Common use of Partial Termination Date Clause in Contracts

Partial Termination Date. (i) The parties’ respective payment obligations under this Agreement shall be terminated with respect to any Reference Pool to the extent Freddie Mac designates a Partial Termination Date with respect to such Reference Pool following the occurrence of a Partial Termination Event with respect to such Reference Pool. Freddie Mac’s final payment obligations hereunder with respect to a Reference Pool subject to a Partial Termination Date shall be due on the Business Day prior to the Partial Termination Date and the Trust’s final payment obligations hereunder shall be due on the Partial Termination Date, in each case subject to Sections 4 and 6. The performance of such Reference Pool during the period commencing at the end of the immediately preceding Reporting Period and continuing until the related Partial Termination Date shall be disregarded for purposes of calculating such final payment obligations. (ii) A Partial Termination Date shall occur on the first Payment Date following the date on which the notice designating such Partial Termination Date becomes effective, unless such notice becomes effective five (5) Business Days or less prior to such Payment Date, in which case such Partial Termination Date shall occur on the second Payment Date following the date on which such notice becomes effective.