Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Residual Interest Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account Trust after exhaustion of such remedies shall be distributed by the Certificate [Paying Agent Agent] to the ServicerResidual Interestholders on a pro rata basis.
(de) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) 3820 of the Statutory Business Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Etrade Mortgage Backed Securities Corp)
Termination of Owner Trust Agreement. (a) The Trust shall dissolve upon the earlier of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or (ii) the Final Maturity Date. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's ’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholder shall surrender its Certificate to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder mailed within five Business Days of receipt of notice of such dissolution from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Certificate at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholdersthe Certificateholder. Upon presentation and surrender of the Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the Certificateholder shall not surrender its Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the Certificateholder to surrender the Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Certificate was to have been made pursuant to Section 3.105.01, the Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders Certificateholder concerning surrender of their Certificatesthe Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Servicer.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trust, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Business Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Credit Suisse First Boston Mor Ac Corp CSFB Abs Tr 2002 Hi23)
Termination of Owner Trust Agreement. (a) The This Agreement (other than Article VIII) and the Trust shall dissolve upon terminate and be of no further force or effect on the earlier of of: (i) the final distribution of all moneys or other property or proceeds satisfaction and discharge of the Owner Trust Estate in accordance with the terms Indenture pursuant to Section 4.01 of the Indenture and this Owner Trust the termination of the Sale and Servicing Agreement or and the Insurance Agreement; and (ii) the Final Maturity Dateexpiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. Xxxxxxx (the late ambassador of the United States to the Court of St. James’s) alive on the date hereof. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder any Owner shall not (x) operate to terminate this Owner Trust Agreement or the Trust or Trust, nor (y) entitle such Certificateholder's Owner’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) The Residual Interest Certificates shall be subject to an early redemption or termination at the option of the Majority Residual Interestholders, [the Securities Insurer] or the Master Servicer in the manner and subject to the provisions of Section 11.02 of the Sale and Servicing Agreement.
(c) Except as provided in Section 8.01(a)Sections 9.1(a) and (b) above, neither none of the Depositor Depositor, the Company, the Securities Insurer nor the Certificateholder any Owner shall be entitled to revoke or terminate the Trust.
(cd) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder Certificateholders shall surrender its Certificate their Residual Interest Certificates to the Certificate Paying Agent for payment of the final distribution distributions and cancellation, shall be given by the Certificate Paying Agent by letter Owner Trustee to the Certificateholder Certificateholders, [the Securities Insurer] and the Rating Agencies mailed within five ______________ Business Days of receipt by the Owner Trustee of notice of such dissolution from termination pursuant to Section 9.1(a) or (b) above, which notice given by the Owner Trustee, stating Trustee shall state (i) the Payment Date upon or with respect to which final payment of the Certificate Residual Interest Certificates shall be made upon presentation and surrender of the Certificate Residual Interest Certificates at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate Residual Interest Certificates at the office of the Certificate Payment Paying Agent therein specified. The Certificate Paying Agent Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee Trustee) and the Certificate Registrar Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the CertificateResidual Interest Certificates, the Certificate Paying Agent shall cause to be distributed to the Certificateholder Certificateholders amounts distributable on such Payment Date pursuant to Section 5.015.02 of the Sale and Servicing Agreement. In the event that all of the Certificateholder Certificateholders shall not surrender its Certificate their Residual Interest Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent Owner Trustee shall give a second written notice to the Certificateholder remaining Certificateholders to surrender the Certificate their Residual Interest Certificates for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if If within one year following after the Payment Date on which final payment of second notice all the Certificate was to have been made pursuant to Section 3.10, the Certificate Residual Interest Certificates shall not have been surrendered for cancellation, the Certificate Paying Agent Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Residual Interest Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account Trust after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the ServicerResidual Interestholders on a pro rata basis.
(de) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) 3820 of the Statutory Business Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Bcap LLC)
Termination of Owner Trust Agreement. (a) The This Agreement (other than Article VIII) and the Trust shall dissolve upon terminate and be of no further force or effect on the earlier of of: (i) the final distribution of all moneys or other property or proceeds satisfaction and discharge of the Owner Trust Estate in accordance with the terms Indenture pursuant to Section 4.01 of the Indenture and this Owner Trust the termination of the Sale and Servicing Agreement or and the Insurance Agreement; and (ii) the Final Maturity Dateexpiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. Xxxxxxx (the late ambassador of the United States to the Court of St. James's) alive on the date hereof. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder any Owner shall not (x) operate to terminate this Owner Trust Agreement or the Trust or Trust, nor (y) entitle such CertificateholderOwner's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) The Residual Interest Certificates shall be subject to an early redemption or termination at the option of the Majority Residual Interestholders, the Securities Insurer or the Master Servicer in the manner and subject to the provisions of Section 11.02 of the Sale and Servicing Agreement.
(c) Except as provided in Section 8.01(a)Sections 9.1(a) and (b) above, neither none of the Depositor Depositor, the Company, the Securities Insurer nor the Certificateholder any Owner shall be entitled to revoke or terminate the Trust.
(cd) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder Certificateholders shall surrender its Certificate their Residual Interest Certificates to the Certificate Paying Agent for payment of the final distribution distributions and cancellation, shall be given by the Certificate Paying Agent by letter Owner Trustee to the Certificateholder Certificateholders, the Securities Insurer and the Rating Agencies mailed within five Business Days of receipt by the Owner Trustee of notice of such dissolution from termination pursuant to Section 9.1(a) or (b) above, which notice given by the Owner Trustee, stating Trustee shall state (i) the Payment Date upon or with respect to which final payment of the Certificate Residual Interest Certificates shall be made upon presentation and surrender of the Certificate Residual Interest Certificates at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate Residual Interest Certificates at the office of the Certificate Payment Paying Agent therein specified. The Certificate Paying Agent Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee Trustee) and the Certificate Registrar Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the CertificateResidual Interest Certificates, the Certificate Paying Agent shall cause to be distributed to the Certificateholder Certificateholders amounts distributable on such Payment Date pursuant to Section 5.015.02 of the Sale and Servicing Agreement. In the event that all of the Certificateholder Certificateholders shall not surrender its Certificate their Residual Interest Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent Owner Trustee shall give a second written notice to the Certificateholder remaining Certificateholders to surrender the Certificate their Residual Interest Certificates for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if If within one year following after the Payment Date on which final payment of second notice all the Certificate was to have been made pursuant to Section 3.10, the Certificate Residual Interest Certificates shall not have been surrendered for cancellation, the Certificate Paying Agent Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Residual Interest Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account Trust after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the ServicerResidual Interestholders on a pro rata basis.
(de) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) 3820 of the Statutory Business Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-1)
Termination of Owner Trust Agreement. (a) The This Owner Trust Agreement (other than this Article VIII) and the Trust shall dissolve terminate and be of no further force or effect upon the earlier earliest of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or Agreement, (ii) the Final Maturity DatePayment Date in February 2029, or (iii) the purchase by the Master Servicer of the Home Loans pursuant to Section 8.08(a) of the Servicing Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder shall surrender its Owner Trust Certificate to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder mailed within five Business Days of receipt of notice of such dissolution termination from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Owner Trust Certificate at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholdersthe Certificateholder. Upon presentation and surrender of the Owner Trust Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the Certificateholder shall not surrender its Owner Trust Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the Certificateholder to surrender the its Owner Trust Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Owner Trust Certificate was to have been made pursuant to Section 3.10, the Owner Trust Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders Certificateholder concerning surrender of their Certificatesits Owner Trust Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Master Servicer.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Residential Funding Mortgage Securities Ii Inc)
Termination of Owner Trust Agreement. (a) The This Agreement (other than Article VIII) and the Trust shall dissolve upon terminate and be of no further force or effect on the earlier of of: (i) the final distribution of all moneys or other property or proceeds satisfaction and discharge of the Owner Trust Estate in accordance with the terms Indenture pursuant to Section 4.01 of the Indenture and this Owner Trust Agreement or the termination of the Sale and Servicing Agreement; and (ii) the Final Maturity Dateexpiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. Xxxxxxx (the late ambassador of the United States to the Court of St. James's) alive on the date hereof. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder any Owner shall not (x) operate to terminate this Owner Trust Agreement or the Trust or Trust, nor (y) entitle such CertificateholderOwner's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) The Residual Interest Certificates shall be subject to an early redemption or termination at the option of the Majority Residual Interestholders or the Master Servicer in the manner and subject to the provisions of Section 11.02 of the Sale and Servicing Agreement.
