Fraud Coverage. During the period prior to the first anniversary of the Cut-Off Date, 2.00% of the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date (the "Initial Fraud Coverage"), reduced by Fraud Losses allocated to the Certificates since the Cut-Off Date; during the period from the first anniversary of the Cut-Off Date to (but not including) the fifth anniversary of the Cut-Off Date, the amount of the Fraud Coverage on the most recent previous anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) reduced by Fraud Losses allocated to the Certificates since such anniversary; and during the period on and after the fifth anniversary of the Cut-Off Date, zero. On each anniversary of the Cut-Off Date, the Fraud Coverage shall be reduced to the lesser of (i) on the first, second, third and fourth anniversaries of the Cut-Off Date, 1.00% of the aggregate principal balance of the Mortgage Loans as of the Due Date in the preceding month and (ii) the excess of the Initial Fraud Coverage over cumulative Fraud Losses allocated to the Certificates since the Cut-Off Date. The Fraud 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.
Fraud Coverage. As of the Cut-Off Date approximately $6,246,522, and thereafter, the Fraud Coverage will generally be equal to (1) prior to the third Anniversary, an amount equal to (a) 1.00% of the aggregate Principal Balance of all Loans, as of the Cut-Off Date minus (b) the aggregate amounts allocated to the Certificates with respect to Fraud Losses on such Loans up to such date of determination and (2) from the third to the fifth Anniversary, an amount equal to (a) 0.50% of the aggregate Principal Balance of all of the Loans, as of the Due Date of the calendar month preceding the most recent Anniversary minus (b) the aggregate amounts allocated to the Certificates with respect to Fraud Losses on the Loans since the most recent Anniversary up to such date of determination. On and after the fifth Anniversary, the Fraud Coverage will be zero. The Fraud 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.
Fraud Coverage. As of the Cut-Off Date approximately $2,188,149, and thereafter, the Fraud Coverage will generally be equal to (1) prior to the third Anniversary, an amount equal to 1.00% of the aggregate principal balance of all Loans as of the Cut-Off Date minus the aggregate amounts allocated to the Certificates with respect to Fraud Losses on such Loans up to such date of determination and (2) from the third to the fifth Anniversary, an amount equal to (a) 0.50% of the aggregate principal balance of all of the Loans as of the most recent Anniversary minus (b) the aggregate amounts allocated to the Certificates with respect to Fraud Losses on the Loans since the most recent Anniversary up to such date of determination. On and after the fifth Anniversary, the Fraud Coverage will be zero. Fraud 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 (determined without regard to the Class A-5 Policy).
Examples of Fraud Coverage in a sentence
The Fraud 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.
Any Fraud Loss will on each Distribution Date be allocated solely to the Subordinate Certificates until the Fraud Coverage Termination Date.
On each anniversary of the Cut-Off Date, the Fraud Coverage shall be reduced to the lesser of (i) on the first, second, third and fourth anniversaries of the Cut-Off Date, 1.00% of the aggregate principal balance of the Mortgage Loans as of the Due Date in the preceding month and (ii) the excess of the Initial Fraud Coverage over cumulative Fraud Losses allocated to the Certificates since the Cut-Off Date.
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.
More Definitions of Fraud Coverage
Fraud Coverage. During the period prior to the first anniversary of the Cut-Off Date and with respect to Loan Group I, 1.00% of the aggregate principal balance of the Group I Loans as of the Cut-Off Date (the "Initial Group I Fraud Coverage"), reduced by Fraud Losses allocated to the Group I Certificates since the Cut-Off Date; during the period from the first anniversary of the Cut-Off Date to (but not including) the fifth anniversary of the Cut-Off Date, the amount of the Fraud Coverage for Loan Group I on the most recent previous anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) reduced by Fraud Losses allocated to the Group I Certificates since such anniversary; and during the period on and after the fifth anniversary of the Cut-Off Date, zero. On each anniversary of the Cut-Off Date, the Fraud Coverage for Loan Group I shall be reduced to the lesser of (i) on the first and second anniversaries of the Cut-Off Date, 1.00%, and on the third and fourth anniversaries of the Cut-Off Date, 0.50% of the aggregate principal balance of the Group I Loans as of the Due Date in the preceding month and (ii) the excess of the Initial Group I Fraud Coverage over cumulative Fraud Losses allocated to the Group I Certificates since the Cut-Off Date. During the period prior to the first anniversary of the Cut-Off Date and with respect to Loan Group II, 1.00% of the aggregate principal balance of the Group II Loans as of the Cut-Off Date (the "Initial Group II Fraud Coverage"), reduced by Fraud Losses allocated to the Group II Certificates since the Cut-Off Date; during the period from the first anniversary of the Cut-Off Date to (but not including) the fifth anniversary of the Cut-Off Date, the amount of the Fraud Coverage for Loan Group II on the most recent previous anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) reduced by Fraud Losses allocated to the Group II Certificates since such anniversary; and during the period on and after the fifth anniversary of the Cut-Off Date, zero. On each anniversary of the Cut-Off Date, the Fraud Coverage for Loan Group II shall be reduced to the lesser of (i) on the first and second anniversaries of the Cut-Off Date, 1.00%, and on the third and fourth anniversaries of the Cut-Off Date, 0.50% of the aggregate principal balance of the Group II Loans as of the Due Date in the preceding month and (ii) the excess of the Initial Group II Fraud Coverag...
