Adjusted Outstanding Principal Balance definition

Adjusted Outstanding Principal Balance has the meaning given to it in Clause 11.2 of the LLP Deed;

Adjusted Outstanding Principal Balance means in respect of each Loan, the lower of:

Adjusted Outstanding Principal Balance means, at any time and in respect of each Receivable an amount equal to the product of (i) the Outstanding Principal Amount of the relevant Receivable and(ii) the Performance Factor applicable to such Receivable.

Examples of Adjusted Outstanding Principal Balance in a sentence

• Interest on each Note will accrue on a daily basis at the relevant Rate of Interest on the Adjusted Outstanding Principal Balance of such Note, provided that the Adjusted Outstanding Principal Balance of such Note is in excess of USD 1.

• The Calculation Agent shall, as soon as reasonably practicable thereafter, notify in writing the Issuer, the Agent Bank, the Principal Paying Agent, the Administrator and the Note Trustee of the Outstanding Principal Balance and the Adjusted Outstanding Principal Balance following such reinstatement.

• The Adjusted Outstanding Principal Balance of the Notes will be adjusted automatically and interest shall not accrue on any Note if and for so long as the Adjusted Outstanding Principal Balance of such Note is USD 1 or less.

• The Calculation Agent shall, as soon as reasonably practicable thereafter, notify in writing the Issuer, the Agent Bank, the Principal Paying Agent, the Transaction Administrator and the Note Trustee of the Outstanding Principal Balance and the Adjusted Outstanding Principal Balance following such reinstatement.

• The Adjusted Outstanding Principal Balance of the Notes assumes a Loss Amount equal to 60 per cent.

• The Calculation Agent shall, as soon as reasonably practicable thereafter, notify in writing the Issuer, the Agent Bank, the Principal Paying Agent, the Administrator and the Note Trustee of the Outstanding Principal Balance and the Adjusted Outstanding Principal Balance following such reduction.

• Interest Entitlement The amount of interest payable will be determined by reference to the Adjusted Outstanding Principal Balance of the Notes and reductions in the Adjusted Outstanding Principal Balance of the Notes will reduce the amount of such interest payable on the Notes accordingly.

• Amounts of interest payable in respect of the Notes will be determined by reference to the Adjusted Outstanding Principal Balance of the Notes.

• The Calculation Agent shall, as soon as reasonably practicable thereafter, notify in writing the Issuer, the Agent Bank, the Principal Paying Agent, the Transaction Administrator and the Note Trustee of the Outstanding Principal Balance and the Adjusted Outstanding Principal Balance of each Class of Notes following such reduction.

• To the extent not previously paid or reduced, the aggregate Outstanding Principal Balance of, and accrued and unpaid interest on, the Notes will be due and payable on the Final Maturity Date.Interest EntitlementThe amount of interest payable will be determined by reference to the Adjusted Outstanding Principal Balance of the Notes and reductions in the Adjusted Outstanding Principal Balance of the Notes will reduce the amount of such interest payable on the Notes accordingly.

More Definitions of Adjusted Outstanding Principal Balance

Adjusted Outstanding Principal Balance means at any time with respect to any Class or Tranche of Notes, the Outstanding Principal Balance of all Outstanding Notes of such Class or Tranche of Notes at such time, less any funds on deposit in respect of principal in any Issuer Account, for the benefit of such Class or Tranche of Notes at such time.

Adjusted Outstanding Principal Balance has the meaning given to it in Clause 10.2 of the Fund Deed; Administration Fee has the meaning given to it in Clause 11 of the Servicing and Custody Agreement; Advance has the meaning given in Clause 13.4 of the Representative and Agency Agreement; Agents means the Paying Agents and any Calculation Agent; Agreement Date means, in respect of any Covered Bond, the date on which agreement is reached for the issue of such Covered Bond as contemplated in Clause 2 of the Programme Agreement which, in the case of the Covered Bonds issued on a syndicated basis or otherwise in relation to which a Subscription Agreement is entered into, shall be the date on which the relevant Subscription Agreement is signed by or on behalf of all the parties to it; Amortised Face Amount has the meaning given to it in Condition 7.6(b) (Redemption and Purchase – Early Redemption Amounts) of the Terms and Conditions; Annual Accounting Date means 31 December in each year or such other date as the Board of Directors of the Management Company may determine by Majority Decision; Annuity Amount has the meaning given to it in Condition 6.1 (Payments - Payment in respect of Inflation Linked Annuity Covered Bonds) of the Terms and Conditions; Annuity Covered Bonds means the Covered Bonds which will be redeemed in Annuity Amounts (subject to adjustment for indexation in accordance with the provisions specified in the applicable Final Terms) on one or more Interest Payment Dates as specified in the applicable Final Terms; Appointee means any attorney, manager, agent, delegate, nominee, custodian or other person appointed by the Representative under the Representative and Agency Agreement; Arranger means Arion Bank hf. and any other entity appointed as an arranger for the Programme or in respect of any particular issue of Covered Bonds under the Programme and references in this Agreement to the Arranger shall be references to the relevant Arranger; in Arrears or in arrears means, in respect of a Mortgage Account, that one or more Monthly Payments in respect of such Mortgage Account have become due and remain unpaid by a Borrower; Arrears of Interest means, in relation to a Loan as at any date, the aggregate of all interest and expenses which are due and payable and unpaid on that date; Asset Coverage Test means the test as to whether the Adjusted Aggregate Loan Amount is at least equal to the ISK Equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds as calculated on the ...

Adjusted Outstanding Principal Balance means in respect of each Loan:

Adjusted Outstanding Principal Balance has the meaning given to it in Clause 10.2 of the Fund Deed; Administration Fee has the meaning given to it in Clause 11 of the Servicing and Custody Agreement; Advance has the meaning given in Clause 13.4 of the Representative and Agency Agreement; Agents means the Paying Agents and any Calculation Agent; Agreement Date means, in respect of any Covered Bond, the date on which agreement is reached for the issue of such Covered Bond as contemplated in Clause 2 of the Programme Agreement which, in the case of the Covered Bonds issued on a syndicated basis or otherwise in relation to which a Subscription Agreement is entered into, shall be the date on which the relevant Subscription Agreement is signed by or on behalf of all the parties to it; Amortised Face Amount has the meaning given to it in Condition 7.6(b) (Redemption and Purchase – Early Redemption Amounts) of the Terms and Conditions;