Fraud Loss Amount definition

Fraud Loss Amount. As of any Determination Date after the Cut-off Date, an amount equal to (X) prior to the first anniversary of the Cut-off Date an amount equal to 2% of the aggregate outstanding principal balance of all of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud Losses allocated solely to the Subordinate Certificates in accordance with Section 4.05 since the Cut-off Date up to such Determination Date, (Y) from the first through the fifth anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and (b) 1% of the aggregate principal balance of all of the Mortgage Loans as of the most recent anniversary of the Cut-off Date minus (2) the aggregate amount of Fraud Losses allocated solely to the Subordinate Certificates in accordance with Section 4.05 since the most recent anniversary of the Cut-off Date up to such Determination Date and (Z) on and after the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.
Fraud Loss Amount. As of any date of determination after the Cut-off Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date an amount equal to 3.00% of the aggregate outstanding principal balance of all of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud Losses allocated solely to one or more specific Classes of Certificates in accordance with Section 4.05 of this Series Supplement since the Cut-off Date up to such date of determination, (Y) from the first to, but not including, the second anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and (b) 2.00% 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 aggregate amount of Fraud Losses allocated solely to one or more specific Classes of Certificates in accordance with Section 4.05 since the most recent anniversary of the Cut-off Date up to such date of determination, and (Z) from the second to, but not including, the fifth anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and (b) 1.00% 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 aggregate amount of Fraud Losses allocated solely to one or more specific Classes of Certificates in accordance with Section 4.05 since the most recent anniversary of the Cut-off Date up to such date of determination. On and after the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero. The Fraud Loss Amount may be further reduced by the Master Servicer (including accelerating the manner in which such coverage is reduced) provided that prior to any such reduction, the Master Servicer shall (i) obtain written confirmation from each Rating Agency that such reduction shall not reduce the rating assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency and (ii) provide a copy of such written confirmation to the Trustee.
Fraud Loss Amount. For each Distribution Date occurring during the period from the Closing Date through the first anniversary of the Cut-Off Date, the Initial Fraud Loss Amount reduced by the amount of Fraud Losses allocated to the Certificates. Thereafter, the Fraud Loss Amount shall be equal to the lesser of (i) the Initial Fraud Loss Amount reduced by the amount of Fraud Losses allocated to the Certificates and (ii) for each Distribution Date occurring (a) during the period from the day after the first anniversary through the third anniversary of the Cut-Off Date, 1% of the Pool Stated Principal Balance, (b) during the period from the day after the third anniversary through the fifth anniversary of the Cut-Off Date, 0.5% of the Pool Stated Principal Balance, and (c) after the fifth anniversary of the Cut-Off Date, zero.

Examples of Fraud Loss Amount in a sentence

  • Excess Fraud Loss: Any Fraud Loss, or portion thereof, which exceeds the then applicable Fraud Loss Amount.

  • On and after the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.

  • On and after the fifth anniversary of the Cut-off Date the Fraud Loss Amount shall be zero.

  • On and after the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero and Fraud Losses shall not be allocated through subordination.

  • For purposes of the foregoing, the Trustee shall maintain records relating to the Bankruptcy Amount, Fraud Loss Amount and Special Hazard Amount as in effect from time to time.


