Turbo Trigger definition
Turbo Trigger means any Distribution Date on which (a) the outstanding aggregate Pool Balance is equal to or less than 10% of the aggregate Pool Balance as of the Cutoff Date; or (b) the Cumulative Default Rate exceeds 10%; provided, however, that with respect to clause (b), a Turbo Trigger will not have occurred if ▇▇▇▇ is solvent and is continuing to purchase Defaulted Student Loans with respect to which ▇▇▇▇ has become obligated to purchase under the terms of the relevant Guaranty Agreement. “Two-Month LIBOR” see “One-Month LIBOR” herein.
Turbo Trigger means any Distribution Date on which (a) the outstanding aggregate Pool Balance is equal to or less than 10% of the sum of the aggregate principal balance as of the Cutoff Date of the Financed Student Loans; or (b) the Cumulative Default Rate exceeds 10%; provided, however, that with respect to clause (b), a Turbo Trigger will not have occurred if TERI is solvent and is continuing to purchase Defaulted Student Loans with respect to which TERI has become obligated to purchase under the terms of the relevant Guaranty Agreement.
Turbo Trigger means any Distribution Date on which (a) the outstanding aggregate Pool Balance is equal to or less than 10% of the sum of the aggregate principal balance as of the Cutoff Date of the Initial Financed Student Loans plus the aggregate initial principal balance of all Subsequent Student Loans; or (b) the Cumulative Default Rate exceeds 10%; provided, however, that with respect to clause (b), a Turbo Trigger will not have occurred if TERI is continuing to pay claims on Defaulted Student Loans that have met TERI’s due diligence requirements and TERI is solvent.
More Definitions of Turbo Trigger
Turbo Trigger means any Distribution Date on which (a) the outstanding principal balance of the Financed Student Loans, plus accrued interest expected to be capitalized is equal to or less than ___% of the sum of the aggregate principal balance of the Financed Student Loans, plus accrued interest expected to be capitalized as of the respective Cutoff Date; or (b) the Cumulative Default Rate for the applicable Distribution Date exceeds the Cumulative Default Rate listed below for the Distribution Date occurring on or most recently prior to such Distribution Date _______ 20__ ____% _______ 20__ ____% _______ 20__ ____% _______ 20__ ____% _______ 20__ ____% _______ 20__ ____%
Turbo Trigger means any Distribution Date on which (a) the outstanding aggregate Pool Balance is equal to or less than 10% of the sum of the aggregate principal balance as of the Cutoff Date of the Initial Financed Student Loans plus the aggregate initial principal balance of all Subsequent Student Loans; or (b) the Cumulative Default Rate exceeds 10%; provided, however, that with respect to clause (b), a Turbo Trigger will not have occurred if ▇▇▇▇ is continuing to pay claims on Defaulted Student Loans that have met ▇▇▇▇’s due diligence requirements and ▇▇▇▇ is solvent.
Turbo Trigger means any Distribution Date on which (a) the outstanding aggregate Pool Balance is equal to or less than 10% of the sum of the aggregate principal balance as of the Cutoff Date of the Financed Student Loans; or (b) the Cumulative Default Rate exceeds 10%; provided, however, that with respect to clause (b), a Turbo Trigger will not have occurred