Seller Loss Coverage Amount definition

Seller Loss Coverage Amount. With respect to the first Distribution Date, an amount equal to the Initial Seller Loss Coverage Amount. With respect to any Distribution Date prior to the Stepdown Date or as to which a Trigger Event is in effect, an amount equal to the Initial Seller Loss Coverage Amount minus all Enhancement Payments made prior to such Distribution Date. With respect to each Distribution Date on or after the Stepdown Date and as to which a Trigger Event is not in effect, the lesser of (i) the Initial Seller Loss Coverage Amount minus all Enhancement Payments made prior to such Distribution Date, and (ii) 4.00% of the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date; provided, however, in the case of clause (ii), that such amount shall be subject to a floor of 0.25% of the aggregate original Certificate Principal Balance of the Certificates.
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Seller Loss Coverage Amount. With respect to any Loan Group and any Distribution Date prior to the Stepdown Date for such Loan Group or as to which a Trigger Event for such Loan Group is in effect, an amount equal to the Seller Loss Coverage Amount on the previous Distribution Date, or the Initial Seller Loss Coverage Amount in the case of the first Distribution Date after applying any Enhancement Payment made on such previous Distribution Date. With respect to each Distribution Date on or after the Stepdown Date for such Loan Group and as to which a Trigger Event for such Loan Group is not in effect, the lesser of (i) the Seller Loss Coverage Amount for such Loan Group on the immediately preceding Distribution Date after applying any Enhancement Payments on such immediately preceding Distribution date, and (ii) the related Seller Loss Coverage Percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group on such Distribution Date
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Seller Loss Coverage Amount. With respect to any Distribution Date prior to the Stepdown Date or as to which a Trigger Event is in effect, an amount equal to the Seller Loss Coverage Amount on the previous Distribution Date, or the Initial Seller Loss Coverage Amount in the case of the first Distribution Date after applying any Enhancement Payment made on such previous Distribution Date. With respect to each Distribution Date on or after the Stepdown Date and as to which a Trigger Event is not in effect, the lesser of (i) the Seller Loss Coverage Amount on the immediately preceding Distribution Date after applying any Enhancement Payments on such immediately preceding Distribution date, and (ii) the related Seller Loss Coverage Percentage of the aggregate Stated Principal Balance of the Mortgage Loans on such Distribution Date
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Examples of Seller Loss Coverage Amount in a sentence

  • The obligation of the Seller to remit Enhancement Payments will terminate when the Seller Loss Coverage Amount has been reduced to zero.


More Definitions of Seller Loss Coverage Amount

Seller Loss Coverage Amount. With respect to any Distribution Date, the amount by which 2.67% of the sum of the initial Certificate Principal Balances of the Certificates exceeds the amount of all Enhancement Payments, if any, made prior to such Distribution Date.
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Seller Loss Coverage Amount means initially the amount specified in The Adoption Annex, and thereafter as reduced by the amount of all previous payments of the Seller Loss Coverage Obligation.
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Related to Seller Loss Coverage Amount

  • 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.

  • Bankruptcy Loss Coverage Amount As of any Determination Date, the Bankruptcy Loss Coverage Amount shall equal the Initial Bankruptcy 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 of the then current ratings assigned to the Classes of Certificates rated by it.

  • Initial Bankruptcy Loss Coverage Amount $226,715.

  • Special Hazard Loss Coverage Amount With respect to the first Distribution Date, $5,000,000. 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.

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

  • Buyer Losses shall have the meaning set forth in Section 8.2.

  • Seller Losses has the meaning set forth in Section 10.2(a).

  • Indemnity Amount means the amount of any indemnification obligation payable under the Basic Documents.

  • Purchaser Losses shall have the meaning set forth in Section 9.1(a).

  • Interest Coverage Amount The amount to be paid by the Depositor to the Trustee for deposit into the Interest Coverage Account on the Closing Date pursuant to Section 4.08, which amount is $____________.

  • Covered Losses means any and all losses, assessments, fines, penalties, administrative orders, obligations, judgments, amounts paid in settlement, costs, expenses, liabilities and damages (whether actual, consequential or punitive), including interest, penalties, reasonable court costs and attorney’s fees, disbursements and costs of investigations, deficiencies, levies, duties and imposts.

  • Casualty Amount means five hundred thousand Dollars (USD500,000) (or the equivalent in any other currency);

  • Gross Liability Value means, with respect to any Liability of the Partnership described in Treasury Regulation Section 1.752-7(b)(3)(i), the amount of cash that a willing assignor would pay to a willing assignee to assume such Liability in an arm’s-length transaction.

  • Seller Damages shall have the meaning given to such term in Section 14.3.

  • Indemnity Escrow Amount means $3,000,000.

  • Claim Period means the period of time during which a Settlement Class Member must submit a Claim Form to be eligible to receive a Cash Benefit or Billing Credit Option as part of the Settlement. The Claim Period shall commence not later than thirty (30) days after the Preliminary Approval Date, as defined herein, and shall conclude not more than ninety (90) days after it commences.

  • Casualty Loss means, with respect to any item of Equipment, the loss, theft, damage beyond repair or governmental condemnation or seizure of such item of Equipment.

  • Data Loss Event means any event that results, or may result, in unauthorised access to Personal Data held by the Supplier under this Agreement, and/or actual or potential loss and/or destruction of Personal Data in breach of this Agreement, including any Personal Data Breach.

  • Asset Coverage means asset coverage, as determined in accordance with Section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior securities of the Trust which are stock, including all Outstanding Series B Preferred Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum asset coverage for senior securities which are stock of a closed-end investment company as a condition of declaring dividends on its common stock), determined on the basis of values calculated as of a time within 48 hours (not including Saturdays, Sundays or holidays) next preceding the time of such determination.

  • Indemnity Cap has the meaning set forth in Section 10.3(a).

  • Initial Bankruptcy Coverage Amount $100,000.

  • Deductible Amount means, with respect to any Insuring Agreement, the amount set forth under the heading “Deductible Amount” in Item 3 of the Declarations or in any Rider for such Insuring Agreement, applicable to each Single Loss covered by such Insuring Agreement.

  • Indemnity Threshold has the meaning set forth in Section 9.3.

  • Excess Fraud Loss Any Fraud Loss, or portion thereof, which exceeds the then applicable Fraud Loss Amount.

  • Damage Payment means the dollar amount equal to the amount to be posted as Project Development Security pursuant to Section 8.4(a)(i) hereof.