Special Hazard Coverage. The Special Hazard Coverage on the most recent anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) or, if prior to the first such anniversary, $4,614,259, in each case reduced by Special Hazard Losses allocated to the Certificates since the most recent anniversary of the Cut-Off Date (or, if prior to the first such anniversary, since the Cut-Off Date). On each anniversary of the Cut-Off Date, the Special Hazard Coverage shall be reduced, but not increased, to an amount equal to the lesser of (1) the greatest of (a) the aggregate principal balance of the Mortgage Loans located in the single California zip code area containing the largest aggregate principal balance of Mortgage Loans, (b) 1.0% of the aggregate unpaid principal balance of the Mortgage Loans and (c) twice the unpaid principal balance of the largest single Mortgage Loan, in each case calculated as of the Due Date in the immediately preceding month, and (2) $4,614,259 as reduced by the Special Hazard Losses allocated to the Certificates since the Cut-Off Date. The Special Hazard 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 (determined in the case of the Insured Certificates, without giving effect to the Certificate Insurance Policy).
Special Hazard Coverage. As of the Cut-Off Date approximately $8,415,215, and thereafter on each anniversary of the Cut-Off Date, the Special Hazard Coverage shall be reduced, but not increased, to an amount equal to the lesser of (1) the greatest of (a) the aggregate Principal Balance of the Loans located in the single California zip code area containing the largest aggregate Principal Balance of the Loans, (b) 1% of the aggregate unpaid Principal Balance of the Loans and (c) twice the unpaid Principal Balance of the largest single Loan, in each case calculated as of the Due Date in the immediately preceding month, and (2) the initial Special Hazard Coverage as of the Cut-Off Date as reduced by the Special Hazard Losses allocated to the Certificates since the Cut-Off Date. Special Hazard 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.
Special Hazard Coverage. With respect to Loan Group I, the Special Hazard Coverage for Loan Group I on the most recent anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) or, if prior to the first such anniversary, $7,686,298, in each case reduced by Special Hazard Losses allocated to the Group I Certificates since the most recent anniversary of the Cut-Off Date (or, if prior to the first such anniversary, since the Cut-Off Date). On each anniversary of the Cut-Off Date, the Special Hazard Coverage for Loan Group I shall be reduced, but not increased, to an amount equal to the lesser of (1) the greatest of (a) the aggregate principal balance of the Mortgage Loans in such Loan Group located in the single California zip code area containing the largest aggregate principal balance of such Mortgage Loans, (b) 1.0% of the aggregate unpaid principal balance of the Mortgage Loans in such Loan Group and (c) twice the unpaid principal balance of the largest single Mortgage Loan in such Loan Group, in each case calculated as of the Due Date in the immediately preceding month, and (2) $7,686,298 as reduced by the Special Hazard Losses allocated to the Group I Certificates since the Cut-Off Date. With respect to Loan Group II, the Special Hazard Coverage for Loan Group II on the most recent anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) or, if prior to the first such anniversary, $8,160,562, in each case reduced by Special Hazard Losses allocated to the Group II Certificates since the most recent anniversary of the Cut-Off Date (or, if prior to the first such anniversary, since the Cut-Off Date). On each anniversary of the Cut-Off Date, the Special Hazard Coverage for Loan Group II shall be reduced, but not increased, to an amount equal to the lesser of (1) the greatest of (a) the aggregate principal balance of the Mortgage Loans in such Loan Group located in the single California zip code area containing the largest aggregate principal balance of such Mortgage Loans, (b) 1.0% of the aggregate unpaid principal balance of the Mortgage Loans in such Loan Group and (c) twice the unpaid principal balance of the largest single Mortgage Loan in such Loan Group, in each case calculated as of the Due Date in the immediately preceding month, and (2) $8,160,562 as reduced by the Special Hazard Losses allocated to the Group II Certificates since the Cut-Off Date. The Special Hazard Coverage for Loan ...
Examples of Special Hazard Coverage in a sentence
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.
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 Coverage Termination Date: The point in time at which the Special Hazard Loss Coverage Amount is reduced to zero.
Special Hazard Losses on the Loans in excess of the Special Hazard Coverage, Fraud Losses on the Loans in excess of the Fraud Coverage and Bankruptcy Losses on the Loans in excess of the Bankruptcy Coverage shall be allocated among the Senior Certificates and the Subordinate Certificates by Pro Rata Allocation.
The following principles regarding directives must be applied to simplify and clarify directives, reduce unnecessary burden, and ensure that directives support improved Departmental management and mission accomplishment.
