Payments of Interest and Principal definition

Payments of Interest and Principal. (other than the statements under the subheadings "Material Income Tax Considerations" and "ERISA Considerations"), insofar as they purport to summarize certain provisions of the Securitization Bonds and the Indenture, (ii) "The Sale Agreement", insofar as they purport to summarize certain provisions of the Sale Agreement, (iii) "The Servicing Agreement", insofar as they purport to summarize certain provisions of the Servicing Agreement, (iv) "The Indenture", insofar as they purport to summarize certain provisions of the Indenture, (v) "The Intercreditor Agreement", insofar as they purport to summarize certain provisions of the Intercreditor Agreement, and (vi) "Consumers Funding LLC", insofar as they purport to summarize certain provisions of the Issuer LLC Agreement, in each case constitute fair summaries of such provisions; (b) the Prospectus Supplement under the captions (i) "The Series 2001-1 Securitization Bonds" insofar as they purport to summarize certain provisions of the Securitization Bonds and (ii) "Credit Enhancement - Collection Account and Subaccounts" insofar as they purport to summarize certain provisions of the Indenture, constitute fair summaries of such provisions, and (c) the Prospectus under the caption "ERISA Considerations", insofar as such statements purport to summarize certain provisions of the laws referred to therein, fairly summarize such provisions in all material respects;
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Payments of Interest and Principal. All interest payments (excluding interest payments made at maturity) will be made by check mailed to the person entitled thereto; provided,
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Payments of Interest and Principal. All interest payments (excluding interest payments made at maturity) will be made by check mailed to the person entitled thereto; provided, however, that if a holder of one or more Notes of like tenor and terms with an aggregate principal amount equal to or greater than U.S. $10,000,000 or such lesser amount in the discretion of the Company (or the equivalent thereof in foreign currencies or currency units) shall designate in writing to the Paying Agent at its corporate trust office in The City of New York on or prior to the Regular Record Date relating to the Interest Payment Date an appropriate account with a bank, the Paying Agent will, subject to applicable laws and regulations and until it receives notice to the contrary, make such payment and all succeeding payments to such person by wire transfer to the designated account. If a payment cannot be made by wire transfer because the information received by the Paying Agent is incomplete, a notice will be mailed to the holder at its registered address requesting such information. Upon presentation of the relevant Note, the Trustee (or any duly appointed Paying Agent) will pay in immediately available funds the principal amount of such Note at maturity and accrued interest, if any, due at maturity; provided that the Note is presented to the Trustee (or any such Paying Agent) to make payments in accordance with its normal procedures. The Issuer will provide the Trustee (and any such Paying Agent) with funds available for such purpose. Notes presented to the Trustee at maturity for payment will be canceled and destroyed by the Trustee and a certificate of destruction will be delivered to the Issuer. On the fifth Business Day (as defined below) immediately preceding each interest payment date, the Trustee will furnish to the Issuer a statement showing the total amount of the interest payments to be made on such interest payment date. The Trustee will provide monthly to the Issuer a list of the principal and interest to be paid on Notes maturing in the next succeeding six months. The Trustee will assume responsibility for withholding taxes on interest paid as required by law. ACCEPTANCE OF OFFERS: Agent will promptly advise the Issuer of each reasonable offer to purchase Notes received by it, other than those rejected by the Agent. The Agent may, in its discretion reasonably exercised, without notice to the Issuer, reject any offer received by it, in whole or in part. The Issuer will have the sole right to ac...
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Examples of Payments of Interest and Principal in a sentence

  • Transaction Management Agreement 40 ARTICLE V Accounts, Collections, Payments of Interest and Principal, Releases, and Statements to Noteholders 42 Section 5.01.

  • Forbearances Granted As a Result of the COVID-19 Pandemic May Delay Payments of Interest and Principal The Higher Education Act also permits, and in some cases requires, “forbearance” periods from loan collection in some circumstances.

  • Payments of Interest and Principal to Class A(2002-7) Noteholders 14 Section 2.07.

  • Payments of Interest and Principal shall be paid solely to the registered holder of this Note, and such payment shall constitute full discharge of Company’s obligation to pay such Interest and Principal.

  • Payments of Interest and Principal to Class A(2002-11) Noteholders 14 Section 2.07.

