Special Hazard Loss Coverage Amount definition
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.
Special Hazard Loss Coverage Amount. With respect to the first Distribution Date, $4,408,800. 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.
Special Hazard Loss Coverage Amount. Upon the initial issuance of the Certificates, $2,059,960. As of any Distribution Date, the Special Hazard Loss Coverage Amount will equal the greater of
Examples of Special Hazard Loss Coverage Amount in a sentence
As to either Special Hazard Loss Coverage Amount, the point in time at which the related Special Hazard Loss Coverage Amount is reduced to zero.
As of any Distribution Date after the Cross-Over Date, the Special Hazard Loss Coverage Amount for such Subordinate Certificates shall be zero.
As to either Special Hazard Loss Coverage Amount, the point in time at which the Special Hazard Loss Coverage Amount is reduced to zero.
Aggregate claims under the Special Hazard Insurance Policy for the Mortgage Loans will be limited to the Special Hazard Loss Coverage Amount on the Closing Date.
The point in time at which the Special Hazard Loss Coverage Amount is reduced to zero.
More Definitions of Special Hazard Loss Coverage Amount
Special Hazard Loss Coverage Amount. With respect to each Group and any Distribution Date, $4,214,949.22 less (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 Limitation and (ii) the related Adjustment Amount as of the most recent anniversary of March 1, 2006. As of any Distribution Date on or after the Cross-Over Date, the Special Hazard Loss Coverage Amount shall be zero. 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.
Special Hazard Loss Coverage Amount. Not applicable.
Special Hazard Loss Coverage Amount. With respect to the Group B Certificates as of the Closing Date, $8,749,057, subject to reduction from time to time, to be an amount equal on any Distribution Date to the lesser of (a) the greatest of (i) 1% of the aggregate of the principal balances of the Group I and Group II Mortgage Loans, (ii) twice the principal balance of the largest Group I or Group II Mortgage Loan and (iii) the aggregate principal balances of the Group I and Group II 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 losses allocated to the Group B Certificates attributable to Special Hazard Mortgage Loans in Loan Group I and Loan Group II incurred since the Closing Date. All principal balances for the purpose of this definition will be calculated as of the first day of the month preceding such Distribution Date after giving effect to scheduled installments of principal and interest on the Group I and Group II Mortgage Loans then due, whether or not paid. With respect to the Group C-B Certificates as of the Closing Date, $3,591,302, subject to reduction from time to time, to be an amount equal on any Distribution Date to the lesser of (a) the greatest of (i) 1% of the aggregate of the principal balances of the Group V and Group VI Mortgage Loans, (ii) twice the principal balance of the largest Group V or Group VI Mortgage Loan and (iii) the aggregate principal balances of the Group V and Group VI 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 losses allocated to the Group C-B Certificates attributable to Special Hazard Mortgage Loans in Loan Group V and Loan Group VI incurred since the Closing Date. All principal balances for the purpose of this definition will be calculated as of the first day of the month preceding such Distribution Date after giving effect to scheduled installments of principal and interest on the Group V and Group VI Mortgage Loans then due, whether or not paid. With respect to the Group D-B Certificates as of the Closing Date, $2,936,755, subject to reduction from time to time, to be an amount equal on any Distribution...
