Opt-Out Eligible Securitization definition
Opt-Out Eligible Securitization means any Securitization as to which one or more of the following are true (i) more than ninety percent (90%) of the securities, certificates or other instruments representing interests therein are and continue to be owned by the related Securitizing Holder or any of the other Initial Holders or one or more of their respective Affiliates, (ii) the related securitization entity is managed (including by contract), at all times following the related transfer, by the related Securitizing Holder or an Affiliate thereof, or (iii) the depositor or issuer (or party on their behalf), as applicable, and any related servicer and trustee has delivered (or delivers contemporaneous with any election by the related Securitizing Holder to treat such Securitization as an Opt-Out Securitization) written notice to each party to this Agreement and the Intercreditor Agreement of its consent to being an Opt-Out Securitization for purposes of this Agreement.