Sponsor Loss Coverage Obligation definition

Sponsor Loss Coverage Obligation for any Payment Date means the lesser of (i) the remaining Sponsor Loss Coverage Amount before payment of the Sponsor Loss Coverage Obligation for that Payment Date and (ii) an amount equal to the portion of the losses realized on the Mortgage Loans identified in the Mortgage Loan Schedule as being covered by the Insurance Policy with respect to which a claim for payment was denied by the Loan Insurer due to an exclusion in the Loan Insurance Policy minus any such amount previously paid to the Indenture Trustee as Sponsor Loss Coverage Obligation. A claim for Liquidation Loss Amount on a Mortgage Loan covered by the Loan Insurance Policy that is denied payment by the Loan Insurer for any other reason or that is not of the insured perils covered by the Loan Insurance Policy will not be a Sponsor Loss Coverage Obligation and will not be payable by the Sponsor.
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Sponsor Loss Coverage Obligation. The obligation of CHL described in Section 2.08 with respect to Loss Coverage Payments.
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Sponsor Loss Coverage Obligation has the meaning given to it in the Sale and Servicing Agreement.
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Examples of Sponsor Loss Coverage Obligation in a sentence

  • The Sponsor, for the benefit of the Noteholders and the Credit Enhancer, agrees that it will pay the Sponsor Loss Coverage Obligation for any Payment Date as reflected in the applicable Servicing Certificate to the Indenture Trustee for deposit in the Payment Account no later than the Business Day before the Payment Date.

  • Within 14 days from the date of the Board’s Order, offer Clover English, III, full 40 reinstatement to his former job or, if that job no longer exists, to a substantially equivalent position, without prejudice to his seniority or any other rights or privileges previously enjoyed.


More Definitions of Sponsor Loss Coverage Obligation

Sponsor Loss Coverage Obligation for any Payment Date means the lesser of (i) the remaining Sponsor Loss Coverage Amount before payment of the Sponsor Loss Coverage Obligation for that Payment Date and (ii) an amount equal to the portion of the losses realized on the Mortgage Loans identified in the Mortgage Loan Schedule as being covered by the Loan Insurance Policy with respect to which a claim for payment was denied in whole or in part by the Loan Insurer due to an exclusion in the Loan Insurance Policy (and with respect to which there is no breach of the representations and warranties set forth in Section 2.04 of the Sale and Servicing Agreement), minus any such amount previously paid to the Indenture Trustee as Sponsor Loss Coverage Obligation. A claim for Liquidation Loss Amount on a Mortgage Loan covered by the Loan Insurance Policy that is denied payment by the Loan Insurer for any other reason or that is not of the insured perils covered by the Loan Insurance Policy will not be a Sponsor Loss Coverage Obligation and will not be payable by the Sponsor.
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Sponsor Loss Coverage Obligation for any Payment Date means the lesser of (i) the remaining Sponsor Loss Coverage Amount before payment of the Sponsor Loss Coverage Obligation for that Payment Date and (ii) an amount equal to the losses realized on the Mortgage Loans covered by the Insurance Policy with respect to which a claim for payment was denied by the Loan Insurer due to an exclusion in the Loan Insurance Policy minus any such amount previously paid to the Trustee as Sponsor Loss Coverage Obligation. A claim for realized losses on a Mortgage Loan covered by the Loan Insurance Policy that is denied payment by the Loan Insurer for any other reason or that is not of the insured perils covered by the Loan Insurance Policy will not be a Sponsor Loss Coverage Obligation and will not be payable by the sponsor.
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Related to Sponsor Loss Coverage Obligation

  • Fraud Loss Coverage Termination Date The point in time at which the Fraud Loss Coverage Amount is reduced to zero.

  • Initial Bankruptcy Loss Coverage Amount $226,715.

