Guaranteed Distributions definition
Guaranteed Distributions and "Term of this Policy" shall have the meanings set forth in Endorsement No. 1 hereto. This Policy sets forth in full the undertaking of Financial Security, and shall not be modified, altered or affected by any other agreement or instrument, including any modification or amendment thereto. Except to the extent expressly modified by an endorsement hereto, the premiums paid in respect of this Policy are nonrefundable for any reason whatsoever. This Policy may not be canceled or revoked during the Term of this Policy. An acceleration payment shall not be due under this Policy unless such acceleration is at the sole option of Financial Security. THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW. In witness whereof, FINANCIAL SECURITY ASSURANCE INC. has caused this Policy to be executed on its behalf by its Authorized Officer. FINANCIAL SECURITY ASSURANCE INC. By__________________________________ AUTHORIZED OFFICER A subsidiary of Financial Security Assurance Holdings Ltd. 350 Park Avenu▇, ▇▇▇ ▇▇▇▇, ▇.▇. ▇▇▇▇▇-▇▇▇▇ (212) 826-0100 ▇▇▇▇ ▇▇▇▇▇ (▇/89) ENDORSEMENT NO. 1 TO FINANCIAL GUARANTY INSURANCE POLICY FINANCIAL SECURITY 350 Park Avenu▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇. New York, New ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇: The Trust created by the Pooling and Servicing Agreement, dated as of September 1, 2002 among Credit Suisse First Boston Mortgage Securities Corp. as Depositor, DLJ Mortgage Capital, Inc., as Seller, Wilshire Credit Corporation, as Servicer, Washington Mutual Bank, FA as a servicer, Ocwen Federal Bank FSB, as Servicer, and JPMorgan Chase Bank, as Trustee CERTIFICATES: $90,250,000 Home Equity Mortgage Trust 2002-3 Home Equity Mortgage Pass- Through Certificates, Series 2002-3, Class A-1 Certificates and Class A-3 Certificates Policy No.: [51323-N] Date of Issuance: September 26, 2002
Guaranteed Distributions. As defined in the FSA Policy.
Guaranteed Distributions. As defined in the FSA Policy. Index: With respect to each adjustable-rate Mortgage Loan and with respect to each related Adjustment Date, the index as specified in the related Mortgage Note.
Examples of Guaranteed Distributions in a sentence
It shall not be necessary for such distributions to be made by checks or wire transfers separate from the check or wire transfer used to pay Guaranteed Distributions with other funds available to make such distributions.
The Trustee shall deposit any Insured Payment made under the Certificate Insurance Policy in the Policy Payments Account and thereafter into the Distribution Account for distribution of such amount only for purposes of payment to Holders of the Senior Certificates of Guaranteed Distributions for the Senior Certificates for which a claim was made and such amount may not be applied to satisfy any costs, expenses or liabilities of the Trustee or the Trust.
Following Receipt by Financial Security of a notice and certificate from the Trustee in the form attached as Exhibit A to this Endorsement, Financial Security will pay any amount payable hereunder in respect of Guaranteed Distributions out of the funds of Financial Security on the later to occur of (a) 12:00 noon, New York City time, on the second Business Day following such Receipt; and (b) 12:00 noon, New York City time, on the Distribution Date to which such claim relates.
Upon the later of (i) the date upon which the Certificate Principal Balances of the Class A Certificates have been reduced to zero and all Guaranteed Distributions have been made and (ii) the date the Term of the Policy (as defined in the Policy) ends, the Trust Administrator, on behalf of the Trustee, shall surrender the Policy to the Certificate Insurer for cancellation.
Such notice of such Guaranteed Distributions Shortfall shall be confirmed in writing in the form set forth as Exhibit A to the Endorsement to the Policy, to the Certificate Insurer and the Fiscal Agent (as defined in the Policy), if any, at or before 2:00 p.m. New York time on the second Business Day prior to such Distribution Date.
More Definitions of Guaranteed Distributions
Guaranteed Distributions. For any Distribution Date and each Class of Senior Certificates, the sum of (x) the Class Monthly Interest Amount on each Class of Senior Certificates, plus (y) the Subordination Deficit, plus (z) without duplication of clause (y) the outstanding Class Principal Balance of each Class of Senior Certificates (other than the Notional Amount Certificates) on their respective Final Scheduled Distribution Dates after giving effect to distributions thereon on that Distribution Date, determined in accordance with the original terms of the Senior Certificates when issued and without regard to any subsequent amendment or modification of the Senior Certificates or this Agreement except amendments or modifications to which the Certificate Insurer has given its prior written consent. Guaranteed Distributions shall not include, nor shall coverage be provided under the Certificate Insurance Policy in respect of, any taxes, withholding or other charges imposed by a governmental authority due to, or in connection with, the payment of any Guaranteed Distributions to a Holder.
Guaranteed Distributions. As defined in the Certificate Insurance Policy.
Guaranteed Distributions means, with respect to each Distribution Date, the distribution to be made to Holders in an aggregate amount equal to the Insured Distribution Amount, in each case in accordance with the original terms of the Certificates when issued and without regard to any amendment or modification of the Certificates or the Pooling and Servicing Agreement except amendments or modifications to which Financial Security has given its prior written consent. Guaranteed Distributions shall not include, nor shall coverage be provided under this Policy in respect of, any taxes, withholding or other charge imposed by any governmental authority due in connection with the payment of any Guaranteed Distribution to a Holder.
Guaranteed Distributions means, as to each Distribution Date, the amount equal to the sum of (i) the Guaranteed RIC Payments for such Distribution Date and (ii) the Guaranteed Certificate Distribution for such Distribution Date less the amount of any payment under this Policy of the Guaranteed RIC Payments for such Distribution Date that is required to be applied pursuant to the Sale and Servicing Agreement to pay such Guaranteed Certificate Distribution; provided, however, that the aggregate amount of payments guaranteed to be paid under this Policy shall not exceed the Certificate Balance plus all interest thereon.
Guaranteed Distributions means, with respect to each Distribution Date, the distribution to be made to Holders of the Certificates in an aggregate amount equal to (i) the Accrued Certificate Interest Distribution Amount with respect to the Certificates for each Distribution Date, (ii) any Class A Principal Parity Amount and (iii) the Class Certificate Balance of the Certificates to the extent unpaid on the Final Scheduled Distribution Date or earlier termination of the Trust pursuant to the terms of the Pooling and Servicing Agreement, after giving effect to all other amounts due to the Certificates, in each case in accordance with the original terms of the Certificates when issued and without regard to any amendment or modification of the Certificates or the Pooling and Servicing Agreement except amendments or modifications to which Financial Security has given its prior written consent. Guaranteed Distributions shall not include, nor shall coverage be provided under this Policy in respect of, any taxes, withholding or other charge imposed by any governmental authority due in connection with the payment of any Guaranteed Distribution to a Holder.
Guaranteed Distributions means, with respect to the Guaranteed Certificates (a) for any Distribution Date, (i) the Current Interest for the Guaranteed Certificates for such Distribution Date, but excluding therefrom any Net Prepayment Interest Shortfalls and any Relief Act Reductions allocable to the Guaranteed Certificates on such Distribution Date and (ii) the amount of any Applied Loss Amounts allocated to the Guaranteed Certificates on such Distribution Date and (b) for the Final Scheduled Distribution Date, the aggregate Class Principal Amount of the Guaranteed Certificates to the extent unpaid on the Final Scheduled Distribution Date, after taking into account all distributions to be made on such Distribution Date from sources other than the Policy.
Guaranteed Distributions means, with respect to each Distribution Date, without duplication, the distribution to be made to Holders in an aggregate amount equal to (i) the amount, if any, by which the amount available to be paid as interest to the Insured Certificates, pursuant to the priority of payment set forth in the Pooling and Servicing Agreement, is less than the Current Interest, (ii) the amount of any Realized Losses allocated to the Insured Certificates and (iii) to the extent unpaid on the Distribution Date occurring in December 2046, after payment of all other amounts due to the Insured Certificates, any remaining Certificate Principal Balance of the Insured Certificates (in the case of clauses (ii) and (iii) above, after giving effect to all allocations and payments of principal to be made on the Obligations on the Distribution Date, but without giving effect to payments under this Policy to be made on such Distribution Date), in each case in accordance with the original terms of the Insured Certificates when issued and without regard to any amendment or modification of the Insured Certificates or the Pooling and Servicing Agreement except amendments or modifications to which Financial Security has given its prior written consent. Financial Security may consent to any amendment of, or modification to, the Pooling and Servicing Agreement as permitted by the Pooling and Servicing Agreement; provided, however, that no such amendment or modification shall, without the consent of the Holder, change the entitlement of the Holder to payment under this Policy of any unpaid principal of the Insured Certificates due at final maturity, or any unpaid interest thereon due on any interest distribution date. Guaranteed Distributions shall not include, nor shall coverage be provided under this Policy in respect of, any Prepayment Interest Shortfalls, Relief Act Reductions, or shortfalls resulting from the application of the Net Rate Cap or any taxes, withholding or other charge imposed by any governmental authority due in connection with the payment of any Guaranteed Distribution to a Holder. Guaranteed Distributions shall not include (x) any portion of a Guaranteed Distribution due to Holders of the Insured Certificates because a notice and certificate in proper form as required by Section 2 hereof was not timely received by Financial Security and (y) any portion of a Guaranteed Distribution due to Holders of the Insured Certificates representing interest on any unpaid interest accr...