Cumulative Loss Trigger Event. With respect to any Distribution Date, a Cumulative Loss Trigger Event exists if the quotient (expressed as a percentage) of (x) the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Prepayment Period divided by (y) the Cut-off Date Pool Principal Balance exceeds the applicable cumulative loss percentages set forth below with respect to such Distribution Date: Distribution Date Occurring In Cumulative Loss Percentage ------------------------------ -------------------------- May 2008 through April 2009 1.400% for the first month, plus an additional 1/12th of 1.700% for each month thereafter (e.g., 2.250% in November 2008) May 2009 through April 2010 3.100% for the first month, plus an additional 1/12th of 1.700% for each month thereafter (e.g., 3.950% in November 2009) May 2010 through April 2011 4.800% for the first month, plus an additional 1/12th of 1.400% for each month thereafter (e.g., 5.500% in November 2010) May 2011 through April 2012 6.200% for the first month, plus an additional 1/12th of 0.700% for each month thereafter (e.g., 6.550% in November 2011) May 2012 and thereafter 6.900%
Cumulative Loss Trigger Event. With respect to any Distribution Date, a Cumulative Loss Trigger Event shall occur if the fraction, expressed as a percentage, obtained by dividing (x) the aggregate amount of cumulative Realized Losses incurred on the Mortgage Loans from the Cut-off Date through the last day of the related Collection Period by (y) the Cut-off Date Balance, exceeds the applicable percentages described below with respect to such Distribution Date. Distribution Date Loss Percentage September 2009 through August 2010 0.55% for the first month plus an additional 1/12th of 0.45% for each month thereafter. September 2010 through August 2011 1.00% for the first month plus an additional 1/12th of 0.45% for each month thereafter. September 2011 through August 2012 1.45% for the first month plus an additional 1/12th of 0.55% for each month thereafter. September 2012 through August 2013 2.00% for the first month plus an additional 1/12th of 0.20% for each month thereafter. September 2013 and thereafter 2.20%
Cumulative Loss Trigger Event. A Cumulative Loss Trigger Event shall have occurred with respect to any Distribution Date if the fraction, expressed as a percentage, obtained by dividing (x) the aggregate amount of cumulative Realized Losses incurred on the Mortgage Loans from the Cut-off Date through the last day of the related Collection Period by (y) the Cut-off Date Balance exceeds the applicable percentages described below with respect to such Distribution Date:
Examples of Cumulative Loss Trigger Event in a sentence
A Cumulative Loss Trigger Event occurs if cumulative losses on a collateral pool exceed a specified level of losses.
There are typically two types of Trigger Events: a Cumulative Loss Trigger Event and a Delinquency Trigger Event.
Trigger Event A "Trigger Event" will have occurred if either a Delinquency Trigger Event or a Cumulative Loss Trigger Event occurs.
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An "GROUP 2 TRIGGER EVENT" with respect to any Distribution Date on or after the Group 2 Stepdown Date consists of either a Group 2 Delinquency Trigger Event with respect to that Distribution Date or a Group 2 Cumulative Loss Trigger Event with respect to that Distribution Date.
More Definitions of Cumulative Loss Trigger Event
Cumulative Loss Trigger Event. A Cumulative Loss Trigger Event has occurred with respect to any Distribution Date in or after June 2008, if the percentage obtained by dividing (x) the aggregate amount of Realized Losses incurred (less any Subsequent Recoveries) with respect to the Mortgage Loans from the Cut-off Date through the last day of the related Due Period by (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, exceeds the applicable percentage set forth below for such Distribution Date: Distribution Date Occurring in Cumulative Loss Percentage June 2008 through May 2009 1.35% for the first month, plus an additional 1/12th of 1.70% for each month thereafter. June 2009 through May 2010 3.05% for the first month, plus an additional 1/12th of 1.70% for each month thereafter. June 2010 through May 2011 4.75% for the first month, plus an additional 1/12th of 1.40% for each month thereafter. June 2011 through May 2012 6.15% for the first month, plus an additional 1/12th of 0.70% for each month thereafter. June 2012 and thereafter 6.85% for each month.
