Common use of Special Hazard Loss Limit Clause in Contracts

Special Hazard Loss Limit. As of the Cut-off Date, $1,812,396 (with respect to the Pool 1 Mortgage Loans) and $3,585,099 (with respect to the Pool 2-4 Mortgage Loans),which amount shall be reduced from time to time to an amount equal on any Distribution Date to the lesser of (a) the greatest of (i) 1.00% of the aggregate of the Scheduled Principal Balances of the Pool 1 Mortgage Loans or the Pool 2-4 Mortgage Loans, as applicable; (ii) twice the Scheduled Principal Balance of the related Mortgage Loan having the highest Scheduled Principal Balance, and (iii) the aggregate Scheduled Principal Balances of the related Mortgage Loans secured by Mortgaged Properties located in the single California postal zip code area having the highest aggregate Scheduled Principal Balance of any such postal zip code area and (b) the related Special Hazard Loss Limit as of the Closing Date less the amount, if any, of Special Hazard Losses incurred with respect to Pool 1 Mortgage Loans or the Pool 2-4 Mortgage Loans, as applicable, since the Closing Date.

Special Hazard Loss Limit. As of the Cut-off DateDate and each of Collateral Group 1 and Collateral Group 2-6, $1,812,396 (with respect to the Pool 1 Mortgage Loans) 4,590,000 and $3,585,099 (with respect to the Pool 2-4 Mortgage Loans),which 3,856,165, respectively, which amount shall be reduced from time to time to an amount equal on any Distribution Date to the lesser of (a) the greatest of (i) 1.001% of the aggregate of the Scheduled Principal Balances of the Pool 1 Mortgage Loans or the Pool 2-4 related Mortgage Loans, as applicable; (ii) twice the Scheduled Principal Balance of the related Mortgage Loan in the related group or groups having the highest Scheduled Principal Balance, and (iii) the aggregate Scheduled Principal Balances of the related Mortgage Loans in the related group or groups secured by Mortgaged Properties located in the single California postal zip code area having the highest aggregate Scheduled Principal Balance of Mortgage Loans of any such postal zip code area and (b) the related Special Hazard Loss Limit as of the Closing Date less the amount, if any, of Special Hazard Losses incurred with respect to Pool 1 related Mortgage Loans or the Pool 2-4 Mortgage Loans, as applicable, since the Closing Date.