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, $10,348,874. 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, $6,625,556. 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.
Special Hazard Coverage Termination Date: The point in time at which the Special Hazard Loss Coverage Amount is reduced to zero.
The date on 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 any Distribution Date, $4,500,000 less (i) the aggregate amount of Special Hazard Losses that would have been previously allocated to the Group II Subordinate Certificates in the absence of the Loss Allocation Limitation and (ii) the Adjustment Amount as of the most recent anniversary of the Cut-off Date. As of any Distribution Date after the Cross-Over Date, the Special Hazard Loss Coverage Amount for such Group II Subordinate Certificates 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 Group II Mortgage Loans then due, whether or not paid.
Special Hazard Loss Coverage Amount. Not applicable.
Special Hazard Loss Coverage Amount. With respect to the first Distribution Date, $6,733,281. 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 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 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 to the effect that any such reduction will not result in the downgrading of the then current ratings assigned by such Rating Agency to the Classes of Senior Certificates. 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 Class C-B Certificates, as of the Closing Date, the Initial Special Hazard Loss Coverage Amount and 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 Related Pass-Through Collateral Balance, (ii) twice the principal balance of the largest Mortgage Loan in the related Pass-Through Loan Groups and (iii) the aggregate Stated Principal Balances of the Mortgage Loans in the related Pass-Through Loan Groups 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 Initial Special Hazard Loss Coverage Amount less the amount, if any, of losses attributable to Special Hazard Losses allocated to the Class C-B Certificates since the Closing Date. All Stated 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. The Special Hazard Loss Coverage Amount may be reduced below the amount set forth above for any Distribution Date with the consent of the Rating Agencies as evidenced by a letter of each Rating Agency to the Trust Administrator to the effect that any such reduction will not result in a downgrading of the current ratings assigned to such Classes of Certificates rated by it. Special Hazard Loss Coverage Termination Date: The date on which the Special Hazard Loss Coverage Amount has been reduced to zero.
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, $9,209,892.21. 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 the Aggregate Pool, (ii) twice the principal balance of the largest Mortgage Loan in the Aggregate Pool, and (iii) the aggregate of the principal balances of all Mortgage Loans in the Aggregate Pool 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 in the Aggregate Pool. 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 Class C-B Certificates, as of the Closing Date, $7,444,831 subject in each case 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 sum of the aggregate Stated Principal Balances of the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6, Group 7, Group 8 and Group 8 Mortgage Loans, (ii) twice the principal balance of the largest Mortgage Loan in Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5, Loan Group 6, Loan Group 7 and Loan Group 8 and (iii) the aggregate Stated Principal Balances of the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6, Group 7, Group 8 and Group 8 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 attributable to Special Hazard Losses allocated to the Class C-B Certificates since the Closing Date. All Stated 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. The Special Hazard Loss Coverage Amount may be reduced below the amount set forth above for any Distribution Date with the consent of the Rating Agencies as evidenced by a letter of each Rating Agency to the Trust Administrator to the effect that any such reduction will not result in a downgrading of the current ratings assigned to such Classes of Certificates rated by it. Special Hazard Loss Coverage Termination Date: The date on which the Special Hazard Loss Coverage Amount is reduced to zero.