More Definitions of Special Hazard Coverage
Special Hazard Coverage. For each Distribution Date, an amount equal to the greater of (i) the greatest of (A) the aggregate Scheduled Principal Balance of Mortgage Loans related to Mortgaged Properties located in the single California zip code area with the largest aggregate Scheduled Principal Balance of related Mortgage Loans, (B) 1% of the aggregate Scheduled Principal Balance of Mortgage Loans and (C) twice the Scheduled Principal Balance of the largest single Mortgage Loan, in each case calculated as of the Due Date in the immediately preceding month (or, in the case of the first Distribution Date, as of the Cut-Off Date); and (ii) $9,713,436, minus (iii) the aggregate amount of Special Hazard Losses allocated to the Certificates on or prior to such Distribution Date; provided, however, that, in no event may the Special Hazard Coverage be less than zero.
Special Hazard Coverage. As of the Cut-Off Date, $2,074,436.38. On each Anniversary, the Special Hazard Coverage will be reduced to an amount equal to the lesser of:
Special Hazard Coverage. As of the Cut-Off Date, with respect to the Mortgage Pool approximately $7,294,796, and thereafter on each anniversary of the Cut-Off Date, the applicable Special Hazard Coverage shall be reduced, but not increased, to an amount equal to the lesser of (1) the greatest of (a) the aggregate Principal Balance of the Loans located in the single California zip code area containing the largest aggregate Principal Balance of the Loans, (b) 1% of the aggregate unpaid Principal Balance of the Loans and (c) twice the unpaid Principal Balance of the largest single Loan in each case calculated as of the Due Date in the immediately preceding month, and (2) the Special Hazard Coverage as of the Cut-Off Date as reduced by the Special Hazard Losses allocated to the Certificates since the Cut-Off Date. Special Hazard 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.
Special Hazard Coverage. As of the Cut-Off Date approximately $3,073,347, and thereafter on each anniversary of the Cut-Off Date, the Special Hazard Coverage shall be reduced, but not increased, to an amount equal to the lesser of (1) the greatest of (a) the aggregate Principal Balance of the Loans located in the single California zip code area containing the largest aggregate Principal Balance of the Loans, (b) 1% of the aggregate unpaid Principal Balance of the Loans and (c) twice the unpaid Principal Balance of the largest single Loan, in each case calculated as of the Due Date in the immediately preceding month, and (2) the initial Special Hazard Coverage amount of $3,073,374 as reduced by the Special Hazard Losses allocated to the Certificates since the Cut-Off Date. Special Hazard 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.
Special Hazard Coverage. The Special Hazard Coverage on the most recent anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) or, if prior to the first such anniversary, $4,657,522, in each case reduced by Special Hazard Losses allocated to the REMIC II Regular Interests and the Class R-1 and Class R-2 Certificates since the most recent anniversary of the Cut-Off Date (or, if prior to the first such anniversary, since the Cut-Off Date). On each anniversary of the Cut-Off Date, the Special Hazard Coverage shall be reduced, but not increased, to an amount equal to the lesser of (1) the greatest of (a) the aggregate principal balance of the Mortgage Loans located in the single California zip code area containing the largest aggregate principal balance of Mortgage Loans, (b) 1.0% of the aggregate unpaid principal balance of the Mortgage Loans and (c) twice the unpaid principal balance of the largest single Mortgage Loan, in each case calculated as of the Due Date in the immediately preceding month, and (2) $4,657,522 as reduced by the Special Hazard Losses allocated to the REMIC II Regular Interests and the Class R-1 and Class R-2 Certificates since the Cut-Off Date. The Special Hazard 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 (determined in the case of the Insured Certificates, without giving effect to the Certificate Insurance Policy).
Special Hazard Coverage. For each Distribution Date, an amount equal to the greater of (i) the greatest of (A) the aggregate Scheduled Principal Balance of Mortgage Loans in the related Loan Groups related to Mortgaged Properties located in the single California zip code area with the largest aggregate Scheduled Principal Balance of related Mortgage Loans, (B) 1% of the aggregate Scheduled Principal Balance of Mortgage Loans in the related Loan Groups and (C) twice the Scheduled Principal Balance of the largest single Mortgage Loan, in each case calculated as of the Due Date in the immediately preceding month (or, in the case of the first Distribution Date, as of the Cut-Off Date); and (ii) (A) in the case of the Track 1 Loans, $10,697,507 and (B) in the case of the Track 2 Loans, $8,000,000, minus (iii) the aggregate amount of Special Hazard Losses allocated to the Certificates on or prior to such Distribution Date; provided, however, that, in no event may the Special Hazard Coverage be less than zero.
Special Hazard Coverage. As of the Cut-Off Date $[________]. On each Anniversary, the Special Hazard Coverage will be reduced to an amount equal to the lesser of: