Group II Sequential Trigger Event definition
Group II Sequential Trigger Event. With respect to any Distribution Date, a trigger event is in effect if (i) 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 prior calendar month divided by the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds 3.00%, or (ii) on or after the 37th Distribution Date, the applicable test set forth in clause (ii) in the definition of Trigger Event has been satisfied.
Group II Sequential Trigger Event. With respect to any Distribution Date (a) before the 37th 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 Prepayment Period divided by the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut off Date exceeds 0.60%, or (b) on or after the 37th Distribution Date, if a Trigger Event is in effect.
Group II Sequential Trigger Event. If, (i) on any Distribution Date before the 37th Distribution Date, (a) the rolling three month average of the aggregate unpaid principal balances of 60+ Day Delinquent Mortgage Loans equals or exceeds 34.00% of the Senior Enhancement Percentage as of the last day of the prior Due Period or (b) 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 2.70%, or (ii) on any Distribution Date on or after the 37th Distribution Date, a Trigger Event is in effect.
More Definitions of Group II Sequential Trigger Event
Group II Sequential Trigger Event. A Group II Sequential Trigger Event has occurred with respect to any Distribution Date if either a Group II Sequential Cumulative Loss Trigger Event or a Group II Sequential Delinquency Trigger Event has occurred with respect to such Distribution Date or if the Certificate Principal Balance of the Mezzanine Certificate and the Class B Certificates has been reduced to zero.