(c) Except as provided in Section 8.01(a)SECTIONS 9.1(A) AND (B) above, neither none of the Depositor Depositor, the Company nor the Certificateholder any Owner shall be entitled to revoke or terminate the Trust.
(cd) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder Certificateholders shall surrender its Certificate their Residual Interest Certificates to the Certificate Paying Agent for payment of the final distribution distributions and cancellation, shall be given by the Certificate Paying Agent by letter Owner Trustee to the Certificateholder Certificateholders and the Rating Agencies mailed within five Business Days of receipt by the Owner Trustee of notice of such dissolution from termination pursuant to SECTION 9.1(A) or (B) above, which notice given by the Owner Trustee, stating Trustee shall state (i) the Payment Date upon or with respect to which final payment of the Certificate Residual Interest Certificates shall be made upon presentation and surrender of the Certificate Residual Interest Certificates at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate Residual Interest Certificates at the office of the Certificate Payment Paying Agent therein specified. The Certificate Paying Agent Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee Trustee) and the Certificate Registrar Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the CertificateResidual Interest Certificates, the Certificate Paying Agent shall cause to be distributed to the Certificateholder Certificateholders amounts distributable on such Payment Date pursuant to Section 5.015.02 of the Sale and Servicing Agreement. In the event that all of the Certificateholder Certificateholders shall not surrender its Certificate their Residual Interest Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent Owner Trustee shall give a second written notice to the Certificateholder remaining Certificateholders to surrender the Certificate their Residual Interest Certificates for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if If within one year following after the Payment Date on which final payment of second notice all the Certificate was to have been made pursuant to Section 3.10, the Certificate Residual Interest Certificates shall not have been surrendered for cancellation, the Certificate Paying Agent Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Residual Interest Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account Trust after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the ServicerResidual Interestholders on a pro rata basis.
(de) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) 3820 of the Statutory Business Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Painewebber Mort Accept Corp Iv Empire Funding 1999-1)
Termination of Owner Trust Agreement. (a) The Trust shall dissolve upon the earlier of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or (ii) the Final Maturity Date. The bankruptcy, liquidation, dissolution, death or incapacity of the any Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither the Depositor nor the Certificateholder Certificateholders shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholder Certificateholders shall surrender its Certificate their Certificates to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder Certificateholders mailed within five Business Days of receipt of notice of such dissolution from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate Certificates shall be made upon presentation and surrender of the Certificate Certificates at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate Certificates at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder Certificateholders amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the a Certificateholder shall not surrender its Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the such Certificateholder to surrender the Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Certificate was to have been made pursuant to Section 3.10, the a Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Servicer_____.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trust, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (GE-WMC Mortgage Securities, L.L.C.)
