ABS Failure to Pay Principal definition

ABS Failure to Pay Principal means (i) a reduction in, or discharge, cancellation or write down of, the principal amount of the Reference Obligation of an ABS Reference Entity (whether described as such, a liquidation loss or other similar concept) in accordance with the terms of the Obligation Documentation without payment in full in cash to the holders of such Reference Obligation of the amount so reduced or written down in an aggregate amount of not less than the ABS Payment Requirement (provided, however, that any such reduction or write down shall not be an ABS Failure to Pay Principal if the terms of the Obligation Documentation provide for the reinstatement (including a repayment in cash curing such reduction, discharge cancellation or write down at a later date) of any amount so reduced or written down unless the Calculation Agent determines that it is mathematically impossible that reinstatement (including a repayment in cash curing such reduction, discharge cancellation or write down at a later date) or reimbursement of the Principal Reduction will occur, assuming (1) no further defaults on the Underlying Assets and (2) that the Underlying Assets continue to repay or prepay at the same rate as they have done since the Obligation was issued (excluding defaulted Underlying Assets) and taking into account the terms of the Obligation) or (ii) a failure to pay the principal amount in an aggregate amount of not less than the ABS Payment Requirement of one or more Obligations of a Reference Entity at the earlier of (1) the legal maturity (or Legal Final Maturity Date) of such Obligation or (2) the liquidation or distribution of all or a portion of the assets securing such Obligation or designated to fund amounts payable in respect of such Obligation on a date prior to the stated maturity of such Obligation after taking into account any Grace Period for that Obligation.
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ABS Failure to Pay Principal means a failure to pay the principal amount (excluding any principal constituted by deferred or capitalised interest) of the relevant Securities at the earlier of (a) the legal maturity of such Securities or (b) the liquidation or distribution of the assets securing, directly or indirectly (including, for the avoidance of doubt, through a credit derivative transaction) such Securities or designated to fund amounts due under such Securities on a due date prior to the stated maturity of such Securities, provided that such failure shall not constitute an ABS Failure to Pay Principal if the amount of the principal in respect of which such failure
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Related to ABS Failure to Pay Principal

  • Failure to Pay means, after the expiration of any applicable Grace Period (after the satisfaction of any conditions precedent to the commencement of such Grace Period), the failure by a Reference Entity to make, when and where due, any payments in an aggregate amount of not less than the Payment Requirement under one or more Obligations, in accordance with the terms of such Obligations at the time of such failure.

  • Index Related Payment Date means, in relation to any Indexand an IndexDetermination Date, any payment date under the Preference Shares for which the amount payable is calculated by reference to the Indexas determined on such IndexDetermination Date;

  • Monthly Principal is defined in Section 4.1(d).

  • Maturity Payment Amount shall have the meaning set forth in Section 2 of this Annex A.

  • Maturity Payment Date means the date falling on the fifth Business Day following the Valuation Date, provided, however, that if the Reference Portfolio Return is not determined on such Valuation Date because the date at which the Reference Asset Return of one or more Reference Assets to be determined is postponed, then the Maturity Payment Date will be the fifth Business Day following the latest of such postponed dates at which the Reference Portfolio Return is determined; in each case where the Maturity Payment Date is so postponed, there will be no interest or other compensation made in respect of any such delay.

  • default value means a value derived from a typical value by the application of pre-determined factors and that may, in circumstances specified in this Directive, be used in place of an actual value;’;

  • Potential Failure to Pay means the failure by a Reference Entity to make, when and where due, any payments in an aggregate amount of not less than the Payment Requirement under one or more Obligations, without regard to any grace period or any conditions precedent to the commencement of any grace period applicable to such Obligations, in accordance with the terms of such Obligations at the time of such failure.

  • Class B Monthly Principal means the monthly principal distributable in respect of the Class B Certificates as calculated in accordance with subsection 4.07(b).

  • MI Failure means when an MI report: a) contains any material errors or material omissions or a missing mandatory field; or b) is submitted using an incorrect MI reporting Template; or c) is not submitted by the reporting date(including where a Nil Return should have been filed);

  • GEP Failure means Seller’s failure to produce Delivered Energy in an amount equal to or greater than the Guaranteed Energy Production amount for the applicable Performance Measurement Period.

  • Additional Senior Class Debt has the meaning assigned to such term in Section 5.13.

  • Interest Date means the last day of an Interest Period.

  • Additional Senior Class Debt Parties has the meaning assigned to such term in Section 5.13.

  • Default Repayment Date means the settlement date set out by the Bond Trustee in a Default Notice requesting early redemption of the Bonds.

  • Periodic Principal means, with respect to any Payment Date, the excess, if any, of the Outstanding Amount of Securitization Bonds over the outstanding principal balance specified for such Payment Date on the Expected Amortization Schedule.

  • Principal Prepayment Amount For any Distribution Date and for any Loan Group, the sum with respect to the Mortgage Loans in such Loan Group of (i) Curtailments received during the Prior Period from such Mortgage Loans and (ii) Payoffs received during the Payoff Period from such Mortgage Loans.

  • Collateral Monthly Principal means the monthly principal distributable in respect of the Collateral Interest as calculated in accordance with subsection 4.07(c).

  • Debt Incurrence Prepayment Event means any issuance or incurrence by the Borrower or any of the Restricted Subsidiaries of any Indebtedness (excluding any Indebtedness permitted to be issued or incurred under Section 10.1 other than Section 10.1(w)(i)).

  • 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).

  • Premium Payment Date in respect of any Option, means the date on which the Premium is due and payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation.

  • Listing Failure Event means that:

  • Reporting Failure has the meaning set forth in Section 2.4.

  • Guarantor Payment Date means (a) prior to the delivery of a Guarantor Default Notice, the date falling on the 10th day of February, May, August and November of each year or, if such day is not a Business Day, the immediately following Business Day, provided that the fist Guarantor Payment Date will be 10 February 2014; and (b) following the delivery of a Guarantor Default Notice, any day on which any payment is required to be made by the Representative of the Covered Bondholders in accordance with the Post-Enforcement Priority of Payments, the relevant Final Terms and the Intercreditor Agreement.

  • 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.

  • Loan Payment Date means any date on which any Bond Service Charges are due and payable.

  • Collateral Senior Minimum Monthly Interest shall have the meaning specified in subsection 4.02(d).