Common use of Termination upon Purchase by Servicer of Mortgage Loans Clause in Contracts

Termination upon Purchase by Servicer of Mortgage Loans. (a) The respective obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby and the Trust Fund created hereby shall terminate upon the earlier of (x) the purchase on a Distribution Date by the Servicer of all of the Mortgage Loans and all property acquired in respect of any Mortgage Loan remaining in the Trust Fund at a price equal to the sum of (i) 100% of the Unpaid Loan Balance of each Mortgage Loan as of the related Determination Date, together with accrued interest thereon to (but not including) such Distribution Date at the related Pass-Through Rate, to the extent not previously advanced by the Servicer, net of unreimbursed Servicing Advances and Periodic Interest Advances, and (ii) the appraised value of any REO Property in the Trust Fund (less the good faith estimate of the Depositor of liquidation expenses to be incurred in connection with its disposal thereof), such appraisal to be conducted by an appraiser mutually agreed upon by the Depositor and the Trustee and (y) the later of (i) 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 property acquired upon foreclosure or by deed in lieu of foreclosure of any Mortgage Loan and (ii) the payment to the Certificateholders of all amounts required to be paid to them pursuant to this Agreement; provided, however, that in no event shall the trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the lawful descendants of Joseph P. Kennedy, the late Ambassador of the United States of Americx xx xxx Xxxxx xx St. James's, living on the date of this Agreement. Such termination shall occur only in connection with a "qualified liquidation" of each Constituent REMIC within the meaning of Code Section 860F(a)(4)(A), pursuant to which the Trustee shall sell or otherwise dispose of all of the remaining assets of the Trust Fund and make all required distributions to Certificateholders within 90 days of the adoption of a plan of complete liquidation. For this purpose, the notice of termination described in the next paragraph shall be the adoption of a plan of complete liquidation described in Code Section 860F(a)(4)(A)(i), which shall be deemed to occur on the date the first such notice is mailed. Such date shall be specified in the final federal income tax return of each Constituent REMIC constituting the Trust Fund.

Termination upon Purchase by Servicer of Mortgage Loans. (a) The respective obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby and the Trust Fund created hereby shall terminate upon the earlier of (x) the purchase on a Distribution Date by the Servicer of all of the Mortgage Loans and all property acquired in respect of any Mortgage Loan remaining in the Trust Fund at a price equal to the sum of (i) 100% of the Unpaid Loan Balance of each Mortgage Loan as of the related Determination Date, together with accrued interest thereon to (but not including) such Distribution Date at the related Pass-Through Rate, to the extent not previously advanced by the Servicer, net of unreimbursed Servicing Advances, Delinquency Advances, Bi-Weekly Interest Advances and Periodic Simple Interest Advances, and (ii) the appraised value of any REO Property in the Trust Fund (less the good faith estimate of the Depositor of liquidation expenses to be incurred in connection with its disposal thereof), such appraisal to be conducted by an appraiser mutually agreed upon by the Depositor and the Trustee and (y) the later of (i) 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 property acquired upon foreclosure or by deed in lieu of foreclosure of any Mortgage Loan and (ii) the payment to the Certificateholders of all amounts required to be paid to them pursuant to this Agreement; provided, however, that in no event shall the trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the lawful descendants of Joseph P. Kennedy, the late Ambassador of the United States of Americx xx xxx Xxxxx xx St. James's, living on the date of this Agreement. Such termination shall occur only in connection with a "qualified liquidation" of each Constituent REMIC within the meaning of Code Section 860F(a)(4)(A), pursuant to which the Trustee shall sell or otherwise dispose of all of the remaining assets of the Trust Fund and make all required distributions to Certificateholders within 90 days of the adoption of a plan of complete liquidation. For this purpose, the notice of termination described in the next paragraph shall be the adoption of a plan of complete liquidation described in Code Section 860F(a)(4)(A)(i), which shall be deemed to occur on the date the first such notice is mailed. Such date shall be specified in the final federal income tax return of each Constituent REMIC constituting the Trust Fund.