SPS Termination Test definition

SPS Termination Test. With respect to the SPS Serviced Loans and each Determination Date, the SPS Termination Test will be failed if (A) the Realized Loss Percentage for the SPS Serviced Loans exceeds the applicable percentages set forth below with respect to such Distribution Date: September 2005 – August 2009 4.30%* September 2009 – August 2010 5.70%* September 2010 – August 2011 6.70%* September 2011 and thereafter 7.10% * The percentages set forth above are the percentages applicable for the first Distribution Date in the corresponding range of Distribution Dates. The percentage for each succeeding Distribution Date in a range increases incrementally by a fraction, the numerator of which is one and the denominator of which is the number of months in the corresponding range of Distribution Date, inclusive, of the positive difference between the percentage applicable to the first Distribution Date in that range and the percentage applicable to the first Distribution Date in the succeeding range. and (B) 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 pursuant to the terms of Section 3.24.
Sample 1
SPS Termination Test. With respect to the SPS Serviced Loans and each Determination Date, the SPS Termination Test will be failed if (A) 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 following table: February 2005 –January 2009 4.00%* February 2009 –January 2010 5.50%* February 2010 –January 2011 6.50%* February 2011 and thereafter 6.85% * The percentages set forth above are the percentages applicable for the first Distribution Date in the corresponding range of Distribution Dates. The percentage for each succeeding Distribution Date in a range increases incrementally by 1/12 of the positive difference between the percentage applicable to the first Distribution Date in that range and the percentage applicable to the first Distribution Date in the succeeding range. and (B) 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 pursuant to the terms of Section 3.24.
Sample 1

Examples of SPS Termination Test in a sentence

  • If pursuant to clause (A) of the definition of either the Ocwen Termination Test or 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 either Ocwen or SPS, as applicable, to Certificateholders in its monthly statement, made pursuant to Section 4.04.

  • 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 Ocwen or SPS, as applicable, as a Servicer under this Agreement, Ocwen or SPS will be deemed to have failed the Ocwen Termination Test and the SPS Termination Test, respectively, and shall be removed as a Servicer pursuant to Section 7.01.

  • 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.

  • 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 Ocwen or SPS, as applicable, as a Servicer under this Agreement, Ocwen or SPS, respectively, will be deemded to have failed the Ocwen Termination Test and the SPS Termination Test, respectively, and shall be removed as a Servicer pursuant to Section 7.01.

  • CAE closes the accounts of graduating and non-continuing students 2 weeks into the fall and spring semesters.

  • 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.

  • If pursuant to clause (A) of the definition of the SPS Termination Test, the Realized 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.

  • 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 SPS Termination Test and shall be removed as a Servicer pursuant to Section 7.01.

Related to SPS Termination Test

  • Servicer Termination Test With respect to any Distribution Date, the Servicer will fail the Servicer Termination Test if the Realized Loss Percentage for the Mortgage Loans exceeds the applicable percentages set forth below with respect to such Distribution Date: January 2006 through December 2007 2.75% January 2008 through December 2008 3.25% January 2009 through December 2009 3.75% January 2010 and thereafter 4.50%

  • Master Servicer Termination Test With respect to any Distribution Date, the Master Servicer Termination Test will be failed if the Cumulative Loss Percentage exceeds 4.00%.

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

  • Service Termination Date means the last Day in a month upon which Service shall terminate, as set forth in a Schedule of Service and subject to any renewal thereof.

  • Network Termination Point (NTP) means the physical point at which a subscriber is provided with access to a public communications network; in the case of networks involving switching or routing, the NTP is identified by means of a specific network address, which may be linked to a subscriber number or name;

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

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

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

  • Series Termination Date means, with respect to any Series of Certificates, the date stated in the related Supplement.

  • Post-Termination Period means a period of 12 months (subject to extension as set forth in Section 8(f)) following the effective date of the termination of Executive’s employment.

  • Termination Period means the period of time beginning with a Change in Control and ending on the earlier to occur of (1) two years following such Change in Control or (2) the Executive’s death.

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

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

  • Delivery Period Termination Date Has the meaning specified in the Related Pass Through Trust Supplement.

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

  • Final Termination Date means the last date of the final year in which the Applicant is required to Maintain Viable Presence and as further identified in Section 2.3.E of this Agreement.

  • Agreement Termination Date is defined in Section 7.4.

  • Exercise Termination Event (i) the Effective Time (as defined in the Merger Agreement) of the Merger; (ii) termination of the Merger Agreement in accordance with the provisions thereof if such termination occurs prior to the occurrence of an Initial Triggering Event, except a termination by Grantee pursuant to Section 8.1(d) of the Merger Agreement (unless the breach by Issuer giving rise to such right of termination is non-volitional); or (iii) the passage of 12 months after termination of the Merger Agreement if such termination follows the occurrence of an Initial Triggering Event or is a termination by Grantee pursuant to Section 8.1(d) of the Merger Agreement (unless the breach by Issuer giving rise to such right of termination is non-volitional) (provided that if an Initial Triggering Event continues or occurs beyond such termination and prior to the passage of such 12-month period, the Exercise Termination Event shall be 12 months from the expiration of the Last Triggering Event but in no event more than 18 months after such termination). The "Last Triggering Event" shall mean the last Initial Triggering Event to expire. The term "Holder" shall mean the holder or holders of the Option.

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

  • Early Termination Conditions means the types of conditions listed in Schedule A.

  • 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.

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

  • Qualifying Termination means a termination of the Executive’s employment either (i) by a Company Group member without Cause (excluding by reason of Executive’s death or Disability) or (ii) by the Executive for Good Reason, in either case, during the Change in Control Period (a “Qualifying CIC Termination”) or outside of the Change in Control Period (a “Qualifying Non-CIC Termination”).

  • Termination for Cause" shall mean termination of the Executive's employment because of:

  • Mandatory Termination Date means the "Termination Date" set forth under "Investment Summary--Essential Information" in the Prospectus for the Trust.

  • Accretion Termination Date As defined in the Series Supplement.