Common use of Termination; Optional Clean-Up Call Clause in Contracts

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person specified in Section 11.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th day of the month of the final distribution, such Person shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans and REO Properties are purchased or sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 33 contracts

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-7), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-8), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-5)

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Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In If the event that a Person specified in Section party with the optional call right elects to terminate the Trust Fund pursuant to Sections 11.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may beAgreement, by no later than the 10th day of the month of the final distribution, such Person the Master Servicer shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale repurchase price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust AgreementProperties. In the event such party purchases the Mortgage Loans (and REO Properties are purchased or sold Properties) pursuant to Section 11.01 of the Trust AgreementAgreement and pursuant to the Step 2 Assignment Agreements, the Master Servicer shall is required thereunder to remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 15 contracts

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-8), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-9), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-5)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 6 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person or Persons specified in Section 11.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th day of the month of the final distribution, such Person shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans and REO Properties are purchased or sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 13 contracts

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-8), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-9), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-10)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person or Persons specified in Section 11.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th day of the month of the final distribution, such Person shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans and REO Properties are purchased or sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 11 contracts

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-4), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-8), Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-6)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person specified in Section 11.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th day of the month of the final distribution, such Person shall notify the Depositor, the Trustee Trustee, the Servicer and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans and REO Properties are purchased or sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 10 contracts

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-5), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-19), Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-6)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person specified in Section 11.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th day of the month of the final distribution, such Person shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans and REO Properties are purchased or sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer Trustee shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release and the relevant Custodians shall promptly release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 9 contracts

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-11), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-5), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-5)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In If the event that a Person specified in Master Servicer exercises its option to solicit bids and terminates the Trust Fund pursuant to Section 11.01 11.01(a) of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may beAgreement, by no later than the 10th day of the month of the final distribution, such Person the Master Servicer shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust AgreementProperties. In the event the Mortgage Loans (and REO Properties Properties) are purchased or sold pursuant to Section 11.01 11.01(a) of the Trust Agreement, the Master Servicer Trustee shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 6 contracts

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-1), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-1)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person specified in Section 11.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th day of the month of the final distribution, such Person shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans and REO Properties are purchased or sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer Trustee shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 6 contracts

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-7), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-11), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-8)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person or Persons specified in Section 11.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th tenth (10th) day of the month of the final distribution, such Person shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans and REO Properties are purchased or sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 5 contracts

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-4), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-5), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-20)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In If the event that a Person specified in Section party with the optional call right elects to terminate the Trust Fund pursuant to Sections 11.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may beAgreement, by no later than the 10th day of the month of the final distribution, such Person the Master Servicer shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale repurchase price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust AgreementProperties. In the event such party purchases the Mortgage Loans (and REO Properties are purchased or sold Properties) pursuant to Section 11.01 of the Trust AgreementAgreement and pursuant to the Step 2 Assignment Agreements, the Master Servicer shall is required thereunder to remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release and the relevant Custodians shall promptly release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 3 contracts

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-9), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-6), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-6)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In If the event that a Person specified in Master Servicer exercises its option to solicit bids and terminates the Trust Fund pursuant to Section 11.01 11.01(a) of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may beAgreement, by no later than the 10th day of the month of the final distribution, such Person the Master Servicer shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust AgreementProperties. In the event the Mortgage Loans (and REO Properties Properties) are purchased or sold pursuant to Section 11.01 11.01(a) of the Trust Agreement, the Master Servicer shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians Custodian of a Request for Release therefor, the Master Servicer shall direct the Custodians Custodian to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 3 contracts

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-2), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-2), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-4)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person specified in Section 11.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th day of the month of the final distribution, such Person shall notify the Depositor, the Trustee Trustee, the Servicer and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans and REO Properties are purchased or sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer Trustee shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 3 contracts

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-11), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-8), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-9)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In If the event that a Person specified in Master Servicer, at the request of the Depositor, exercises its option to solicit bids and terminates the Trust Fund pursuant to Section 11.01 11.01(a) of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may beAgreement, by no later than the 10th day of the month of the final distribution, such Person the Master Servicer shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined Properties. If the Master Servicer, exercises its option to purchase the Mortgage Loans and in terminate the manner as provided in Trust Fund pursuant to Section 11.01(b) of the Trust Agreement, by no later than the 10th day of the month of the final distribution, the Master Servicer shall notify the Trustee and the Securities Administrator of the final Distribution Date and of the applicable sale price of the Mortgage Loans and REO Properties. In the event the Mortgage Loans (and REO Properties Properties) are purchased or sold pursuant to Section 11.01 11.01(a) or 11.01(b) of the Trust Agreement, the Master Servicer Trustee shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release and the relevant Custodians shall promptly release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 2 contracts

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person specified in Section 11.01 of the Trust Agreement chooses to exercise its option set forth therein there in to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th day of the month of the final distribution, such Person person shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans (and REO Properties Properties) are purchased or sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 2 contracts

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-10), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-19)

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Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In If the event that a Person specified in Master Servicer exercises its option to solicit bids and terminates the Trust Fund pursuant to Section 11.01 11.01(a) of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may beAgreement, by no later than the 10th day of the month of the final distribution, such Person the Master Servicer shall notify the DepositorTrustee, the Trustee and the Securities Administrator and the Servicer of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust AgreementProperties. In the event the Mortgage Loans (and REO Properties Properties) are purchased or sold pursuant to Section 11.01 11.01(a) of the Trust Agreement, the Master Servicer Trustee shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 2 contracts