  • On each Principal Payment Date, an amount up to the Nominal Liquidation Amount of the Class A(2019-1) Notes will be withdrawn from the Class A(2019-1) Principal Funding Sub-Account and remitted to the Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.Section 3.05 Payments of Interest and Principal.

  • Payments of Interest and Principal on the Notes is senior to the payment of dividends or amounts paid in liquidation on any class of capital stock of the Company.

  • Ranking of Payments of Interest and Principal The Notes constitute direct, secured, unconditional obligations of the Issuer and rank pari passu without preference or priority amongst themselves.

  • On each Principal Payment Date, an amount up to the Nominal Liquidation Amount of the Class A(2022-1) Notes will be withdrawn from the Class A(2022-1) Principal Funding Sub-Account and remitted to the Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.Section 3.05 Payments of Interest and Principal.

  • On each Principal Payment Date, an amount up to the Nominal Liquidation Amount of the Class A(2018-1) Notes will be withdrawn from the Class A(2018-1) Principal Funding Sub-Account and remitted to the Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.Section 3.05 Payments of Interest and Principal.


More Definitions of Payments of Interest and Principal

Payments of Interest and Principal. Consumers Funding LLC, the Issuer", "The Securitization Bonds" (other than the statements under the subheading "Securitization Bonds Will Be Issued in Book-Entry Form"), "The Sale Agreement", "The Servicing Agreement", "The Indenture", "Material Income Tax Consequences for the Securitization Bonds" (other than the statements under the subheading "Material State of Michigan Tax Consequences") and "ERISA Considerations", to the extent that they constitute matters of law or legal conclusions with respect thereto, provide a fair and accurate summary of such law and conclusions;
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Related to Payments of Interest and Principal

  • Payments of Principal and Interest Payments of Principal and Interest. Promptly after each Regular Record Date, the Trustee will deliver to the Company and DTC a written notice specifying by CUSIP number the amount of interest, if any, to be paid on each Global Note on the following Interest Payment Date (other than an Interest Payment Date coinciding with a Maturity Date) and the total of such amounts. DTC will confirm the amount payable on each Global Note on such Interest Payment Date by reference to the daily bond reports published by Standard & Poor's. On such Interest Payment Date, the Company will pay to the Trustee, and the Trustee in turn will pay to DTC, such total amount of interest due (other than on the Maturity Date), at the times and in the manner set forth below under "Manner of Payment". If any Interest Payment Date for any Note is not a Business Day, the payment due on such day shall be made on the next succeeding Business Day and no interest shall accrue on such payment for the period from and after such Interest Payment Date.

  • Unpaid Interest Amounts As of any Distribution Date and any Class of Certificates, the sum of (a) the portion of the Accrued Certificate Interest Distribution Amount from Distribution Dates prior to the current Distribution Date remaining unpaid immediately prior to the current Distribution Date and (b) interest on the amount in clause (a) above at the applicable Pass-Through Rate (to the extent permitted by applicable law).

  • Unpaid Interest Amount As of any Distribution Date and any Class of Certificates, the sum of (a) the portion of the Accrued Certificate Interest Distribution Amount from Distribution Dates prior to the current Distribution Date remaining unpaid immediately prior to the current Distribution Date and (b) interest on the amount in clause (a) above at the applicable Pass-Through Rate (to the extent permitted by applicable law).

  • Class Unpaid Interest Amounts As to any Distribution Date and Class of interest bearing Certificates, the amount by which the aggregate Class Interest Shortfalls for such Class on prior Distribution Dates exceeds the amount distributed on such Class on prior Distribution Dates pursuant to clause (ii) of the definition of Class Optimal Interest Distribution Amount.

  • Arrears of Interest means as at any date in respect of any Loan, interest (other than Capitalized Interest or Accrued Interest) on that Loan which is currently due and payable and unpaid on that date;

  • Accrued Interest Amount For any Distribution Date and for any Undercollateralized Group, an amount equal to one month’s interest on the applicable Principal Deficiency Amount at the Net WAC of the applicable Loan Group, plus any interest accrued on such Undercollateralized Group remaining unpaid from prior Distribution Dates.

  • Principal and Interest Account The principal and interest account created by the Servicer pursuant to Section 8.08(a) hereof. The Principal and Interest Account shall be an Eligible Account.

  • PIK Interest Amount means, in respect of any Interest Payment Date, the amount of interest accrued during an Interest Period calculated based on the PIK Interest Rate applicable during such Interest Period.