Special Hazard Loss Coverage Amount. With respect to the first Distribution Date, $11,209,932. 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 Stated Principal Balances, (ii) twice the Stated Principal Balance of the largest Mortgage Loan and (iii) the aggregate of the Stated Principal Balances of the Mortgage Loans secured by Mortgaged Properties located in the single five-digit ZIP code area in the State of California having the highest aggregate Stated 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; provided, however, that the Special Hazard Loss Coverage Amount may also be reduced pursuant to a letter from each Rating Agency to the Trustee and the Securities Administrator to the effect that any such reduction shall not result in the downgrading of the then current ratings assigned by such Rating Agency to the Classes of Senior Certificates. All Stated Principal Balances for the purpose of the 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 paid or not. 63963 SEQUOIA 12 Pooling and Servicing Agreement 29
Special Hazard Loss Coverage Amount. With respect to the Group B Certificates and as of the Closing Date, $5,732,138, subject to reduction from time to time, to be an amount equal on any Distribution Date to the lesser of (a) the greatest of (i) 1% of the aggregate of the principal balances of the Group 1, Group 2, Group 3, Group 4 and Group 5 Mortgage Loans, (ii) twice the principal balance of the largest Group 1, Group 2, Group 3, Group 4 and Group 5 Mortgage Loan and (iii) the aggregate principal balances of the Group 1, Group 2, Group 3, Group 4 and Group 5 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 related Special Hazard Loss Coverage Amount as of the Closing Date less the amount, if any, of losses allocated to the Group B Certificates attributable to Special Hazard Mortgage Loans incurred since the Closing Date. All principal balances for the purpose of this definition will be calculated as of the first day of the month preceding such Distribution Date after giving effect to scheduled installments of principal and interest on the Mortgage Loans then due, whether or not paid. With respect to the Group D-B Certificates and as of the Closing Date, $5,959,113, subject to reduction from time to time, to be an amount equal on any Distribution Date to the lesser of (a) the greatest of (i) 1% of the aggregate of the principal balances of the Group 6, Group 7, Group 8, Group 9, Group 10, Group 11 and Group 12 Mortgage Loans, (ii) twice the principal balance of the largest Group 6, Group 7, Group 8, Group 9, Group 10, Group 11 and Group 12 Mortgage Loan and (iii) the aggregate principal balances of the Group 6, Group 7, Group 8, Group 9, Group 10, Group 11 and Group 12 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 related Special Hazard Loss Coverage Amount as of the Closing Date less the amount, if any, of losses allocated to the Group D-B Certificates attributable to Special Hazard Mortgage Loans incurred since the Closing Date. All principal balances for the purpose of this definition will be calculated as of the first day of the month preceding such Distribution Date after giving effect to scheduled installments of principal and interest on the Mortgage Loans then due, whether or not paid.
Special Hazard Loss Coverage Amount. With respect to the first Distribution Date and the Aggregate Pool A Certificates, $2,118,544. 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 in Aggregate Pool A, (ii) twice the principal balance of the largest Mortgage Loan in Aggregate Pool A, and (iii) the aggregate of the principal balances of all Mortgage Loans in Aggregate Pool A, 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) such Special Hazard Loss Coverage Amount as of the Closing Date less the amount, if any, of Special Hazard Losses allocated to the related 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.
Special Hazard Loss Coverage Amount. With respect to the Group III Subordinate Certificates as of the Closing Date, $5,740,330, subject to reduction from time to time, to be an amount equal on any Distribution Date to the lesser of (a) the greatest of (i) 1% of the aggregate of the principal balances of the Group III Mortgage Loans, (ii) twice the principal balance of the largest Group III Mortgage Loan and (iii) the aggregate principal balances of the Group III 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 losses allocated to the Group III Subordinate Certificates attributable to Special Hazard Mortgage Loans in Loan Group III incurred since the Closing Date. All principal balances for the purpose of this definition will be calculated as of the first day of the month preceding such Distribution Date after giving effect to scheduled installments of principal and interest on the Group III Mortgage Loans then due, whether or not paid. With respect to the Group D-B Certificates as of the Closing Date, $3,549,793, subject to reduction from time to time, to be an amount equal on any Distribution Date to the lesser of (a) the greatest of (i) 1% of the aggregate of the principal balances of the Group I and Group II Mortgage Loans, (ii) twice the principal balance of the largest Group I or Group II Mortgage Loan and (iii) the aggregate principal balances of the Group I and Group II 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 losses allocated to the Group D-B Certificates attributable to Special Hazard Mortgage Loans in Loan Group I and Loan Group II incurred since the Closing Date. All principal balances for the purpose of this definition will be calculated as of the first day of the month preceding such Distribution Date after giving effect to scheduled installments of principal and interest on the Group I and Group II Mortgage Loans then due, whether or not paid.