Fraud Loss Coverage Amount definition
Fraud Loss Coverage Amount. As of the Closing Date, $10,989,827, subject to reduction from time to time, by the amount of Fraud Losses allocated to the Certificates. In addition, on each anniversary of the Cut-off Date, the Fraud Loss Coverage Amount will be reduced as follows:
Fraud Loss Coverage Amount. As of the Closing Date, $5,000,000 subject to reduction from time to time, by the amount of Fraud Losses allocated to the Certificates. In addition, on each anniversary of the Cut-off Date, the Fraud Loss Coverage Amount will be reduced as follows:
Fraud Loss Coverage Amount. As of the Closing Date, $2,549,537. As of any Distribution Date from the first anniversary of the Cut-off Date and prior to the third anniversary of the Cut-off Date, the Fraud Loss Coverage Amount will equal $2,549,537 minus the aggregate amount of Fraud Losses that would have been allocated to the Subordinated Certificates in the absence of the Loss Allocation Limitation since the Cut- off Date. As of any Distribution Date from the third to the fifth anniversary of the Cut-off Date, the Fraud Loss Coverage Amount will equal (1) the lesser of (a) the Fraud Loss Coverage Amount as of the most recent anniversary of the Cut-off Date and (b) 0.5% of the aggregate outstanding principal balance of all of the Mortgage Loans as of the most recent anniversary of the Cut- off Date minus (2) the Fraud Losses that would have been allocated to the Subordinated Certificates in the absence of the Loss Allocation Limitations since the most recent anniversary of the Cut-off Date. As of any Distribution Date on or after the earlier of the Cross-over Date or the fifth anniversary of the Cut-off Date, the Fraud Loss Coverage Amount shall be zero.
Examples of Fraud Loss Coverage Amount in a sentence
The Fraud Loss Coverage Amount will be reduced, from time to time, by the amount of Fraud Losses allocated to the Group I Certificates and Group II Certificates.
As of any Distribution Date from the first anniversary of the Cut-off Date and prior to the fifth anniversary of the Cut-off Date, the Fraud Loss Coverage Amount will equal $6,268,858 minus the aggregate amount of Fraud Losses that would have been allocated to the Subordinated Certificates in the absence of the Loss Allocation Limitation since the Cut-off Date.
The Class M Certificates and Class B Certificates will provide limited protection to the Classes of Certificates of higher relative priority against (i) Special Hazard Losses in an initial amount equal to the Special Hazard Loss Coverage Amount, (ii) Bankruptcy Losses in an initial amount equal to the Bankruptcy Loss Coverage Amount and (iii) Fraud Losses in an initial amount equal to the Fraud Loss Coverage Amount.
The date on which the Fraud Loss Coverage Amount is reduced to zero.
The Fraud Loss Coverage Amount will be reduced, from time to time, by the amount of Fraud Losses allocated to the Certificates.
More Definitions of Fraud Loss Coverage Amount
Fraud Loss Coverage Amount. As of the Closing Date, $9,480,310. As of any Distribution Date from the first anniversary of the Cut-off Date and prior to the fifth anniversary of the Cut-off Date, the Fraud Loss Coverage Amount will equal $4,740,155 minus the aggregate amount of Fraud Losses that would have been allocated to the Subordinated Certificates in the absence of the Loss Allocation Limitation since the Cut-off Date. As of any Distribution Date on or after the earlier of the Cross-over Date or the fifth anniversary, the Fraud Loss Coverage Amount shall be zero.
Fraud Loss Coverage Amount. Not applicable.
Fraud Loss Coverage Amount. As of the Closing Date, $5,289,994. As of any Distribution Date from the first anniversary of the Cut-off Date and prior to the fifth anniversary of the Cut-off Date, the Fraud Loss Coverage Amount shall equal $2,644,997 minus the aggregate amount of Fraud Losses that would have been allocated to the Subordinated Certificates in the absence of the Loss Allocation Limitation since the Cut-off Date. As of any Distribution Date on or after the earlier of the Cross-over Date or the fifth anniversary of the Cut-off Date, the Fraud Loss Coverage Amount shall be zero. Fraud Loss Coverage Termination Date: The date on which the Fraud Loss Coverage Amount is reduced to zero.
