Loss Trigger Event definition
Loss Trigger Event means, as to any Collection Period, that the Average Six Month Realized Loss Ratio as of the last day of such Collection Period is greater than 5%. The "Average Six Month Realized Loss Ratio" as of any date is the ratio, expressed on an annualized basis, of the average of the aggregate Realized Losses in respect of Liquidated Receivables for each of the six calendar month periods (or lesser number of calendar months from the Cutoff Date) prior to such date to the average of the Pool Balance as of the beginning of such periods.
Loss Trigger Event. With respect to any Distribution Date, the event that is in effect if the aggregate amount of Realized Losses incurred since the related Cut-off Date through the last day of the related Prepayment Period divided by the Maximum Pool Principal Balance exceeds the applicable percentage as follows with respect to such Distribution Date: (a) 3.00% for the Distribution Dates occurring from September 2005 to August 2006; (b) 4.25% for the Distribution Dates occurring from September 2006 to August 2007; (c) 5.25% for Distribution Dates occurring from September 2007 to August 2008; and (d) 6.00% for Distribution Dates occurring in September 2008 and thereafter.
Loss Trigger Event. With respect to any Distribution Date, the event that is in effect if the aggregate amount of Realized Losses incurred since the related Cut-off Date through the last day of the related Prepayment Period divided by the Maximum Pool Principal Balance exceeds the applicable percentage as follows with respect to such Distribution Date: (a) 4.00% for the Distribution Dates occurring from December 2006 to November 2007; (b) 5.00% for Distribution Dates occurring from December 2007 to November 2008; and (c) 5.75% for Distribution Dates occurring in December 2008 and thereafter.
Examples of Loss Trigger Event in a sentence
No distributions of principal will be made on any Certificate on any Distribution Date until the full amount of principal payable on the Notes on such Distribution Date has been paid in full; provided, however, that if a Loss Trigger Event has occurred, no distributions of principal (other than any Certificateholders' Principal Carryover Shortfall outstanding as of the date of occurrence of such Loss Trigger Event) will be made on any Certificate.
Furthermore, on any Payment Date, notwithstanding that the amounts on deposit in the Reserve Account are at least equal to the Required Reserve Amount, if a Cumulative Net Loss Trigger Event has occurred, all remaining Available Funds that constitute Residual Receipts shall be deposited to the Reserve Account prior to any payments made to the Issuer.
The occurrence and continuation of a ---------------------------------- Delinquency Trigger Event or Loss Trigger Event.
More Definitions of Loss Trigger Event
Loss Trigger Event. A “Loss Trigger Event” is in effect on any Distribution Date on or after the Stepdown Date, if the cumulative realized losses on the Mortgage Loans as a percentage of the principal balance of the Mortgage Loans as of the Cut-off Date, for the related Distribution Date are greater than: December 2008 to November 2009 [1.25]% initially, plus 1/12th of [1.55]% for each month thereafter December 2009 to November 2010 [2.80]% initially, plus 1/12th of [1.60]% for each month thereafter December 2010 to November 2011 [4.40]% initially, plus 1/12th of [1.30]% for each month thereafter December 2011 to November 2012 [5.70]% initially, plus 1/12th of [0.75]% for each month thereafter
Loss Trigger Event. A “Loss Trigger Event” shall be in effect on any Payment Date if the amount of cumulative losses for such Payment Date as a percentage of the Assumed Principal Balance of the Mortgage Loans as of the Cut Off Date, are greater than the following Cumulative Loss Percentages for the Due Periods indicated: 25 to 36 1.55% in the first month plus 1/12th of 1.90% for every month thereafter 37 to 48 3.45% in the first month plus 1/12th of 1.95% for every month thereafter 49 to 60 5.40% in the first month plus 1/12th of 1.60% for every month thereafter 61 to 72 7.00% in the first month plus 1/12th of 0.85% for every month thereafter 73 and thereafter 7.85%
Loss Trigger Event. With respect to any Distribution Date, the event that is in effect if the aggregate amount of Realized Losses incurred since the related Cut-off Date through the last day of the related Prepayment Period divided by the Maximum Pool Principal Balance exceeds the applicable percentage as follows with respect to such Distribution Date: (a) 3.10% for the Distribution Dates occurring from December 2004 to November 2005; (b) 4.10% for the Distribution Dates occurring from December 2005 to November 2006; (c) 4.75% for Distribution Dates occurring from December 2006 to November 2007; and (d) 5.35% for Distribution Dates occurring in December 2007 and thereafter.
