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.
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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.
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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%
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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.

Related to Rapid Amortization Trigger Event

  • Rapid Amortization Event has the meaning given to it in Section 5.16.

  • Rapid Amortization Period means the Amortization Period commencing on the Pay Out Commencement Date and ending on the earlier to occur of (a) the Series 2001-D Termination Date and (b) the termination of the Trust pursuant to Section 12.01 of the Agreement.

  • Early Amortization Event means the occurrence of any of the following events:

  • Prepayment Distribution Trigger With respect to any Distribution Date and any Class of Subordinate Certificates (other than the Class M-1 Certificates), a test that shall be satisfied if the fraction (expressed as a percentage) equal to the sum of the Certificate Principal Balances of such Class and each Class of Subordinate Certificates with a Lower Priority than such Class immediately prior to such Distribution Date divided by the aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO Properties) immediately prior to such Distribution Date is greater than or equal to the sum of the related Initial Subordinate Class Percentages of such Classes of Subordinate Certificates.

  • Swap Provider Trigger Event A Swap Termination Payment that is triggered upon: (i) an Event of Default under the Interest Rate Swap Agreement with respect to which the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party (as defined in the Interest Rate Swap Agreement) or (iii) an Additional Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party.