Average Daily Principal Balance definition

Average Daily Principal Balance means, for any Fiscal Quarter (or portion thereof), the average daily principal balance of the Revolving Loans outstanding during such Fiscal Quarter (or portion thereof).
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Average Daily Principal Balance is calculated separately for purchases and cash advances and is determined as follows: For each day during the statement period (billing cycle) the principal balances of purchases and of cash advances from the previous day are increased by any purchases or cash advances posted to the Account that day and decreased by any payments or credits posted to the Account that day. Such daily principal balances are separately totaled and then divided by the number of days in the statement period (billing cycle), resulting in the “Average Daily Principal Balances” of purchases and cash advances shown on your statement. You can avoid FINANCE CHARGES on purchases by paying the full amount of the New Balance of Purchases each month within 25 days of your statement closing date. Otherwise, the New Balance of Purchases, and subsequent purchases from the date they are posted to your account, will be subject to FINANCE CHARGE. Cash Advances bear FINANCE CHARGE from the transaction date until paid. There is no free interest period for Cash Advances. However, you can always keep the FINANCE CHARGE to a minimum by making payments, whatever the amount, as promptly and as often as possible.
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Average Daily Principal Balance is calculated separately for purchases, cash advances and balance transfers and is determined as follows: For each day during the statement period (billing cycle) the principal balances of purchases, cash advances and of balance transfers from the previous day are increased by any purchases, cash advances or balance transfers posted to the Account that day and decreased by any payments or credits posted to the Account that day. Such daily principal balances are separately totaled and then divided by the number of days in the statement period (billing cycle), resulting in the “Average Daily Principal Balances” of purchases, cash advances and balance transfers shown on your statement. You can avoid FINANCE CHARGES on purchases by paying the total New Balance each month on or before the payment due date shown on your monthly statement. Otherwise, the New Balance of Purchases, and subsequent purchases from the date they are posted to your account, will be subject to FINANCE CHARGE, except that if during the previous billing cycle you paid all amounts owing in full by the Payment Due Date, then in the current billing cycle you will have a free interest period on the amount of the New Balance of Purchases remaining from the previous billing cycle that is paid by the Payment Due Date based on our payment allocation method. Cash Advances and Balance Transfers bear FINANCE CHARGES from the transaction date until paid. There is no FREE INTEREST period for Cash Advances and Balance Transfers. However, you can always keep the FINANCE CHARGE to a minimum by making payments, whatever the amount, as promptly and as often as possible.
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Examples of Average Daily Principal Balance in a sentence

  • The percentage of accounts, determined on the basis of the Average Daily Principal Balance over the preceding two calendar quarters of Accounts that are open in Non-Regulatory States as of the date of the calculation of the Funding Exposure Amount.

  • The FINANCE CHARGE is calculated by applying the above periodic rate to the Average Daily Principal Balance.

  • Depending on Billing Code, input the difference in the Average Daily Principal Balance (whole dollars only, positive number) between what should have been reported and what was originally reported.

  • Tab to the Adjustments for Difference in Average Daily Principal Balance column.

  • The percentage of accounts, determined on the basis of Average Daily Principal Balance over the preceding two calendar quarters of Accounts that are open in Regulatory States as of the date of the calculation of the Funding Exposure Amount.


