Common use of Resecuritization of Class B Certificates Clause in Contracts

Resecuritization of Class B Certificates. Notwithstanding anything to the contrary in Section 3.04 hereof, in the event that the Class B Holder resecuritizes a Class B Certificate, either directly as issuer or indirectly through an affiliated entity or an investment bank as issuer, the rights of the Class B Holder set forth under Article II and Article III of this Agreement shall relate to, and be exercisable with respect to the Mortgage Loans of a related Series to the extent that and for so long as the Class B Holder has beneficial ownership of at least fifty-one percent (51%) of the most subordinate outstanding class of securities issued in such resecuritization. If on any day the Class B Holder ceases to own at least fifty-one percent (51%) the most subordinate outstanding class of securities issued in the resecuritization of a Class B Certificate, an Early Termination Event will be deemed to have occurred and the Company may terminate the Special Sub-Servicer right to sub-service a Specially Serviced Mortgage Loan in accordance with Section 3.04 hereof.