Cumulative Net Loss Trigger Event. With respect to any Distribution Date on or after the Stepdown Date, if the percentage obtained by dividing (x) the aggregate amount of Realized Losses incurred from the Cut-off Date through the last day of the related Remittance Period (reduced by the aggregate amount of Subsequent Recoveries received through the last day of that Remittance Period) by (y) the aggregate Cut-off Date Principal Balance of the Closing Date Mortgage Loans exceeds (a) 0.600% for the first month, plus an additional 1/12th of 0.750% for each month thereafter, from July 2008 through June 2009; (b) 1.350% for the first month, plus an additional 1/12th of 0.750% for each month thereafter, from July 2009 through June 2010; (c) 2.100% for the first month, plus an additional 1/12th of 0.600% for each month thereafter, from July 2010 through June 2011; (d) 2.700% for the first month, plus an additional 1/12th of 0.300% for each month thereafter, from July 2011 to June 2012; and (e) 3.000%, from July 2012 and each month thereafter.
Cumulative Net Loss Trigger Event means, with respect to any Determination Date, the Cumulative Net Loss Ratio with respect to such Determination Date exceeds the amounts set forth below:
Cumulative Net Loss Trigger Event. Has the meaning set forth in Section 6.01(a)(ix) of the Servicing Agreement.
Examples of Cumulative Net Loss Trigger Event in a sentence
Furthermore, on any Payment Date, notwithstanding that the amounts on deposit in the Reserve Account are at least equal to the Required Reserve Amount, if a Cumulative Net Loss Trigger Event has occurred, all remaining Available Funds that constitute Residual Receipts shall be deposited to the Reserve Account prior to any payments made to the Issuer.
More Definitions of Cumulative Net Loss Trigger Event
Cumulative Net Loss Trigger Event. With respect to any Distribution Date on or after the Stepdown Date, if the percentage obtained by dividing (x) the aggregate amount of Realized Losses incurred from the Cut-off Date through the last day of the related Remittance Period (reduced by the aggregate amount of Subsequent Recoveries received through the last day of that Remittance Period) by (y) the aggregate Cut-off Date Principal Balance exceeds
Cumulative Net Loss Trigger Event means, with respect to any Determination Date, the Cumulative Net Loss Ratio with respect to such Determination Date exceeds the amounts set forth below: November 2006 through January 2007 1.56% February 2007 through April 2007 3.12% May 2007 through July 2007 4.68% August 2007 through October 2007 6.24% November 2007 through January 2008 8.06% February 2008 through April 2008 9.88% May 2008 through July 2008 11.70% August 2008 through October 2008 13.52% November 2008 through January 2009 15.08% February 2009 through April 2009 16.64% May 2009 through July 2009 18.20% August 2009 through October 2009 19.76% November 2009 and thereafter 20.00%
Cumulative Net Loss Trigger Event. With respect to any Distribution Date on or after the Stepdown Date, the percentage obtained by dividing (x) the aggregate amount of Realized Losses incurred from the Cut-off Date through the last day of the related Remittance Period (reduced by the aggregate amount of Subsequent Recoveries received through the last day of that Remittance Period) by (y) the aggregate Cut-off Date Principal Balance of the Mortgage Loans exceeds (a) 1.50% of the aggregate Stated Principal Balance of the Mortgage Loans with respect to the Distribution Date in January 2008, plus an additional 1/12th of 1.90% of the aggregate Stated Principal Balance of the Mortgage Loans for each Distribution Date occurring in each month thereafter to and including the Distribution Date in January 2009, (b) 3.40% of the aggregate Stated Principal Balance of the Mortgage Loans with respect to the Distribution Date occurring in February 2009, plus an additional 1/12th of 1.90% of the aggregate Stated Principal Balance of the Mortgage Loans for each Distribution Date occurring in each month thereafter to and including the Distribution Date in January 2010, (c) 5.30% of the aggregate Stated Principal Balance of the Mortgage Loans with respect to the Distribution Date occurring in February 2010, plus an additional 1/12th of 1.50% of the aggregate Stated Principal Balance of the Mortgage Loans for each Distribution Date occurring in each month thereafter to and including the Distribution Date in January 2011, (d) 6.80% of the aggregate Stated Principal Balance of the Mortgage Loans with respect to the Distribution Date occurring in February 2011, plus an additional 1/12th of 0.10% of the aggregate Stated Principal Balance of the Mortgage Loans for each Distribution Date occurring in each month thereafter to and including the Distribution Date in January 2012 and (e) 6.90% of the aggregate Stated Principal Balance of the Mortgage Loans with respect to the Distribution Date occurring in February 2012 and each month thereafter. Cut-off Date: January 1, 2006.
