Common use of Termination upon Liquidation or Purchase of Mortgage Loans Clause in Contracts

Termination upon Liquidation or Purchase of Mortgage Loans. (a) Subject to Section 10.03, the obligations and responsibilities of the Depositor, the Transferor, the Master Servicer, the Trust Administrator and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earlier of (i) the purchase in accordance with this Section 10.01, of all Mortgage Loans (and REO Properties) remaining in the Trust Fund and (ii) the later of (x) the maturity or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and the disposition of all REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement. The purchase of any Mortgage Loans pursuant to this Section 10.01(a) shall be at the price equal to the sum of (x) the aggregate Clean-up Call Mortgage Loan Price for all the related Mortgage Loans and (y) the aggregate Clean-up Call REO Property Price for all the related REO Properties. In no event shall the trusts created hereby continue beyond the expiration of 21 years from the death of the survivor of the descendants of Xxxxxx X. Xxxxxxx, the late Ambassador of the United States to the Court of St. James’s, living on the date hereof. The right of the Master Servicer to elect to purchase Mortgage Loans pursuant to this clause (a) shall be conditioned upon the Aggregate Pool Principal Balance, at the time of any such purchase, aggregating less than one percent (1%) of the aggregate Cut-off Date Principal Balance of the Mortgage Loans.

Termination upon Liquidation or Purchase of Mortgage Loans. (a) Subject to Section 10.0310.02, the respective obligations and responsibilities under this Agreement of the Depositor, the Transferor, the Master Servicer, the Transferor, the Trustee and the Trust Administrator (other than the indemnification obligations of the Master Servicer pursuant to Section 6.03 and the obligation of the Master Servicer to make remittances to the Trust Administrator and the Trustee created hereby with respect to of the Trust Fund Administrator to make payments in respect of the Classes of Certificates as hereinafter set forth) shall terminate upon payment to the earlier of (i) the purchase in accordance with this Section 10.01, of all Mortgage Loans (and REO Properties) remaining in the Trust Fund and (ii) the later of (x) the maturity or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and the disposition of all REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant and the deposit of all amounts held by or on behalf of the Trust Administrator and required hereunder to this Agreement. The purchase of any Mortgage Loans pursuant be so paid or deposited on the Distribution Date coinciding with or following the earlier to this Section 10.01(a) shall be at the price equal to the sum occur of (xi) the aggregate Clean-up Call Mortgage Loan Price for purchase by the Auction Purchaser (as defined below), the NIMS Insurer, or the Master Servicer on a servicing retained basis of all the related Mortgage Loans and each REO Property remaining in the Subsidiary REMIC (ythe “Trust Collateral”) and (ii) the aggregate Clean-up Call final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property Price for all remaining in the related REO Properties. In Subsidiary REMIC; provided, however, that in no event shall the trusts trust created hereby continue beyond the earlier of (a) the expiration of 21 years from the death of the last survivor of the descendants of Xxxxxx Jxxxxx X. Xxxxxxx, the late Ambassador ambassador of the United States to the Court of St. James’sJxxxx, living on the date hereof. The right of hereof or (b) the Master Servicer to elect to purchase Mortgage Loans pursuant to this clause (a) shall be conditioned upon Latest Possible Maturity Date as defined in the Aggregate Pool Principal Balance, at the time of any such purchase, aggregating less than one percent (1%) of the aggregate Cut-off Date Principal Balance of the Mortgage LoansPreliminary Statement.