Fraud Loss Coverage Amount. With respect to the Mezzanine and Subordinate Certificates, as of the Closing Date, $23,499,362.37, as reduced on the fifth anniversary of the Cut-off Date to zero and on the first anniversary of the Cut-off Date, to an amount equal to the lesser of (x) 2.00% of the then current Pool Balance of the Aggregate Pool, and (y) the excess of the related Fraud Loss Coverage Amount as of the Cut-off Date, over the cumulative amount of Fraud Losses allocated to the related Certificates since the Cut-off Date and reduced on the second, third and fourth anniversaries of the Cut off Date, to an amount equal to the lesser of (x) 1.00% of the then current Pool Balance of the Aggregate Pool, and (y) the excess of the related Fraud Loss Coverage Amount as of the preceding anniversary of the Cut off Date, over the cumulative amount of Fraud Losses allocated to the Certificates since the preceding anniversary.
Fraud Loss Coverage Amount. As of the Closing Date, $19,250,489, subject to reduction from time to time by the amount of Fraud Losses allocated to the Group C-B Certificates. In addition, (a) on each anniversary prior to the fifth anniversary of the Cut-off Date, the Fraud Loss Coverage Amount will be reduced to an amount equal to (i) on the first anniversary of the Cut-off Date, the lesser of (A) 2.0% of the aggregate Stated Principal Balance of the Group 2, Group 3 and Group 4 Mortgage Loans and (B) the excess of such Fraud Loss Coverage Amount as of the Cut-off Date over the cumulative amount of Fraud Losses on the Group 2, Group 3 and Group 4 Mortgage Loans allocated to the Group C-B Certificates since the Cut-off Date and (ii) on the second, third and fourth anniversaries of the Cut-off Date, the lesser of (A) 1.0% of the aggregate Stated Principal Balance of the Group 2, Group 3 and Group 4 Mortgage Loans and (B) the excess of such Fraud Loss Coverage Amount as of the preceding anniversary of the Cut-off Date over the cumulative amount of Fraud Losses on the Group 2, Group 3 and Group 4 Mortgage Loans allocated to the Group C-B Certificates since such preceding anniversary and (b) on the fifth anniversary of the Cut-off Date, to zero.
Fraud Loss Coverage Amount. As of the Closing Date, $4,743,244, subject to reduction from time to time by the aggregate amount of Fraud Losses that would have been previously allocated to the Subordinate Certificates in the absence of the Loss Allocation Limitation since the Cut-off Date. In addition, the Fraud Loss Coverage Amount will be reduced as follows:
Fraud Loss Coverage Amount. As of the Closing Date, $21,844,867, subject to reduction from time to time by the amount of Fraud Losses allocated to the Certificates. In addition, on each anniversary of the Cut-Off Date, the Fraud Loss Coverage Amount will be reduced as follows: (a) on the first anniversary of the Cut-Off Date, to an amount equal to the lesser of (i) 2.00% of the then current Pool Balance and (ii) the excess of the Fraud Loss Coverage Amount as of the Cut-Off Date over the cumulative amount of Fraud Losses allocated to the Certificates since the Cut-Off Date; (b) on the second, third and fourth anniversaries of the Cut-Off Date, to an amount equal to the lesser of (i) 1.00% of the then current Pool Balance and (ii) the excess of the Fraud Loss Coverage Amount as of the preceding anniversary of the Cut-Off Date over the cumulative amount of Fraud Losses allocated to the Certificates since the preceding anniversary; and (c) on the fifth anniversary of the Cut-Off Date, to zero; provided, however, that the Fraud Loss Coverage Amount may also be reduced pursuant to a letter from the Rating Agency to the Trustee to the effect that any such reduction will not result in the downgrading of the then current ratings assigned by the Rating Agency to the Classes of Senior Certificates.