  • LATE CHARGES All invoices are due and payable upon receipt. Any invoices not paid within thirty (30) days of the invoice date are subject to a one percent (1%) per month financing charge on any unpaid balance but only to the extent permitted by law.

  • Class B-3 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-3 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-3 Certificates on prior Distribution Dates pursuant to Paragraph twelfth of Section 4.01(a).

  • Scheduled Principal Payments means, with respect to any Series or any Class of any Series of Notes, any payments scheduled to be made pursuant to the applicable Series Supplement that reduce the amount of principal Outstanding with respect to such Series or Class on a periodic basis that are identified as “Scheduled Principal Payments” in the applicable Series Supplement.

  • Class B-1 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-1 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-1 Certificates on prior Distribution Dates pursuant to Paragraph sixth of Section 4.01(a).

  • Class B-2 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-2 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-2 Certificates on prior Distribution Dates pursuant to Paragraph ninth of Section 4.01(a).

  • Class B Unpaid Interest Shortfall Any of the Class B-1 Unpaid Interest Shortfall, Class B-2 Unpaid Interest Shortfall, Class B-3 Unpaid Interest Shortfall, Class B-4 Unpaid Interest Shortfall, Class B-5 Unpaid Interest Shortfall or Class B-6 Unpaid Interest Shortfall.

  • Class B-6 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-6 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-6 Certificates on prior Distribution Dates pursuant to Paragraph twenty-first of Section 4.01(a).

  • Class B-4 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-4 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-4 Certificates on prior Distribution Dates pursuant to Paragraph fifteenth of Section 4.01(a).

  • Class B-5 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-5 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-5 Certificates on prior Distribution Dates pursuant to Paragraph eighteenth of Section 4.01(a).

  • Principal Payments means all payments of principal made pursuant to the terms of the Note.

  • Principal Debt means, at any time, the unpaid principal balance of all Borrowings.

  • Note A-2 Principal Balance” set forth on the Mortgage Loan Schedule, less any payments of principal on Note A-2 received by the Note A-2 Holder or reductions in the principal balance thereof pursuant to Section 3 or 4, as applicable.

  • Accrued Interest means, with respect to Single Family Shared-Loss Loans, the amount of earned and unpaid interest at the note rate specified in the applicable loan documents, limited to 90 days.

  • Excess Subordinate Principal Amount With respect to any Distribution Date on which the aggregate Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the Lowest Priority is to be reduced to zero and on which Realized Losses are to be allocated to such class or classes, the excess, if any, of (i) the amount that would otherwise be distributable in respect of principal on such class or classes of Certificates on such Distribution Date over (ii) the excess, if any, of the aggregate Certificate Principal Balance of such class or classes of Certificates immediately prior to such Distribution Date over the aggregate amount of Realized Losses to be allocated to such classes of Certificates on such Distribution Date as reduced by any amount calculated pursuant to Section 4.02(b)(i)(E). With respect to any Mortgage Pool that is comprised of two or more Loan Groups, the Excess Subordinate Principal Amount will be allocated between each Loan Group on a pro rata basis in accordance with the amount of Realized Losses attributable to each Loan Group and allocated to the Certificates on such Distribution Date.

  • Interest Amount means, in relation to a Note and an Interest Period, the amount of interest payable in respect of that Note for that Interest Period;

  • Class A Unpaid Interest Shortfall As to any Distribution Date and any Class of Class A Certificates, the amount, if any, by which the aggregate of the Class A Interest Shortfall Amounts for such Class for prior Distribution Dates is in excess of the amounts distributed in respect of such Class on prior Distribution Dates pursuant to Paragraph second of Section 4.01(a).

  • Class Unpaid Interest Shortfall As to any Distribution Date and each interest-bearing Class, the amount by which the aggregate Class Interest Shortfalls for such Class on prior Distribution Dates exceeds the amount of interest actually distributed on such Class on such prior Distribution Dates pursuant to clause (ii) of the definition of "Interest Distribution Amount."

  • Unpaid Interest means, on any Distribution Date with respect to any Class of Interests or Certificates (other than the Residual Certificates), the portion of Distributable Certificate Interest for such Class remaining unpaid as of the close of business on the preceding Distribution Date, plus one month's interest thereon at the applicable Pass-Through Rate.