Special Hazard Loss Amount. As of any Distribution Date, an amount equal to $5,477,967.00 minus the sum of (i) the aggregate amount of Special Hazard Losses allocated solely to the Class B Certificates in accordance with Section 4.02(a) and (ii) the Special Hazard Adjustment Amount (as defined below) as most recently calculated. For each anniversary of the Cut-Off Date, the Special Hazard Adjustment Amount shall be calculated and shall be equal to the amount, if any, by which the amount calculated in accordance with the preceding sentence (without giving effect to the deduction of the Special Hazard Adjustment Amount for such anniversary) exceeds the greater of (A) the product of the Special Hazard Percentage for such anniversary multiplied by the outstanding principal balance of all the Mortgage Loans on the Distribution Date immediately preceding such anniversary, (B) twice the outstanding principal balance of the Mortgage Loan in the Trust Estate which has the largest outstanding principal balance on the Distribution Date immediately preceding such anniversary and (C) that which is necessary to maintain the original ratings on the Certificates as evidenced by letters to that effect delivered by Rating Agencies to the Master Servicer and the Trust Administrator. On and after the Cross-Over Date, the Special Hazard Loss Amount shall be zero.
Special Hazard Loss Amount. As of any Distribution Date, an amount equal to $[ ] minus the sum of (a) the aggregate amount of Special Hazard Losses that would have been allocated to the Subordinate Certificates in accordance with Section 6.02 in the absence of the Loss Allocation Limitation and (b) the Adjustment Amount (as defined below) as most recently calculated. On each anniversary of the Cut-Off Date, the "Adjustment Amount" shall be equal to the amount, if any, by which the amount calculated in accordance with the preceding sentence (without giving effect to the deduction of the Adjustment Amount for such anniversary) exceeds the lesser of (i) the greater of (A) the product of the Special Hazard Percentage for such anniversary multiplied by the Outstanding Principal Balance of all the Mortgage Loans on the Distribution Date immediately preceding such anniversary and (B) twice the Outstanding Principal Balance of the Mortgage Loan which has the largest Outstanding Principal Balance on the Distribution Date immediately preceding such anniversary, and (ii) an amount calculated by the Master Servicer and approved by each Rating Agency, which amount shall not be less than $[ ].
Special Hazard Loss Amount. As to any Distribution Date, the lesser of (a) the greatest of (i) 1% of the Pool Stated Principal Balance of the Mortgage Loans, (ii) twice the principal balance of the largest Mortgage Loan, and (iii) the aggregate principal balance of all Mortgage Loans secured by Mortgaged Properties located in the single California five-digit postal zip code having the highest aggregate principal balance of any zip code area (all principal balances to be calculated as of the first day of the month preceding such Distribution Date after giving effect to Monthly Payments then due, whether or not paid) and (b) the Initial Special Hazard Loss Amount, reduced (but not below zero) by the amount of Realized Losses in respect of Special Hazard Mortgage Loans previously incurred during the period from the Cut-Off Date through the last day of the month preceding the month of such Distribution Date. The Special Hazard Loss Amount may be further reduced from time to time below the amounts specified above with the written consent of the Rating Agencies and without resulting in a downgrading to the then-current rating of the Certificates.
Examples of Special Hazard Loss Amount in a sentence
Group I Special Hazard Loss Amount: Upon the initial issuance of the Group I Certificates, $1,710,767.
Excess Losses: For any Distribution Date, the amount of any (i) Fraud Losses in excess of the Fraud Loss Amount, (ii) Special Hazard Losses in excess of the Special Hazard Loss Amount or (iii) Bankruptcy Losses in excess of the Bankruptcy Loss Amount.
As of any Distribution Date, the Group I Special Hazard Loss Amount will equal the initial Group I Special Hazard Loss Amount, minus the sum of (i) the aggregate amount of Special Hazard Losses that would have been previously allocated to the Group I Subordinate Certificates in the absence of the Group I Loss Allocation Limit and (ii) the Group I Adjustment Amount.
For any Mortgage Loan Group, the Payment Date upon which the applicable Special Hazard Loss Amount has been reduced to zero or a negative number (or the applicable Group 1, Group 2 or Group 3 Cross-Over Date, if earlier).
The Distribution Date upon which the Special Hazard Loss Amount has been reduced to zero or a negative number (or the Credit Support Depletion Date, if earlier).
