Optional Termination of the Bonds Clause Samples

Optional Termination of the Bonds. (a) Pursuant to Section 8.07 of the Indenture, the Servicer shall have the option of purchasing 100% of the Mortgage Loans, causing the redemption of the Bonds in whole, but not in part, on any Payment Date on or after the Payment Date on which the aggregate Principal Balance of the Mortgage Loans in all four Groups is reduced to less than 10% of the Maximum Collateral Amount. The purchase price for Mortgage Loans in each Group will be an amount sufficient to pay 100% of the outstanding Bond Principal Balance of each Class of Class A Bonds and of each of the B Components as of the Payment Date on which the proposed purchase will take place in accordance with the foregoing, together with accrued and unpaid interest thereon (and on the Class IO Bonds) at the related Bond Interest Rate through such Payment Date (including any related Carry-Forward Amount), plus an amount sufficient to pay in full all amounts owing to the Bond Insurer, the Bond Administrator and the Indenture Trustee under the Indenture and the Insurance Agreement and the Servicer under the Servicing Agreement (which amounts shall be specified in writing upon request of the Issuer by the Indenture Trustee, the Bond Administrator and the Bond Insurer). Such termination must constitute a "qualified liquidation" of the REMIC established by the Issuer under Section 860F of the Code, including without limitation, the requirement that the qualified liquidation takes place over a period not to exceed 90 days. (b) In order to exercise the foregoing option, the Servicer shall, not less than 30 days prior to the proposed Payment Date on which such termination is to be made, provide written notice of its exercise of such option to the Bond Administrator, the Indenture Trustee, the Bond Insurer, the Owner Trustee and the Issuer. Following receipt of the notice, pursuant to the foregoing, the Bond Administrator, on behalf of the Indenture Trustee, shall provide notice to the Bondholders of the final payment on the Bonds, conduct a qualified liquidation of the Trust Estate and will remit funds from such liquidation to the Indenture Trustee to be applied to make final payments of principal and interest on the Bonds.
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Related to Optional Termination of the Bonds

  • Optional Termination The termination of the Trust Fund created hereunder as a result of the purchase of all of the Mortgage Loans and any REO Property pursuant to the last sentence of Section 10.01 hereof.

  • EFFECT OF OPTIONAL TERMINATION Upon the exercise of the option to terminate, this Agreement shall terminate and be of no further force or effect; provided, however, that: A. the Parties respective rights and obligations under this Agreement with respect to the Tax Year or Tax Years (as the case may be) through and including the Tax Year during which such notification is delivered to the District, shall not be impaired or modified as a result of such termination and shall survive such termination unless and until satisfied and discharged; and B. the provisions of this Agreement regarding payments (including liquidated damages and tax payments), records and dispute resolution shall survive the termination or expiration of this Agreement.

  • Optional Termination or Reduction of the Commitments The Borrower shall have the right, upon at least three Business Days' notice to the Agent, to terminate in whole or reduce in part the unused Commitments of the Lenders, provided that each partial reduction shall be in the amount of $1,000,000 or an integral multiple of $1,000,000 in excess thereof.

  • Optional Termination or Reduction of Commitments During the Revolving Credit Period, the Borrower may, upon at least three Domestic Business Days’ notice to the Administrative Agent (which notice the Administrative Agent will promptly deliver to the Banks), (i) terminate all Commitments at any time, if no Loans are outstanding at such time or (ii) ratably reduce from time to time by an aggregate amount of $10,000,000 or any larger multiple of $1,000,000, the aggregate amount of the Commitments in excess of the aggregate outstanding principal amount of the Loans.

  • Termination of the Option The Option shall terminate and may no longer be exercised after the first to occur of (a) the close of business on the Option Expiration Date, (b) the close of business on the last date for exercising the Option following termination of the Participant’s Service as described in Section 7, or (c) a Change in Control to the extent provided in Section 8.