Cumulative Loss Trigger Event. A Cumulative Loss Trigger Event shall have occurred with respect to any Distribution Date if the fraction, expressed as a percentage, obtained by dividing (x) the aggregate amount of cumulative Realized Losses incurred on the Mortgage Loans from the Cut-off Date through the last day of the related Collection Period by (y) the sum of the Cut-off Date Balance and the Pre-Funding Amount, exceeds the applicable percentages described below with respect to such Distribution Date: Distribution Date Loss Percentage November 2007 to October 2008 2.50% for the first month, plus an additional 1/12th of 1.00% for each month thereafter November 2008 to October 2009 3.50% for the first month, plus an additional 1/12th of 0.25% for each month thereafter November 2009 to October 2010 3.75% for the first month, plus an additional 1/12th of 0.25% for each month thereafter November 2010 and thereafter 4.00%
Cumulative Loss Trigger Event. A Cumulative Loss Trigger Event will have occurred with respect to any Distribution Date if the fraction, expressed as a percentage, obtained by dividing (i) the aggregate amount of cumulative Realized Losses incurred on the Mortgage Loans from the Cut-off Date through the last day of the related Due Period by (ii) the Cut-off Date Aggregate Pool Balance, exceeds the applicable percentages set forth below with respect to such Distribution Date: Distribution Date Loss Percentage February 2009 through January 2010 1.70% for the first month plus an additional 1/12 of 1.05% for each month thereafter February 2010 through January 2011 2.75% for the first month plus an additional 1/12 of 0.36% for each month thereafter February 2011 through January 2012 3.11% for the first month plus an additional 1/12 of 0.14% for each month thereafter February 2012 and thereafter 3.25%
Cumulative Loss Trigger Event. A Cumulative Loss Trigger Event is in effect with respect to any Distribution Date on or after the Stepdown Date if the aggregate amount of Realized Losses on the Mortgage Loans from (and including) the Cut-Off Date for each such Mortgage Loan to (and including) the related Due Date (reduced by the aggregate amount of Subsequent Recoveries received from the Cut-Off Date through the Prepayment Period related to that Due Date) exceeds the applicable percentage, for such Distribution Date, of the aggregate Stated Principal Balance of the Mortgage Loans, as set forth below: Distribution Date Percentage August 2008 — July 2009 0.20% with respect to August 2008, plus an additional 1/12th of 0.30% for each month thereafter through July 2009 August 2009 — July 2010 0.50% with respect to August 2009, plus an additional 1/12th of 0.35% for each month thereafter through July 2010 August 2010 — July 2011 0.85% with respect to August 2010, plus an additional 1/12th of 0.40% for each month thereafter through July 2011 August 2011 — July 2012 1.25% with respect to August 2011, plus an additional 1/12th of 0.25% for each month thereafter through July 2012 August 2012 and thereafter 1.50%
Cumulative Loss Trigger Event. With respect to a Distribution Date on or after the Stepdown Date, the aggregate amount of Realized Losses on the Mortgage Loans from (and including) the Cut-off Date to (and including) the related Due Date (reduced by the aggregate amount of Subsequent Recoveries received from the Cut-off Date through the Prepayment Period related to that Due Date) exceeds the applicable percentage, for such Distribution Date, of the Cut-off Date Pool Principal Balance, as set forth below: Distribution Date Percentage ----------------- ---------- August 2009 - July 2010........................ 0.20% with respect to August 2009, plus an additional 1/12th of 0.25% for each month thereafter through July 2010 August 2010 - July 2011........................ 0.45% with respect to August 2010, plus an additional 1/12th of 0.30% for each month thereafter through July 2011 August 2011 - July 2012........................ 0.75% with respect to August 2011, plus an additional 1/12th of 0.30% for each month thereafter through July 2012
Cumulative Loss Trigger Event. With respect to a Distribution Date on or after the Stepdown Date occurs if the aggregate amount of Realized Losses on the Mortgage Loans from (and including) the Cut-off Date to (and including) the related Due Date (reduced by the aggregate amount of Subsequent Recoveries received from the Cut-off Date through the Prepayment Period related to that Due Date) exceeds the applicable percentage, for such Distribution Date, of the Cut-off Date Pool Principal Balance, as set forth below: Distribution Date Percentage ----------------- ----------
Cumulative Loss Trigger Event. A Cumulative Loss Trigger Event shall have occurred with respect to any Distribution Date if the fraction, expressed as a percentage, obtained by dividing (x) the aggregate amount of cumulative Realized Losses incurred on the Mortgage Loans from the Cut-off Date through the last day of the related Collection Period by (y) the Cut-off Date Balance exceeds the applicable percentages described below with respect to such Distribution Date: Distribution Date Loss Percentage June 2008 to May 2009 2.45% for the first month, plus an additional 1/12th of 1.30% for each month thereafter June 2009 to May 2010 3.75 % for the first month, plus an additional 1/12th of 0.75 % for each month thereafter June 2010 to May 2011 4.50 % for the first month, plus an additional 1/12th of 0.25 % for each month thereafter June 2011 and thereafter 4.75 % Current Interest: With respect to any Class of Offered Certificates and any Distribution Date, the aggregate amount of interest accrued at the applicable Certificate Interest Rate during the related Accrual Period on the Class Principal Amount of such Class immediately prior to such Distribution Date.