Imputed Principal Balance definition

Imputed Principal Balance. With respect to a Bond of a Series as of any date of determination, the amount equal to the lesser of (a) the Current Principal Amount of such Bond at such date or, in the case of an Interest Only Bond, the Notional Amount thereof at such date, and (b) the Original Principal Amount of such Bond or, in the case of an Interest Only Bond, the Notional Amount thereof on the date of issuance thereof, plus, in the case of a Compound Interest Bond, the aggregate amount of interest, if any, accrued on such Bond and added to the principal thereof on each Interest Payment Date for such Series through the Interest Payment Date immediately preceding such date of determination, less the sum of (i) all amounts paid on account of principal on such Bond, or, in the case of an Interest Only Bond, applied in reduction of the Notional Amount thereof, prior to such date of determination; (ii) all Realized Losses allocated to such Bond, or, in the case of an Interest Only Bond, applied in reduction of the Notional Amount thereof, prior to such date of determination which remain unpaid on such date of determination; and (iii) the portion of any Junior Bond Writedown Amount allocated to such Bond prior to such date of determination.

Imputed Principal Balance. With respect to the Equity Interest at any time, an amount equal to the Original Imputed Principal Balance reduced by all Imputed Principal Payments (whether paid to the Issuer in respect of the Equity Interest or used to make interest payments on the Notes pursuant to the subordination provisions contained herein) and Realized Losses theretofore allocated to the Equity Interest.

Imputed Principal Balance means (i) on the Closing Date, $7,985,491.91, and (ii) on any other date, (A) the aggregate of the net present value, using a semi-annual compounding annual discount rate equal to 7.139%, of all scheduled payments on the Class I Notes occurring after the date of determination, calculated as the product of 2.25% and (x) in respect of the first Distribution Date after the date of determination, the Notional Principal Amount, and (y) in respect of each other Distribution Date, the Planned Notional Principal Amount, less (B) accrued interest to the date of determination.

Examples of Imputed Principal Balance in a sentence

• On each Interest Payment Date after the Initial Interest Payment Date for a Class of Compound Interest Bonds Accrued Bond Interest on the Class Imputed Principal Balance of such Class shall be payable to the extent of Available Funds as specified in the related Series Supplement.