Servicer Termination Test definition
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: 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%
Servicer Termination Test. The Servicer Termination Test is failed if either (x) Cumulative Net Losses for the Mortgage Loans exceed 5.10% of the aggregate Original Class Principal Balance of the Offered Certificates or (y) the most recent Three Month 90-Day Delinquency Rate exceeds 30%.
Servicer Termination Test. With respect to any Distribution Date, the Servicer Termination Test will be failed with respect to the Servicer if either:
Examples of Servicer Termination Test in a sentence
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.
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.
The Certificate Insurer may also remove the Master Servicer upon the failure of the Master Servicer to satisfy the Servicer Termination Test.
The Trustee shall determine on each Payment Date whether the Servicer Termination Test is satisfied for the related Remittance Period.
The Trustee shall determine on each Payment Date whether the Servicer Termination Test is satisfied for the Collection Period.
More Definitions of Servicer Termination Test
Servicer Termination Test. The Servicer Termination Test is satisfied for any date of determination thereof, if (x) the 90+ Delinquency Percentage (Rolling Six Month) is less than 14.00%, (y) the Servicer Loss Test is satisfied and (z) the Annual Loss Percentage (Rolling Twelve Month) for the twelve month period immediately preceding the date of determination thereof is not greater than 1.75%.
Servicer Termination Test. The Servicer Termination Test is satisfied for any date of determination thereof, if (w) the Servicer's Tangible Net Worth is at least $15,000,000, (x) the 90+ Delinquency Percentage (Rolling Six Month) is less than 15%, (y) the Servicer Loss Test is satisfied and (z) the Annual Loss Percentage (Rolling Twelve Month) for the twelve month period immediately preceding the date of determination thereof is not greater than 1.90%.
Servicer Termination Test. The Servicer Termination Test will be failed with respect to any Distribution Date if the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period (reduced by the aggregate amount of Subsequent Recoveries received from the Cut-off Date through the last day of the related Due Period) divided by aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds the applicable percentages set forth below with respect to such Distribution Date: PAYMENT DATE OCCURRING IN PERCENTAGE ----------------------------------- ---------- December 2008 through November 2009 3.00% December 2009 through November 2010 4.75% December 2010 through November 2011 6.00% December 2011 and thereafter 6.75%
Servicer Termination Test. The Servicer Termination Test will be failed with respect to any Distribution Date if the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period (reduced by the aggregate amount of Subsequent Recoveries received from the Cut-off Date through the last day of the related Due Period) divided by aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds the applicable percentages set forth below with respect to such Distribution Date: June 2008 through May 2009 3.50% June 2009 through May 2010 5.25% June 2010 through May 2011 6.75% June 2011 and thereafter 7.25%
Servicer Termination Test. With respect to any Distribution Date, the Servicer Termination Test will be failed if the Cumulative Loss Percentage exceeds the applicable percentages set forth below with respect to such Distribution Date: DISTRIBUTION DATE OCCURRING IN PERCENTAGE ------------------------------ --------------------------- April 2008 through March 2009 4.00% for the first month, plus an additional 1/12th of 1.50% for each month thereafter. April 2009 through March 2010 5.50% for the first month, plus an additional 1/12th of 1.25% for each month thereafter. April 2010 through March 2011 6.75% for the first month, plus an additional 1/12th of 0.25% for each month thereafter. April 2011 and thereafter 7.00% for each month.
Servicer Termination Test. The Servicer Termination Test will be failed with respect to any Distribution Date if the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period (reduced by the aggregate amount of Subsequent Recoveries received from the Cut-off Date through the last day of the related Due Period) divided by aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds the applicable percentages set forth below with respect to such Distribution Date: PAYMENT DATE OCCURRING IN PERCENTAGE --------------------------- ---------- July 2009 through June 2010 3.20% July 2010 through June 2011 5.00% July 2011 through June 2012 6.45% July 2012 and thereafter 7.20%
Servicer Termination Test. With respect to any Distribution Date, the Servicer will fail the Servicer Termination Test if there is any withdrawal or downgrade of two or more levels (i.e., from “Above Average” to “Below Average” or the equivalent) of the servicer rating, as of the Closing Date, of the Servicer by any Rating Agency which results in a downgrade, qualification or withdrawal of the rating assigned to any Class of Certificates by any Rating Agency.