Common use of Converted Mortgage Loans; Purchase Obligations Upon Conversion; Administration by the Trustee Clause in Contracts

Converted Mortgage Loans; Purchase Obligations Upon Conversion; Administration by the Trustee. (a) The Trustee, as Noteholder (as defined in the Mortgage Notes for the Mortgage Loans), hereby authorizes and directs the Master Servicer, on behalf of the Noteholder, to determine fixed interest rates into which Mortgagors under Convertible Mortgage Loans may convert the adjustable interest rates on their Mortgage Notes in accordance with the fixed formula set forth insuch Mortgage Notes. The Master Servicer agrees to make such determinations and otherwise administer the Convertible Mortgage Loans as contemplated in the Mortgage Notes until the later to occur of (i) the date on which all the Convertible Mortgage Loans have become Converted Mortgage Loans, and (ii) the last date on which Mortgagors have the option to convert the adjustable interest rates on their Mortgage Notes to fixed interest rates.

Converted Mortgage Loans; Purchase Obligations Upon Conversion; Administration by the Trustee. (a) The Trustee, as Noteholder (as defined in the Mortgage Notes for the Mortgage Loans), hereby authorizes and directs the Master Servicer, on behalf of the Noteholder, to determine fixed interest rates into which Mortgagors under Convertible Mortgage Loans may convert the adjustable interest rates on their Mortgage Notes in accordance with the fixed formula set forth insuch in such Mortgage Notes. The Master Servicer agrees to make such determinations and otherwise administer the Convertible Mortgage Loans as contemplated in the Mortgage Notes until the later to occur of (i) the date on which all the Convertible Mortgage Loans have become Converted Mortgage Loans, and (ii) the last date on which Mortgagors have the option to convert the adjustable interest rates on their Mortgage Notes to fixed interest rates.