More Definitions of Fraud Loss Amount

Fraud Loss Amount. As of any date of determination after the Cut-off Date and with respect to each of Loan Group I and Loan Group II, an amount equal to (X) prior to the first anniversary of the Cut-off Date an amount equal to 3.00% of the aggregate outstanding principal balance of all of the Mortgage Loans in the related Loan Group as of the Cut-off Date minus the aggregate amount of Fraud Losses with respect to such Loan Group allocated to the Class SB Certificates or the Loan Group I Excess Cash Flow or Loan Group II Excess Cash Flow in accordance with Section 4.05 since the Cut-off Date up to such date of determination, (Y) from the first to the second anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and (b) 2.00% of the aggregate outstanding principal balance of all of the Mortgage Loans in the related Loan Group as of the most recent anniversary of the Cut-off Date minus (2) the Fraud Losses with respect to such Loan Group allocated to the Class SB Certificates or the Loan Group I Excess Cash Flow or Loan Group II Excess Cash Flow in accordance with Section 4.05 since the most recent anniversary of the Cut-off Date up to such date of determination and (Z) from the second to the fifth anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and (b) 1.00% of the aggregate outstanding principal balance of all of the Mortgage Loans in the related Loan Group as of the most recent anniversary of the Cut-off Date minus (2) the Fraud Losses with respect to such Loan Group allocated to the Class SB Certificates or the Loan Group I Excess Cash Flow or Loan Group II Excess Cash Flow in accordance with Section 4.05 since the most recent anniversary of the Cut-off Date up to such date of determination. On and after the fifth anniversary of the Cut-off Date the Fraud Loss Amount with respect to each Loan Group shall be zero. The Fraud Loss Amount may be further reduced by the Master Servicer (including accelerating the manner in which such coverage is reduced) provided that prior to any such reduction, the Master Servicer shall (i) obtain written approval from the Insurer and written confirmation from each Rating Agency that such reduction shall not reduce the rating assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned t...
Fraud Loss Amount. For each Distribution Date and Loan Group occurring during the period from the Closing Date through the first anniversary of the Cut-Off Date, the Initial Fraud Loss Amount for such Loan Group reduced by the amount of Fraud Losses on the Mortgage Loans in such Loan Group allocated to the Certificates of the Related Group. Thereafter, the Fraud Loss Amount for such Loan Group shall be equal to the lesser of (i) the Initial Fraud Loss Amount for such Loan Group reduced by the amount of Fraud Losses on the Mortgage Loans in such Loan Group allocated to the Certificates and the Class A-PO Component of the Related Group and (ii) for each Distribution Date occurring (a) during the period from the day after the first anniversary through the third anniversary of the Cut-Off Date, 1% of the Pool Stated Principal Balance for such Loan Group, (b) during the period from the day after the third anniversary through the fifth anniversary of the Cut-Off Date, 0.5% of the Pool Stated Principal Balance for such Loan Group, and (c) after the fifth anniversary of the Cut-Off Date, zero. Group: Either of Group 1 or Group 2.
Fraud Loss Amount. With respect to any relevant Series of Bonds, the amount specified in the related Series Supplement, as adjusted from time to time in accordance with such Series Supplement.
Fraud Loss Amount. With respect to any date of determination after the Cut-off Date an amount equal to: (X) prior to the first Anniversary, an amount equal to 3.00% of the aggregate outstanding principal balance of all of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud Losses allocated solely to the Class A-2 Certificates, the Class B-1 Certificates, the Class B-2 Certificates, the Class SB Certificates and the Class R Certificates in accordance with Section 4.04 since the Cut-off Date, (Y) from and including the first Anniversary to but not including the second Anniversary, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the day immediately preceding the first Anniversary and (b) 2.00% of the aggregate outstanding principal balance of all of the Mortgage Loans as of the first Anniversary minus (2) the Fraud Losses allocated solely to the Class A-2 Certificates, the Class B-1 Certificates, the Class B-2 Certificates, the Class SB Certificates and the Class R Certificates in accordance with Section 4.04 since the first Anniversary, and (Z) from and including the second Anniversary to but not including the fifth Anniversary, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the most recent Anniversary and (b) 1.00% of the aggregate outstanding principal balance of all of the Mortgage Loans, as of the most recent Anniversary minus (2) the Fraud Losses allocated solely to the Class A-2 Certificates, the Class B-1 Certificates, the Class B-2 Certificates, the Class SB Certificates and the Class R Certificates in accordance with Section 4.04 since the most recent Anniversary. On and after the fifth Anniversary the Fraud Loss Amount shall be zero.
Fraud Loss Amount. As of any date of determination after the Cut-off Date, an amount equal to: (X) prior to September 1, 1997, $1,782,897 minus the aggregate amount of Fraud Losses on the Mortgage Loans allocated solely to the Class CE Certificates in accordance with Section 4.04 since the Cut-off Date up to such date of determination, (Y) from September 1, 1997 to September 1, 1998, (1) the lesser of (a) the Fraud Loss Amount as of the most recent September 1 and (b) 2.00% of the aggregate outstanding principal balance of all of the Mortgage Loans as of the most recent September 1 minus (2) the Fraud Losses on the Mortgage Loans allocated solely to the Class CE Certificates in accordance with Section 4.04 since the most recent September 1 up to such date of determination and (Z) from September 1, 1998 to September 1, 2001, (1) the lesser of (a) the Fraud Loss Amount as of the most recent September 1 and (b) 1.00% of the aggregate outstanding principal balance of all of the Mortgage Loans as of the most recent September 1 minus (2) the Fraud Losses on the Mortgage Loans allocated solely to the Class CE Certificates in accordance with Section 4.04 since the most recent September 1 up to such date of determination. On and after September 1, 2001, the Fraud Loss Amount shall be zero.