Step Down Trigger definition
Step Down Trigger. For any Distribution Date after the 30th Distribution Date, the Step Down Trigger will have occurred if each of the Step Down Cumulative Loss Test, the Step Down Rolling Delinquency Test and the Step Down Rolling Loss Test is met. In no event will the Step Down Trigger be deemed to have occurred for the 30th Distribution Date or any preceding Distribution Date.
Step Down Trigger. For any Payment Date after the 30th Payment Date, the Step Down Trigger will have occurred if each of the Step Down Cumulative Loss Test, the Step Down Rolling Delinquency Test and the Step Down Rolling Loss Test is met. In no event will the Step Down Trigger be deemed to have occurred for the 30th Payment Date or any preceding Payment Date.
Step Down Trigger. For any Payment Date after the 30th Payment Date, the Step-Down Trigger will have occurred if each of the Step-Down Cumulative Loss Test, the Step-Down Rolling Delinquency Test and the Step-Down Rolling Loss Test is met. In no event will the Step-Down Trigger be deemed to have occurred for the 30th Payment Date or any preceding Payment Date.
Examples of Step Down Trigger in a sentence
The Issuer will notify Noteholders and the Trustee upon any change in the rate of interest under the Notes upon a Rate of Interest Step Up Trigger, a Rate of Interest Step Down Trigger or a Rating Agency Rate of Interest Step Up Trigger in accordance with Condition 17 (Notices) and the Trust Deed respectively and as required by any applicable rules of any stock exchange on which the Notes are then listed as soon as reasonably practicable after such change becomes effective.
Following any Rate of Interest Step Down Trigger, if the Average Credit Rating Value for the Bonds is equal to 2 or lower (each, a ‘‘Rate of Interest Step Up Trigger’’), then the Rate of Interest will be adjusted to 9.00 per cent.
Step Down Trigger....................................................
More Definitions of Step Down Trigger
Step Down Trigger. For any Distribution Date after the OC Stepdown Date, the Step Down Trigger will have occurred if each of the Step Down Cumulative Loss Test, the Step Down Rolling Delinquency Test and the Step Down Rolling Loss Test is met. In no event will the Step Down Trigger be deemed to have occurred prior to the OC Stepdown Date.
Step Down Trigger. With respect to any Distribution Date and the Fixed Rate Group, the Step Down Trigger will have occurred if each of the Step Down Rolling Delinquency Test, Step Down Rolling Loss Test and the Step Down Cumulative Loss Test is satisfied.
Step Down Trigger. With respect to any Distribution Date after the Distribution Date in October 1998 and either Mortgage Loan Group, the Step Down Trigger will have occurred if each of the Step Down Cumulative Loss Test, the Step Down Rolling Delinquency Test and the Step Down Rolling Loss Test for such Mortgage Loan Group is met. In no event with the Step Down Trigger be deemed to have occurred on or prior to the October 1998 Distribution Date.
Step Down Trigger. For any Payment Date after the 30th Payment Date, the Step-Down Trigger will have occurred if each of the Step-Down Cumulative Loss Test and the Step-Down Rolling Delinquency Test is met at such Payment Date. STEP-UP CUMULATIVE LOSS TEST: The Step-Up Cumulative Loss Test will be met with respect to a Payment Date as follows: (i) for the 1st through the 12th Payment Dates, if the Cumulative Loss Percentage for such Payment Date is more than 1.00%, (ii) for the 13th through the 24th Payment Dates, if the Cumulative Loss Percentage for such Payment Date is more than 1.50%, (iii) for the 25th through the 36th Payment Dates, if the Cumulative Loss Percentage for such Payment Date is more than 2.10%, (iv) for the 37th through the 48th Payment Dates, if the Cumulative Loss Percentage for such Payment Date is more than 2.70% and (v) for the 49th Payment Date and any Payment Date thereafter, if the Cumulative Loss Percentage for such Payment Date is more than 3.60%.
Step Down Trigger shall occur if at any time after the end of the Availability Period, there are four or fewer Transactions outstanding at the time of receipt of principal repayments under a Purchased Asset and shall remain in effect until the Senior Exposure is reduced by 10%; provided that no Step Down Trigger shall exist if an Alternative Diversification Notice has been given pursuant to the UK Transaction Documents specifying that the Step Down Trigger shall no longer apply.