SLS Event of Termination definition

SLS Event of Termination. As defined in Section 8.05 hereof.
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SLS Event of Termination wherever used herein, means any one of the following events: (i) any failure by SLS to provide the monthly data tape to the Backup Servicer, which failure continues for three Business Days after the date such action is required hereunder; (ii) SLS fails to make the Advance required pursuant to Section 5.01 of this Agreement and such failure continues for two Business Days after the date such action is required hereunder; (iii) an SLS Financial Trigger Event occurs and is continuing; or (iv) an SLS Cross Default occurs.
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SLS Event of Termination wherever used herein, means any one of the following events: (i) any failure by SLS to provide the monthly data tape to the Backup Servicer, which failure continues for three Business Days after the date such action is required hereunder; (ii) SLS fails to make the Advance required pursuant to Section 5.01 of this Agreement and such failure continues for two Business Days after the date such action is required hereunder; (iii) an SLS Financial Trigger Event occurs and is continuing; (iv) as of any Determination Date, the Rolling Three Month Delinquency Rate exceeds 15% and the Rating Agencies do not confirm the ratings of the Certificates within ten (10) Business Days of such date; or (v) an SLS Cross Default occurs.
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Examples of SLS Event of Termination in a sentence

  • The Holders representing at least 66 2/3% of the Voting Rights evidenced by all Classes of Certificates affected by any SLS Event of Termination hereunder, may waive such SLS Event of Termination; provided, however, that a SLS Event of Termination under clause (i) or (vi) of Section 8.01 may be waived only by all of the Holders of the Regular Certificates.

  • The Holders representing at least 66 2/3% of the Voting Rights evidenced by all Classes of Certificates affected by any SLS Event of Termination hereunder, may, with the consent of the Certificate Insurer, waive such SLS Event of Termination; provided, however, that a SLS Event of Termination under clause (i) or (vi) of Section 8.01 may be waived only by all of the Holders of the Regular Certificates.

  • The Holders representing at least 66 2/3% of the Voting Rights evidenced by all Classes of Certificates affected by any SLS Event of Termination hereunder may waive such SLS Event of Termination; provided, however, that a SLS Event of Termination under clause (i) or (vi) of Section 8.01 may be waived only by all of the Holders of the Regular Certificates.

  • The Holders representing at least 66 2/3% of the Voting Rights evidenced by all Classes of Certificates affected by any SLS Event of Termination hereunder, with the consent of the Certificate Insurer may waive such SLS Event of Termination; provided, however, that a SLS Event of Termination under clause (i) or (vi) of Section 8.01 may be waived only by all of the Holders of the Regular Certificates.


More Definitions of SLS Event of Termination

SLS Event of Termination wherever used herein, means any one of the following events: (i) any failure by SLS to provide the monthly data tape to the Backup Servicer, which failure continues for three Business Days after the date such action is required hereunder; (ii) SLS fails to make the Advance required pursuant to Section 5.01 of this Agreement and such failure continues for two Business Days after the date such action is required hereunder; (iii) an SLS Financial Trigger Event occurs and is continuing; (iv) as of any Determination Date, the Rolling Three Month Delinquency Rate exceeds 25%; (v) an SLS Cross Default occurs; or (vi) as of any Determination Date, the quotient (expressed as a percentage) of (1) the aggregate Realized Losses on the SLS Serviced Mortgage Loans incurred from the applicable Cut-off Date through the last day of the calendar month preceding such Determination Date divided by (2) the Aggregate Stated Principal Balance of the SLS Serviced Mortgage Loans as of the applicable Cut-off Date exceeds the percentage (the “Cumulative Loss Percentage”) for such Determination Date set forth in the table below: Months 1-48 6.50% with respect to May 2005 and 1/12th of 3.25% for each month thereafter Months 49-60 9.75% with respect to May 2009 and 1/12th of 2.75% for each month thereafter Month 61 and thereafter 12.50%
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SLS Event of Termination wherever used herein, means any one of the following events:
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SLS Event of Termination wherever used herein, means any one of the following events: (i) any failure by SLS to provide the monthly data tape to the Backup Servicer, which failure continues for three Business Days after the date such action is required hereunder; (ii) SLS fails to make the Advance required pursuant to Section 5.01 of this Agreement and such failure continues for two Business Days after the date such action is required hereunder; (iii) an SLS Financial Trigger Event occurs and is continuing; (iv) as of any Determination Date, the Rolling Three Month Delinquency Rate exceeds 25%; (v) an SLS Cross Default occurs; or (vi) as of any Determination Date, the quotient (expressed as a percentage) of (1) the aggregate Realized Losses on the SLS Serviced Mortgage Loans incurred from the applicable Cut-off Date through the last day of the calendar month preceding such Determination Date divided by (2) the Aggregate Stated Principal Balance of the SLS Serviced Mortgage Loans as of the applicable Cut-off Date exceeds the percentage (the "Cumulative Loss Percentage") for such Determination Date set forth in the table below: RANGE OF DETERMINATION DATES CUMULATIVE LOSS PERCENTAGE ---------------------------- ------------------------------------------------------- Months 1-48 6.50% with respect to December 2004 and 1/12th of 3.25% for each month thereafter Months 49-60 9.75% with respect to December 2008 and 1/12th of 2.75% for each month thereafter Month 61 and thereafter 12.50% ARTICLE IX
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Related to SLS Event of Termination

