Fraud Loss Coverage Amount. As of the Closing Date, $2,500,000, 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) 1.00% of the then current Stated Principal Balance of the Mortgage Loans in the case of the first and second 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.
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, $27,629,677, 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 on the first, second, third and fourth anniversaries of the Cut-off Date, to an amount equal to the lesser of (i) 2.00%, in the case of the first anniversary, and 1.00%, in the case of the second, third and fourth anniversaries, of the then current Aggregate Stated Principal Balance of the Aggregate Pool, and (ii) the excess of the Fraud Loss Coverage Amount as of the preceding anniversary of the Cut-off Date (or the Cut-off Date, in the case of the first anniversary), over the cumulative amount of Fraud Losses allocated to the related Certificates since the preceding anniversary and (b) on the fifth anniversary of the Cut-off Date, to zero.
Examples of Fraud Loss Coverage Amount in a sentence
This calculation provides explicitly modeled dilution on a block-by-block basis; no dilution factors additional to the modeled dilution need to be applied if the block size is suitable.
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 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, $2,702,379. 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 $2,702,379 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 anniversary 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) 0.50% 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.
Fraud Loss Coverage Amount. As of the Closing Date, $6,315,868 with respect to Loan Group 1 and $9,849,249 with respect to Loan Group 2, subject in each case to reduction from time to time by the amount of Fraud Losses allocated to the Certificates in the corresponding Certificate Group. On each anniversary of the Cut-off Date, the Fraud Loss Coverage Amount for each Loan Group 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% of the aggregate of the Stated Principal Balances of all Mortgage Loans in the related Loan Group and (ii) the excess of the Fraud Loss Coverage Amount for the Certificates in the corresponding Certificate Group as of the Cut-off Date over the cumulative amount of Fraud Losses on the Mortgage Loans in the related Loan Group allocated to the Certificates in the corresponding Certificate Group 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% of the aggregate of the Stated Principal Balances of all Mortgage Loans in the related Loan Group and (ii) the excess of the Fraud Loss Coverage Amount for the Certificates in the corresponding Certificate Group as of the preceding anniversary of the Cut-off Date (or, in the case of the first such anniversary, as of the Cut-off Date) over the cumulative amount of Fraud Losses on the Mortgage Loans in the related Loan Group allocated to the Certificates in the corresponding Certificate Group since such preceding anniversary or the Cut-off Date, as the case may be, and (c) on the fifth anniversary of the Cut-off Date, to zero.
Fraud Loss Coverage Amount. Not applicable.
Fraud Loss Coverage Amount. As of the Closing Date, $11,390,924, 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: (a) on the first anniversary of November 1, 2004, to an amount equal to $5,695,462 less the amount of Fraud Losses that would have been previously allocated to the Subordinate Certificates in the absence of the Loss Allocation Limitation and (b) on the earlier to occur of the Cross-Over Date and the fifth anniversary of November 1, 2004, to zero.
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.
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. As of the Closing Date, $10,876,402. 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 $5,438,201 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.