Fraud Loss Coverage Amount. As of the Closing Date, $4,000,000 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: (a) on the first, second, third and fourth anniversaries of the Cut-off Date, to an amount equal to the lesser of (i) 1% of the then current Pool Stated Principal 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 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, $[ ]. 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 $[ ] 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. As of the Closing Date, $2,537,377, 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, 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 Stated Principal Balance of the Mortgage Loans in the case of the first and second such anniversaries and 0.50% of the then-current Stated Principal Balance of the Mortgage Loans in the case of the third and fourth such anniversaries 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 such preceding anniversary; and (b) on the fifth anniversary of the Cut-off Date, to zero.]
Examples of Fraud Loss Coverage Amount in a sentence
They are participating in the Chartered Institute for Library and Information Professionals (CILIP) Trailblazer group developing a national standard for library apprentices.
The Fraud Loss Coverage Amount will be reduced, from time to time, by the amount of Fraud Losses allocated to the 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.
Fraud Loss Coverage Termination Date: The date on which the Fraud Loss Coverage Amount is reduced to zero.
The Fraud Loss Coverage Amount may be reduced below the amount set forth above for any Distribution Date with the consent of the Rating Agencies as evidenced by a letter of each Rating Agency to the Trust Administrator to the effect that any such reduction will not result in a downgrading of the current ratings assigned to such Classes of Certificates rated by it.Fraud Loss Coverage Termination Date: The point in time at which the applicable Fraud Loss Coverage Amount is reduced to zero.
More Definitions of Fraud Loss Coverage Amount
Fraud Loss Coverage Amount. As of the Closing Date, $19,557,631 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, such Fraud Loss Coverage Amount will be reduced as follows: (a) on April 1, 2007 through March 31, 2008, to an amount equal to $13,038,421 less 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, (b) on April 1, 2008 through March 31, 2011, to an amount equal to $6,519,210 less 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 and (c) after the earlier to occur of the Cross-Over Date and April 1, 2011, to zero.
Fraud Loss Coverage Amount. As of the Closing Date, (x) $11,235,163, with respect to the Group 1 Certificates and (y) $6,951,201, with respect to the Aggregate Group II Certificates, in each case, subject to reduction from time to time, by the amount of Fraud Losses allocated to the Certificates. The respective Fraud Loss Coverage Amounts for the Group 1 Mortgage Loans and the Aggregate Group II Mortgage Loans will be reduced, from time to time, by the amount of Fraud Losses allocated to the related Certificates. In addition, respective Fraud Loss Coverage Amounts for the Group 1 Mortgage Loans and the Aggregate Group II Mortgage Loans will be reduced on the fifth anniversary of the Cut-off Date, to zero and on the first, second, third and fourth anniversaries of the Cut-off Date, to an amount equal to the lesser of (x) 2%, in the case of the first anniversary, and 1%, in the case of the second, third and fourth anniversaries, of the then current aggregate Stated Principal Balance of the Group 1 Mortgage Loans or the Aggregate Group II Mortgage Loans, as applicable, and (y) the excess of the respective Fraud Loss Coverage Amount as of the preceding anniversary of the Cut-off Date over the cumulative amount of Fraud Losses allocated to the related Certificate Group since the preceding anniversary.
Fraud Loss Coverage Amount. Not applicable.
Fraud Loss Coverage Amount. As of the Closing Date, $2,158,875 in respect of Loan Group 1 and $1,694,909 in respect of Loan Group 2, each subject to reduction from time to time, by the amount of Fraud Losses allocated to the related Certificates. In addition, on each anniversary of the Cut-off Date, the related Fraud Loss Coverage Amount will be reduced as follows: (a) on the first, second, third and fourth anniversaries of the Cut-off Date, to an amount equal to the lesser of (i) 1% of the then current Stated Principal Balance on the Mortgage Loans in the related Loan Group in the case of the first and second such anniversary and 0.50% of the current Stated Principal Balance on the Mortgage Loans in the related Loan Group in the case of the third and fourth such anniversaries and (ii) the excess of the related Fraud Loss Coverage Amount as of the preceding anniversary of the Cut-off Date over the cumulative amount of related Fraud Losses allocated to the related Certificates since such preceding anniversary; and (b) on the fifth anniversary of the Cut-off Date, to zero.
Fraud Loss Coverage Amount. With respect to any Related Pass-Through Loan Groups and as of any Determination Date, initially, an amount equal to the Initial Fraud Loss Coverage Amount for such Related Pass-Through Loan Groups, subject to reduction from time to time by the amount of Fraud Losses allocated to the related Subordinate Certificates. In addition, (a) on each anniversary prior to the fifth anniversary of the Cut-off Date, the Fraud Loss Coverage Amount for such Related Pass-Through Loan Groups will be reduced to an amount equal to the lesser of (A) 2.00% of the Aggregate Related Pass-Through Collateral Balance for such Related Pass-Through Loan Groups as of such date, and (B) the excess of the Fraud Loss Coverage Amount for such Related Pass-Through Loan Groups as of the preceding anniversary of the Initial Cut-off Date (or with respect to the first anniversary, the Initial Fraud Loss Coverage Amount) over the cumulative amount of Fraud Losses on the Mortgage Loans in the Related Pass-Through Loan Groups allocated to the related Subordinate Certificates since such preceding anniversary of the Initial Cut-off Date or the Initial Cut-off Date, as applicable, and (b) on the fifth anniversary of the Initial Cut-off Date, zero. Any Fraud Loss Coverage Amount may be reduced below the amount set forth above for any Distribution Date with the consent of the Rating Agencies as evidenced by a letter of each Rating Agency to the Trust Administrator to the effect that any such reduction will not result in a downgrading of the current ratings assigned to such Classes of Certificates rated by it.
Fraud Loss Coverage Amount. With respect to the Group 1, Group 2, Group 3, Group 4 and Group 5 Certificates as of the Closing Date, $5,580,502, 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 for the Group 1, Group 2, Group 3, Group 4 and Group 5 Certificates will be reduced to an amount equal to (i) on the first and second anniversaries of the preceding anniversary of the Cut-off Date (or in the case of the first anniversary, the Cut-off Date), the lesser of (A) 1.0% of the aggregate Stated Principal Balance of the Group 1, Group 2, Group 3, Group 4 and Group 5 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 1, Group 2, Group 3, Group 4 and Group 5 Mortgage Loans allocated to the Group C-B Certificates since the preceding anniversary of the Cut-off Date (or in the case of the first anniversary, the Cut-off Date) and (ii) on the third and fourth anniversaries of the Cut-off Date, the lesser of (A) 0.5% of the aggregate Stated Principal Balance of the Group 1, Group 2, Group 3, Group 4 and Group 5 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 1, Group 2, Group 3, Group 4 and Group 5 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, $10,691,152, subject to reduction from time to time, by the amount of Fraud Losses allocated to the Certificates. In addition, on each anniversary