Sequential Trigger Event definition

Sequential Trigger Event. A Sequential Trigger Event will be in effect if, with respect to 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 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 2.00%, or if, on or after the 37th Distribution Date, 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. A Sequential Trigger Event is in effect on any Distribution Date if, (i) 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 0.50% or (ii) on or after the Stepdown Date, a Trigger Event is in effect.

Examples of Sequential Trigger Event in a sentence

• 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 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.

• See "Maturity and Prepayment Considerations" and "Security for the Notes." While principal initially will be paid to each of the Class A Notes and the Class B-1L Notes on each Payment Date on a pro rata basis, if a Sequential Trigger Event has occurred and is continuing, principal payments on the Class A Notes and the Class B-1L Notes will be made sequentially by Class in order of seniority.

• 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.

• While initially payments of principal on the Class A Notes and the Class B-1L Notes will be made on a pro rata basis to each such Class of Notes, upon the occurrence and continuance of a Sequential Trigger Event payments of principal on the Rated Notes will be made sequentially by Class in order of seniority.

More Definitions of Sequential Trigger Event

Sequential Trigger Event. (a) With respect to any Distribution Date occurring before June 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 June 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. 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.

Sequential Trigger Event means, if (x) on any Distribution Date before the 37th Distribution Date, (i) the 60 Day+ Rolling Average equals or exceeds 40.00% of the prior period's Credit Enhancement Percentage for the Class A Certificates or (ii) 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 aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date 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. 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. With respect to any Distribution Date (i) prior to the Distribution Date in May 2008, if cumulative Realized Losses on the Mortgage Loans for such Distribution Date as a percentage of the Aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date are greater than 1.00%, and (ii) in or after May 2008, if a Trigger Event is in effect.

Sequential Trigger Event. A Sequential Trigger Event is in effect (a) with respect to any Distribution Date occurring before January 2009, if the aggregate amount of Realized Losses on the Mortgage Loans 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 0.25% and (b) with respect to any Distribution Date occurring in or after January 2009, if a Trigger Event is in effect.