Down Earned Income Accrual definition

Down Earned Income Accrual means, for each calendar day occurring during any Calculation Period:·if the Leveraged Settlement Factor for that day is greater than 1, the Down Available Income Accrual for that day minus (the Down Available Income Accrual multiplied by (the Leveraged Settlement Factor minus 1) or, if the Leveraged Settlement Factor is less than 1, the Down Available Income Accrual for that day plus the Up Available Income Accrual for that day multiplied by (1 minus such Leveraged Settlement Factor);plus·if the date of measurement is also an Issuance Date on which a net increase in the Down Aggregate Par Amount has occurred after giving effect to all Paired Issuances and Paired Optional Redemptions on that date, the product of the number of Down MacroShares created on such date constituting such net increase and the income component of the Per Share Underlying Value of each such Down MacroShare, which represents the Down Earned Income Accrual allocable to such share during the period from the last preceding Distribution Date to such Issuance Date,minus·if the date of measurement is also a Redemption Date on which a net decrease in the Down Aggregate Par Amount has occurred after giving effect to all Paired Optional Redemptions and Paired Issuances, the product of the number of Down MacroShares redeemed on such day constituting such net decrease and the income component of the Per Share Underlying Value of each such Down MacroShare, which represents the Down Earned Income Accrual allocable to such share during the period from the last preceding Distribution Date to such Redemption Date.The Down Earned Income Accrual for each Calculation Period will be equal to the sum of the Down Earned Income Accruals for each day of that Calculation Period.
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Down Earned Income Accrual means, with respect to each calendar day occurring during any Calculation Period: · if on such date the Ending Level is below the Starting Level, the Down Available Income Accrual for that day plus the product of (i) the Up Available Income Accrual for that day and (ii) the Price Level Percentage Change on that day; · if on such date the Ending Level is above the Starting Level, the Down Available Income Accrual for that day minus the product of (i) such Down Available Income Accrual and (ii) the Price Level Percentage Change on that day; and · if on such date the Ending Level is equal to the Starting Level, the Down Available Income Accrual for that day; plus, if the date of determination is also an Issuance Date on which a Net Par Amount Increase occurred, the product of the number of Down MacroShares created on such date that are part of such Net Par Amount Increase and the Income Component of each such share, and minus, if the date of determination is also a Redemption Date on which a Net Par Amount Decrease occurred, the product of the number of Down MacroShares redeemed on such date that are part of such Net Par Amount Decrease and the Income Component of each such share. The Down Earned Income Accrual for each date of determination that is not a Price Determination Day shall be determined by reference to the Applicable Reference Price of Crude Oil on the last preceding Price Determination Day. The Down Earned Income Accrual for each Calculation Period shall be equal to the sum of the Down Earned Income Accruals for each day of that Calculation Period.
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Down Earned Income Accrual means, with respect to each calendar day occurring during any Calculation Period: • if on such day the Leveraged Settlement Factor is less than 1, the Down Available Income Accrual for that day plus the product of (i) the Up Available Income Accrual for that day and (ii) 1 minus such Leveraged Settlement Factor; • if on such day the Leveraged Settlement Factor is greater than 1, the product of (x) the Down Available Income Accrual for that day and (y) 2 minus such Leveraged Settlement Factor; and • if on such day the Leveraged Settlement Factors is equal to 1, the Down Available Income Accrual for that day; plus, if the date of determination is also an Issuance Date on which a Net Par Amount Increase occurred, the product of the number of Down MacroShares created on such date that are part of such Net Par Amount Increase and the Income Component of each such share, minus, if the date of determination is also a Redemption Date on which a Net Par Amount Decrease occurred, the product of the number of Down MacroShares redeemed on such date that are part of such Net Par Amount Decrease and the Income Component of each such share. The Down Earned Income Accrual for each Calculation Period shall be equal to the sum of the Down Earned Income Accruals for each day of that Calculation Period.
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Examples of Down Earned Income Accrual in a sentence

  • Income Distribution Payments and Income Distribution Payment Payer: With respect to any Distribution Date, if the Down Earned Income Accrual for the preceding Calculation Period is less than the Down Available Income for such Calculation Period, the Down Trust will pay the Down Income Distribution Payment to the Up Trust on the related Distribution Payment Date.

  • Available Income and Earned Income Accrual: With respect to any Calculation Period, the Up Available Income and Down Available Income, and the Up Earned Income Accrual and Down Earned Income Accrual will have the respective meanings specified in the Up Trust Agreement and the Down Trust Agreement.

