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

• On any Distribution Date on or after the Initial Optional Termination Date, the Holders of a majority in Percentage Interests of the Designated Class may purchase the Certificates of all other Classes by depositing with the Paying Agent on the preceding Master Servicer Remittance Date an amount equal to the Certificate Principal Balance of such Certificates on such Distribution Date plus interest thereon to such Distribution Date.

• The Pooling and Servicing Agreement also provides that (i) on and after the Initial Optional Termination Date, the Master Servicer may purchase the Mortgage Loans then remaining in the Trust Fund and apply the proceeds of such sale to effect early retirement of the Certificates and (ii) under certain circumstances relating to the qualification of any REMIC as a REMIC under the Code the Mortgage Loans may be sold, thereby effecting the early retirement of the Certificates.

• On any Distribution Date occurring after the Initial Optional Termination Date related to the Group 1 Mortgage Loans, the Master Servicer has the option to cause the Trust Fund to adopt a plan of complete liquidation of the Group 1 Mortgage Loans pursuant to Sections 7.02 and 7.03 hereof to sell all of the property related thereto.

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• Class B-2 Pass-Through Rate: The Pass-Through Rate for the Class B-2 Certificates for the Interest Accrual Period related to any Distribution Date on or prior to the first related Initial Optional Termination Date will be a per annum rate equal to the lesser of (i) one-month LIBOR + 2.2500% and (ii) the Aggregate Net WAC Cap.

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 aggregate Scheduled Principal Balances on the Closing Date.

Initial Optional Termination Date. The first Distribution Date following the date on which the Aggregate Pool Balance is less than 5.00% of the Cut-off Date Balance. Insurance Fee Rate: Not applicable.

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.