Termination upon Liquidation or Purchase of Mortgage Loans. (a) Subject to Section 10.0310.02, the respective obligations and responsibilities under this Agreement of the Depositor, the Transferor, the Master Servicer, the Transferor, the Trustee and the Trust Administrator (other than the indemnification obligations of the Master Servicer pursuant to Section 6.03 and the obligation of the Master Servicer to make remittances to the Trust Administrator and the Trustee created hereby with respect to of the Trust Fund Administrator to make payments in respect of the Classes of Certificates as hereinafter set forth) shall terminate upon payment to the earlier of (i) the purchase in accordance with this Section 10.01, of all Mortgage Loans (and REO Properties) remaining in the Trust Fund and (ii) the later of (x) the maturity or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and the disposition of all REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant and the deposit of all amounts held by or on behalf of the Trust Administrator and required hereunder to this Agreement. The purchase of any Mortgage Loans pursuant be so paid or deposited on the Distribution Date coinciding with or following the earlier to this Section 10.01(a) shall be at the price equal to the sum occur of (xi) the aggregate Clean-up Call Mortgage Loan Price for purchase by the Auction Purchaser (as defined below), the NIMS Insurer, or the Master Servicer on a servicing retained basis of all the related Mortgage Loans and each REO Property remaining in the Subsidiary REMIC (ythe “Trust Collateral”) and (ii) the aggregate Clean-up Call final payment or other liquidation (or any advance with respect thereto) of the last Mortgage Loan or REO Property Price for all remaining in the related REO Properties. In Subsidiary REMIC; provided, however, that in no event shall the trusts trust created hereby continue beyond the earlier of (a) the expiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. Xxxxxxx, the late Ambassador ambassador of the United States to the Court of St. James’sXxxxx, living on the date hereof. The right of hereof or (b) the Master Servicer to elect to purchase Mortgage Loans pursuant to this clause (a) shall be conditioned upon Latest Possible Maturity Date as defined in the Aggregate Pool Principal Balance, at the time of any such purchase, aggregating less than one percent (1%) of the aggregate Cut-off Date Principal Balance of the Mortgage LoansPreliminary Statement.

Termination upon Liquidation or Purchase of Mortgage Loans. (a) Subject to Section 10.03, the obligations and responsibilities of the Depositor, the Transferor, the Master Servicer, the Trust Administrator and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earlier of (i) the purchase in accordance with this Section 10.01, of all Mortgage Loans (and REO Properties) remaining in the Trust Fund and (ii) the later of (x) the maturity or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and the disposition of all REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement. The purchase of any Mortgage Loans pursuant to this Section 10.01(a) shall be at the price equal to the sum of (x) the aggregate Clean-up Call Mortgage Loan Price for all the related Mortgage Loans and (y) the aggregate Clean-up Call REO Property Price for all the related REO Properties. In no event shall the trusts created hereby continue beyond the expiration of 21 years from the death of the survivor of the descendants of Xxxxxx X. XxxxxxxJoseph P. Kennedy, the late Ambassador of the United States to the Court of St. James’sCourx xx Xx. Xxxxx'x, living on the date hereof. The right of the Master Servicer to elect to purchase Mortgage Loans pursuant to this clause (a) shall be conditioned upon (i) in the case of the Mortgage Loans, other than the Group 1 Mortgage Loans, the Aggregate Pool Principal BalanceBalance (not including the Group 1 Mortgage Loans), at the time of any such purchase, aggregating less than five percent (5%) of the aggregate Cut-off Date Principal Balance of the Mortgage Loans (other than the Group 1 Mortgage Loans), and (ii) in the case of the Group 1 Mortgage Loans, the Aggregate Pool Principal Balance of the Group 1 Mortgage Loans, at the time of any such purchase, aggregating less than one percent (1%) of the aggregate Cut-off Date Principal Balance of the Group 1 Mortgage Loans.

Termination upon Liquidation or Purchase of Mortgage Loans. (a) Subject to Section 10.03, the obligations and responsibilities of the Depositor, the Transferor, the Master Servicer, the Trust Administrator and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earlier of (i) the purchase in accordance with this Section 10.01, of all Mortgage Loans (and REO Properties) remaining in the Trust Fund and (ii) the later of (x) the maturity or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and the disposition of all REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement. The purchase of any Mortgage Loans pursuant to this Section 10.01(a) shall be at the price equal to the sum of (x) the aggregate Clean-up Call Mortgage Loan Price for all the related Mortgage Loans and (y) the aggregate Clean-up Call REO Property Price for all the related REO Properties. In no event shall the trusts created hereby continue beyond the expiration of 21 years from the death of the survivor of the descendants of Xxxxxx Jxxxxx X. Xxxxxxx, the late Ambassador of the United States to the Court of St. James’s, living on the date hereof. The right of the Master Servicer to elect to purchase Mortgage Loans pursuant to this clause (a) shall be conditioned upon the Aggregate Pool Principal Balance, at the time of any such purchase, aggregating less than one percent (1%) of the aggregate Cut-off Date Principal Balance of the Mortgage Loans.