  • Down Income Distribution Payment: With respect to any Distribution Date, an amount equal to the positive difference between the Down Available Income for the preceding Calculation Period and the Down Earned Income Accrual for the preceding Calculation Period.


More Definitions of Down Earned Income Accrual

Down Earned Income Accrual means, with respect to any date of determination occurring during any Calculation Period: the product of (i) the sum of the Up Available Income Accrual and the Down Available Income Accrual for that day and (ii) a fraction the numerator of which is the Down Underlying Value as of the preceding day and the denominator of which is the sum of the Up Underlying Value and the Down Underlying Value, each as of the preceding day; provided, that on the Closing Day, such fraction will equal 0.5, plus, if the date of determination is also an Issuance Date on which a Net Par Amount Increase occurred, the product of the number of Down MacroShares created on such date that are part of such Net Par Amount Increase and the Income Component of each such share, minus, if the date of determination is also a Redemption Date on which a Net Par Amount Decrease occurred, the product of the number of Down MacroShares redeemed on such date that are part of such Net Par Amount Decrease and the Income Component of each such share. The Down Earned Income Accrual for each Calculation Period shall be equal to the sum of the Down Earned Income Accruals for each day of that Calculation Period.
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Related to Down Earned Income Accrual

  • Interest Accrual Date means with respect to any Security, the date the Company accepts funds for the purchase of the Security if such funds are received by 3:00 p.m. (EDT) on a Business Day, or if such funds are not so received, on the next Business Day.

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Interest Accrual Period means the period beginning on (and including) the Interest Commencement Date and ending on (but excluding) the first Interest Period Date and each successive period beginning on (and including) an Interest Period Date and ending on (but excluding) the next succeeding Interest Period Date.

  • total earnings means all of the dentist's gross earnings from the practice of dentistry by him in person, and "NHS earnings" means the dentist's gross earnings from the provision by him in person of general dental services under the National Health Service (Scotland) Act 1978, as amended, including where the dentist's name is included in sub-part A of the first part, or Part A prior to 2 July 2010, of two or more dental lists in Scotland, but neither his total earnings nor his NHS earnings shall be taken to include any remuneration by way of salary;

  • Monthly Earnings means your gross monthly income from your Employer, not including shift differential, in effect just prior to your date of disability. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Gross earnings means all monies earned by the Employee under the terms of this Collective Agreement.

  • Interest Accrual Basis The basis on which interest accrues in respect of any Mortgage Loan, any REMIC I Regular Interest, any REMIC II Regular Interest, any Regular Certificate, any of the Class A-S, Class B and Class C Certificates, any of the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest or any particular REMIC III Component of a Class of Interest Only Certificates, in each case consisting of one of the following: (i) a 30/360 Basis; or (ii) an Actual/360 Basis.

  • Base Earnings means base salary and wages payable by the Company or a Participating Subsidiary to an Eligible Employee, prior to pre-tax deductions for contributions to qualified or non-qualified (under the Code) benefit plans or arrangements, and excluding bonuses, incentives and overtime pay but including commissions.

  • Payoff Earnings For any Distribution Date with respect to each Mortgage Loan on which a Payoff was received by the Master Servicer during the Payoff Period, the aggregate of the interest earned by the Master Servicer from investment of each such Payoff from the date of receipt of such Payoff until the Business Day immediately preceding the related Distribution Date (net of investment losses).

  • Accrual Date With respect to any Series or Class of Certificates, the date upon which interest begins accruing on the Certificates of such Series or Class, which shall be specified in the related Pooling and Servicing Agreement.

  • Interest Accrual Amount As to any Distribution Date and any Class of Class A Certificates (other than the Class A-PO Certificates), (a) the product of (i) 1/12th of the Class A Pass-Through Rate for such Class and (ii) the Principal Balance of such Class as of the Determination Date preceding such Distribution Date minus (b) the Class A Interest Percentage of such Class of (i) any Non-Supported Interest Shortfall allocated to the Class A Certificates with respect to such Distribution Date, (ii) the interest portion of any Excess Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses allocated to the Class A Certificates with respect to such Distribution Date pursuant to Section 4.02(e) and (iii) the interest portion of any Realized Losses (other than Excess Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses) allocated to the Class A Certificates on or after the Cross-Over Date pursuant to Section 4.02(e). The Class A-PO Certificates have no Interest Accrual Amount. As to any Distribution Date and any Class of Class B Certificates, an amount equal to (i) the product of 1/12th of the Class B Pass-Through Rate and the Principal Balance of such Class as of the Determination Date preceding such Distribution Date minus (ii) the Class B Interest Percentage of such Class of (x) any Non-Supported Interest Shortfall allocated to the Class B Certificates with respect to such Distribution Date and (y) the interest portion of any Excess Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses allocated to the Class B Certificates with respect to such Distribution Date pursuant to Section 4.02(e).