Loss Trigger Event. With respect to any Distribution Date, the event that is in effect if the aggregate amount of Applied Realized Loss Amounts incurred since the related Cut-off Date through the last day of the related Prepayment Period divided by the Maximum Pool Principal Balance exceeds the applicable percentage as follows with respect to such Distribution Date: (a) 3.50% commencing with the first Distribution Date, plus an additional 1/12th of 1.75% for each month thereafter for the Distribution Dates occurring from August 2005 to July 2006; (b) 5.25% for the first month, plus an additional 1/12th of 1.00% for each month thereafter for the Distribution Dates occurring from August 2006 to July 2007; (c) 6.25% for the first month, plus an additional 1/12th of 0.75% for each month thereafter for Distribution Dates occurring from August 2007 to July 2008; (d) 7.00% for the first month, plus an additional 1/12th of 0.25% for each month thereafter for Distribution Dates occurring from August 2008 to July 2009; and (e) 7.25% for Distribution Dates occurring in August 2009 and thereafter.
Loss Trigger Event. A Loss Trigger Event will have occurred with respect to any Due Period if (i) as of the first day of such Due Period, the cumulative Loan Losses since the Cut-Off Date are greater than or equal to (A) if the first day of such Due Period is prior to March 1, 2004, 0.9375% of the Original Pool Balance, (B) if the first day of such Due Period is on or after March 1, 2004 and prior to March 1, 2005, 1.25% of the Original Pool Balance, (C) if the first day of such Due Period is on or after March 1, 2005, and on or prior to March 1, 2007, 1.5625% of the Original Pool Balance, or (D) if the first day of such Due Period is after March 1, 2007, 1.8750% of the Original Pool Balance or (ii) if in the 12 month period ending on the first day of such Due Period cumulative Loan Losses during such 12 month period are greater than or equal to 0.9375% of the aggregate outstanding principal balance of the Mortgage Loans as of the first day of such 12-month period. A Loss Trigger Event will be deemed to have terminated as to any Payment Date (subject to the reoccurrence of such event), if a Loss Trigger Event shall not have occurred as of the first day of the most recently ended Due Period.
Loss Trigger Event. A Loss Trigger Event will have occurred with respect ------------------ to any Distribution Date if in the 12-month period ending on the day preceding the related Determination Date cumulative Realized Losses during such 12-month period are greater than 3.0% of the average Pool Balance for the current Distribution Date and the preceding eleven Distribution Dates. A Loss Trigger Event will be deemed to have terminated as to any Distribution Date (subject to the reoccurrence of such event), if a Loss Trigger Event shall not have occurred as of such Distribution Date.
Loss Trigger Event. With respect to any Distribution Date, the event that is in effect if the aggregate amount of Applied Realized Loss Amounts incurred since the related Cut-off Date through the last day of the related Prepayment Period divided by the Stated Principal Balance of the Mortgage Loans as of the related Cut-off Date exceeds the applicable percentage as follows with respect to such Distribution Date: (a) 3.50% commencing with the first Distribution Date, plus an additional 1/12th of 1.75% for each month after May 2005 for Distribution Dates occurring from May 2005 to April 2006; (b) 5.25% for the first month, plus an additional 1/12th of 1.00% for each month thereafter for the Distribution Dates occurring from May 2006 to April 2007; (c) 6.25% for the first month, plus an additional 1/12th of 0.75% for each month thereafter for Distribution Dates occurring from May 2007 to April 2008; (d) 7.00% for the first month, plus an additional 1/12th of 0.25% for each month thereafter for Distribution Dates occurring from May 2008 to April 2009; and (e) 7.25% for Distribution Dates occurring in May 2009 and thereafter.