Special Hazard Coverage Termination Date definition

Special Hazard Coverage Termination Date. The point in time at which the Special Hazard Loss Coverage Amount is reduced to zero.
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Special Hazard Coverage Termination Date. Not applicable.
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Special Hazard Coverage Termination Date. The Group I Special Hazard Coverage Termination Date or the Group II Special Hazard Coverage Termination Date, as applicable.
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Examples of Special Hazard Coverage Termination Date in a sentence

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


More Definitions of Special Hazard Coverage Termination Date

Special Hazard Coverage Termination Date. With respect to any relevant Series of Bonds, the earlier of (a) the Payment Date on which the amount of Special Hazard Losses incurred on the mortgage loans underlying the Conventional Certificates securing such Series of Bonds and not previously deducted from the Special Hazard Loss Amount relative to such Series of Bonds, equals or exceeds the Special Hazard Loss Amount on such Payment Date, and (b) the Cross-over Date relative to such Series of Bonds.
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Special Hazard Coverage Termination Date. As to either Loan Group, the point in time at which the related Special Hazard Loss Coverage Amount is reduced to zero.
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Special Hazard Coverage Termination Date. The point in time at which the ------------------------------------------- Special Hazard Loss Coverage Amount is reduced to zero. Special Hazard Loss: Any Realized Loss suffered by a Mortgaged Property on account of direct physical loss but not including (i) any loss of a type covered by a hazard insurance policy or a flood insurance policy required to be maintained with respect to such Mortgaged Property pursuant to Section 3.09 to the extent of the amount of such loss covered thereby, or (ii) any loss caused by or resulting from:
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Special Hazard Coverage Termination Date with respect to each Mortgage Loan that became a Special Hazard Mortgage Loan during the calendar month preceding the month of such Distribution Date, the excess of one month's interest at the Adjusted Net Mortgage Rate on the Stated Principal Balance of such Mortgage Loan as of the Due Date in such month over the amount of Liquidation Proceeds applied as interest on such Mortgage Loan with respect to such month, (B) after the Bankruptcy Coverage Termination Date, with respect to each Mortgage Loan that became subject to a Bankruptcy Loss during the calendar month preceding the month of such Distribution Date, the interest portion of the related Debt Service Reduction or Deficient Valuation, (C) each Relief Act Reduction for the Mortgage Loans incurred during the calendar month preceding the month of such Distribution Date and (D) after the Fraud Loss Coverage Termination Date, with respect to each Mortgage Loan that became a Fraud Loan during the calendar month preceding the month of such Distribution Date, the excess of one month's interest at the related Adjusted Net Mortgage Rate on the Stated Principal Balance of such Mortgage Loan as of the Due Date in such month over the amount of Liquidation Proceeds applied as interest on such Mortgage Loan with respect to such month.
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Special Hazard Coverage Termination Date. With respect to the Aggregate Pool and Pool 3 Subordinate Certificates, the point in time at which the related Special Hazard Loss Coverage Amount is reduced to zero.
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Special Hazard Coverage Termination Date. Special Hazard Loss," "Special Hazard Loss Coverage Amount," "Subsequent Recoveries" and "Voting Rights" in Article I, and (b) Section 2.03, Section 2.04, Section 3.08, ▇▇▇▇▇▇▇ ▇.▇▇, ▇▇▇▇▇▇▇▇ ▇.▇▇(▇), (▇), (▇), (▇) and (g), Section 4.04, Section 4.05, the second sentence of the second paragraph of Section 5.01, Section 7.01, Section 7.03, Section 9.01, Section 9.02, Section 10.01, Section 10.04, Section 10.09 and Section 10.14. Notwithstanding any contrary provision of this Agreement, the Trustee shall not consent to any amendment to this Agreement unless (i) it shall have first received an Opinion of Counsel, which opinion shall not be an expense of the Trustee or the Trust Fund, to the effect that such amendment will not cause the imposition of any tax on any REMIC created under this Agreement, the Certificateholders or the Class A-6 Insurer or cause any REMIC created hereunder to fail to qualify as a REMIC at any time that any Certificates are outstanding and (ii) because the Trust Fund is required to be a Qualifying Special Purpose Entity (as that term is defined in Statement of Financial Accounting Standards No. 140 ("SFAS 140"), in order for the Seller to continue to account for the transfer of the Mortgage Loans under this Agreement as a sale under SFAS 140, prior to the parties hereto entering into such an amendment, the Trustee shall receive an Officer's Certificate, which shall not be an expense of the Trustee or the Trust Fund, to the effect that such amendment would not "significantly change" (within the meaning of SFAS 140) the permitted activities of the Trust Fund so as to cause the Trust Fund to fail to qualify as a Qualifying Special Purpose Entity. Promptly after the execution of any amendment to this Agreement requiring the consent of Certificateholders, the Trustee shall furnish written notification of the substance or a copy of such amendment to each Certificateholder, the Class A-6 Insurer and each Rating Agency. It shall not be necessary for the consent of Certificateholders under this Section 10.01 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the
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Related to Special Hazard Coverage Termination Date

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

  • Special Hazard Coverage The Special Hazard Coverage on the most recent anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) or, if prior to the first such anniversary, $1,925,990, in each case reduced by Special Hazard Losses allocated to the Certificates since the most recent anniversary of the Cut-Off Date (or, if prior to the first such anniversary, since the Cut-Off Date). On each anniversary of the Cut-Off Date, the Special Hazard Coverage shall be reduced, but not increased, to an amount equal to the lesser of (1) the greatest of (a) the aggregate principal balance of the Mortgage Loans located in the single California zip code area containing the largest aggregate principal balance of Mortgage Loans, (b) 1.0% of the aggregate unpaid principal balance of the Mortgage Loans and (c) twice the unpaid principal balance of the largest single Mortgage Loan, in each case calculated as of the Due Date in the immediately preceding month, and (2) $1,925,990 as reduced by the Special Hazard Losses allocated to the Certificates since the Cut-Off Date. The Special Hazard Coverage may be reduced upon written confirmation from the Rating Agencies that such reduction will not adversely affect the then current ratings assigned to the Certificates by the Rating Agencies.

  • Lease Termination Date means the last day of the Lease Term.

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

  • 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.