Fraud Loss Limit. With respect to any Distribution Date (x) prior to the first anniversary of the Cut-off Date, $5,793,082 less the aggregate of Fraud Losses since the Cut-off Date, and (y) from the first to the fourth anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (b) 1% of the aggregate principal balance of all the Mortgage Loans as of the most recent anniversary of the Cut-off Date less (2) the aggregate of Fraud Losses since the most recent anniversary of the Cut-off Date. On or after the fifth anniversary of the Cut-off Date, the Fraud Loss Limit shall be zero.
Fraud Loss Limit. With respect to any Distribution Date (x) prior to the first anniversary of the Cut-off Date, $34,082,796.00 less the aggregate of Fraud Losses since the Cut-off Date, (y) on the first and second anniversaries of the Cut-off Date, an amount equal to (i) the lesser of (a) the Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (b) 1.00% of the aggregate principal balance of all the Mortgage Loans as of the most recent anniversary of the Cut-off Date, (z) on the third and fourth anniversaries of the Cut-off Date, an amount equal to (i) the lesser of (a) the Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (b) 0.50% of the aggregate principal balance of all the Mortgage Loans as of the most recent anniversary of the Cut-off Date and thereafter, the Fraud Loss Limit shall be zero.
Fraud Loss Limit. As of the Cut-off Date with respect to the Mortgage Loans in Pool 1, initially, $3,548,428. As of the Cut-off Date with respect to the Mortgage Loans in Pool 2, initially $6,970,052. As of the Cut-off Date with respect to the Mortgage Loans in Pools 3A and 3B, collectively, initially $2,972,416. In addition, on each anniversary of the Cut-off Date, the Fraud Loss Limit for Pool 1 will be reduced as follows: (a) on the first and second anniversaries of the Cut-off Date, to an amount equal to the lesser of (1) such Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (2) 1.00% of the aggregate Scheduled Principal Balance of the related Mortgage Loans, as of the most recent anniversary of the Cut-off Date, and (b) on the third through the fifth anniversaries of the Cut-off Date, to an amount equal to the lesser of (1) such Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (2) 0.50% of the aggregate Scheduled Principal Balance of the related Mortgage Loans, as of the most recent anniversary of the Cut-off Date and thereafter, to zero. Similarly, on each anniversary of the Cut-off Date, the Fraud Loss Limit for Pool 2 will be reduced as follows: (a) on the first and second anniversaries of the Cut-off Date, to an amount equal to the lesser of (1) such Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (2) 1.00% of the aggregate Scheduled Principal Balance of the related Mortgage Loans, as of the most recent anniversary of the Cut-off Date, and (b) on the third through fifth anniversaries of the Cut-off Date, to an amount equal to the lesser of (1) such Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (2) 0.50% of the aggregate Scheduled Principal Balance of the related Mortgage Loans, as of the most recent anniversary of the Cut-off Date and thereafter, to zero. Finally, on each anniversary of the Cut-off Date, the Fraud Loss Limit for Pool 3A and Pool 3B will be reduced as follows: (a) on the first through the third anniversaries of the Cut-off Date, to an amount equal to the lesser of (1) such Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (2) 1.00% of the aggregate Scheduled Principal Balance of the related Mortgage Loans, as of the most recent anniversary of the Cut-off Date, and (b) on the fourth and fifth anniversaries of the Cut-off Date, to an amount equal to the lesser of (1) such Fraud Loss Limit as of the most recent anniversar...
Examples of Fraud Loss Limit in a sentence
The Class B Certificateholders shall bear all Excess Credit Losses, Bankruptcy Losses up to the Bankruptcy Loss Limit, Fraud Losses up to the Fraud Loss Limit and Special Hazard Losses up to the Special Hazard Loss Limit until the Class B Principal Balance equals zero.
All Excess Credit Losses, Fraud Losses up to the Fraud Loss Limit, Special Hazard Losses up to the Special Hazard Limit and Bankruptcy Losses up to the Bankruptcy Loss Limit, to the extent not allocated to the Class B Certificateholders shall be allocated to the Class A Certificates on the related Distribution Date.
Any Bankruptcy Loss, or portion thereof, in excess of the then-applicable Bankruptcy Loss Limit, any Fraud Loss, or portion thereof, in excess of the then-applicable Fraud Loss Limit, and any Special Hazard Loss, or portion thereof, in excess of the then-applicable Special Hazard Loss Limit.
