Fraud Coverage definition

Fraud Coverage. During the period prior to the first anniversary of the Cut-Off Date, 2.00% of the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date (the "Initial Fraud Coverage"), reduced by Fraud Losses allocated to the Certificates since the Cut-Off Date; during the period from the first anniversary of the Cut-Off Date to (but not including) the fifth anniversary of the Cut-Off Date, the amount of the Fraud Coverage on the most recent previous anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) reduced by Fraud Losses allocated to the Certificates since such anniversary; and during the period on and after the fifth anniversary of the Cut-Off Date, zero. On each anniversary of the Cut-Off Date, the Fraud Coverage shall be reduced to the lesser of (i) on the first, second, third and fourth anniversaries of the Cut-Off Date, 1.00% of the aggregate principal balance of the Mortgage Loans as of the Due Date in the preceding month and (ii) the excess of the Initial Fraud Coverage over cumulative Fraud Losses allocated to the Certificates since the Cut-Off Date. The Fraud Coverage may be reduced upon written confirmation from the Rating Agencies that such reduction will not adversely affect the then current ratings assigned to the Certificates by the Rating Agencies.
Fraud Coverage. As of the Cut-Off Date approximately $2,234,231, and thereafter, the Fraud Coverage will generally be equal to (1) prior to the third Anniversary, an amount equal to 1.00% of the aggregate Principal Balance of all Loans as of the Cut-Off Date minus the aggregate amounts allocated to the Certificates with respect to Fraud Losses on such Loans up to such date of determination and (2) from the third to the fifth Anniversary, an amount equal to (a) 0.50% of the aggregate Principal Balance of all of the Loans as of the Due Date of the calendar month preceding the most recent Anniversary minus (b) the aggregate amounts allocated to the Certificates with respect to Fraud Losses on the Loans since the most recent Anniversary up to such date of determination. On and after the fifth Anniversary, the Fraud Coverage will be zero. Fraud Coverage may be reduced upon written confirmation from each Rating Agency that such reduction will not adversely affect the then current ratings assigned to the Certificates by each Rating Agency (determined without regard to the Class A-3 Policy).
Fraud Coverage. As of the Cut-Off Date, will be $3,583,848.26. As of any date of determination after the Cut-Off Date, the Fraud Coverage will generally be equal to:

Examples of Fraud Coverage in a sentence

  • The Fraud Coverage may be reduced upon written confirmation from the Rating Agencies that such reduction will not adversely affect the then current ratings assigned to the Certificates by the Rating Agencies.

  • On each anniversary of the Cut-Off Date, the Fraud Coverage shall be reduced to the lesser of (i) on the first, second, third and fourth anniversaries of the Cut-Off Date, 1.00% of the aggregate principal balance of the Mortgage Loans as of the Due Date in the preceding month and (ii) the excess of the Initial Fraud Coverage over cumulative Fraud Losses allocated to the Certificates since the Cut-Off Date.

  • Special Hazard Losses in excess of the Special Hazard Coverage, Fraud Losses in excess of the Fraud Coverage and Bankruptcy Losses in excess of the Bankruptcy Coverage shall be allocated among the Senior Certificates and the Subordinate Certificates by Pro Rata Allocation.

  • Special Hazard Losses in excess of the Special Hazard Coverage, Fraud Losses in excess of the Fraud Coverage and Bankruptcy Losses in excess of the Bankruptcy Coverage shall be allocated among the related Senior Certificates and the Subordinate Certificates by Pro Rata Allocation.

  • In addition to the Conditions and Limitations in the bond, the following provisions are applicable to the Telefacsimile Transfer Fraud Coverage: Telefacsimile Device means a machine capable of sending or receiving an image of a document by electronic means transmitted through a telephone line and which reproduces the exact duplicate of the document on paper.