Termination of Owner Trust Agreement. (a) The This Owner Trust Agreement (other than this Article VIII) and the Trust shall dissolve terminate and be of no further force or effect upon the earlier earliest of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or Agreement, (ii) the Final Maturity DatePayment Date in April 2028, or (iii) the purchase by the Master Servicer of the Home Loans pursuant to Section 8.08(a) of the Servicing Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder shall surrender its Owner Trust Certificate to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder mailed within five Business Days of receipt of notice of such dissolution termination from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Owner Trust Certificate at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholdersthe Certificateholder. Upon presentation and surrender of the Owner Trust Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the Certificateholder shall not surrender its Owner Trust Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the Certificateholder to surrender the its Owner Trust Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Owner Trust Certificate was to have been made pursuant to Section 3.10, the Owner Trust Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders Certificateholder concerning surrender of their Certificatesits Owner Trust Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Master Servicer.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Residential Funding Mortgage Securities Ii Inc)
Termination of Owner Trust Agreement. (a) The This Agreement (other than Article VIII) and the Trust shall dissolve upon terminate and be of no further force or effect on the earlier of of: (i) the final distribution of all moneys or other property or proceeds satisfaction and discharge of the Owner Trust Estate in accordance with the terms Indenture pursuant to Section 4.01 of the Indenture and this Owner Trust the termination of the Sale and Servicing Agreement or and the Insurance Agreement; and (ii) the Final Maturity Dateexpiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. Xxxxxxx (the late ambassador of the United States to the Court of St. James's) alive on the date hereof. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder any Owner shall not (x) operate to terminate this Owner Trust Agreement or the Trust or Trust, nor (y) entitle such CertificateholderOwner's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) The Residual Interest Certificates shall be subject to an early redemption or termination at the option of the Majority Residual Interestholders, the Securities Insurer or the Servicer in the manner and subject to the provisions of Section 11.02 of the Sale and Servicing Agreement.
(c) Except as provided in Section 8.01(a)Sections 9.1(a) and (b) above, neither none of the Depositor Depositor, the Company, the Securities Insurer nor the Certificateholder any Owner shall be entitled to revoke or terminate the Trust.
(cd) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder Certificateholders shall surrender its Certificate their Residual Interest Certificates to the Certificate Paying Agent for payment of the final distribution distributions and cancellation, shall be given by the Certificate Paying Agent by letter Owner Trustee to the Certificateholder Certificateholders, the Securities Insurer and the Rating Agencies mailed within five Business Days of receipt by the Owner Trustee of notice of such dissolution from termination pursuant to Section 9.1(a) or (b) above, which notice given by the Owner Trustee, stating Trustee shall state (i) the Payment Date upon or with respect to which final payment of the Certificate Residual Interest Certificates shall be made upon presentation and surrender of the Certificate Residual Interest Certificates at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate Residual Interest Certificates at the office of the Certificate Payment Paying Agent therein specified. The Certificate Paying Agent Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee Trustee) and the Certificate Registrar Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the CertificateResidual Interest Certificates, the Certificate Paying Agent shall cause to be distributed to the Certificateholder Certificateholders amounts distributable on such Payment Date pursuant to Section 5.015.02 of the Sale and Servicing Agreement. In the event that all of the Certificateholder Certificateholders shall not surrender its Certificate their Residual Interest Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent Owner Trustee shall give a second written notice to the Certificateholder remaining Certificateholders to surrender the Certificate their Residual Interest Certificates for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if If within one year following after the Payment Date on which final payment of second notice all the Certificate was to have been made pursuant to Section 3.10, the Certificate Residual Interest Certificates shall not have been surrendered for cancellation, the Certificate Paying Agent Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Residual Interest Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account Trust after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the ServicerResidual Interestholders on a pro rata basis.
