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 10.04, the respective obligations and responsibilities under this Agreement of the Depositor, 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 of the Trust Administrator to make payments in respect of the Classes of Group 2 Certificates and to the Certificate Insurer as hereinafter set forth) shall terminate upon payment to the Group 2 Certificateholders and the Certificate Insurer of all amounts required to be distributed to them and the deposit of all amounts held by or on behalf of the Trust Administrator and required hereunder to be so paid or deposited on the Distribution Date coinciding with or following the earlier to occur of (i) the purchase by the Group 2 Auction Purchaser (as defined below) or the Master Servicer on a servicing retained basis of all Group 2 Mortgage Loans and each REO Property remaining in the Middle REMIC 2 (the “Group 2 Trust Collateral”) and (ii) the final payment or other liquidation (or any advance with respect thereto) of the last Group 2 Mortgage Loan or REO Property remaining in the Middle REMIC 2; provided, however, that in no event shall the 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 of the United States to the Court of St. Xxxxx, living on the date hereof or (b) the Latest Possible Maturity Date as defined in the Preliminary Statement.

Termination upon Liquidation or Purchase of Mortgage Loans. (a) Subject to Section 10.0410.02, the respective obligations and responsibilities under this Agreement of the Depositor, 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 of the Trust Administrator to make payments in respect of the Classes of Group 2 1 Certificates and to the Certificate Insurer as hereinafter set forth) shall terminate upon payment to the Group 2 1 Certificateholders and the Certificate Insurer of all amounts required to be distributed to them and the deposit of all amounts held by or on behalf of the Trust Administrator and required hereunder to be so paid or deposited on the Distribution Date coinciding with or following the earlier to occur of (i) the purchase by the Group 2 1 Auction Purchaser (as defined below) or the Master Servicer on a servicing retained basis of all Group 2 1 Mortgage Loans and each REO Property remaining in the Middle Subsidiary REMIC 2 1 (the “Group 2 1 Trust Collateral”) and (ii) the final payment or other liquidation (or any advance with respect thereto) of the last Group 2 1 Mortgage Loan or REO Property remaining in the Middle Subsidiary REMIC 21; provided, however, that in no event shall the 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 of the United States to the Court of St. Xxxxx, living on the date hereof or (b) the Latest Possible Maturity Date as defined in the Preliminary Statement.

Termination upon Liquidation or Purchase of Mortgage Loans. (a) Subject to Section 10.0410.02, the respective obligations and responsibilities under this Agreement of the Depositor, 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 of the Trust Administrator to make payments in respect of the Classes of Group 2 1 Certificates and to the Certificate Insurer as hereinafter set forth) shall terminate upon payment to the Group 2 1 Certificateholders and the Certificate Insurer of all amounts required to be distributed to them and the deposit of all amounts held by or on behalf of the Trust Administrator and required hereunder to be so paid or deposited on the Distribution Date coinciding with or following the earlier to occur of (i) the purchase by the Group 2 1 Auction Purchaser (as defined below) or the Master Servicer on a servicing retained basis of all Group 2 1 Mortgage Loans and each REO Property remaining in the Middle REMIC 2 1 (the “Group 2 1 Trust Collateral”) and (ii) the final payment or other liquidation (or any advance with respect thereto) of the last Group 2 1 Mortgage Loan or REO Property remaining in the Middle REMIC 21; provided, however, that in no event shall the 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 of the United States to the Court of St. Xxxxx, living on the date hereof or (b) the Latest Possible Maturity Date as defined in the Preliminary Statement.

Termination upon Liquidation or Purchase of Mortgage Loans. (a) Subject to Section 10.04, the respective obligations and responsibilities under this Agreement of the Depositor, 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 of the Trust Administrator to make payments in respect of the Classes of Group 2 Certificates and to the Certificate Insurer as hereinafter set forth) shall terminate upon payment to the Group 2 Certificateholders and the Certificate Insurer of all amounts required to be distributed to them and the deposit of all amounts held by or on behalf of the Trust Administrator and required hereunder to be so paid or deposited on the Distribution Date coinciding with or following the earlier to occur of (i) the purchase by the Group 2 Auction Purchaser (as defined below) or the Master Servicer on a servicing retained basis of all Group 2 Mortgage Loans and each REO Property remaining in the Middle Subsidiary REMIC 2 (the “Group 2 Trust Collateral”) and (ii) the final payment or other liquidation (or any advance with respect thereto) of the last Group 2 Mortgage Loan or REO Property remaining in the Middle Subsidiary REMIC 2; provided, however, that in no event shall the 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 of the United States to the Court of St. Xxxxx, living on the date hereof or (b) the Latest Possible Maturity Date as defined in the Preliminary Statement.