Common use of Procedure Upon Optional Termination Clause in Contracts

Procedure Upon Optional Termination. (a) In case of any Optional Termination pursuant to Section 11.01, Vesta shall, at least twenty days prior to the date notice is to be mailed to the affected Certificateholders notify the Trustee and Trust Administrator of such Optional Termination Date and of the applicable purchase price of the Mortgage Loans to be purchased. (b) Any purchase of the Mortgage Loans by Vesta shall be made on an Optional Termination Date by deposit of the applicable purchase price into the Certificate Account, as applicable, before the Distribution Date on which such repurchase is effected. Upon receipt by the Trust Administrator of an Officer's Certificate of Vesta certifying as to the deposit of such purchase price into the Certificate Account, the Trust Administrator and each co-trust administrator and separate trust administrator, if any, then acting as such under this Agreement, shall, upon request and at the expense of Vesta execute and deliver all such instruments of transfer or assignment, in each case without recourse, as shall be reasonably requested by Vesta to vest title in Vesta in the Mortgage Loans so purchased and shall transfer or deliver to Vesta the purchased Mortgage Loans. Any distributions on the Mortgage Loans which have been subject to an Optional Termination received by the Trustee subsequent to (or with respect to any period subsequent to) the Optional Termination Date shall be promptly remitted by it to Vesta.

Procedure Upon Optional Termination. (a) In case of any Optional Termination pursuant to Section 11.0110.01, Vesta shall, at least twenty days prior to the date notice is to be mailed to the affected Certificateholders notify the Trustee and Trust Administrator of such Optional Termination Date and of the applicable purchase price of the Mortgage Loans to be purchasedrepurchased. (b) Any purchase repurchase of the Mortgage Loans by Vesta shall be made on an Optional Termination Date by deposit of the applicable purchase price into the Certificate Account, as applicable, before the Distribution Date on which such repurchase is effected. Upon receipt by the Trust Administrator Trustee of an Officer's Certificate of Vesta certifying as to the deposit of such purchase price into the Certificate Account, the Trust Administrator Trustee and each co-trust administrator trustee and separate trust administratortrustee, if any, then acting as such under this Agreement, shall, upon request and at the expense of Vesta Vesta, execute and deliver all such instruments of transfer or assignmentassignment delivered to the Trustee by Vesta, in each case without recourse, representation or warranty as shall be reasonably requested by Vesta Vesta, to vest title in Vesta in the Mortgage Loans so purchased repurchased and shall transfer or deliver to Vesta the purchased repurchased Mortgage Loans. Any distributions on the Mortgage Loans which have been subject to an Optional Termination received by the Trustee subsequent to (or with respect to any period subsequent to) the Optional Termination Date shall be promptly remitted by it to Vesta.