(de) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) 3820 of the Statutory Business Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-2)
Termination of Owner Trust Agreement. (a) The Trust shall dissolve upon the earlier of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or (ii) the Final Maturity Date. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such CertificateholderCertifi cateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholder shall surrender its Certificate to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder mailed within five Business Days of receipt of notice of such dissolution from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Certificate at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the Certificateholder shall not surrender its Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the Certificateholder to surrender the Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Certificate was to have been made pursuant to Section 3.10, the Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Servicer.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trust, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Business Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Cendant Mortgage Capital LLC)
Termination of Owner Trust Agreement. (a) The This Owner Trust Agreement (other than this Article VIII) and the Trust shall dissolve terminate and be of no further force or effect upon the earlier earliest of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or Agreement, (ii) the Final Maturity DatePayment Date in January 2028, or (iii) the purchase by the Master Servicer of the Home Loans pursuant to Section 8.08(a) of the Servicing Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder shall surrender its Owner Trust Certificate to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder mailed within five Business Days of receipt of notice of such dissolution termination from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Owner Trust Certificate at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholdersthe Certificateholder. Upon presentation and surrender of the Owner Trust Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the Certificateholder shall not surrender its Owner Trust Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the Certificateholder to surrender the its Owner Trust Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Owner Trust Certificate was to have been made pursuant to Section 3.10, the Owner Trust Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders Certificateholder concerning surrender of their Certificatesits Owner Trust Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Master Servicer.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Residential Funding Mortgage Securities Ii Inc)
Termination of Owner Trust Agreement. (a) The Trust shall dissolve upon the earlier of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or (ii) the Final Maturity Date. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholder shall surrender its Certificate to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder mailed within five Business Days of receipt of notice of such dissolution from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Certificate at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the Certificateholder shall not surrender its Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the Certificateholder to surrender the Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Certificate was to have been made pursuant to Section 3.10, the Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Servicer.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trust, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Business Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Deutsche Alt-a Securities Inc)
Termination of Owner Trust Agreement. (a) The This Owner Trust Agreement (other than this Article VIII) and the Trust shall dissolve terminate and be of no further force or effect upon the earlier earliest of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or Agreement, (ii) the Final Maturity DatePayment Date in July 2028, or (iii) the purchase by the Master Servicer of the Home Loans pursuant to Section 8.08(a) of the Servicing Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder shall surrender its Owner Trust Certificate to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder mailed within five Business Days of receipt of notice of such dissolution termination from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Owner Trust Certificate at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholdersthe Certificateholder. Upon presentation and surrender of the Owner Trust Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the Certificateholder shall not surrender its Owner Trust Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the Certificateholder to surrender the its Owner Trust Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Owner Trust Certificate was to have been made pursuant to Section 3.10, the Owner Trust Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders Certificateholder concerning surrender of their Certificatesits Owner Trust Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Master Servicer.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Residential Funding Mortgage Securities Ii Inc)
Termination of Owner Trust Agreement. (a) The This Owner Trust Agreement (other than Article VII) and the Trust shall dissolve terminate and be of no further force or effect upon the earlier earliest of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or Agreement, (ii) the Final Maturity Date, or (iii) the distribution of all of the assets of the Trust Estate, in accordance with written instructions provided to the Owner Trustee by the Majority Certificateholder, following the optional redemption of the Notes by the Issuer pursuant to Section 8.07 of the Indenture; provided in each case that all amounts owing to the Noteholders to the extent payable from the Trust Estate or proceeds thereof have been paid in full and that all obligations under the Indenture have been discharged. The bankruptcy, liquidation, dissolution, death or incapacity of the any Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither the Depositor nor the any Certificateholder shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder Certificateholders shall surrender its Certificate their Equity Certificates to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder Certificateholders mailed within five Business Days of receipt of notice of such dissolution the final payment on the Notes from the Owner Indenture Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate Equity Certificates shall be made upon presentation and surrender of the Certificate Equity Certificates at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate Equity Certificates at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholders. Upon presentation and surrender of the CertificateEquity Certificates, the Certificate Paying Agent shall cause to be distributed to the Certificateholder Certificateholders amounts distributable on such Payment Date pursuant to Section 5.01. In the event that all of the Certificateholder Certificateholders shall not surrender its Certificate their Equity Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the Certificateholder remaining Certificateholders to surrender the Certificate their Equity Certificates for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Certificate Equity Certificates was to have been made pursuant to Section 3.103.05 of the Indenture, all the Certificate Equity Certificates shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Equity Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the ServicerCertificateholder.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c3810(d) of the Statutory Business Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Trust Agreement (Salomon Br Mor Sec Vii Inc Series 1998-11)
Termination of Owner Trust Agreement. (a) The This Owner Trust Agreement (other than this Article VIII) and the Trust shall dissolve terminate and be of no further force or effect upon the earlier earliest of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or Agreement, (ii) the Final Maturity DatePayment Date in October 2027, or (iii) the purchase by the Master Servicer of the Grantor Trust Certificate pursuant to Section 8.08(a) of the Servicing Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder shall surrender its Certificate to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder mailed within five Business Days of receipt of notice of such dissolution termination from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Certificate at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholdersthe Certificateholder. Upon presentation and surrender of the Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the Certificateholder shall not surrender its Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the Certificateholder to surrender the its Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Certificate was to have been made pursuant to Section 3.10, the Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders Certificateholder concerning surrender of their Certificatesits Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Master Servicer.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Business Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Residential Funding Mortgage Securities Ii Inc)
Termination of Owner Trust Agreement. (a) The This Owner Trust Agreement (other than this Article VIII) and the Trust shall dissolve terminate and be of no further force or effect upon the earlier earliest of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or Agreement, (ii) the Final Maturity DatePayment Date in April 2029, or (iii) the purchase by the Master Servicer of the Home Loans pursuant to Section 8.08(a) of the Servicing Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder shall surrender its Owner Trust Certificate to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder mailed within five Business Days of receipt of notice of such dissolution termination from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Owner Trust Certificate at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholdersthe Certificateholder. Upon presentation and surrender of the Owner Trust Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the Certificateholder shall not surrender its Owner Trust Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the Certificateholder to surrender the its Owner Trust Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Owner Trust Certificate was to have been made pursuant to Section 3.10, the Owner Trust Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders Certificateholder concerning surrender of their Certificatesits Owner Trust Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Master Servicer.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Residential Fund Mort Sec Home Loan-BCKD NTS Ser 2004-Hi1)
Termination of Owner Trust Agreement. (a) The Trust shall dissolve upon the earlier of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or (ii) the Final Maturity Date. The bankruptcy, liquidation, dissolution, death or incapacity of the a Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither Neither the Depositor nor the any Certificateholder shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholder Certificateholders shall surrender its Certificate to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder Certificateholders mailed within five Business Days of receipt of notice of such dissolution from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate Certificates shall be made upon presentation and surrender of the Certificate Certificates at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate Certificates at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to the Certificateholders. Upon presentation and surrender of the CertificateCertificates, the Certificate Paying Agent shall cause to be distributed to the Certificateholder Certificateholders amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the a Certificateholder shall not surrender its Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the such Certificateholder to surrender the Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the such Certificate was to have been made pursuant to Section 3.105.01, the such Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificatessuch Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Servicer.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trust, the Owner Trustee shall cause the Certificate Certificates of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (CSFB Acceptance Corp Home Equity Loan Back Notes Ser 2003-A)
Termination of Owner Trust Agreement. (a) The Trust shall dissolve upon the earlier of (i) the final distribution of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture and this Owner Trust Agreement or (ii) the Final Maturity Date. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Owner Trust Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.01(a), neither the Depositor nor the Certificateholder Certif-icateholder shall be entitled to revoke or terminate the Trust.
(c) Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholder shall surrender its Certificate to the Certificate Paying Agent for payment of the final distribution and cancellation, shall be given by the Certificate Paying Agent by letter to the Certificateholder mailed within five Business Days of receipt of notice of such dissolution from the Owner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Certificate at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Certificate Payment Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.01. In the event that the Certificateholder shall not surrender its Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent shall give a second written notice to the Certificateholder to surrender the Certificate for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if within one year following the Payment Date on which final payment of the Certificate was to have been made pursuant to Section 3.10, the Certificate shall not have been surrendered for cancellation, the Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the Master Servicer.
