Termination Test; Certificateholder Vote Sample Clauses
The 'Termination Test; Certificateholder Vote' clause defines the process and requirements for ending an agreement or transaction based on specific conditions and the approval of certificateholders. Typically, this clause outlines the criteria that must be met for termination to be considered, such as financial thresholds or performance failures, and then requires a formal vote by certificateholders to authorize the termination. Its core function is to ensure that significant decisions like termination are made transparently and democratically, protecting the interests of all certificateholders and preventing unilateral or arbitrary termination.
Termination Test; Certificateholder Vote. 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 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.
Termination Test; Certificateholder Vote. 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. 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.
Termination Test; Certificateholder Vote. If pursuant to clause (i) of the definition of the Servicer Termination Test, the Realized Loss Percentage exceeds the percentages set forth in the table included in such definition, the Master Servicer shall report such failure on the part of the Servicer to Certificateholders in its monthly statement. 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 Master Servicer to terminate the Servicer as servicer under this Agreement, the Servicer will be deemed to have failed the Servicer Termination Test and shall be removed as a Servicer pursuant to this Agreement.
Termination Test; Certificateholder Vote. If pursuant to clause (A) of the definition of the Ocwen Termination Test, the cumulative Realized Losses as a percentage of the original Aggregate Loan Balance of the Ocwen Serviced Loans 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 Ocwen to Certificateholders in its monthly statement, made pursuant to Section 4.06.
Termination Test; Certificateholder Vote. If pursuant to clause (A) of the definition of the Ocwen 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 Ocwen 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 as a Servicer under this Agreement, Ocwen will be deemed to have failed the Ocwen Termination Test and shall be removed as a Servicer pursuant to Section 7.01.
Termination Test; Certificateholder Vote. DISTRIBUTIONS AND ADVANCES BY THE SERVICER