Principal Loss definition

Principal Loss in relation to a Mortgage Loan and a Liquidation Date means an amount calculated as follows: PL = MLP + RE - BC - LP where: PL = the Principal Loss as at the Liquidation Date; MLP = the Mortgage Loan Principal as at the Liquidation Date; RE = the Restoration Expenses reasonably and necessarily incurred up to and including the Liquidation Date; BC = the Break Costs as at the Liquidation Date provided that Break Costs will only be included in the calculation of Principal Loss if the Trustee is then a party to a Fixed Rate Swap; and LP = any Liquidation Proceeds received up to and including the Liquidation Date provided that for the purposes of this paragraph Liquidation Proceeds will not include any Liquidation Proceeds which have been applied against an Income Loss or are to be applied against an Income Loss on the Liquidation Date, provided that there will only be such a Principal Loss if the result of the above calculation is greater than zero.

Principal Loss. ’ in respect of a Mortgage means the amount by which the total amount received from or on behalf of the Borrower in respect of such Mortgage on completion of Enforcement Procedures (as defined in the Master Definitions Schedule) in respect of such Mortgage (after discharging all amounts outstanding in respect of such Mortgage other than the Balance) falls short of the Balance of such Mortgage.

Principal Loss. ’ means, in relation to any Asset on any day, the amount (if any) determined in good faith by the Servicer on such day as being the principal amount due in respect of such Asset after the Servicer has completed the Enforcement Procedures in relation to such Asset in accordance with Paragraph 3 (Proceedings against Obligors) of Schedule 1 (Enforcement Services to be provided by the Servicer) of the Enforcement Services Agreement;

Examples of Principal Loss in a sentence

• With respect to each Payment Date, a percentage equal to (i) the Principal Loss Amount for such Payment Date and all prior Payment Dates less the Principal Recovery Amount for such Payment Date and all prior Payment Dates; divided by (ii) the aggregate unpaid principal balance of the Reference Obligations in the Reference Pool as of the Cut-off Date.

• On each Payment Date on or prior to the Termination Date, the Preliminary Principal Loss Amount, the Preliminary Tranche Write-down Amount, the Preliminary Tranche Write-up Amount, and the Preliminary Class Notional Amount will be computed prior to allocating the Modification Loss Amount, as set forth below.

• The Preliminary Principal Loss Amount for each Premium Payment Date will be computed prior to the allocation of the Modification Loss Amount and the Modification Gain Amount.

• The "Tranche Write-down Amount" with respect to any Payment Date is the excess, if any, of the Principal Loss Amount for such Payment Date over the Principal Recovery Amount for such Payment Date.

• The Principal Loss Collateral Provision shall, at a minimum, provide for the provision of cash or cash equivalents in an amount that is not less than the difference between the value of the collateral and the amount of the accelerated Bond Loan outstanding.

More Definitions of Principal Loss

Principal Loss means the Principal Outstanding Balance of a Mortgage Loan that remains due and payable but unpaid under such Mortgage Loan after the Mortgage Administrator, acting reasonably and in good faith, has:

Principal Loss means the amount (if any) determined in good faith by the Servicer, on behalf of the Fund, as being the principal amount due in respect of a Mortgage Backed Credit after the Completion of Enforcement Procedures in relation to such Mortgage Backed Credit.

Principal Loss means the amount (if any) determined in good faith by the Servicer, on behalf of the Fund, as being the principal amount due in respect of a Mortgage Asset after the Completion of Enforcement Procedures in relation to such Mortgage Asset.

Principal Loss means, for a Collection Period in relation to a Purchased Receivable, the amount of any Liquidation Loss for that Purchased Receivable for that Collection Period referred to in clause 6.6(b).

Principal Loss means, for a Quarterly Collection Period, the amount of any Liquidation Loss for that Quarterly Collection Period referred to in clause 5.10(b).

Principal Loss. "Loss," and "Losses" means the principal amount due under an Enrolled Loan, and not paid by a Borrower in default as described in OAR 123-300-1000. Principal Loss does not include unpaid accrued interest, fees, legal expenses, costs incurred in the liquidation of assets, costs incurred in realization of personal or other financial guarantees, or other costs incurred by the lender related to the defaulted Enrolled Loan.¶

Principal Loss means, for a Quarterly Collection Period, the amount of any Liquidation Loss for that Quarterly Collection Period referred to in clause 5.8(b).