Reserve Fund Trigger Event means the occurrence with respect to any Distribution Date (i) the Average Delinquency Ratio for such Distribution Date is equal to or greater than (a) 2.50% with respect to any Distribution Date which occurs within the period from the Closing Date to, and inclusive of, the first anniversary of the Closing Date, (b) 3.00% with respect to any Distribution Date which occurs within the period from the day after the first anniversary of the Closing Date to, and inclusive of, the second anniversary of the Closing Date, or (c) 3.50% with respect to any Distribution Date which occurs within the period from the day after the second anniversary of the Closing Date to, and inclusive of, the third anniversary of the Closing Date or (d) 4.00% with respect to any Distribution Date occurring after the third anniversary of the Closing Date; (ii) the Average Loss Ratio for such Distribution Date is equal to or greater than (a) 3.00% with respect to any Distribution Date which occurs within the period from the Closing Date to, and inclusive of, the second anniversary of the Closing Date or (b) 2.75% with respect to any Distribution Date which occurs following the second anniversary of the Closing Date; or (iii) the Cumulative Loss Ratio for such Distribution Date is equal to or greater than (a) 1.25% with respect to any Distribution Date which occurs within the period from the Closing Date to, and inclusive of, the first anniversary of the Closing Date, (b) 2.00% with respect to any Distribution Date which occurs within the period from the day after the first anniversary of the Closing Date to, and inclusive of, the second anniversary of the Closing Date, (c) 2.50% with respect to any Distribution Date which occurs within the period from the day after the second anniversary of the Closing Date to, and inclusive of, the third anniversary of the Closing Date, or (d) 2.75% with respect to any Distribution Date occurring after the third anniversary of the Closing Date. A Reserve Fund Trigger Event shall be deemed to have terminated with respect to a Distribution Date if no Reserve Fund Trigger Event shall exist with respect to three consecutive Distribution Dates (inclusive of the respective Distribution Date).

Reserve Fund Trigger Event means the occurrence with respect to any Distribution Date (i) the Average Delinquency Ratio for such Distribution Date is equal to or greater than (a) 2.50% with respect to any Distribution Date which occurs within the period from the Closing Date to, and inclusive of, the first anniversary of the Closing Date, (b) 3.00% with respect to any Distribution Date which occurs within the period from the day after the first anniversary of the Closing Date to, and inclusive of, the second anniversary of the Closing Date, or (c) 3.50% with respect to any Distribution Date which occurs within the period from the day after the second anniversary of the Closing Date to, and inclusive of, the third anniversary of the Closing Date or (d) 4.00% with respect to any Distribution Date occurring after the third anniversary of the Closing Date; (ii) the Average Loss Ratio for such Distribution Date is equal to or greater than (a) 3.00% with respect to any Distribution Date which occurs within the period from the Closing Date to, and inclusive of, the second anniversary of the Closing Date or (b) 2.75% with respect to any Distribution Date which occurs following the second anniversary of the Closing Date; or (iii) the Cumulative Loss Ratio for such Distribution Date is equal to or greater than (a) 1.25% with respect to any Distribution Date which occurs within the period from the Closing Date to, and inclusive of, the first anniversary of the Closing Date, (b) 1.75% with respect to any Distribution Date which occurs within the period from the day after the first anniversary of the Closing Date to, and inclusive of, the second anniversary of the Closing Date, (c) 2.25% with respect to any Distribution Date which occurs within the period from the day after the second anniversary of the Closing Date to, and inclusive of, the third anniversary of the Closing Date, or (d) 2.50% with respect to any Distribution Date occurring after the third anniversary of the Closing Date. A Reserve Fund Trigger Event shall be deemed to have terminated with respect to a Distribution Date if no Reserve Fund Trigger Event shall exist with respect to three consecutive Distribution Dates (inclusive of the respective Distribution Date).

