Fixed Rate Trigger Event definition
Fixed Rate Trigger Event. With respect to any Distribution Date on or after the Fixed Rate Stepdown Date, consists of either a Fixed Rate Delinquency Trigger Event with respect to that Distribution Date or a Fixed Rate Cumulative Loss Trigger Event with respect to that Distribution Date.
Fixed Rate Trigger Event. With respect to any Distribution Date after the Fixed Rate Stepdown Date, (1) the product of (i) two times (ii) the quotient of (A) the Stated Principal Balance of all Fixed Rate Mortgage Loans 60 or more days delinquent (including Fixed Rate Mortgage Loans in foreclosure and REO Properties) and (B) the Stated Principal Balance of the Fixed Rate Mortgage Loans as of the preceding Master Servicer Advance Date (2) equals or exceeds the Required Percentage.
Fixed Rate Trigger Event. With respect to any Distribution Date after the Fixed Rate Stepdown Date, (1) the product of (i) 2.0 times (ii) the quotient of (A) the Stated Principal Balance as of the last day of the related Due Period of all Fixed Rate Mortgage Loans 60 or more days delinquent (including all Fixed Rate Mortgage Loans in foreclosure and REO Properties without regard to delinquency) and (B) the Stated Principal Balance of the Fixed Rate Mortgage Loans as of the last day of the related Due Period (2) equals or exceeds the Required Percentage.