Residual Event means the occurrence of one or more of the following: (a) the occurrence of an Event of Default; (b) GreatAmerica Leasing Corporation or a successor to GreatAmerica Leasing Corporation as described in Section 13.12(b) is no longer acting as the Servicer; (c) the Three-Month Residual Realization Percentage on the related Determination Date is less than 85.00% (unless such Three-Month Residual Realization Percentage has been less than 85.00% on any previous Determination Date, in which case the percentage for this clause (c) shall be 100.00%); (d) the Three-Month Delinquency Percentage calculated on the related Determination Date is greater than 6.00%; or (e) the Cumulative Net Loss Percentage on the related Determination Date exceeds the "loss trigger percentage" set forth below: LOSS TRIGGER COLLECTION PERIOD PERCENTAGE ----------------- ---------- 1st through, and including, the 12th Collection Period: 3.40% 13th through, and including, the 24th Collection Period: 5.00% 25th Collection Period ongoing: 6.40% Notwithstanding the foregoing: (i) the Residual Event referred to in clause (c) above may be cured on any Payment Date if the Three-Month Residual Realization Percentage is greater than or equal to 100% for the related Determination Date and the five immediately preceding Determination Dates, (ii) the Residual Event referenced in clause (d) may be cured on any Payment Date if the Three-Month Delinquency Percentage as of the end of the immediately preceding Collection Period is less than or equal to 6.00% for the related Determination Date and the two immediately preceding Determination Dates, (iii) the Residual Event referenced in clause (e) may be cured if the Cumulative Net Loss Percentage is less than the associated "loss trigger percentage" for the related Determination Date and the two immediately preceding Determination Dates.
Residual Event. Means the occurrence of one or more of the following: (a) the occurrence of an Event of Default; (b) ABS or an Affiliate of ABS is no longer the Servicer; (c) the Three-Month Residual Receipt Percentage calculated on the related Calculation Date is less than [100%]; (d) the Three-Month Delinquency Percentage calculated on the related Calculation Date is greater than [10.50%]; or (e) the Cumulative Net Loss Percentage as of any Calculation Date occurring during the following periods exceeds the "Loss Trigger Level Percentage" set forth below: Loss Trigger Period Level Percentage ------ ---------------- First Collection Period through 12th Collection Period thereafter [4.0]% 13th Collection through 24th Collection Period thereafter [5.5]% 25th Collection Period and thereafter [7.0]% Notwithstanding the foregoing: (i) the Residual Event referred to in clause (c) may be cured if the Three-Month Residual Receipt Percentage is greater than or equal to [100%], (ii) the Residual Event referenced in clause (d) may be cured if the Three-Month Delinquency Percentage for any Collection Period thereafter is less than or equal to [10.50%] and (iii) the Residual Event reference in cause (e) may be cured if the Cumulative Net Loss Percentage, although it exceeds the "Loss Trigger Level Percentage" in a prior period, is less than or equal to the "Loss Trigger Level Percentage" in a subsequent period.
Residual Event means the occurrence of one or more of the following:
Examples of Residual Event in a sentence
If a Residual Event of Default occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal and interest remaining unpaid.
No such rescission shall affect any subsequent Residual Event of Default or impair any right consequent thereon.
Funds on deposit in the Residual Account shall only be available for allocation pursuant to Section 3.04(b) during such time as a Residual Event has occurred and is continuing.
N/A ---------------- (If Yes to e1 or e2 or e3, then a Residual Event occurs) (e1.) Residual Realization for the related Collection Period > 100% (YES/NO) .....................................................................
The Company shall publicly announce the results of the Event of Loss Offer or Residual Event of Loss Offer on the Event of Loss Purchase Date.
More Definitions of Residual Event
Residual Event means the occurrence of one or more of the following: (a) ILC is no longer the Servicer, (b) with respect to the [month/year] Due Period and each Due Period thereafter, the Three-Month Servicer Realization Percentage calculated on any Determination Date is less than [___]%; or (c) with respect to the [month/year] Due Period and each Due Period thereafter, the Three-Month Delinquency Percentage is greater than [__]%; provided, that the Residual Event referred to in clause (b) may be cured if the Three-Month Servicer Realization Percentage is greater than or equal to [___]% for three consecutive months thereafter and the Residual Event referenced in clause (c) may be cured if the Three-Month Delinquency Percentage for any Due Period thereafter is less than or equal to [___]%.
