Common use of TERMINATION UPON REPURCHASE BY THE DEPOSITOR OR ITS DESIGNEE OR LIQUIDATION OF THE MORTGAGE LOANS Clause in Contracts

TERMINATION UPON REPURCHASE BY THE DEPOSITOR OR ITS DESIGNEE OR LIQUIDATION OF THE MORTGAGE LOANS. (a) The respective obligations and responsibilities of the Depositor, the Securities Administrator and the Grantor Trustee created hereby with respect to the Trust Fund, other than the obligation of the Grantor Trustee to make payments to the related Certificateholders as hereinafter set forth, shall terminate upon the later of the making of the final payment or other liquidation, or any advance with respect thereto, of the last Underlying Note remaining in the Trust Fund and the payment of any amounts to the Insurer under the Insurance Agreement. (b) In no event, however, shall the Trust created hereby continue beyond 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. James’s, living on the date of this Agreement. (c) The Grantor Trustee shall give notice of any termination of the Grantor Trust to the Certificateholders and the Insurer, with a copy to the Rating Agencies, upon which the Certificateholders shall surrender their Certificates to the Grantor Trustee for payment of the final payment and cancellation. Such notice shall be given by letter, mailed not earlier than the l5th day and not later than the 25th day of the month next preceding the month of such final payment, and shall specify (i) the Payment Date upon which final payment of the Certificates will be made upon presentation and surrender of the Certificates at the office of the Grantor Trustee 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 Certificates at the office of the Grantor Trustee therein specified. (d) Upon the presentation and surrender of the Certificates, the Grantor Trustee shall distribute to the remaining Certificateholders, in accordance with their respective interests, all distributable amounts remaining in the Payment Account. (e) If not all of the Certificateholders shall surrender their Certificates for cancellation within six months after the time specified in the above-mentioned written notice, the Grantor Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final payment with respect thereto. If within six months after the second notice, not all the Certificates shall have been surrendered for cancellation, the Grantor Trustee may take appropriate steps, or appoint any 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 which remain subject to this Agreement.

TERMINATION UPON REPURCHASE BY THE DEPOSITOR OR ITS DESIGNEE OR LIQUIDATION OF THE MORTGAGE LOANS. (a) The respective obligations and responsibilities of the Depositor, the Securities Administrator Grantor Trustee, the Paying Agent and the Grantor Trustee Certificate Registrar created hereby with respect to the Trust Fundhereby, other than the obligation of the Grantor Trustee Paying Agent to make payments to the related Certificateholders as hereinafter set forth, shall terminate upon the later termination of the Underlying Pooling and Servicing Agreement or upon the making of the final payment or other liquidationliquidation of the Underlying Certificates, or any advance with respect thereto, of the last Underlying Note remaining in the Trust Fund and the payment of any amounts to the Insurer under the Insurance Agreement. (b) In no event, however, shall the Trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. XxxxxxxJoseph P. Kennedy, the late Ambassador xxx xxxx Xxxxxxador of the United States to the Court of St. James’s's, living on the date of this Agreement. (c) The Grantor Trustee Paying Agent shall give notice of any termination of the Grantor Trust to the Certificateholders and the InsurerCertificateholders, with a copy to the Rating Agencies, upon which the Certificateholders shall surrender their Certificates to the Grantor Trustee Certificate Registrar for payment by the Paying Agent of the final payment distribution and cancellationcancellation with respect thereto. Such notice shall be given by letter, mailed not earlier than the l5th day and not later than the 25th 20th day of the month next preceding the month of such final paymentdistribution, and shall specify (i) the Payment Distribution Date upon which final payment of the Certificates will be made upon presentation and surrender of the Certificates at the office of the Grantor Trustee Certificate Registrar therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Distribution Date is not applicable, payments being made by the Paying Agent only upon presentation and surrender of the Certificates at the office of the Grantor Trustee Certificate Registrar therein specified. (d) Upon the presentation and surrender of the Certificates, the Grantor Trustee Paying Agent shall distribute to the remaining Certificateholders, in accordance with their respective interestsinterests and based solely upon information provided to it by the Underlying Securities Administrator and calculations conducted by the Underlying Securities Administrator with respect thereto, all distributable amounts Available Funds remaining in the Payment Distribution Account. (e) If not all of the Certificateholders shall surrender their Certificates for cancellation within six months after the time specified in the above-mentioned written notice, then the Grantor Trustee Paying Agent shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final payment distribution with respect thereto. If If, within six months after the second notice, not all the Certificates shall have been surrendered for cancellation, then the Grantor Trustee Paying Agent may take appropriate steps, or appoint any 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 which remain subject to this Agreement.

