Sequential Trigger Event definition

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.

Sequential Trigger Event. With respect to any Distribution Date (a) before the 25th 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 Due Period divided by the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds 1.40%, or (b) on or after the 25th Distribution Date, if a Trigger Event is in effect.

Sequential Trigger Event. An event which occurs if (x) 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 Principal Prepayment Period divided by the Cut-off Date Pool Principal Balance exceeds 0.550% or (y) on any Distribution Date on or after the 37th Distribution Date, a Trigger Event is in effect.

Examples of Sequential Trigger Event in a sentence

• The average maturity of the Notes may be affected by a higher or lower than anticipated rate of prepayments on the SME Loans or the occurrence of a Sequential Trigger Event.

• The Issuer is obliged to apply the Notes Redemption Available Amount towards repayment of the Notes and, as long as no Sequential Trigger Event has occurred, the Subordinated Loan, in accordance with paragraph (b) of Condition 4.5 (Redemption and Cancellation).

• With respect to the Group II Certificates, all principal distributions will be distributed on a pro rata basis based on the Certificate Principal Balance of each such class, with the exception that if a Sequential Trigger Event is in effect, principal distributions will be allocated sequentially, to the Class A-2A and Class A-2B Certificates, in that order, until their respective Certificate Principal Balances have been reduced to zero.

• Further, following the occurrence of an Acceleration Event or a Sequential Trigger Event (which is continuing), the Class B Notes will rank subordinate to all payments due in respect of the Senior Loan.

• A "Class A‐4 and Class A‐4M Sequential Trigger Event" is in effect on any Distribution Date if (1) prior to the 25th Distribution Date, the aggregate amount of Realized Losses on the Mortgage Loans divided by the aggregate Principal Balance of the Mortgage Loans as of the Cut‐off Date exceeds 0.50% of the Cut‐off Date Pool Principal Balance, or (2) on or after the 25th Distribution Date, a Trigger Event is in effect.

More Definitions of Sequential Trigger Event

Sequential Trigger Event. (a) With respect to any Distribution Date occurring before June 2008, 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 Cut-off Date Pool Principal Balance equals or exceeds 3.00%, and (b) with respect to any Distribution Date occurring in or after June 2008, a Trigger Event.

Sequential Trigger Event. A Sequential Trigger Event shall have occurred with respect to any Distribution Date (a) prior to the Distribution Date in June 2008, if the fraction, expressed as a percentage, obtained by dividing (x) the aggregate amount of cumulative Realized Losses incurred from the Cut-off Date through the last day of the related Collection Period by (y) the Cut-off Date Balance, exceeds 2.45% or (b) on or after the Distribution Date in June 2008, a Trigger Event is in effect.

Sequential Trigger Event. A Sequential Trigger Event is in effect if any of the following occurs (a) the Overcollateralization Amount is zero and none of the Subordinate Certificates are outstanding, (b) with respect to any Distribution Date prior to the Distribution Date in October 2008, the aggregate amount of realized losses incurred since the Cut-off Date through the last day of the related Due Period (reduced by the aggregate amount of subsequent recoveries recovered since the Cut-Off Date through the last day of the related Due Period) divided by the aggregate principal balance of the Mortgage Loans on the Cut-Off Date exceeds 1.45% or (c) with respect to any Distribution Date on or after the Distribution Date in October 2008, a Trigger Event is in effect.

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 May 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 0.25% and (b) with respect to any Distribution Date occurring in or after May 2009, a Trigger Event is in effect.

Sequential Trigger Event means, if (x) on any Distribution Date before the 37th Distribution Date, (i) the 60 Day+ Rolling Average equals or exceeds 40.00% of the prior period's Credit Enhancement Percentage for the Class A Certificates or (ii) 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 aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds 0.550%, or (y) on any Distribution Date on or after the 37th Distribution Date, a Trigger Event is in effect.

Sequential Trigger Event. With respect to any Distribution Date (i) prior to the Distribution Date in May 2008, if cumulative Realized Losses on the Mortgage Loans for such Distribution Date as a percentage of the Aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date are greater than 1.00%, and (ii) in or after May 2008, if a Trigger Event is in effect.

Sequential Trigger Event. With respect to any Distribution Date (i) from the November 2005 Distribution Date through the October 2008 Distribution Date if cumulative Realized Losses as a percentage of the Aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date is greater than the percentage set forth in the following table: Range of Distribution Dates Percentage November 2005 – October 2007 1.30% November 2007 – October 2008 1.30% for the first month, plus an additional 1/12th of the positive difference between 2.95% and 1.30% for each month thereafter. and (ii) on and after the Distribution Date in November 2008 if a Trigger Event is in effect.