Common use of Termination Test; Certificateholder Vote Clause in Contracts

Termination Test; Certificateholder Vote. If pursuant to clause (A) of the definition of the SPS Termination Test, the cumulative Realized Losses as a percentage of the original Aggregate Loan Balance on the Closing Date as of such Determination Date is greater than the percentage set forth in the table included in such definition, the Trustee shall report such failure on the part of SPS to Certificateholders in its monthly statement, made pursuant to Section 4.04. After receipt by the Certificateholders of notice of such failure, if Holders of the Certificates entitled to 51% or more of the Voting Rights request in writing to the Trustee to terminate SPS as a Servicer under this Agreement, SPS will be deemed to have failed the SPS Termination Test and shall be removed as a Servicer pursuant to Section 7.01.

Termination Test; Certificateholder Vote. If pursuant to clause (A) of the definition of the SPS Termination Test, the cumulative Realized Losses as a percentage of the original Aggregate Loan Balance on the Closing Date as of such Determination Date is greater than the percentage set forth in the table included in such definition, the Trustee shall report such failure on the part of SPS to Certificateholders in its monthly statement, made pursuant to Section 4.04. After receipt by the Certificateholders of notice of such failure, if Holders of the Certificates entitled to 51% or more of the Voting Rights request in writing to the Trustee to terminate SPS as a Servicer under this Agreement, SPS will be deemed to have failed the SPS Termination Test and shall be removed as a Servicer pursuant to Section 7.01.

Termination Test; Certificateholder Vote. If pursuant to clause (A) of the definition of the SPS Termination Test, the cumulative Realized Losses as a percentage of the original Aggregate Loan Balance on the Closing Date Loss Percentage as of such Determination Date is greater than the percentage set forth in the table included in such definition, the Trustee shall report such failure on the part of SPS to Certificateholders in its monthly statement, made pursuant to Section 4.04. After receipt by the Certificateholders of notice of such failure, if Holders of the Certificates entitled to 51% or more of the Voting Rights request in writing to the Trustee to terminate SPS as a Servicer under this Agreement, SPS will be deemed to have failed the SPS Termination Test and shall be removed as a Servicer pursuant to Section 7.01.

Termination Test; Certificateholder Vote. If pursuant to clause (A) of the definition of the SPS Termination Test, the cumulative Realized Losses as a percentage of the original Aggregate Loan Balance on the Closing Date as of such Determination Date is greater than the percentage set forth in the table included in such definition, the Trustee shall report such failure on the part of SPS to Certificateholders in its monthly statement, made pursuant to Section 4.04. After receipt by the Certificateholders of notice of such failure, if Holders of the Certificates entitled to 51% or more of the Voting Rights request in writing to the Trustee to terminate SPS as a Servicer under this Agreement, SPS will be deemed to have failed the SPS Termination Test Test, and shall be removed as a Servicer pursuant to Section 7.01.

Termination Test; Certificateholder Vote. If pursuant to clause (A) of the definition of the SPS Termination Test, the cumulative Realized Losses as a percentage of the original Aggregate Loan Balance on the Closing Date as of such Determination Date is greater than the percentage set forth in the table included in such definition, the Trustee shall report such failure on the part of SPS to Certificateholders in its monthly statement, made pursuant to Section 4.04. After receipt by the Certificateholders of notice of such failure, if Holders of the Certificates entitled to 51% or more of the Voting Rights request in writing to the Trustee to terminate SPS as a Servicer under this Agreement, Agreement SPS will be deemed to have failed the SPS Termination Test and shall be removed as a Servicer pursuant to Section 7.01.