  • Bankruptcy Loss Coverage Amount As of any date of determination, the Bankruptcy Loss Coverage Amount shall equal the Initial Bankruptcy Loss Coverage Amount as reduced by (i) the aggregate amount of Bankruptcy Losses allocated to the Certificates since the Cut-off Date and (ii) any permissible reductions in the Bankruptcy Loss Coverage Amount as evidenced by a letter of each Rating Agency to the Trustee to the effect that any such reduction will not result in a downgrading, qualification or withdrawal of the then current ratings assigned to the Classes of Certificates rated by it.

  • 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.

  • Indemnity Obligations means all obligations of the Company to Indemnitee under this Agreement, including the Company’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

  • Special Hazard Loss Coverage Amount With respect to the first Distribution Date, $10,348,874. With respect to any Distribution Date after the first Distribution Date, the lesser of (a) the greatest of (i) 1% of the aggregate of the principal balances of the Mortgage Loans, (ii) twice the principal balance of the largest Mortgage Loan and (iii) the aggregate of the principal balances of all Mortgage Loans secured by Mortgaged Properties located in the single California postal zip code area having the highest aggregate principal balance of any such zip code area and (b) the Special Hazard Loss Coverage Amount as of the Closing Date less the amount, if any, of Special Hazard Losses allocated to the Certificates since the Closing Date. All principal balances for the purpose of this definition will be calculated as of the first day of the calendar month preceding the month of such Distribution Date after giving effect to Scheduled Payments on the Mortgage Loans then due, whether or not paid.

  • Escrow Obligations means (a) Government Obligations, (b) certificates of deposit issued by a bank or trust company which are (1) fully insured by the Federal Deposit Insurance Corporation or similar corporation chartered by the United States or (2) secured by a pledge of any Government Obligations having an aggregate market value, exclusive of accrued interest, equal at least to the principal amount of the certificates so secured, which security is held in a custody account by a custodian satisfactory to the Registrar or the Registrar, as the case may be, or (c)(1) evidences of a direct ownership in future interest or principal on Government Obligations, which Government Obligations are held in a custody account by a custodian satisfactory to the Registrar pursuant to the terms of a custody agreement in form and substance acceptable to the Registrar and (2) obligations issued by any state of the United States or any political subdivision, public instrumentality or public authority of any state, which obligations are fully secured by and payable solely from Government Obligations, which Government Obligations are held pursuant to an agreement in form and substance acceptable to the Registrar and, in any such case, maturing as to principal and interest in such amounts and at such times as will insure the availability of sufficient money to make the payment secured thereby.

  • Net Obligation means the amount owed to PJMSettlement and PJM for purchases from the PJM Markets, Transmission Service, (under Tariff, Parts II and III , and other services pursuant to the Agreements, after applying a deduction for amounts owed to a Participant by PJMSettlement as it pertains to monthly market activity and services. Should other markets be formed such that Participants may incur future Obligations in those markets, then the aggregate amount of those Obligations will also be added to the Net Obligation.

  • Shared Loss Payment Trigger means when the sum of the Cumulative Loss Amount under this Single Family Shared-Loss Agreement and the Shared-Loss Amount under the Commercial and Other Assets Shared-Loss Agreement, exceeds the First Loss Tranche. If the First Loss Tranche is zero or a negative number, the Shared Loss Payment Trigger shall be deemed to have been reached upon Bank Closing.