  • Event of Termination has the meaning specified in Section 7.01.

  • Incipient Event of Termination means an event that but for notice or lapse of time or both would constitute an Event of Termination.

  • Servicer Event of Termination One or more of the events described in Section 7.01.

  • Master Servicer Event of Termination As defined in Section 7.01 hereof.

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Company Termination Event has the meaning set forth in Section 10 hereof.

  • Potential Termination Event means an event which, with the passage of time or the giving of notice, or both, would constitute a Termination Event.

  • Additional Termination Event has the meaning specified in Section 5(b).

  • Event Termination Date See Section 2(e) hereof.

  • Forbearance Termination Event has the meaning set forth in Section 3(a) hereto.

  • Unmatured Termination Event means an event that, with the giving of notice or lapse of time, or both, would constitute a Termination Event.

  • Control Termination Event shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement.

  • Consultation Termination Event shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

  • Termination Events means each of the events specified in Clause 10.3 of this Contract.

  • Commitment Termination Event means the earlier of (a) automatically and without notice or further action, the occurrence of any Event of Default described in Section 7.01(i) (Bankruptcy, Insolvency, etc.) with respect to the Borrower and (b) the occurrence and continuation of any other Event of Default under this Agreement pursuant to which either a Commitment Termination Event has been expressly declared or a declaration of the Loan to be due and payable has been given, in each case pursuant to Section 7.03 (Action if other Event of Default).

  • Swap Termination Event means any event defined as a “Swap Termination Event” in the Interest Rate Swap Agreement.

  • Termination Upon a Change in Control means a termination of Officer’s employment with Corporation within 12 months following a “Change in Control” that constitutes a Termination Other Than For Cause described in Section 2.1(b).

  • Servicer Termination Event shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

  • Servicer Termination Events (or any analogous term under the Lead Securitization Servicing Agreement) include customary market termination events with respect to failure to make advances, failure to timely remit payments to the Non-Lead Note Holders as required hereunder or under the Lead Securitization Servicing Agreement (subject to no more than one business day grace period), failure to timely deposit amounts into any REO Account or to remit to a Servicer for deposit into a related collection or custodial account, failure to deliver (or cause to be delivered) materials or information required in order for each Non-Lead Note Holder or each Non-Lead Depositor to timely comply with its obligations under the Exchange Act, the Securities Act and Form SF-3, and for rating agency downgrades or other triggers with respect to any certificates issued in connection with a Non-Lead Securitization, subject to customary grace periods (provided that, in the case of failures related to the securities laws, such grace periods will not cause a Non-Lead Depositor to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a Servicer Termination Event with respect to the Master Servicer affecting a Non-Lead Securitization Note Holder and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Master Servicer shall be required, upon the direction of such Non-Lead Securitization Note Holder, to appoint a subservicer with respect to such Non-Lead Securitization Note. Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer affecting a Non-Lead Securitization Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction of such Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage Loan;

  • Event of Servicing Termination means an event specified in Section 8.1 of the Sale and Servicing Agreement.

  • Effective Date of Termination means the date on which a Qualifying Termination occurs, as provided in Section 2.2 herein, which triggers the payment of Severance Benefits hereunder.

  • Terminating Event means any of the following events:

  • Event of Servicer Termination With respect to the Servicing Agreement, a Servicing Default as defined in Section 6.01 of the Servicing Agreement.

  • Outside Termination Date shall have the meaning set forth in Section 8.01(f).

  • Operating Advisor Termination Event As defined in Section 7.06(a) of this Agreement.

  • Agreement Termination Date is defined in Section 7.4.