Reserve Fund Trigger Event means the occurrence with respect to any Distribution Date (i) the Average Delinquency Ratio for such Distribution Date is equal to or greater than (a) 3.75% with respect to any Distribution Date which occurs within the period from the Closing Date to, and inclusive of, the 12th Distribution Date occurring after the Closing Date, (b) 4.25% with respect to any Distribution Date which occurs within the period from the day after the 12th Distribution Date occurring after the Closing Date to, and inclusive of, the 24th Distribution Date occurring after the Closing Date, (c) 4.75% with respect to any Distribution Date which occurs within the period from the day after the 24th Distribution Date occurring after the Closing Date to, and inclusive of, the 36th Distribution Date occurring after the Closing Date or (d) 5.25% with respect to any Distribution Date occurring thereafter; (ii) the Average Loss Ratio for such Distribution Date is equal to or greater than 6.00% with respect to such Distribution Date; or (iii) the Cumulative Loss Ratio for such Distribution Date is equal to or greater than (a) 2.25% with respect to any Distribution Date which occurs within the period from the Closing Date to, and inclusive of, the 12th Distribution Date occurring after the Closing Date, (b) 3.50% with respect to any Distribution Date which occurs within the period from the day after the 12th Distribution Date occurring after the Closing Date to, and inclusive of, the 24th Distribution Date occurring after the Closing Date, (c) 5.00% with respect to any Distribution Date which occurs within the period from the day after the 24th Distribution Date occurring after the Closing Date to, and inclusive of, the 36th Distribution Date occurring after the Closing Date, (d) 6.00% with respect to any Distribution Date which occurs within the period from the day after the 36th Distribution Date occurring after the Closing Date to, and inclusive of, the 48th Distribution Date occurring after the Closing Date; or (e) 6.75% for any Distribution Date occurring thereafter. A Reserve Fund Trigger Event shall be deemed to have terminated with respect to a Distribution Date if no Reserve Fund Trigger Event shall exist with respect to three consecutive Distribution Dates (inclusive of the respective Distribution Date).

Examples of Reserve Fund Trigger Event in a sentence

Default Ratio is Ratio>= 7.00% than a Reserve Fund Trigger Event).
The Cash/Bond Administrator shall credit the Liquidity Reserve Fund Ledger, on the Interest Payment Date on which a Liquidity Reserve Fund Trigger Event occurs and on each Interest Payment Date thereafter from Available Principal Funds in accordance with the Pre-Enforcement Principal Priority of Payments in aggregate up to the Liquidity Reserve Fund Required Amount.

More Definitions of Reserve Fund Trigger Event

Reserve Fund Trigger Event means the occurrence with respect to any Distribution Date of a Cumulative Loss Trigger. A Reserve Fund Trigger Event shall be deemed to have terminated with respect to a Distribution Date if no Reserve Fund Trigger Event shall exist with respect to three consecutive Distribution Dates (inclusive of the respective Distribution Date).

Reserve Fund Trigger Event means as of any particular Payment Date (i) the Average Delinquency Ratio is equal to or greater than ___%; (ii) the Average Loss Ratio is equal to or greater than ___%, (iii) the Cumulative Loss Ratio is equal to or greater than (a) ___% with respect to any Payment Date which occurs within the period from the Closing Date to, and inclusive of, the first anniversary of the Closing Date, (b) ___% with respect to any Payment Date which occurs within the period from the day after the first anniversary of the Closing Date to, and inclusive of, the second anniversary of the Closing Date, or (c) ___% for any Payment Date following the second anniversary of the Closing Date or (iv) the Average Default Ratio is equal to or greater than ___%.

Reserve Fund Trigger Event means if any of credit ratings of the Issuer falls below (i) both F1 (short- term) and A- (long-term) by Fitch or (ii) Prime-1 (short-term) (cr) by Moody's.".

Reserve Fund Trigger Event means as of any particular Payment Date (i) the Average Delinquency Ratio is equal to or greater than 2.50%; (ii) the Average Loss Ratio is equal to or greater than 1.75%, (iii) the Cumulative Loss Ratio is equal to or greater than (a) .75% with respect to any Payment Date which occurs within the period from the Closing Date to, and inclusive of, the first anniversary of the Closing Date, (b) 1.50% with respect to any Payment Date which occurs within the period from the day after the first anniversary of the Closing Date to, and inclusive of, the second anniversary of the Closing Date, or (c) 1.75% for any Payment Date following the second anniversary of the Closing Date or (iv) the Average Default Ratio is equal to or greater than 7.00%.

Reserve Fund Trigger Event is in effect with respect to any Distribution Date if a Cumulative Loss Trigger has occurred on or before such Distribution Date, unless thereafter no Cumulative Loss Trigger shall be in effect with respect to three consecutive Distribution Dates (inclusive of the respective Distribution Date).

Reserve Fund Trigger Event means as of any particular Distribution Date (i) the Average Delinquency Ratio is equal to or greater than 2.50%; (ii) the Average Loss Ratio is equal to or greater than 1.75%, (iii) the Cumulative Loss Ratio is equal to or greater than (a) 0.75% with respect to any Distribution Date which occurs within the period from the Closing Date to, and inclusive of, the first anniversary of the Closing Date, (b) 1.50% with respect to any Distribution Date which occurs within the period from the day after the first anniversary of the Closing Date to, and inclusive of, the second anniversary of the Closing Date, or (c) 1.75% for any Distribution Date following the second anniversary of the Closing Date or (iv) the Average Default Ratio is equal to or greater than 7.00%.

Reserve Fund Trigger Event definition

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