More Definitions of Fraud Coverage

Fraud Coverage. During the period prior to the first anniversary of the Cut-Off Date and with respect to Loan Group I and Loan Group II, 2.00% of the aggregate principal balance of the Group I and Group II Loans as of the Cut-Off Date (the "Initial Group I and Group II Fraud Coverage"), reduced by Fraud Losses allocated to the Group I, Group II and Group C-B Certificates since the Cut-Off Date; during the period from the first anniversary of the Cut-Off Date to (but not including) the fifth anniversary of the Cut-Off Date, the amount of the Fraud Coverage for Loan Group I and Loan Group II on the most recent previous anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) reduced by Fraud Losses allocated to the Group I, Group II and Group C-B Certificates since such anniversary; and during the period on and after the fifth anniversary of the Cut-Off Date, zero. On each anniversary of the Cut-Off Date, the Fraud Coverage for Loan Group I and Loan Group II shall be reduced to the lesser of (i) on the first anniversary of the Cut-Off Date, 2.00%, and on the second, third and fourth anniversaries of the Cut-Off Date, 1.00% of the aggregate principal balance of the Group I and Group II Loans as of the Due Date in the preceding month and (ii) the excess of the Initial Group I and Group II Fraud Coverage over cumulative Fraud Losses allocated to the Group I, Group II and Group C-B Certificates since the Cut-Off Date. During the period prior to the first anniversary of the Cut-Off Date and with respect to Loan Group III, 2.00% of the aggregate principal balance of the Group III Loans as of the Cut-Off Date (the "Initial Group III Fraud Coverage"), reduced by Fraud Losses allocated to the Group III Certificates since the Cut-Off Date; during the period from the first anniversary of the Cut-Off Date to (but not including) the fifth anniversary of the Cut-Off Date, the amount of the Fraud Coverage for Loan Group III on the most recent previous anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) reduced by Fraud Losses allocated to the Group III Certificates since such anniversary; and during the period on and after the fifth anniversary of the Cut-Off Date, zero. On each anniversary of the Cut-Off Date, the Fraud Coverage for Loan Group III shall be reduced to the lesser of (i) on the first anniversary of the Cut-Off Date, 2.00%, and on the second, third and fourth anniversaries of the C...
Fraud Coverage. Wixx xxxpxxx to each Loan Group (or, with respect to combined Loan Group V and Loan group VI), as of the Cut-Off Date approximately $4,245,042 for Loan Group I and $1,742,583 for Loan Group II, $1,607,525 for Loan Group III, $4,860,585 for Loan Group IV and $2,583,046 for combined Loan Group V and Loan Group VI, and thereafter, the applicable Fraud Coverage will generally be equal to (1) prior to the third Anniversary, an amount equal to 1.00% of the aggregate Principal Balance of all Group I, Group II, Group III, Group IV or combined Loan Group V and Loan Group VI Loans, as applicable, as of the Cut- Off Date minus the aggregate amounts allocated to the Certificates with respect to Fraud Losses on the Group I, Group II, Group III, Group IV or combined Loan Group V and Loan Group VI Loans, as applicable, up to such date of determination and (2) from the third to the fifth Anniversary, an amount equal to (a) 0.50% of the aggregate Principal Balance of all Group I, Group II, Group III, Group IV or combined Loan Group V and Loan Group VI, as applicable, as of the Due Date of the calender month preceding the most recent Anniversary minus (b) the aggregate amounts allocated to the related Group I, Group II, Group III, Group IV or combined Loan Group V and Loan Group VI. certificates with respect to Fraud Losses on the related Loans since the most recent Anniversary up to such date of determination. On and after the fifth Anniversary, the applicable Fraud Coverage will be zero. The applicable Fraud Coverage may be reduced upon written confirmation from each Rating Agency that such reduction will not adversely affect the then current ratings assigned to the related Certificates by each Rating Agency.
Fraud Coverage. As of the Cut-Off Date, will be approximately $10,462.398.43 with respect to the Group I Loans and $1,091,009.64 with respect to the Group II Loans. As of any date of determination after the Cut-Off Date, the Fraud Coverage will generally be equal to:
Fraud Coverage for the Certificates shall be zero.
Fraud Coverage. For each Loan Group, during the period prior to the first anniversary of the Cut-Off Date, the Fraud Coverage Initial Amount for such Loan Group reduced by Fraud Losses incurred for such Loan Group without regard to the coverage provided by the Certificate Insurance Policy; during the period from the first anniversary of the Cut-Off Date to (but not including) the fifth anniversary of the Cut-Off Date, the amount of the Fraud Coverage for such Loan Group on the most recent previous anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this definition) reduced by Fraud Losses incurred for such Loan Group since such anniversary without regard to the coverage provided by the Certificate Insurance Policy; and during the period on and after the fifth anniversary of the Cut-Off Date, Fraud Coverage for such Loan Group will be zero. On each anniversary of the Cut-Off Date, Fraud Coverage for such Loan Group shall be reduced to the lesser of (i) on the first, second, third and fourth anniversaries of the Cut-Off Date, 1.0% of the aggregate principal balance of such Loan Group as of the Due Date in the preceding month and (ii) the excess of the Fraud Coverage Initial Amount for such Loan Group over cumulative Fraud Losses incurred for such Loan Group to date without regard to the coverage provided by the Certificate Insurance Policy. Fraud Coverage for such Loan Group may be reduced upon written confirmation from the Rating Agency that such reduction will not adversely affect the then current ratings assigned to the Certificates related to such Loan Group by the Rating Agency (determined in the case of the Insured Certificates without regard to the effect of the Certificate Insurance Policy) and upon receipt by the Trustee of prior written consent of the Certificate Insurer.