Fraud Coverage. For any Distribution Date, an amount equal to (i) the following percentage of the aggregate Scheduled Principal Balance of all Mortgage Loans, as of the Due Date in the preceding calendar month (or, in the case of the first Distribution Date, as of the Cut-Off Date): (A) for the period from and including the Cut-Off Date to but excluding the date of the third anniversary of the Cut-Off Date, 1.00% and (B) for the period from and including the date of the fourth anniversary of the Cut-Off Date to but excluding the date of the fifth anniversary of the Cut-Off Date, 1.00%, minus (ii) the aggregate amount of Fraud Losses allocated to the Certificates on or prior to such Distribution Date. On the date of the sixth anniversary of the Cut-Off Date, and for each Distribution Date thereafter, the Fraud Coverage shall be zero. In no event may the Fraud Coverage be less than zero.
Fraud Coverage. As of the Cut-Off Date, will be $4,599,564. As of any date of determination after the Cut-Off Date, the Fraud Coverage will generally be equal to:
Fraud Coverage. As of the Cut-Off Date, $2,440,967. As of any date of determination after the Cut-Off Date, the Fraud Coverage will be equal to:
Fraud Coverage. For any Distribution Date, an amount equal to (i) the following percentage of the aggregate Scheduled Principal Balance of the Track 1 Loans or the Track 2 Loans, as applicable, as of the Due Date in the preceding calendar month (or, in the case of the first Distribution Date, as of the Cut-Off Date): (A) for the period from and including the Cut-Off Date to but excluding the date of the first anniversary of the Cut-Off Date, 1.00%, (B) for the period from and including the date of the first anniversary of the Cut-Off Date to but excluding the date of the second anniversary of the Cut-Off Date, 1.00%, (C) for the period from and including the date of the second anniversary of the Cut-Off Date to but excluding the date of the third anniversary of the Cut-Off Date, 1.00%, and (D) for the period from and including the date of the third anniversary of the Cut-Off Date to but excluding the date of the fifth anniversary of the Cut-Off Date, 0.50%, minus (ii) the aggregate amount of Fraud Losses allocated to the Track 1 Certificates or the Track 2 Certificates, as applicable, on or prior to such Distribution Date. On the date of the fifth anniversary of the Cut-Off Date, and for each Distribution Date thereafter, the Fraud Coverage shall be zero. In no event may the Fraud Coverage be less than zero.
Fraud Coverage. As of the Cut-Off Date, will be $[_______]. As of any date of determination after the Cut-Off Date, the Fraud Coverage will generally be equal to:
Fraud Coverage. With respect to each Loan Group, as of the Cut-Off Date approximately $2,342,832 for Loan Group I and $764,116 for Loan Group II, and thereafter, the applicable Fraud Coverage will generally be equal to (1) prior to the third Anniversary, an amount equal to 1.00% of the aggregate Principal Balance of all Group I or Group II Loans, as applicable, as of the Cut-Off Date minus the aggregate amounts allocated to the Certificates with respect to Fraud Losses on the Group I or Group II Loans, as applicable, up to such date of determination and (2) from the third to the fifth Anniversary, an amount equal to (a) 0.50% of the aggregate Principal Balance of all Group I or Group II Loans, as applicable, as of the Due Date of the calender month preceding the most recent Anniversary minus (b) the aggregate amounts allocated to the related Group I or Group II Certificates with respect to Fraud Losses on the related Loans since the most recent Anniversary up to such date of determination. On and after the fifth Anniversary, the applicable Fraud Coverage will be zero. The applicable Fraud 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 related Certificates by each Rating Agency.