Cumulative Net Loss Trigger Event. With respect to any Distribution Date on or after the Stepdown Date, exists if the percentage obtained by dividing (x) the aggregate amount of Realized Losses incurred from the Cut-off Date through the last day of the related Remittance Period by (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds (A) 2.25% for the first month, plus an additional 1/12th of 1.50% for each month thereafter from October 2005 through September 2006, (B) 3.75% for the first month, plus an additional 1/12th of 1.25% for each month thereafter from October 2006 through September 2007, (C) 5.00% for the first month, plus an additional 1/12th of 0.75% for each month thereafter for October 2007 through September 2008, (D) 5.75% for the first month, plus an additional 1/12th of 0.25% for each month thereafter for October 2008 through September 2009, and (E) 6.00% thereafter.
Cumulative Net Loss Trigger Event means for a period of two consecutive months or more, an event or condition with respect to all such Tranches determined to have a Cumulative Net Loss Ratio Excess, where the quotient of (x) the sum of the current Outstanding Tranche Collateral Balances of all such Tranches, divided by (y) the Aggregate Outstanding Balance of all Tranches, shall be equal to or greater than fifty percent (50%). Such excess shall be deemed to have been cured if, for a period of at least three consecutive months from and after the occurrence of such Cumulative Net Loss Trigger Event, the quotient of (x) the sum of the current Outstanding Tranche Collateral Balances of all Tranches determined to have a Cumulative Net Loss Ratio Excess, divided by (y) the Aggregate Outstanding Balance of all Tranches, is less than fifty percent (50%). Schedule A of the Existing Credit Agreement shall be amended and supplemented by adding the following defined term in appropriate alphabetical order:
Cumulative Net Loss Trigger Event means for a period of two consecutive months or more, an event or condition with respect to all such Tranches determined to have a Cumulative Net Loss Ratio Excess, where the quotient of (x) the sum of the current Outstanding Tranche Collateral Balances of all such Tranches, divided by (y) the Aggregate Outstanding Balance of all Tranches, shall be equal to or greater than fifty percent (50%). Such excess shall be deemed to have been cured if, for a period of at least three consecutive months from and after the occurrence of such Cumulative Net Loss Trigger Event, the quotient of (x) the sum of the current Outstanding Tranche Collateral Balances of all Tranches determined to have a Cumulative Net Loss Ratio Excess, divided by (y) the Aggregate Outstanding Balance of all Tranches, is less than fifty percent (50%).
Cumulative Net Loss Trigger Event. With respect to any Distribution Date on or after the Stepdown Date, exists if the percentage obtained by dividing (x) the aggregate amount of Realized Losses incurred from the Cut-off Date through the last day of the related Remittance Period (reduced by the aggregate amount of Subsequent Recoveries received through the last day of that Remittance Period) by (y) the aggregate Stated Principal Balance of the Closing Date Mortgage Loans as of the Cut-off Date plus amounts on deposit in the Pre-Funding Accounts as of the Closing Date exceeds (A) 2.75% from October 2007 through September 2008, (B) 4.50% from October 2008 through September 2009, (C) 5.75% from October 2009 through September 2010 and (D) 6.40% thereafter.