TERMINATION UPON REPURCHASE BY THE DEPOSITOR OR ITS DESIGNEE OR LIQUIDATION OF THE MORTGAGE LOANS. (a) The respective obligations and responsibilities of the Depositor, the Securities Administrator Depositor and the Grantor Trustee created hereby with respect to the each Trust Fund, other than the obligation of the Grantor Trustee to make payments to the related Certificateholders as hereinafter set forth, shall terminate upon the later of the making of the final payment or other liquidation, or any advance with respect thereto, of the last Underlying Note Class M Bond remaining in the related Trust Fund and the payment of any amounts to the Insurer under the Insurance AgreementFund. (b) In no event, however, shall the any Trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. XxxxxxxJoseph P. Kennedy, the late Ambassador of the United States to the Court of St. James’sXxxxx xx Xx. Xxxxs's, living on the date of this Agreement. (c) The Grantor Trustee shall give notice of any termination of the Grantor Trust to the Certificateholders and the InsurerCertificateholders, with a copy to the Rating Agencies, upon which the Certificateholders shall surrender their Certificates to the Grantor Trustee for payment of the final payment and cancellation. Such notice shall be given by letter, mailed not earlier than the l5th day and not later than the 25th day of the month next preceding the month of such final payment, and shall specify (i) the Payment Date upon which final payment of the Certificates will be made upon presentation and surrender of the Certificates at the office of the Grantor Trustee 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 Certificates at the office of the Grantor Trustee therein specified. (d) Upon the presentation and surrender of the Certificates, the Grantor Trustee shall distribute to the remaining Certificateholders, in accordance with their respective interests, all distributable amounts remaining in the related Payment Account. (e) If not all of the Certificateholders shall surrender their Certificates for cancellation within six months after the time specified in the above-mentioned written notice, the Grantor Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final payment with respect thereto. If within six months after the second notice, not all the Certificates shall have been surrendered for cancellation, the Grantor Trustee may take appropriate steps, or appoint any 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 which remain subject to this Agreement.

TERMINATION UPON REPURCHASE BY THE DEPOSITOR OR ITS DESIGNEE OR LIQUIDATION OF THE MORTGAGE LOANS. (a) The respective obligations and responsibilities of the Depositor, the Securities Administrator Depositor and the Grantor Trustee created hereby with respect to the each Trust Fund, other than the obligation of the Grantor Trustee to make payments to the related Certificateholders as hereinafter set forth, shall terminate upon the later of the making of the final payment or other liquidation, or any advance with respect thereto, of the last Underlying Note Class M Bond remaining in the related Trust Fund and the payment of any amounts to the Insurer under the Insurance AgreementFund. (b) In no event, however, shall the any Trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. XxxxxxxJoseph P. Kennedy, the late Ambassador of the United States to the Court of St. James’sCoxxx xx Xx. Xxxxx's, living on the date of this Agreement. (c) The Grantor Trustee shall give notice of any termination of the Grantor Trust to the Certificateholders and the InsurerCertificateholders, with a copy to the Rating Agencies, upon which the Certificateholders shall surrender their Certificates to the Grantor Trustee for payment of the final payment and cancellation. Such notice shall be given by letter, mailed not earlier than the l5th day and not later than the 25th day of the month next preceding the month of such final payment, and shall specify (i) the Payment Date upon which final payment of the Certificates will be made upon presentation and surrender of the Certificates at the office of the Grantor Trustee 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 Certificates at the office of the Grantor Trustee therein specified. (d) Upon the presentation and surrender of the Certificates, the Grantor Trustee shall distribute to the remaining Certificateholders, in accordance with their respective interests, all distributable amounts remaining in the related Payment Account. (e) If not all of the Certificateholders shall surrender their Certificates for cancellation within six months after the time specified in the above-mentioned written notice, the Grantor Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final payment with respect thereto. If within six months after the second notice, not all the Certificates shall have been surrendered for cancellation, the Grantor Trustee may take appropriate steps, or appoint any 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 which remain subject to this Agreement.

