Optional Termination Price. On any date after the Initial Optional Termination Date, an amount equal to the sum of (A) the aggregate Stated Principal Balance of each Mortgage Loan (other than any Mortgage Loan that has become an REO Property) as of the Distribution Date on which the proceeds of the Optional Termination are distributed to the Certificateholders, plus accrued interest thereon at the applicable Mortgage Rate as of the Due Date preceding the Distribution Date on which the proceeds of the Optional Termination are distributed to Certificateholders and the fair market value of any REO Property, plus accrued interest thereon as of the Distribution Date on which the proceeds of the Optional Termination are distributed to Certificateholders, (B) any unreimbursed out-of-pocket costs and expenses owed to the Master Servicer, the Trustee or the Securities Administrator (including any amounts incurred by the Securities Administrator in connection with conducting the Auction), a Servicer or the Master Servicer and any unpaid or unreimbursed Servicing Fees, Monthly Advances and Servicing Advances, (C) any unreimbursed costs, penalties and/or damages incurred by the Trust Fund in connection with any violation relating to any of the Mortgage Loans of any predatory or abusive lending law and (D) in the event an Auction has been conducted, all reasonable fees and expenses incurred by the Securities Administrator to conduct the Auction.
Optional Termination Price. On any date after the Initial Optional Termination Date an amount equal to the sum of (i) the then aggregate outstanding Stated Principal Balance of the Mortgage Loans (or, if such Mortgage Loan is an REO Property, the fair market value of such REO Property) plus accrued interest thereon at the applicable Mortgage Rate through the Due Date in the month in which the Optional Termination Price is to be distributed to the Certificateholders; (ii) any unreimbursed out-of-pocket costs and expenses owed to the Trustee or the Servicer, any unpaid or unreimbursed Servicing Fees, Trustee Fees and all unreimbursed Advances and Servicing Advances, in each case incurred by such party in the performance of its obligations; (iii) any unreimbursed costs, penalties and/or damages incurred by the Trust Fund in connection with any violation relating to any of the Mortgage Loans of any predatory or abusive lending law; and (iv) any Swap Termination Payment, other than a Defaulted Swap Termination Payment, owed to the Swap Counterparty. OTS: The Office of Thrift Supervision.
Optional Termination Price. An amount equal to the sum of (i) 100% of the Stated Principal Balance of the Mortgage Loans (other than any Mortgage Loan that has become an REO Property) plus accrued interest thereon at the applicable Mortgage Rate through the Due Date in the month in which the Optional Termination Price is to be distributed to the Certificateholders and the fair market value of any REO Property plus accrued interest thereon; (ii) any unreimbursed costs and damages incurred by the Trust Fund (or the Trustee on behalf of the Trust Fund) in connection with the violation of any anti-predatory or anti-abusive lending laws; and (iii) the payment of all amounts (including, without limitation, all previously unreimbursed Advances and Servicing Advances and accrued and unpaid Servicing Fees) payable or reimbursable to the Servicer or Trustee.
Examples of Optional Termination Price in a sentence
Burns contacted the Archdiocese in 2013 to protest the expansion of the inscription-rights program to headstones and similar monuments.
Notwithstanding anything to the contrary herein, the Optional Termination Price paid by SLS shall be deposited by the Securities Administrator directly into the Certificate Account immediately upon Optional Termination.
The Class R Certificateholder hereby assigns to the Class C Certificateholders that portion of any amount received by the Class R Certificate upon an Optional Termination of the trust created hereunder that is attributable to clause (i)(C) of the definition of Optional Termination Price and required to cover what would otherwise be a shortfall in the amounts described in clause (i)(C) of the definition of Optional Termination Price.
A familiar case is that of placing pure iron in hydrochloric acid.
If the Auction fails to achieve the Optional Termination Price and the NIMs Insurer, if any, fails to exercise its option to purchase all of the Mortgage Loans and REO Properties, the Servicer may purchase all of the Mortgage Loans and REO Properties at the Optional Termination Price, which similarly would result in an early retirement of the Certificates and the termination of the Trust Fund.
More Definitions of Optional Termination Price
Optional Termination Price. (1) in the case of an Optional Termination effected by the Servicer, as of any Distribution Date on or after the Optional Termination Date, an amount equal to the sum of (A) aggregate Outstanding Principal Balance of the Certificates, plus accrued interest thereon and (B) any unreimbursed out-of-pocket costs and expenses owed to the Trustee or the Servicer and any unreimbursed Servicing Fees, Advances, Servicing Advances and Trustee Fees (including any costs and expenses incurred in connection with the Optional Terminations), (2) in the case of an Optional Termination effected by the NIMs Insurer, an amount equal to the greater of (A) aggregate Outstanding Principal Balance of the Offered Certificates, plus accrued interest thereon, any unreimbursed out-of-pocket costs and expenses owed to the Trustee (including any costs and expenses incurred in connection with the Optional Termination) or the Servicer and any unreimbursed Servicing Fees, Advances, Servicing Advances and Trustee Fees and (B) 100% of the Stated Principal Balance of each Mortgage Loan (other than in respect of REO Property), accrued interest thereon at the applicable Mortgage Rate, the appraised value of any REO Property (up to the Stated Principal Balance of the related Mortgage Loan), such appraisal to be conducted by an appraiser mutually agreed upon by the Depositor and the NIMs Insurer and any unreimbursed out-of-pocket costs and expenses owed to the Servicer and the Trustee and any unreimbursed Servicing Fees, Advances, Servicing Advances and Trustee Fees.