(d) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trust, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) of the Statutory Business Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Residential Funding Mortgage Securities Ii Inc)
Termination of Owner Trust Agreement. (a) The This Agreement (other than Article VIII) and the Trust shall dissolve upon terminate and be of no further force or effect on the earlier of of: (i) the final distribution of all moneys or other property or proceeds satisfaction and discharge of the Owner Trust Estate in accordance with the terms Indenture pursuant to Section 4.01 of the Indenture and this Owner Trust the termination of the Sale and Servicing Agreement or and the Insurance Agreement; and (ii) the Final Maturity Dateexpiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy (the late ambassador of the United States to the Coxxx xx Xx. Xxxxx's) alive on the date hereof. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder any Owner shall not (x) operate to terminate this Owner Trust Agreement or the Trust or Trust, nor (y) entitle such CertificateholderOwner's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the Owner Trust Estate or nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) The Residual Interest Certificates shall be subject to an early redemption or termination at the option of the Majority Residual Interestholders, [the Securities Insurer] or the Master Servicer in the manner and subject to the provisions of Section 11.02 of the Sale and Servicing Agreement.
(c) Except as provided in Section 8.01(a)Sections 9.1(a) and (b) above, neither none of the Depositor Depositor, the Company[, the Securities Insurer] nor the Certificateholder any Owner shall be entitled to revoke or terminate the Trust.
(cd) Notice of any dissolution termination of the Trust, specifying the Payment Date upon which the Certificateholder Certificateholders shall surrender its Certificate their Residual Interest Certificates to the Certificate Paying Agent for payment of the final distribution distributions and cancellation, shall be given by the Certificate Paying Agent by letter Owner Trustee to the Certificateholder Certificateholders, [the Securities Insurer] and the Rating Agencies mailed within five _________ Business Days of receipt by the Owner Trustee of notice of such dissolution from termination pursuant to Section 9.1(a) or (b) above, which notice given by the Owner Trustee, stating Trustee shall state (i) the Payment Date upon or with respect to which final payment of the Certificate Residual Interest Certificates shall be made upon presentation and surrender of the Certificate Residual Interest Certificates at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Certificate Residual Interest Certificates at the office of the Certificate Payment Paying Agent therein specified. The Certificate Paying Agent Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee Trustee) and the Certificate Registrar Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the CertificateResidual Interest Certificates, the Certificate Paying Agent shall cause to be distributed to the Certificateholder Certificateholders amounts distributable on such Payment Date pursuant to Section 5.015.02 of the Sale and Servicing Agreement. In the event that all of the Certificateholder Certificateholders shall not surrender its Certificate their Residual Interest Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Certificate Paying Agent Owner Trustee shall give a second written notice to the Certificateholder remaining Certificateholders to surrender the Certificate their Residual Interest Certificates for cancellation and receive the final distribution with respect thereto. Subject to applicable laws with respect to escheat of funds, if If within one year following after the Payment Date on which final payment of second notice all the Certificate was to have been made pursuant to Section 3.10, the Certificate Residual Interest Certificates shall not have been surrendered for cancellation, the Certificate Paying Agent Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Residual Interest Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Certificate Distribution Account Trust after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the ServicerResidual Interestholders on a pro rata basis.
(de) Upon the completion of the winding up of the Trust and notification to the Owner Trustee from the Servicer, who shall be responsible for liquidating the Trust, as to the satisfaction of the obligations of the Trustits termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(c) 3820 of the Statutory Business Trust Statute, upon which filing the Trust shall terminate.
Appears in 1 contract
Samples: Owner Trust Agreement (Hsi Asset Securitization Corp)