TERMINATION UPON REPURCHASE BY THE DEPOSITOR OR ITS DESIGNEE OR LIQUIDATION OF THE MORTGAGE LOANS. (a) The respective obligations and responsibilities of the Depositor, the Securities Administrator Grantor Trustee, the Paying Agent and the Grantor Trustee Certificate Registrar created hereby with respect to the Trust Fundhereby, other than the obligation of the Grantor Trustee Paying Agent to make payments to the related Certificateholders as hereinafter set forth, shall terminate upon the later termination of the Underlying Pooling and Servicing Agreement or upon the making of the final payment or other liquidationliquidation of the Underlying Certificates, or any advance with respect thereto, of the last Underlying Note remaining in the Trust Fund and the payment of any amounts to the Insurer under the Insurance Agreement. (b) In no event, however, shall the Trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. XxxxxxxJoseph P. Kennedy, the late Ambassador of the United States to the Court of St. James’sXxxxx xx Xx. Xxxes's, living on the date of this Agreement. (c) The Grantor Trustee Paying Agent shall give notice of any termination of the Grantor Trust to the Certificateholders and the InsurerCertificateholders, with a copy to the Rating Agencies, upon which the Certificateholders shall surrender their Certificates to the Grantor Trustee Certificate Registrar for payment by the Paying Agent of the final payment distribution and cancellationcancellation with respect thereto. Such notice shall be given by letter, mailed not earlier than the l5th day and not later than the 25th 20th day of the month next preceding the month of such final paymentdistribution, and shall specify (i) the Payment Distribution Date upon which final payment of the Certificates will be made upon presentation and surrender of the Certificates at the office of the Grantor Trustee Certificate Registrar therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Distribution Date is not applicable, payments being made by the Paying Agent only upon presentation and surrender of the Certificates at the office of the Grantor Trustee Certificate Registrar therein specified. (d) Upon the presentation and surrender of the Certificates, the Grantor Trustee Paying Agent shall distribute to the remaining Certificateholders, in accordance with their respective interestsinterests and based solely upon information provided to it by the Underlying Securities Administrator and calculations conducted by the Underlying Securities Administrator with respect thereto, all distributable amounts Available Funds remaining in the Payment Distribution Account. (e) If not all of the Certificateholders shall surrender their Certificates for cancellation within six months after the time specified in the above-mentioned written notice, the Grantor Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final payment with respect thereto. If within six months after the second notice, not all the Certificates shall have been surrendered for cancellation, the Grantor Trustee may take appropriate steps, or appoint any 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 which remain subject to this Agreement.

TERMINATION UPON REPURCHASE BY THE DEPOSITOR OR ITS DESIGNEE OR LIQUIDATION OF THE MORTGAGE LOANS. (a) The respective obligations and responsibilities of the Depositor, the Securities Administrator Depositor and the Grantor Trustee created hereby with respect to the each Trust Fund, other than the obligation of the Grantor Trustee to make payments to the related Certificateholders as hereinafter set forth, shall terminate upon the later of the making of the final payment or other liquidation, or any advance with respect thereto, of the last Underlying Note Class M Bond remaining in the related Trust Fund and the payment of any amounts to the Insurer under the Insurance AgreementFund. (b) In no event, however, shall the any Trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Xxxxxx X. XxxxxxxJoseph P. Kennedy, the late Ambassador of the United Ambassaxxx xx xxx Xxxxxx States to the Court of St. James’s's, living on the date of this Agreement. (c) The Grantor Trustee shall give notice of any termination of the Grantor Trust to the Certificateholders and the InsurerCertificateholders, with a copy to the Rating Agencies, upon which the Certificateholders shall surrender their Certificates to the Grantor Trustee for payment of the final payment and cancellation. Such notice shall be given by letter, mailed not earlier than the l5th day and not later than the 25th day of the month next preceding the month of such final payment, and shall specify (i) the Payment Date upon which final payment of the Certificates will be made upon presentation and surrender of the Certificates at the office of the Grantor Trustee 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 Certificates at the office of the Grantor Trustee therein specified. (d) Upon the presentation and surrender of the Certificates, the Grantor Trustee shall distribute to the remaining Certificateholders, in accordance with their respective interests, all distributable amounts remaining in the related Payment Account. (e) If not all of the Certificateholders shall surrender their Certificates for cancellation within six months after the time specified in the above-mentioned written notice, the Grantor Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final payment with respect thereto. If within six months after the second notice, not all the Certificates shall have been surrendered for cancellation, the Grantor Trustee may take appropriate steps, or appoint any 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 which remain subject to this Agreement.