Common use of Termination upon Liquidation or Repurchase of all Mortgage Loans Clause in Contracts

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion of the auction referred to in Section 9.01(b), (ii) the exercise by the Servicer of the Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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 hereof and (ii) the Latest Possible Maturity Date.

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion of the auction referred to in Section 9.01(b), (ii) the exercise by the Servicer of the Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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. JamesXxxxx xx Xx. Xxxxs's, living on the date hereof and (ii) the Latest Possible Maturity Date.

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion of the auction referred to in Section 9.01(b), (ii) the exercise by the Servicer NIM Insurer (or the Servicer) of the Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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 hereof and (ii) the Latest Possible Maturity Date.

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion of the auction referred to in Section 9.01(b), (ii) the exercise by the Servicer NIM Insurer (or the Servicer) of the Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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'sCouxx xx Xx. Xxxxx'x, living on the date hereof and (ii) the Latest Possible Maturity Date.

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion exercise by the Trustee or the NIMs Insurer of the auction referred to in Section 9.01(b)an Optional Termination, (ii) the exercise by the Servicer of the Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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'sCouxx xx Xx. Xxxxx'x, living on the date hereof and (ii) the Latest Possible Maturity Date.

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion exercise by the Trustee or the NIMs Insurer of the auction referred to in Section 9.01(b)an Optional Termination, (ii) the exercise by the Servicer of the Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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 hereof and (ii) the Latest Possible Maturity Date.

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion of the auction referred to in Section 9.01(b), (ii) the exercise by the Servicer NIMs Insurer (or the Servicer) of the Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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 hereof and (ii) the Latest Possible Maturity Date.

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion of the auction referred to in Section 9.01(b), (ii) the exercise by the Servicer NIM Insurer (or the Servicer) of the Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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. JamesCoxxx xx Xx. Xxxxx's, living on the date hereof and (ii) the Latest Possible Maturity Date.

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion exercise by the Trustee or the NIMs Insurer of the auction referred to in Section 9.01(b)an Optional Termination, (ii) the exercise by the Servicer of the Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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 hereof and (ii) the Latest Possible Maturity Date.

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion of the auction referred to in Section 9.01(b), (ii) the exercise by the Servicer of the Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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 hereof and (ii) the Latest Possible Maturity Final Scheduled Distribution Date.

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion of the auction referred to in Section 9.01(b), (ii) the exercise by the Servicer of the 141 Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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 hereof and (ii) the Latest Possible Maturity Date.

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion of the auction referred to in Section 9.01(b), (ii) the exercise by the Servicer NIM Insurer (or the Servicer) of the Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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'sCouxx xx Xx. Xxxxx'x, living on the date hereof and (ii) the Latest Possible Maturity Date.. 106

Termination upon Liquidation or Repurchase of all Mortgage Loans. (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor, the Servicer and the Trustee created hereby with respect to the Trust Fund shall terminate upon the earliest of (i) the successful completion of the auction referred to in Section 9.01(b), (ii) the exercise by the Servicer of the Clean Up Call on any Distribution Date on or after the Clean Up Call Date and (iii) the later of (x) 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 REO Property and (y) the distribution to Certificateholders of all amounts required to be distributed to them pursuant to this Agreement, as applicable. In no event shall the trusts created hereby continue beyond the earlier of (i) 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'sCouxx xx Xx. Xxxxx'x, living on the date hereof and (ii) the Latest Possible Maturity Date.