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In If the event that a Person specified in Depositor exercises its option to solicit bids and terminates the Trust Fund pursuant to Section 11.01 11.01(a) of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may beAgreement, by no later than the 10th day of the month of the final distribution, such Person the Depositor shall notify the DepositorTrustee, the Trustee and the Securities Administrator and the Servicer of the final Distribution Date and of the applicable repurchase price of the Mortgage Loans and REO Properties. If the Master Servicer, exercises its option to purchase or the Mortgage Loans and terminate the Trust Fund pursuant to Section 11.01(b) of the Trust Agreement, by no later than the 10th day of the month of the final distribution, the Master Servicer shall notify the Trustee, the Securities Administrator and the Servicer of the final Distribution Date and of the applicable sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust AgreementProperties. In the event that the Master Servicer or such other Person specified in the Trust Agreement purchases the Mortgage Loans (and REO Properties are purchased or sold Properties) pursuant to Section 11.01 11.01(a) or 11.01(b) of the Trust Agreement, the Master Servicer shall Trustee is required thereunder to remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release and the Custodians shall promptly release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 2 contracts

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In If the event that a Person specified in Master Servicer exercises its option to solicit bids and terminates the Trust Fund pursuant to Section 11.01 11.01(a) of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may beAgreement, by no later than the 10th day of the month of the final distribution, such Person the Master Servicer shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust AgreementProperties. In the event the Mortgage Loans (and REO Properties Properties) are purchased or sold pursuant to Section 11.01 11.01(a) of the Trust Agreement, the Master Servicer Trustee shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release and the relevant Custodians shall promptly release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 2 contracts

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-1), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-1)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In If the event that a Person specified in Depositor exercises its option to solicit bids and terminates the Trust Fund pursuant to Section 11.01 11.01(a) of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may beAgreement, by no later than the 10th day of the month of the final distribution, such Person the Master Servicer shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined Properties. If the Master Servicer, exercises its option to purchase the Mortgage Loans and in terminate the manner as provided in Trust Fund pursuant to Section 11.01(b) of the Trust Agreement, by no later than the 10th day of the month of the final distribution, the Master Servicer shall notify the Trustee and the Securities Administrator of the final Distribution Date and of the applicable sale price of the Mortgage Loans and REO Properties. In the event the Mortgage Loans (and REO Properties Properties) are purchased or sold pursuant to Section 11.01 11.01(a) or 11.01(b) of the Trust Agreement, the Master Servicer Trustee shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 2 contracts

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person specified in Section 11.01 of the Trust Agreement chooses to exercise its option set forth therein there in to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th day of the month of the final distribution, such Person person shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans (and REO Properties Properties) are purchased or sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release and the relevant Custodians shall promptly release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 1 contract

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-9)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person or Persons specified in Section 11.01 9.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th day of the month of the final distribution, such Person shall notify the Depositor, Depositor and the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans and REO Properties are purchased or sold pursuant to Section 11.01 9.01 of the Trust Agreement, the Master Servicer shall remit to the Securities Administrator Trustee the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator Trustee and the Custodians Custodian of a Request for Release therefor, the Master Servicer Trustee shall direct the Custodians Custodian to release to the Master Servicer Trustee or its designee the Custodial Files for the Mortgage Loans.

Appears in 1 contract

Samples: Assumption and Recognition Agreement (New Century Alternative Mortgage Loan Trust 2006-Alt2)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In If the event that a Person specified in Depositor exercises its option to solicit bids and terminates the Trust Fund pursuant to Section 11.01 11.01(a) of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may beAgreement, by no later than the 10th day of the month of the final distribution, such Person the Depositor shall notify the Depositor, the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale repurchase price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust AgreementProperties. In the event that the Master Servicer or such other Person specified in the Trust Agreement purchases the Mortgage Loans (and REO Properties are purchased or sold Properties) pursuant to Section 11.01 11.01(a) of the Trust Agreement, the Master Servicer shall Trustee is required thereunder to remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release and the Custodians shall promptly release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 1 contract

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-1)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person specified in Section 11.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th day of the month of the final distribution, such Person shall notify the Depositor, the Trustee Trustee, the Servicer and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans and REO Properties are purchased or sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer Trustee shall remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to release and the relevant Custodians shall promptly release to the Master Servicer or its designee the Custodial Files for the Mortgage Loans.

Appears in 1 contract

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-5)

Termination; Optional Clean-Up Call. In connection with the Trust Agreement, the Master Servicer Trustee hereby agrees to the following obligations described below. For purposes of this Section 7 only, any capitalized term used but not defined in this Assignment Agreement has the same meaning assigned thereto in the Trust Agreement. In the event that a Person specified in Section 11.01 9.01 of the Trust Agreement chooses to exercise its option set forth therein to purchase the Mortgage Loans and REO Properties or to conduct an Auction Call for such property of the Trust Fund, as the case may be, by no later than the 10th day of the month of the final distribution, such Person shall notify the Depositor, Depositor and the Trustee and the Securities Administrator of the final Distribution Date and of the applicable purchase or sale price of the Mortgage Loans and REO Properties determined and in the manner as provided in the Trust Agreement. In the event the Mortgage Loans and REO Properties are purchased or sold pursuant to Section 11.01 9.01 of the Trust Agreement, the Master Servicer shall remit to the Securities Administrator Trustee the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator Trustee and the Custodians Custodian of a Request for Release therefor, the Master Servicer Trustee shall direct the Custodians Custodian to release to the Master Servicer Trustee or its designee the Custodial Files for the Mortgage Loans.

Appears in 1 contract

Samples: Assumption and Recognition Agreement (New Century Alternative Mortgage Loan Trust 2006-Alt2)

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