  • Deferred Sales Charge Payment Date means June 10, 2015 and the tenth day of each month thereafter through October 10, 2015.

  • Current Accrual Rate means, with respect to each Payment Date and any Reference Obligation, the current mortgage rate, less the greater of (i) the related servicing fee rate and (ii) 35 basis points.

  • Final Average Earnings means (a) divided by (b) as follows:

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Deferred Sales Charge Payment Dates means the dates specified for deferred sales fee installments under "Investment Summary--Fees and Expenses" in the Prospectus for the Trust.

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • Accrual Balance means the liability that should be accrued by the Bank, under Generally Accepted Accounting Principles (“GAAP”), for the Bank’s obligation to the Executive under this Agreement, by applying Accounting Principles Board Opinion Number 12 as amended by Statement of Financial Accounting Standards Number 106 and the Discount Rate. Any one of a variety of amortization methods may be used to determine the Accrual Balance. However, once chosen, the method must be consistently applied.

  • Weekly Earnings means, in the case of a day or shift worker, 40 hours x his regular rate;

  • Adjusted Actual/360 Accrued Interest Amount with respect to any REMIC I Regular Interest referred to in clause (B) of the second sentence of the prior paragraph, for any Interest Accrual Period, is an amount of interest equal to the product of (a) the Net Mortgage Rate then in effect (including as a result of any step-up provision) for the related Mortgage Loan under the original terms of such Mortgage Loan in effect as of the Closing Date (without regard to any modifications, extensions, waivers or amendments of such Mortgage Loan subsequent to the Closing Date, whether entered into by the Master Servicer or the Special Servicer or in connection with any bankruptcy, insolvency or other similar proceeding involving the related Borrower), multiplied by (b) a fraction, the numerator of which is the number of days in such Interest Accrual Period, and the denominator of which is 360, multiplied by (c) the Uncertificated Principal Balance of such REMIC I Regular Interest immediately prior to the Distribution Date that corresponds to such Interest Accrual Period; provided that, if the subject Interest Accrual Period occurs during (x) December of any year that does not immediately precede a leap year or (y) January of any year, then the amount of interest calculated with respect to the subject REMIC I Regular Interest pursuant to this definition for such Interest Accrual Period without regard to this proviso shall be decreased by the Interest Reserve Amount, if any (and the fraction described in clause (B) of the second sentence of the preceding paragraph shall be adjusted accordingly), with respect to the related Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) transferred, in accordance with Section 3.04(c), from the Distribution Account to the Interest Reserve Account on the Master Servicer Remittance Date that occurs immediately following the end of such Interest Accrual Period; and provided, further, that, if the subject Interest Accrual Period occurs during February of any year (or during any December or January preceding the month of the Final Distribution Date), then the amount of interest calculated with respect to the subject REMIC I Regular Interest pursuant to this definition for such Interest Accrual Period without regard to this proviso shall be increased by the Interest Reserve Amount(s), if any (and the fraction described in clause (B) of the second sentence of the preceding paragraph shall be adjusted accordingly), with respect to the related Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) transferred, in accordance with Section 3.05(c), from the Interest Reserve Account to the Distribution Account on the Master Servicer Remittance Date that occurs immediately following the end of such Interest Accrual Period.

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Excess Earnings means, with respect to Mortgage Loans held in any subaccount of the Acquisition Account or the Loan Recycling Account established in connection with a Series of Tax- exempt Bonds, the "excess earnings," as defined in Treasury Regulations § 1.148-10T, with respect thereto.

  • Core Earnings means the net income (loss), computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) acquisition fees, (iv) financing fees, (v) depreciation and amortization, (vi) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (vii) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between the Manager and the Independent Directors and approved by a majority of the Independent Directors.

  • Payout Period means the time frame during which certain benefits payable hereunder shall be distributed. Payments shall be made in monthly installments commencing on the first day of the month following the occurrence of the event which triggers distribution and continuing for a period of one hundred eighty (180) months. Should the Executive make a Timely Election to receive a lump sum benefit payment, the Executive's Payout Period shall be deemed to be one (1) month.

  • Accumulation Account The account designated as such, established and maintained pursuant to Section 5.01(a)(iii) of the Trust Sale and Servicing Agreement.

  • Accumulation Period Amount means $41,666,666.67; provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount specified in the definition of “Accumulation Period Amount” in the Indenture Supplement.