Termination Test; Certificateholder Vote. If pursuant to clause (i) of the definition of the Servicer Termination Test, the Realized Loss Percentage exceeds the percentages set forth in the table included in such definition, the Master Servicer shall report such failure on the part of the Servicer to Certificateholders in its monthly statement. 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 Master Servicer to terminate the Servicer as servicer under this Agreement, the Servicer will be deemed to have failed the Servicer Termination Test and shall be removed as a Servicer pursuant to this Agreement.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Securities Corp)
Termination Test; Certificateholder Vote. If pursuant to clause (i) of the definition of the Servicer Termination Test, the Realized Loss Percentage exceeds the percentages set forth in the table included in such definition, the Master Servicer Trustee shall report such failure on the part of the Servicer to Certificateholders in its monthly statement. 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 Master Servicer Trustee to terminate the Servicer as servicer under this Agreement, the Servicer will be deemed to have failed the Servicer Termination Test and shall be removed as a Servicer pursuant to this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Trust, Series 2006-He1)