The Fraud Loss Limit shall be reduced, from time to time, by the amount of Fraud Losses allocated to the related Certificates.
More Definitions of Fraud Loss Limit
Fraud Loss Limit. As of the Cut-off Date, initially, $13,289,915. The Fraud Loss Limit shall be reduced, from time to time, by the amount of Fraud Losses allocated to the related Certificates. In addition, on each anniversary of the Cut-off Date, the Fraud Loss Limit shall be reduced as follows: (a) on the first anniversary of the Cut-off Date, to an amount equal to the lesser of (1) the Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (2) 2.00% of the aggregate Scheduled Principal Balance of the Mortgage Loans, as of the most recent anniversary of the Cut-off Date, and (b) on the second through the fifth anniversaries of the Cut-off Date, to an amount equal to the lesser of (1) the Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (2) 1.00% of the aggregate Scheduled Principal Balance of the Mortgage Loans, as of the most recent anniversary of the Cut-off Date and thereafter, to zero.
Fraud Loss Limit. With respect to any Distribution Date (x) prior to the first anniversary of the Cut-off Date, $2,453,831 less the aggregate of Fraud Losses since the Cut-off Date, (y) from the first to the third anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (b) 1% of the aggregate principal balance of all the Mortgage Loans as of the most recent anniversary of the Cut-off Date less (2) the aggregate of Fraud Losses since the most recent anniversary of the Cut-off Date and (z) on or after the third anniversary to the fifth anniversary of the Cut-off Date, an amount equal to (i) the lesser of (a) the Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (b) 0.5% of the aggregate principal balance of all the Mortgage Loans as of the most recent anniversary of the Cut-off Date less (ii) the aggregate of Fraud Losses since the most recent anniversary of the Cut-off Date. On or after the fifth anniversary of the Cut-off Date, the Fraud Loss Limit shall be zero.
Fraud Loss Limit. With respect to any Distribution Date (x) prior to the first anniversary of the Cut-off Date, $8,752,845.00 with respect to Pool 1, $4,405,126.00 with respect to Pool 2 and $11,199,327.00 with respect to Pool 3, Pool 4 and Pool 5, less in each case the aggregate of Fraud Losses with respect to the related Pool or Pools since the Cut-off Date, and (y) from the first to the fourth anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (b) 1% of the aggregate principal balance of all the Mortgage Loans in the related Pool or Pools as of the most recent anniversary of the Cut-off Date less (2) the aggregate of Fraud Losses since the most recent anniversary of the Cut-off Date. On or after the fifth anniversary of the Cut-off Date, the Fraud Loss Limit shall be zero.
Fraud Loss Limit. As of the Cut-off Date, $4,409,052.90. In addition, on each anniversary of the Cut-off Date, the Fraud Loss Limit will be reduced as follows: (a) on the first anniversary of the Cut-off Date, to an amount equal to the lesser of (1) such Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (2) 3.00% of the aggregate Scheduled Principal Balance of the Mortgage Loans, as of the most recent anniversary of the Cut-off Date, (b) on the second anniversary of the Cut-off Date, to an amount equal to the lesser of (1) such Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (2) 2.00% of the aggregate Scheduled Principal Balance of the Mortgage Loans, as of the most recent anniversary of the Cut-off Date and (c) on the third through fifth anniversaries of the Cut-off Date, to an amount equal to the lesser of (1) such Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (2) 1.00% of the aggregate Scheduled Principal Balance of the Mortgage Loans, as of the most recent anniversary of the Cut-off Date and thereafter, to zero.
Fraud Loss Limit. Not applicable.
Fraud Loss Limit. With respect to any Distribution Date (x) prior to the first anniversary of the Cut-off Date, $20,690,516.00 less the aggregate of Fraud Losses since the Cut-off Date and (y) from the first to the fifth anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (b)
Fraud Loss Limit. As of the Cut-off Date, $1,714,309, which amount ---------------- shall be reduced (i) by the amount of Fraud Losses allocated to the Certificates; (ii) on the first and second anniversaries of the Cut-off Date, to an amount equal to the excess of 1% of the Cut-off Date Balance of the Mortgage Loans over the cumulative amount of Fraud Losses allocated to the Certificates, (iii) on the third and fourth anniversaries of the Cut-off Date, to an amount equal to the excess of 0.5% of the Cut-off Date Balance of the Mortgage Loans over the cumulative amount of Fraud Losses allocated to the Certificates, and (iv) on the fifth anniversary of the Cut-off Date, to zero.