Residual Event set forth in Section 1.10 of the Indenture is hereby amended to read as follows:
Residual Event means the occurrence of one or more of the following: (a) Copelco is no longer the Servicer, (b) with respect to the __________, 1997 Due Period and each Due Period thereafter, the Three-Month Servicer Realization Percentage calculated on any Determination Date is less than ___%; or (c) with respect to the _________, 1997 Due Period and each Due Period thereafter, the Three-Month Delinquency Percentage is greater than _%; provided, however, that the Residual Event referred to in clause (b) may be cured if the Three-Month Servicer Realization Percentage is greater than or equal to ___% for three consecutive months thereafter and the Residual Event referenced in clause (c) may be cured if the Three-Month Delinquency Percentage for any Due Period thereafter is less than or equal to _%.
Residual Event means the occurrence of one or more of the following: (a) Vendor Services is no longer the Servicer; (b) with respect to the March 1999 Collection Period and each Collection Period thereafter, the Three-Month Servicer Realization Percentage calculated on any Determination Date is less than 100%; (c) with respect to the March 1999 Collection Period and each Collection Period thereafter, the Three-Month Delinquency Percentage is greater than 6.0%; (d) with respect to the February 1999 Collection Period and each Collection Period thereafter, the Three-Month Loss Percentage is greater than 4.0%; (e) on any Payment Date occurring since the Closing Date to and including the December 1999 Collection Period, the Cumulative Loss Percentage is greater than 4.0%; (f) on any Payment Date occurring from the January 2000 Collection Period to and including the December 2000 Collection Period, the Cumulative Loss Percentage is greater than 5.0%; or (g) on any Payment Date occurring after the December 2000 Collection Period, the Cumulative Loss Percentage is greater than 6.0%; provided, however, that the Residual Event referred to in (I) clause (b) may be cured if the Three-Month Servicer Realization Percentage is greater than or equal to 100% for three consecutive months thereafter; (II) clause (c) may be cured if the Three Month Delinquency Percentage for any Collection Period thereafter is less than or equal to 5.5%; (III) clause (d) may be cured if the Three Month Loss Percentage for any Collection Period thereafter is less than or equal to 3.5%; and (IV) clauses (e), (f) or (g) may be cured if the Cumulative Loss Percentage for any Collection Period falling within the time frame specified in such subsection and which follows the
Residual Event means the occurrence of one or more of the following: (a) ILC is no longer the Servicer, (b) with respect to the December, 1998 Due Period and each Due Period thereafter, the Three-Month Servicer Realization Percentage calculated on any Determination Date is less than 100%, (c) with respect to the December, 1998 Due Period and each Due Period thereafter, the Three-Month Delinquency Percentage is greater than 8.0% (d) with respect to the December, 1998 Due Period and each Due Period thereafter, the Three-Month Default Percentage is greater than 2.0% or (e) the Cumulative Net Loss Ratio is greater than (i) 2.0%, for any Due Period occurring on or before the August, 1999 Due Period, (ii) 3.0%, for any Due Period occurring after the August, 1999 Due Period and on or before the August, 2000 Due Period and (iii) 4.0%, for any Due Period occurring after the August, 2000 Due Period; provided, that (i) the Residual Event referred to in clause (b) may be cured if the Three-Month Servicer Realization Percentage is greater than or equal to 100% for three consecutive Due Periods thereafter, (ii) the Residual Event referred to in clause (c) may be cured if the Three-Month Delinquency Percentage for any Due Period thereafter is less than or equal to 7.0%, (iii) the Residual Event referred to in clause (d) may be cured if the Three-Month Default Percentage for any Due Period thereafter is less than or equal to 2.0% and (iv) the Residual Event referred to in clause (e) may be cured if the Cumulative Net Loss Ratio for any Due Period thereafter is less than or equal to the ratio specified in clause (e) for such Due Period.
Residual Event. Means the occurrence of one or more of the following: (a) the occurrence of an Event of Default; or (b) the Cumulative Net Loss Percentage as of any Calculation Date occurring during the following periods exceeds the "Loss Trigger Level Percentage" set forth below:
Residual Event means the occurrence of one or more of the following: (a) Copelco is no longer the Servicer, (b) with respect to the September, 1997 Due Period and each Due Period thereafter, the Three-Month Servicer Realization Percentage calculated on any Determination Date is less than 100%; or (c) with respect to the September, 1997 Due Period and each Due Period thereafter, the Three-Month Delinquency Percentage is greater than 5%; provided, however, that the Residual Event referred to in clause (b) may be cured if the Three-Month Servicer Realization Percentage is greater than or equal to 100% for three consecutive months thereafter and the Residual Event referenced in clause (c) may be cured if the Three-Month Delinquency Percentage for any Due Period thereafter is less than or equal to 5%.