Termination Upon Liquidation of All Mortgage Loans. (a) The respective obligations and responsibilities under this Agreement of the Issuer, the Master Servicer, the Special Servicer and the Trustee shall terminate upon the earlier of (i) payment to the Trustee of all amounts held by or on behalf of the Master Servicer or Special Servicer and required hereunder to be so paid on the first Master Servicer Remittance Date following the end of the Collection Period in which occurs the final payment or other liquidation of the last Mortgage Loan or REO Property subject hereto and (ii) satisfaction and discharge of the Indenture and receipt by each of the Master Servicer and the Special Servicer of all amounts then payable or reimbursable thereto hereunder.
Appears in 4 contracts
Samples: Servicing and Administration Agreement (Structured Asset Securities Corp Series 1997 Ll I), Servicing and Administration Agreement (Criimi Mae CMBS Corp), Servicing Agreement (Imperial Credit Commercial Mortgage Acceptance Corp)
Termination Upon Liquidation of All Mortgage Loans. (a) The respective obligations and responsibilities under this Servicing Agreement of the Issuer, the Master Servicer, the Special Servicer Servicer, the Indenture Trustee and the Trustee Fiscal Agent shall terminate upon the earlier of (i) payment to the Indenture Trustee of all amounts held by or on behalf of the Master Servicer or Special Servicer and required hereunder to be so paid on the first Master Servicer Remittance Date following the end of the Collection Period calendar month in which occurs the final payment or other liquidation of the last Mortgage Loan or REO Property subject hereto and (ii) satisfaction and discharge of the Indenture and receipt by each of the Fiscal Agent, the Indenture Trustee, the Master Servicer and the Special Servicer of all amounts then payable or reimbursable thereto hereunder.
Appears in 1 contract
Samples: Servicing Agreement (Collateralized Mortgage Bonds Series 1999 1)