  • Permitted Contingent Obligations means, without duplication: (a) Contingent Obligations arising in respect of the Debt under the Note Documents; (b) Contingent Obligations resulting from endorsements for collection or deposit in the Ordinary Course of Business; (c) Contingent Obligations outstanding on the date of this Agreement and set forth on Schedule 8.1 (including any refinancings, extensions, increases or amendments to the indebtedness underlying such Contingent Obligations to the extent constituting (i) Refinancing Debt or (ii) extensions of the maturity thereof without any other change in terms); (d) Contingent Obligations incurred in the Ordinary Course of Business with respect to surety and appeal bonds, performance bonds and other similar obligations not to exceed $250,000 in the aggregate at any time outstanding; (f) Contingent Obligations arising under indemnity agreements with title insurers to cause such title insurers to issue to the Purchaser mortgagee title insurance policies; (g) Contingent Obligations arising with respect to customary indemnification obligations in favor of purchasers in connection with dispositions of personal property assets permitted under Section 8.6; (h) [Reserved]; (i) so long as there exists no Event of Default both immediately before and immediately after giving effect to any such transaction, Contingent Obligations existing or arising under any Swap Contract, provided, however, that such obligations are (or were) entered into by an Obligor or an Affiliate in the Ordinary Course of Business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person and not for purposes of speculation; and (j) other Contingent Obligations not permitted by clauses (a) through (i) above, not to exceed $250,000 in the aggregate at any time outstanding.

  • Indemnification Obligation means any existing or future obligation of any Debtor to indemnify current and former directors, officers, members, managers, agents or employees of any of the Debtors who served in such capacity, with respect to or based upon such service or any act or omission taken or not taken in any of such capacities, or for or on behalf of any Debtor, whether pursuant to agreement, the Debtors’ respective memoranda, articles or certificates of incorporation or formation, corporate charters, bylaws, operating agreements, limited liability company agreements, or similar corporate or organizational documents or other applicable contract or law in effect as of the Effective Date, excluding any obligation to indemnify any of the foregoing parties with respect to any act or omission for or on behalf of the Debtors arising out of any act or omission determined by a Final Order to constitute actual fraud, willful misconduct, or gross negligence.

  • Indemnification Escrow Fund has the meaning set forth in Section 2.12(a).

  • Indemnity, Subrogation and Contribution Agreement means the Indemnity, Subrogation and Contribution Agreement among Xxxxx 0, the Borrower, the Subsidiary Loan Parties and the Collateral Agent, substantially in the form of Exhibit C-3.

  • Credit Improved Obligation means any Collateral Debt Obligation which, in the Investment Manager’s judgment, has significantly improved in credit quality and in respect of which one of the following is satisfied:

  • Product Liability Claim means a Claim of a Third Party (other than a Claim arising out of use of the Product in a clinical trial) that (i) arises as a result of the use of the Product during the Term that results in personal injury or death or (ii) is in anticipation of or intended to prevent or forestall personal injury or death as a result of the use of the Product during the Term.

  • Guaranty Obligation has the meaning specified in the definition of "Contingent Obligation."

  • Aggregate Loss Severity Percentage With respect to any Distribution Date, the percentage equivalent of a fraction, the numerator of which is the aggregate amount of Realized Losses incurred on any Mortgage Loans from the Cut-off Date to the last day of the preceding calendar month and the denominator of which is the aggregate principal balance of such Mortgage Loans immediately prior to the liquidation of such Mortgage Loans.

  • Common expense liability means the liability for common

  • Credit Facility Obligations means all “Obligations” (or any other defined term having a similar purpose) as defined in the Credit Agreement.

  • Indemnification Period means the period of time during which Indemnitee shall continue to serve as a director or as an officer of the Corporation, and thereafter so long as Indemnitee shall be subject to any possible Proceeding arising out of acts or omissions of Indemnitee as a director or as an officer of the Corporation.

  • L/C Reimbursement Obligation means, for any Letter of Credit, the obligation of the Borrower to the L/C Issuer thereof, as and when matured, to pay all amounts drawn under such Letter of Credit.

  • Initial Bankruptcy Coverage Amount $100,000.

  • Bankruptcy Coverage Termination Date The point in time at which the Bankruptcy Loss Coverage Amount is reduced to zero.

  • Unasserted Contingent Obligations means, at any time, Obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no assertion of liability (whether oral or written) and no claim or demand for payment or indemnification (whether oral or written) has been made or threatened.

  • Letter of Credit Indemnified Costs has the meaning specified therefor in Section 2.11(f) of the Agreement.

  • Excluded Obligations has the meaning set forth in Section 2.5.