Optional Termination Price. On any date after the Initial Optional Termination Date an amount equal to the sum of (i) the then aggregate outstanding Stated Principal Balance of the Mortgage Loans (or, if such Mortgage Loan is an REO Property, the fair market value of such REO Property) plus accrued interest thereon at the applicable Mortgage Rate through the Due Date in the month in which the proceeds of the auction will be distributed on the Certificates; (ii) any unreimbursed indemnity amounts, fees or out-of-pocket costs and expenses owed to the Trustee (including any amounts incurred by the Trusteee in connection with conducting such auction) or the Servicer and all unreimbursed Advances and Servicing Advances, in each case incurred by such party in the performance of its obligations; (iii) any unreimbursed costs, penalties and/or damages incurred by the Trust Fund in connection with any violation relating to any of the Mortgage Loans of any predatory or abusive lending law; and (iv) any unpaid Net Swap Payments and any Swap Termination Payment owed to the Swap Counterparty; such Swap Termination Payment shall include any payment to the Swap Counterparty resulting from the optional termination of the Swap Agreement after the Optional Termination Date but prior to the final distribution to the Certificates. Originator: First Franklin, which at the time of origination of the Mortgage Loans was a division of National City Bank.
Optional Termination Price. On any date after the Initial Optional Termination Date an amount equal to the sum of (i) the then aggregate outstanding Stated Principal Balance of the Mortgage Loans (or, if such Mortgage Loan is an REO Property, the fair market value of such REO Property) plus accrued interest thereon at the applicable Mortgage Rate through the Due Date in the month in which the Optional Termination Price is to be distributed to the Certificateholders; (ii) any unreimbursed out-of-pocket costs and expenses owed to the Trustee, the Master Servicer, the Securities Administrator or the Servicer, any unpaid or unreimbursed Servicing Fees, Securities Administrator Fees and all unreimbursed Advances and Servicing Advances, in each case incurred by such party in the performance of its obligations and (iii) any unreimbursed costs, penalties and/or damages incurred by the Trust Fund in connection with any violation relating to any of the Mortgage Loans of any predatory or abusive lending law.
Optional Termination Price. An amount equal to the sum of (i) 100% of the Stated Principal Balance of the Mortgage Loans (other than any Mortgage Loan that has become an REO Property) plus accrued interest thereon at the applicable Mortgage Rate through the Due Date in the month in which the Optional Termination Price is to be distributed to the Certificateholders and the fair market value of any REO Property plus accrued interest thereon; (ii) any unreimbursed costs and damages incurred by the Issuing Entity (or the Trustee on behalf of the Issuing Entity) in connection with the violation of any anti-predatory or anti-abusive lending laws; and (iii) the payment of all amounts (including, without limitation, all previously unreimbursed Advances and Servicing Advances and accrued and unpaid Servicing Fees) payable or reimbursable to the Master Servicer, the Securities Administrator or Trustee.
Optional Termination Price. On any date after the Initial Optional Termination Date an amount equal to the sum of (i) the then aggregate outstanding Stated Principal Balance of the Mortgage Loans (or, if such Mortgage Loan is an REO Property, the fair market value of such REO Property) plus accrued interest thereon at the applicable Mortgage Rate through the Due Date in the month in which the proceeds of the auction will be distributed on the Certificates; (ii) any unreimbursed fees and out-of-pocket costs and expenses owed to the Trustee or the Servicer and all unreimbursed Advances and Servicing Advances, in each case incurred by such party in the performance of its obligations; (iii) any unreimbursed costs, penalties and/or damages incurred by the Trust Fund in connection with any violation relating to any of the Mortgage Loans of any predatory or abusive lending law; and (iv) any unpaid Net Swap Payments and any Swap Termination Payment owed to the Swap Counterparty.
Optional Termination Price. As of any Distribution Date on or after the Optional Termination Date, an amount equal to the sum of (A) the Aggregate Certificate Principal Balance, plus accrued interest on the Certificates and the Class X Distributable Amount, (B) any unreimbursed out-of-pocket costs and expenses owed to the Securities Administrator, the Trustee and the Servicer and any unreimbursed Advances, Servicing Advances and Administration Fees (including any costs and expenses incurred in connection with the Optional Terminations) and (C) any unreimbursed costs, penalties and/or damages incurred by the Trust Fund in connection with any violation relating to any of the Mortgage Loans of any predatory or abusive lending law.
Optional Termination Price. As of any Distribution Date on or after the Optional Termination Date, an amount equal to the sum of (A) the Aggregate Certificate Principal Balance, plus accrued interest on the Certificates and the Class X Distributable Amount, (B) any unreimbursed out-of-pocket costs and expenses owed to the Securities Administrator, the Trustee, the Servicers and any unreimbursed Servicing Fees, Advances, Certificate Insurer Reimbursement Amounts, Servicing Advances and Administration Fees (including any costs and expenses incurred in connection with the Optional Terminations) and (C) any unreimbursed costs, penalties and/or damages incurred by the Trust Fund in connection with any violation relating to any of the Mortgage Loans of any predatory or abusive lending law.