Terminating Entity definition

Terminating Entity. As determined by the Trust Administrator pursuant to Section 11.02(b).

Terminating Entity. SPS or the entity or entities designated pursuant to Section 7.04(b) of the Agreement.

Terminating Entity. As determined by the Trustee pursuant to Section 9.04.

Examples of Terminating Entity in a sentence

• Any distributions on the Mortgage Loans which have been subject to an Optional Termination received by the Trust Administrator subsequent to (or with respect to any period subsequent to) the Optional Termination Date shall be promptly remitted by it to the Terminating Entity.

• Any distributions on the Mortgage Loans which have been subject to an Optional Termination received by the Trustee subsequent to (or with respect to any period subsequent to) the Optional Termination Date shall be promptly remitted by it to the Terminating Entity.

• Upon the purchase by the Terminating Entity of any Mortgage Loans pursuant to Section 11.01, the Trust Administrator shall notify each Servicer that is servicing any of such Mortgage Loans of such purchase.

• On any Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than 10% of the Aggregate Loan Balance as of the Cut-off Date and the amount on deposit in the Prefunding Account on the Closing Date, the Terminating Entity will have the option to repurchase, in whole, from the Trust Fund all remaining Mortgage Loans and all property acquired in respect of the Mortgage Loans at a purchase price determined as provided in the Agreement.

• On any Distribution Date on which the Aggregate Groups 1-6 Collateral Balance is equal to 10% or less of the Aggregate Groups 1-6 Collateral Balance as of the Cut-off Date, the Terminating Entity will have the option to repurchase, in whole, from the Trust Fund all remaining Mortgage Loans in Group 1, Group 2, Group 3, Group 4, Group 5 and Group 6 and all property acquired in respect of such Mortgage Loans at a purchase price determined as provided in the Agreement.

More Definitions of Terminating Entity

Terminating Entity. With respect to any Optional Termination Date, the majority Class X Certificateholder (as long as (a) it is not an affiliate of the Depositor or the Seller or (b) the Class X Certificates are not securing a NIM Note), so long as it provides notice to the Servicer of its intent to act as the Terminating Entity by the first Business Day of the month next preceding such Distribution Date. If the majority Class X Certificateholder does not provide such notice then the Servicer, so long as the Servicer provides notice to the Trustee of its intent to act as the Terminating Entity by the fifth Business Day of the month next preceding such Distribution Date.

Terminating Entity. As determined by the Trustee pursuant to Section 9.04(a). The Terminating Entity shall be determined on each Optional Termination Date.

Terminating Entity. The Person that exercises a Terminating Purchase pursuant to Section 9.01(a) hereof.

Terminating Entity. With respect to any Optional Termination Date, the Class X Certificateholder (as long as it is not an affiliate of the Depositor or the Seller), so long as it provides notice to the Servicer of its intent to act as the Terminating Entity by the first business day of the month next preceding such distribution date. If the Class X Certificateholder does not provide such notice then the Servicer, so long as the Servicer provides notice to the Master Servicer of its intent to act as the Terminating Entity by the fifth business day of the month next preceding such distribution date, otherwise the Master Servicer.

Terminating Entity. The Majority Class X Certificateholder.

Terminating Entity. Vesta, upon the exercise of such entity's right to effect an Optional Termination pursuant to Section 10.01.

Terminating Entity has the meaning given to it in Section 1.1(c)(ii).