Initial Optional Termination Date definition

Initial Optional Termination Date. The first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is equal to or less than 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date.

Initial Optional Termination Date. The first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans (or if such Mortgage Loan is an REO Property, the fair market value of such REO Property) is equal to or less than 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date.

Initial Optional Termination Date. The first Distribution Date following the date on which the Aggregate Pool Balance is less than 10.00% of the Cut-off Date Balance.

Examples of Initial Optional Termination Date in a sentence

• The Depositor and the Trustee agree to work in good faith to develop bid procedures in advance of the Initial Optional Termination Date to govern the operation of the Auction.

• In such event, the Servicer shall have the option to purchase the Mortgage Loans and REO Properties at the Optional Termination Price as of the Initial Optional Termination Date.

• The Depositor and the Securities Administrator agree to work in good faith to develop bid procedures in advance of the Initial Optional Termination Date to govern the operation of the Auction.

• In such event, the NIMs Insurer, if any, and the Servicer in the event the NIMs Insurer declines to exercise its option, shall have the option to purchase the Mortgage Loans and REO Properties at the Optional Termination Price as of the Initial Optional Termination Date.

• In such event, the Master Servicer shall have the option to purchase the Mortgage Loans and REO Properties at the Optional Termination Price as of the Initial Optional Termination Date.

More Definitions of Initial Optional Termination Date

Initial Optional Termination Date. The Distribution Date occurring in the month following the month in which the Aggregate Loan Balance initially declines to less than 10.00% of the Cut-off Date Balance. Insurance Fee Rate: Not applicable.

Initial Optional Termination Date. As defined in Section 7.01(b).

Initial Optional Termination Date. With respect to the Group 1 Mortgage Loans, the first Distribution Date following the date on which the aggregate Stated Principal Balance of the Group 1 Mortgage Loans is equal to or less than 10% of the aggregate Stated Principal Balance thereof as of the Cut-off Date. With respect to the Aggregate Group II Mortgage Loans, the first Distribution Date following the date on which the aggregate Stated Principal Balance of the Aggregate Group II Mortgage Loans is equal to or less than 1% of the aggregate Stated Principal Balance thereof as of the Cut-off Date.

Initial Optional Termination Date. As defined in the Trust Agreement.

Initial Optional Termination Date. The Distribution Date immediately following the Due Period with respect to which the aggregate Scheduled Principal Balances of the Mortgage Loans have declined to less than 10% of the sum of (i) their aggregate Scheduled Principal Balances as of the Cut-Off Date, in the case of the Mortgage Loans, and as of the related Subsequent Cut-Off Date, in the case of Subsequent Mortgage Loans and (ii) any amounts on deposit in the Pre- Funding Account (exclusive of any interest or other investment earnings).

Initial Optional Termination Date. For purposes of Section 9.02 of the Standard Terms, the Distribution Date immediately following the Due Period on which the aggregate Scheduled Principal Balances of the Mortgage Loans has declined to 10% or less of the Maximum Collateral Amount.

Initial Optional Termination Date. The Distribution Date immediately following the Due Period with respect to which the aggregate Assumed Principal Balance is less than 10% of the aggregate Assumed Principal Balance as of the Cut-Off Date.