Common use of Optional Termination Date Clause in Contracts

Optional Termination Date. If such right is exercised by the Master Servicer, the Master Servicer shall be deemed to have been reimbursed for the full amount of any unreimbursed Advances theretofore made by it with respect to the Mortgage Loans being purchased. In addition, the Master Servicer shall provide to the Trustee the certification required by Section 3.15 and the Trustee and any Custodian shall, promptly following payment of the purchase price, release to the Master Servicer the Mortgage Files pertaining to the Mortgage Loans being purchased. No purchase pursuant to clause (ii) of this Section 9.01(a) is permitted if it would result in, or if the Insurer can show a reasonable probability that it would result in, a draw on the Policy unless the Insurer consents in writing. In addition to the foregoing, on any Distribution Date on or after the Group I Optional Termination Date, the Master Servicer shall have the right, at its option, to purchase the Class A-I Certificates in whole, but not in part, at a price equal to aggregate outstanding Certificate Principal Balance of the Class A-I Certificates (other than the Class A-I-IO Certificates), plus one month's Accrued Certificate Interest on the Class A-I Certificates, any previously unpaid Accrued Certificate Interest, and any unpaid Prepayment Interest Shortfall previously allocated thereto, including the payment of any amounts due to the Insurer under the Insurance Agreement; provided, however, that no early termination of REMIC I will be permitted if it would result in, or if the Insurer can show a reasonable probability that it would result in, a draw under the Policy unless the Insurer consents to the termination. On any Distribution Date on or after the Group II Optional Termination Date, the Master Servicer shall have the right, at its option, to purchase the Class A-II Certificates in whole, but not in part, at a price equal to aggregate outstanding Certificate Principal Balance of the Class A-II Certificates, plus one month's Accrued Certificate Interest on the Class A-II Certificates, any previously unpaid Accrued Certificate Interest, and any unpaid Prepayment Interest Shortfall previously allocated thereto, including the payment of any amounts due to the Insurer under the Insurance Agreement; provided, however, that no early termination of REMIC II will be permitted if it would result in, or if the Insurer can show a reasonable probability that it would result in, a draw under the Policy unless the Insurer consents to the termination. If the Master Servicer exercises this right to purchase the outstanding Class A-I Certificates or Class A-II Certificates, the Master Servicer will promptly terminate the respective obligations and responsibilities created hereby in respect of these Certificates pursuant to this Article IX.

Optional Termination Date. If such right is exercised by the Master Servicer, the Master Servicer shall be deemed to have been reimbursed for the full amount of any unreimbursed Advances theretofore made by it with respect to the Mortgage Loans being purchased. In addition, the Master Servicer shall provide to the Trustee the certification required by Section 3.15 and the Trustee and any Custodian shall, promptly following payment of the purchase price, release to the Master Servicer the Mortgage Files pertaining to the Mortgage Loans being purchased. No purchase pursuant to clause (ii) of this Section 9.01(a) is permitted if it would result inin a draw on the Policy with respect to the related Loan Group, or and no purchase pursuant to clause (ii) of this Section 9.01(a) is permitted if the Insurer can show a reasonable probability that it would result in, in a draw on the Policy unless with respect to the non-related Loan Group unless, in either case, the Insurer consents in writing. In addition to the foregoing, on any Distribution Date on or after the Group I Optional Termination Date, the Master Servicer shall have the right, at its option, to purchase the Class A-I Certificates in whole, but not in part, at a price equal to aggregate outstanding Certificate Principal Balance of the Class A-I Certificates (other than the Class A-I-IO Certificates), plus one month's Accrued Certificate Interest on the Class A-I Certificates, any previously unpaid Accrued Certificate Interest, and any unpaid Prepayment Interest Shortfall previously allocated thereto, including the payment of any amounts due to the Insurer under the Insurance Agreement; provided, however, that no early termination of REMIC I will be permitted if it would result inin a draw on the Policy with respect to Loan Group I, or and no early termination of REMIC I will be permitted if the Insurer can show a reasonable probability that it would result in, in a draw under on the Policy with respect to Loan Group II unless, in either case, unless the Insurer consents in writing to the termination. On any Distribution Date on or after the Group II Optional Termination Date, the Master Servicer shall have the right, at its option, to purchase the Class A-II Certificates in whole, but not in part, at a price equal to aggregate outstanding Certificate Principal Balance of the Class A-II Certificates, plus one month's Accrued Certificate Interest on the Class A-II Certificates, any previously unpaid Accrued Certificate Interest, and any unpaid Prepayment Interest Shortfall previously allocated thereto, including the payment of any amounts due to the Insurer under the Insurance Agreement; provided, however, that no early termination of REMIC II will be permitted if it would result inin a draw on the Policy with respect to Loan Group II, or and no early termination of REMIC II will be permitted if the Insurer can show a reasonable probability that it would result in, in a draw under on the Policy with respect to Loan Group I unless, in either case, unless the Insurer consents in writing to the termination. If the Master Servicer exercises this right to purchase the outstanding Class A-I Certificates or Class A-II Certificates, the Master Servicer will promptly terminate the respective obligations and responsibilities created hereby in respect of these Certificates pursuant to this Article IX.