Funding Termination Event

Funding Termination Event. Funding Termination Event" means the occurrence of any of the following: (i) the average of the Annualized Default Ratios on the Serviced Portfolio for the most recently ended three-month Collection Periods exceeds 4.50%, (ii) (A) the Annualized Default Ratio on the Securitized Portfolio for the Collection Period occurring in (x) January 2010 exceeds 7.50%, (y) February 2010 exceeds 6.25%, and (z) March 2010, exceeds 3.75%, and (B) the average of the Annualized Default Ratios on the Securitized... Portfolio for the three consecutive Collection Periods whose final Collection Period occurs in April 2010 or any month thereafter, exceeds 3.50%, (iii) the average of the NPA Ratios for the Serviced Portfolio for the three most recently ended Collection Periods exceeds 4.75%, or (iv) (A) the average of the NPA Ratio for the Securitized Portfolio for the Collection Period occurring in (x) January 2010 exceeds 7.50%, (y) February 2010 exceeds 6.25%, and (z) March 2010, exceeds 3.75%, and (B) the average of the NPA Ratios for the Securitized Portfolio for the three consecutive Collection Periods whose final Collection Period occurs in April 2010 or any month thereafter, exceeds 3.50%. View More

Funding Termination Event. Option One, by no later than January 31, 2008, fails to develop systems, reasonably acceptable to Agent, which monitor and track on a daily basis and at the loan level Advance Reimbursement Amounts relating to Loan Level Advances.