Ocwen Termination Test definition

Ocwen Termination Test. With respect to the Ocwen Serviced Loans and each Determination Date, the Ocwen Termination Test will be failed if either (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: Range of Distribution Dates Percentage April 2007 – March 2008 2.25%* April 2008 – March 2009 3.75%* April 2009 – March 2010 5.00%* April 2010 – March 2011 5.50%* April 2011 and thereafter 5.75% * 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. or (B) the Rolling Three Month Delinquency Rate as of the last day of the related Collection Period equals or exceeds the applicable percentages set forth below with respect to such Determination Date: Determination Date Occurring In: Rolling Three Month Delinquency Rate April 2004 – March 2007 12.00% April 2007 – March 2010 15.00% April 2010 and thereafter 18.00%
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Ocwen Termination Test. With respect to the Ocwen Serviced Loans and each Determination Date, the Ocwen Termination Test will be failed if (A) the Realized Loss Percentage for the Ocwen Serviced Loans exceeds the applicable percentages set forth below with respect to such Distribution Date: Range of Distribution Dates Percentage December 2005 – November 2009 4.40%* December 2009 – November 2010 5.80%* December 2010 – November 2011 6.90%* December 2011 and thereafter 7.30% * 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 Dates, 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 Ocwen as a Servicer under this Agreement pursuant to the terms of Section 3.24.
Sample 1
Ocwen Termination Test. With respect to the Ocwen Serviced Loans and each Determination Date, the Ocwen 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: Range of Distribution Dates Percentage December 2004 – November 2008 4.25%* December 2008 – November 2009 5.65%* December 2009 – November 2010 6.70%* December 2010 and thereafter 7.05% * 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 Ocwen as a Servicer under this Agreement pursuant to the terms of Section 3.24.
Sample 1

Examples of Ocwen 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.

  • 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.

  • 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.

  • 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.

  • 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 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.


More Definitions of Ocwen Termination Test

Ocwen Termination Test. With respect to the Ocwen Serviced Loans and each Determination Date, the Ocwen Termination Test will be failed if (A) the Realized Loss Percentage for the Ocwen Serviced Loans exceeds the applicable percentages set forth below with respect to such Distribution Date: Range of Distribution Dates Percentage May 2005 –April 2009 4.80%* May 2009 – April 2010 6.40%* May 2010 – April 2011 7.60%* May 2011 and thereafter 8.00% * 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 Ocwen as a Servicer under this Agreement pursuant to the terms of Section 3.24.
Sample 1
Ocwen Termination Test. With respect to the Ocwen Serviced Loans and each Determination Date, the Ocwen Termination Test will be failed if (A) the Realized Loss Percentage for the Ocwen Serviced Loans exceeds the applicable percentages set forth below with respect to the related Payment Date: Range of Payment Dates Percentage April 2006 - March 2010 5.30%* April 2010 - March 2011 7.70%* April 2011 - March 2012 9.60%* April 2012 and thereafter 10.55% * The percentages set forth above are the percentages applicable for the first Payment Date in the corresponding range of Payment Dates. The percentage for each succeeding Payment 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 Payment Dates, inclusive, of the positive difference between the percentage applicable to the first Payment Date in that range and the percentage applicable to the first Payment Date in the succeeding range. and (B) Holders of the related Notes entitled to 51% or more of the Voting Rights request in writing to the Indenture Trustee to terminate Ocwen as a Servicer under the Servicing Agreement pursuant to the terms of Section 7.01 of the Servicing Agreement.
Sample 1
Ocwen Termination Test. With respect to the Ocwen Serviced Loans and each Determination Date, the Ocwen Termination Test will be failed if (A) the Realized Loss Percentage for the Ocwen Serviced Loans exceeds the applicable percentages set forth below with respect to such Distribution Date: ----------------------------------------- -------------------- Range of Distribution Dates Percentage ----------------------------------------- -------------------- March 2006 - February 2010 5.30%* ----------------------------------------- -------------------- March 2010 - February 2011 7.70%* ----------------------------------------- -------------------- March 2011 - February 2012 9.60%* ----------------------------------------- -------------------- March 2012 and thereafter 10.55% ----------------------------------------- -------------------- * 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 Dates, 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 Ocwen as a Servicer under this Agreement pursuant to the terms of Section 7.01.
Sample 1

Related to Ocwen 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: Distribution Date Occurring In Percentage 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%.

  • Accretion Termination Date As defined in the Series Supplement.

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

  • 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.

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

  • 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;

  • 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;

  • 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.

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

  • Special Servicer Termination Event shall have the meaning given to such term in the Lead Securitization Servicing Agreement.

  • 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.

  • Loan Termination Date means the earliest to occur of the following: (i) as to TERM NOTE 2, TERM NOTE 4, and TERM NOTE 5, September 1, 2011; as to the REVOLVING NOTE, April 21, 2006; (ii) the date the OBLIGATIONS are accelerated pursuant to this AGREEMENT, and (iii) the date BANK receives (a) notice in writing from BORROWER of BORROWER’S election to terminate this AGREEMENT and (b) indefeasible payment in full of the OBLIGATIONS.

  • Company Termination Event means any of the following:

  • Operating Advisor Termination Event means any one of the following events whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body:

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

  • Restriction Termination Date means the first day on which the Board of Directors of the Corporation determines that it is no longer in the best interests of the Corporation to attempt to, or continue to, qualify as a REIT.

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

  • Escrow Termination Date has the meaning ascribed to such term in Section 9.12.

  • Reverse Termination Fee has the meaning set forth in Section 7.02(b).

  • Termination Period means the period of time beginning with a Change in Control and ending on the earlier to occur of:

  • Premium Termination Date With respect to the Series A Certificates, the scheduled maturity date of the Series A Certificates, with respect to the Series B Certificates, the scheduled maturity date of the Series B Certificates and with respect to the Series C Certificates, the scheduled maturity date of the Series C Certificates.

  • Servicer Termination Notice Defined in Section 6.15.

  • Forbearance Termination Date means the earlier to occur of (i) the Termination Date and (ii) a Termination Event.

  • Lease Termination Date means the last day of the Lease Term.

  • Asset Representations Reviewer Termination Event means any one of the following events whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body: