Rapid Amortization Trigger Event definition
Rapid Amortization Trigger Event shall occur if a Rapid Amortization Event is declared to have occurred or has occurred automatically as set forth in Section 5.08.
Rapid Amortization Trigger Event. In effect with respect to Group II Certificates and any Distribution Date if the cumulative amount of Charge-Off Amounts (net of Subsequent Recoveries) incurred on the Group II HELOCs from the Cut-off Date through the end of the calendar month immediately preceding such Distribution Date exceeds the applicable percentage set forth below of the aggregate Stated Principal Balance of the Group II HELOCs as of the Cut-off Date: August 2008 to July 2009 3.94% August 2009 to July 2010 5.34% August 2010 to July 2011 6.39% August 2011 to July 2012 7.09% August 2012 and thereafter 7.79% Rating Agency: Each of S&P, ▇▇▇▇▇’▇ and Fitch. If any such organization or its successor is no longer in existence, “Rating Agency” shall be a nationally recognized statistical rating organization, or other comparable Person, designated by the Depositor, notice of which designation shall be given to the Trustee and Securities Administrator. References herein to a given rating category of each Rating Agency shall mean such rating category without giving effect to any modifiers.
Rapid Amortization Trigger Event. Is in effect with respect to the Notes and any Payment Date if the cumulative amount of Realized Loss Amounts (net of Subsequent Recoveries) incurred on the HELOCs from the Cut-off Date through the end of the Due Period immediately preceding such Payment Date exceeds the applicable percentage set forth below of the aggregate Stated Principal Balance of the HELOCs as of the Cut-off Date: January 2008 to December 2008 1.35% for the first month, plus an additional 1/12th of 1.90% for each month thereafter January 2009 to December 2009 3.25% for the first month, plus an additional 1/12th of 1.50% for each month thereafter January 2010 to December 2010 4.75% for the first month, plus an additional 1/12th of 1.25% for each month thereafter January 2011 to December 2011 6.00% for the first month, plus an additional 1/12th of 0.75% for each month thereafter January 2012 to December 2012 6.75% for the first month, plus an additional 1/12th of 0.90% for each month thereafter January 2013 and thereafter 7.65%
Examples of Rapid Amortization Trigger Event in a sentence
Upon the occurrence of a Rapid Amortization Trigger Event, the Seller shall only receive payments in respect of the purchase price for any Additional Balance from the Reserve Account, funded by the Holder of the Class L Certificate.