Sequential Trigger Event definition

Sequential Trigger Event. With respect to any Distribution Date, a Sequential Trigger Event is in effect if (a) with respect to any Distribution Date occurring before July 2009, the circumstances in which the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Prepayment Period divided by the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds 0.20% and (b) with respect to any Distribution Date occurring in or after July 2009, a Trigger Event is in effect.

Sequential Trigger Event. An event which occurs if (x) on any Distribution Date before the 37th Distribution Date the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Principal Prepayment Period divided by the Cut-off Date Pool Principal Balance exceeds 0.550% or (y) on any Distribution Date on or after the 37th Distribution Date, a Trigger Event is in effect.

Sequential Trigger Event. Is in effect on any Distribution Date if (i) before the 37th Distribution Date following the Closing Date, the aggregate amount of Realized Losses incurred during the period from the Cut-off Date through the last day of the related Due Period divided by the Aggregate Loan Balance as of the Cut-off Date exceeds 0.60%, or (ii) on or after the 37th Distribution Date following the Closing Date, a Trigger Event is in effect.

Examples of Sequential Trigger Event in a sentence

• With respect to the Group 1 Certificates, if a Sequential Trigger Event is in effect, distributions of principal will be made sequentially to the Class A-1A and Class A-1B Certificates, in that order, until their respective Class Principal Amounts have been reduced to zero.

• With respect to the Group 1 Certificates, so long as no Sequential Trigger Event is in effect, distributions of principal will be made concurrently to the Class A-1A and Class A-1B Certificates, pro rata based on their respective Class Principal Amounts, until the Class Principal Amounts thereof have been reduced to zero.

• With respect to the Group I Certificates, all principal distributions will be distributed on a PRO RATA basis based on the Certificate Principal Balance on each such class, with the exception that if a Sequential Trigger Event is in effect, principal distributions will be allocated sequentially, to the holders of the Class I-A1 Certificates and Class I-A2 Certificates, in that order, until their respective Certificate Principal Balances have been reduced to zero.

• The Issuer is obliged to apply the Notes Redemption Available Amount towards repayment of the Notes and, as long as no Sequential Trigger Event has occurred, the Subordinated Loan, in accordance with paragraph (b) of Condition 4.5 (Redemption and Cancellation).

• With respect to the Group I Notes and any Payment Date on which a Sequential Trigger Event is in effect, all principal payments will be paid sequentially, to the Holders of the Class A-1ss Notes and the Class A-1mz Notes, in that order, until their respective Note Balances have been reduced to zero.

More Definitions of Sequential Trigger Event

Sequential Trigger Event. (a) With respect to any Distribution Date occurring before May 2008, the circumstances in which the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Prepayment Period divided by the Cut-off Date Pool Principal Balance equals or exceeds 3.00%, and (b) with respect to any Distribution Date occurring in or after May 2008, a Trigger Event.

Sequential Trigger Event. A Sequential Trigger Event shall have occurred with respect to any Distribution Date (a) prior to the Distribution Date in June 2008, if the fraction, expressed as a percentage, obtained by dividing (x) the aggregate amount of cumulative Realized Losses incurred from the Cut-off Date through the last day of the related Collection Period by (y) the Cut-off Date Balance, exceeds 2.45% or (b) on or after the Distribution Date in June 2008, a Trigger Event is in effect.

Sequential Trigger Event. A Sequential Trigger Event is in effect on any Distribution Date if, before the Stepdown Date, the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period (after giving effect to scheduled payments received or advanced on or before the related Determination Date and principal prepayments received during the related Prepayment Period) divided by the aggregate principal balance of the Mortgage Loans as of the Cut-off Date exceeds 4.25%, or if, on or after the Stepdown Date, a Trigger Event is in effect.

Sequential Trigger Event. A Sequential Trigger Event will be in effect if, with respect to any Distribution Date before the 25th Distribution Date, the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period (reduced by Subsequent Recoveries received through the last day of such Due Period) divided by the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds 1.10%, or if, on or after the 25th Distribution Date, a Trigger Event is in effect.

Sequential Trigger Event. With respect to any Distribution Date (i) from the November 2005 Distribution Date through the October 2008 Distribution Date if cumulative Realized Losses as a percentage of the Aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date is greater than the percentage set forth in the following table: November 2005 – October 2007 1.30% November 2007 – October 2008 1.30% for the first month, plus an additional 1/12th of the positive difference between 2.95% and 1.30% for each month thereafter. and (ii) on and after the Distribution Date in November 2008 if a Trigger Event is in effect.

Sequential Trigger Event. A Sequential Trigger Event is in effect with respect to any Distribution Date if (i) prior to the 37th Distribution Date, the aggregate amount of Realized Losses on the Mortgage Loans as a percentage of the initial aggregate Stated Principal Balance as of the Cut-off Date exceeds 0.45%, or (ii) if, on or after the 37th Distribution Date, a Trigger Event is in effect.

Sequential Trigger Event. With respect to any Distribution Date (a) before the 25th Distribution Date, the circumstances in which the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period divided by the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds 1.40%, or (b) on or after the 25th Distribution Date, if a Trigger Event is in effect.