Sequential Order Events definition

Sequential Order Events means: (i) an Insolvency Event has occurred with respect to the Issuer; (ii) on any two consecutive Payment Dates, (A) Available Funds are not sufficient to pay all Accrued Interest due on the Notes on that date, or (B) the Overcollateralization Amount is less than the Required Overcollateralization Amount, after giving effect to distributions of principal on such Payment Date; or (iii) on any Payment Date, after application of all Available Funds, the sum of the Aggregate Loan Balance plus the amount on deposit in the Reserve Account is less than the Aggregate Principal Amount of all Notes, and Available Funds are not sufficient to pay all principal on the Notes due on that Payment Date. The Sequential Order Events described in (ii) and (iii) above will continue to be in effect until such time, if ever, that the Noteholders representing not less than 66 2/3% of the outstanding principal balance of each Class of Notes has consented to the termination of the Sequential Order Event.
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Sequential Order Events means: (i) an Insolvency Event has occurred with respect to the Issuer, (ii) if on any two consecutive Payment Dates the sum of Available Funds plus, without duplication, amounts on deposit in the Reserve Account are not sufficient to pay all Accrued Interest due on the Notes, (iii) the Overcollateralization Amount declines by more than $2,500,000 on each of two consecutive Payment Dates, after taking into account payments made (excluding amounts withdrawn from the Reserve Account and applied as payment on the Notes) on each such Payment Date, or (iv) if on any Payment Date, after application of all Available Funds in accordance with the Priority of Payments on such Payment Date, the sum of the Aggregate Loan Balance plus the amount on deposit in the Reserve Account would be less than the Aggregate Principal Amount of all Notes. The Sequential Order Events described in (ii), (iii) and (iv) above will continue to be in effect until such time, if ever, that the Consent Parties have consented to the termination of the Sequential Order Event.
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Sequential Order Events means: (i) an Insolvency Event has occurred with respect to the Issuer; (ii) if on any two consecutive Payment Dates, either (A) the sum of Available Funds plus, without duplication, amounts on deposit in the Reserve Account are not sufficient to pay all Accrued Interest due on the Notes, or (B) after application of all Available Funds in accordance with the Priority of Payments, the Overcollateralization Amount would be less than the Required Overcollateralization Amount; or (iii) if on any Payment Date, after application of all Available Funds in accordance with the Priority of Payments on such Payment Date, the sum of the Aggregate Loan Balance plus the amount on deposit in the Reserve Account would be less than the Aggregate Principal Amount. The Sequential Order Events described in (ii) and (iii) above will continue to be in effect until such time, if ever, that the Noteholders representing not less than 662/3% of the Principal Amount of each Class of Notes have consented to the termination of the Sequential Order Event. "Series 2003-2 Term Purchase Agreement" shall mean the Series 2003-2 Term Purchase Agreement dated as of December 5, 2003 between the Depositor as seller of the Pledged Loans and the Issuer.
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More Definitions of Sequential Order Events

Sequential Order Events means: (i) an Insolvency Event has occurred with respect to the Issuer; (ii) if on any two consecutive Payment Dates, either (A) the sum of Available Funds plus, without duplication, amounts on deposit in the Reserve Account are not sufficient to pay all Accrued Interest due on the Notes, or (B) after application of all Available Funds in accordance with the Priority of Payments, the Overcollateralization Amount would be less than the Required Overcollateralization Amount; (iii) if on any Payment Date, after application of all Available Funds in accordance with the Priority of Payments on such Payment Date, the sum of the Aggregate Loan Balance plus the amount on deposit in the Reserve Account would be less than the Aggregate Principal Amount of all Notes; or (iv) the Control Party has provided written notice to the Trustee that an event described in subsection 11.1(a), (b) or (d) has occurred and is continuing and that such event has been designated a Sequential Order Event by the Control Party whether or not such event has also been declared an Event of Default. The Sequential Order Events described in (ii) and (iii) above will continue to be in effect until such time, if ever, that the Control Party has consented to the termination of the Sequential Order Event.
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Sequential Order Events means: (i) an Insolvency Event has occurred with respect to the Issuer; (ii) if on any two consecutive Payment Dates, either (A) the sum of Available Funds plus, without duplication, amounts on deposit in the Reserve Account are not sufficient to pay all Accrued Interest due on the Notes, or (B) after application of all Available Funds in accordance with the Priority of Payments, the Overcollateralization Amount would be less than the Required Overcollateralization Amount; or (iii) if on any Payment Date, after application of all Available Funds in accordance with the Priority of Payments on such Payment Date, the sum of the Aggregate Loan Balance plus the amount on deposit in the Reserve Account would be less than the Aggregate Principal Amount of all Notes. The Sequential Order Events described in (ii) and (iii) above will continue to be in effect until such time, if ever, that the Majority Holders have consented to the termination of the Sequential Order Event.
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Sequential Order Events means: (i) an Insolvency Event has occurred with respect to the Issuer; (ii) if on any two consecutive Payment Dates, either (A) the sum of Available Funds plus, without duplication, amounts on deposit in the Reserve Account are not sufficient to pay all Accrued Interest due on the Notes, or (B) after application of all Available Funds in accordance with the Priority of Payments, the Overcollateralization Amount would be less than the Required Overcollateralization Amount; (iii) if on any Payment Date, after application of all Available Funds in accordance with the Priority of Payments on such Payment Date, the sum of the Aggregate Loan Balance plus the amount on deposit in the Reserve Account would be less than the Aggregate Principal Amount of all Notes; or (iv) the Control Party has provided written notice to the Trustee that an event described in subsection 11.1(a), (b) or (d) has occurred and is continuing and that such event has been designated a Sequential Order Event by the Control Party whether or not such event has also been declared an Event of Default. The Sequential
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Related to Sequential Order Events

  • Sequential Order means (a) first, to the reduction of the Note Principal Balance of each of A Note, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero; and (b) second, to the reduction of the Note Principal Balance of each B Note, until the Note Principal Balance of each such Note is reduced to zero.

  • Reverse Sequential Order means (a) first, to the reduction of the Note Principal Balance of each B Note, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero; and (b) second, to the reduction of the Note Principal Balance of each of A Note, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero.

  • Sequential Pay Event means any Event of Default with respect to an obligation to pay money due under the Mortgage Loan, any other Event of Default for which the Mortgage Loan is actually accelerated or any other Event of Default which causes the Mortgage Loan to become a Specially Serviced Loan, or any bankruptcy or insolvency event that constitutes an Event of Default; provided, however, that unless the Servicer has notice or knowledge of such event at least ten (10) Business Days prior to the applicable distribution date, distributions will be made sequentially beginning on the subsequent distribution date; provided, further, that the aforementioned requirement of notice or knowledge will not apply in the case of distribution of the final proceeds of a liquidation or final disposition of the Mortgage Loan. A Sequential Pay Event shall no longer exist to the extent it has been cured (including any cure payment made by the Note B Holder in accordance with Section 11) and shall not be deemed to exist to the extent the Note B Holder is exercising its cure rights under Section 11 or the default that led to the occurrence of such Sequential Pay Event has otherwise been cured or waived.

  • Sequential Trigger Event With respect to any Distribution Date, a Sequential Trigger Event is in effect if (a) with respect to any Distribution Date occurring before July 2009, 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 0.20% and (b) with respect to any Distribution Date occurring in or after July 2009, a Trigger Event is in effect.

  • Milestone Events has the meaning set forth in Section 3.3 (Milestone Payments).