More Definitions of Special Hazard Loss Amount
Special Hazard Loss Amount. As of any Distribution Date, an amount equal to $4,937,917.43 minus the sum of (i) the aggregate amount of Special Hazard Losses allocated solely to the Class B Certificates or, following the reduction of the Class B Principal Balance to zero, solely to the Class M Certificates in accordance with Section 4.02(a) and (ii) the Special Hazard Adjustment Amount (as defined below) as most recently calculated. For each anniversary of the Cut-Off Date, the Special Hazard Adjustment Amount shall be calculated and shall be equal to the amount, if any, by which the amount calculated in accordance with the preceding sentence (without giving effect to the deduction of the Special Hazard Adjustment Amount for such anniversary) exceeds the greater of (A) the product of the Special Hazard Percentage for such anniversary multiplied by the outstanding principal balance of all the Mortgage Loans on the Distribution Date immediately preceding such anniversary, (B) twice the outstanding principal balance of the Mortgage Loan in the Trust Estate which has the largest outstanding principal balance on the Distribution Date immediately preceding such anniversary and (C) that which is necessary to maintain the original ratings on the Certificates, as evidenced by letters to that effect delivered by Rating Agencies to the Master Servicer and the Trustee. On and or after the Cross-Over Date, the Special Hazard Loss Amount shall be zero.
Special Hazard Loss Amount. As to any Distribution Date and Loan Group, the lesser of (a) the greatest of (i) 1% of the Pool Stated Principal Balance of the Mortgage Loans in such Loan Group, (ii) twice the principal balance of the largest Mortgage Loan in such Loan Group, and (iii) the aggregate principal balance of all Mortgage Loans in such Loan Group secured by Mortgaged Properties located in the single California five-digit postal zip code having the highest aggregate principal balance of any zip code area (all principal balances to be calculated as of the first day of the month preceding such Distribution Date after giving effect to Monthly Payments then due, whether or not paid) and (b) the Initial Special Hazard Loss Amount for such Loan Group, reduced (but not below zero) by the amount of Realized Losses in respect of Special Hazard Mortgage Loans previously incurred during the period from the Cut-Off Date through the last day of the month preceding the month of such Distribution Date. Either Special Hazard Loss Amount may be further reduced from time to time below the amounts specified above with the written consent of the Rating Agencies and without resulting in a downgrading to the then-current rating of the Certificates.
Special Hazard Loss Amount. $ 4,152,644.00 ---------------
Special Hazard Loss Amount. With respect to any relevant Series of Bonds, the amount specified in the related Series Supplement, as adjusted from time to time in accordance with such Series Supplement.
Special Hazard Loss Amount. Upon the initial issuance of the Mortgage Pass-Through Certificates, $2,049,289. As of any Distribution Date, the Special Hazard Loss Amount will equal the initial Special Hazard Loss Amount, minus the sum of (i) the aggregate amount of Special Hazard Losses that would have been previously allocated to the Subordinate Certificates in the absence of the Loss Allocation Limit and (ii) the Adjustment Amount.
Special Hazard Loss Amount. Group I Special Hazard Loss Amount or Group II Special Hazard Loss Amount.
Special Hazard Loss Amount. Upon the initial issuance of the Certificates, the "Special Hazard Loss Amount" for (i) the Group 1 Mortgage Loans and Group 2 Mortgage Loans will equal two times the Cut-off Date Scheduled Principal Balance of the largest Mortgage Loan in the Mortgage Loan Group 1 and Mortgage Loan Group 2 (or $2,997,774.00), (ii) the Group 3 Mortgage Loans will equal two times the Cut-off Date Scheduled Principal Balance of the largest Mortgage Loan in the Mortgage Loan Group 3 (or $1,969,088.34) and (iii) for the Group 4 Mortgage Loans will equal 1.0% of the aggregate Scheduled Principal Balance of the Group 4 Mortgage Loans as of the Cut-off Date (or $1,339,281.33). As of any Distribution Date, the Special Hazard Loss Amount for each Mortgage Loan Group or Groups will equal the initial Special Hazard Loss Amount, minus the sum of (i) the aggregate amount of Special Hazard Losses that would have been previously allocated to the Subordinate Certificates of the related Subordinate Certificate Group in the absence of the Loss Allocation Limitation and (ii) the Adjustment Amount.