More Definitions of Average Daily Principal Balance

Average Daily Principal Balance is calculated separately for purchases and cash advances and is determined as follows: For each day during the statement period (billing cycle) the principal balances of purchases and of cash advances from the previous day are increased by any purchases or cash advances posted to the Account that day and decreased by any payments or credits posted to the Account that day. Such daily principal balances are separately totaled and then divided by the number of days in the statement period (billing cycle), resulting in the “Average Daily Principal Balances” of purchases and cash advances shown on your statement. You can avoid FINANCE CHARGES on purchases by paying the full amount of the New Balance of Purchases each month on or before the payment due date shown on your monthly statement. Otherwise, the New Balance of Purchases, and subsequent purchases from the date they are posted to your account, will be subject to FINANCE CHARGE, except that if during the previous billing cycle you paid all amounts owing in full by the Payment Due Date, then in the current billing cycle you will have a free interest period on the amount of the New Balance of Purchases remaining from the previous billing cycle that is paid by the Payment Due Date based on our payment allocation method.
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Average Daily Principal Balance is calculated separately for purchases and cash advances and is determined as follows: For each day during the statement period (billing cycle) the principal balances of purchases and of cash advances from the previous day are increased by any purchases or cash advances posted to the Account that day and decreased by any payments or credits posted to the Account that day. Such daily principal balances are separately totaled and then divided by the number of days in the statement period (billing cycle), resulting in the “Average Daily Principal Balances” of purchases and cash advances shown on your statement. Variable Rate: Your account is subject to a variable rate. Your ANNUAL PERCENTAGE RATE (APR) may increase or decrease if the Index used by the Credit Union increases or decreases. The Index is the Prime Rate as published in the Wall Street Journal on the first day of each calendar month or, if no such rate is published on that day, the rate published on the last business day preceding such date. Each month, the new Index rate is added to the Margin disclosed in your Visa Account Opening Credit disclosure to determine the APR. Any change in the APR affects your entire balance and is effective at the beginning of the first billing cycle which follows the change in the Index. The Credit Union reserves the right to substitute a similar index if the Index described above becomes unavailable.
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Average Daily Principal Balance. (including current transactions), the Bank takes the beginning principal balance of your Account each day ,add any new advances and subtract any principal payments and credits. This gives the Bank the daily principal balance. Then the Bank adds up all the daily principal balances for the billing cycle and divide by the number of days in the billing cycle. This gives the Bank the "Average Daily Principal Balance". You can verify these calculations by multiplying the periodic interest rate times the average daily principal balance and multiplying that product by the number of days in the billing cycle. The "daily periodic interest rate" for the billing cycle will be based on Bank's Base Rate, as of the close of business on the fifteenth day (or the following business day if the fifteenth is not a business day) of the preceding month. Adjustments to the interest rate may occur as the Bank's Base Rate changes. The Bank's; Base Rate is subject to change at the discretion of the Bank. To the Bank's Base Rate, the Bank will add a margin of 0.500%. Then, the ANNUAL PERCENTAGE RATE for the billing cycle will be divided by 360 to get the "daily periodic interest rate" for the billing cycle.
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Average Daily Principal Balance. You can verify these calculations by multiplying the periodic interest rate times the average daily principal balance and multiplying that product by the number of days in the billing cycle. The "daily periodic interest rate" for the billing cycle will be based on Bank's Base Rate, as of the close of business on the fifteenth day (or the following business day if the fifteenth is not a business day) of the preceding month. Adjustments to the interest rate may occur as the Bank's Base Rate changes. The Bank's; Base Rate is subject to change at the discretion of the Bank. To the Bank's Base Rate, the Bank will add a margin of 0.500%. Then, the ANNUAL PERCENTAGE RATE for the billing cycle will be divided by 360 to get the "daily periodic interest rate" for the billing cycle.
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Average Daily Principal Balance is calculated separately for purchases and cash advances and is determined as follows: For each day during the statement period (billing cycle) the principal balances of purchases and of cash advances from the previous day are increased by any purchases or cash advances posted to the Account that day and decreased by any payments or credits posted to the Account that day. Such daily principal balances are separately totaled and then divided by the number of days in the statement period (billing cycle), resulting in the “Average Daily Principal Balances” of purchases and cash advances shown on your statement.
Sample 1
Average Daily Principal Balance is calculated separately for purchases and cash advances and is determined as follows: For each day during the statement period (billing cycle) the principal balances of purchases and of cash advances from the previous day are increased by any purchases or cash advances posted to the Account that day and decreased by any payments or credits posted to the Account that day. Such daily principal balances are separately totaled and then divided by the number of days in the statement period (billing cycle), resulting in the “Average Daily Principal Balances” of purchases and cash advances shown on your statement. You can avoid FINANCE CHARGES on purchases by paying the full amount of the New Balance of Purchases each month on or before the payment due date shown on your monthly statement. Otherwise, the New Balance of Purchases, and subsequent purchases from the date they are posted to your account, will be subject to FINANCE CHARGE, except that if during the previous billing cycle you paid all amounts owing in full by the Payment Due Date, then in the current billing cycle you will have a free interest period on the amount of the New Balance of Purchases remaining from the previous billing cycle that is paid by the Payment Due Date based on our payment allocation method. Cash Advances bear FINANCE CHARGE from the transaction date until paid. There is no FREE INTEREST period for Cash Advances. However, you can always keep the FINANCE CHARGE to a minimum by making payments, whatever the amount, as promptly and as often as possible. Penalty Rate. At any time any minimum payment on your account is 60 days or more past due, Credit Union may send you 45 days advance notice that Credit Union will change the ANNUAL PERCENTAGE RATE to a Penalty Rate of 18.00%, corresponding to a Monthly Periodic Rate of 1.50%. The Penalty Rate will never exceed the maximum rate permitted by law. If Credit Union changes your rate to a Penalty Rate, the Penalty Rate will remain in effect until your account has been brought current and we have received six consecutive minimum payments on time. If you bring your account current and make six minimum monthly payments on time, the Annual Percentage Rate will revert back to the rate described in the first paragraph of this section.
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Related to Average Daily Principal Balance

  • Average Principal Balance means for any Monthly Period in which a Reset Date occurs, the sum of (i) the Aggregate Principal Receivables determined as of the close of business on the last day of the prior Monthly Period, multiplied by a fraction the numerator of which is the number of days from and including the first day of such Monthly Period, to but excluding the related Reset Date, and the denominator of which is the number of days in such Monthly Period, and (ii) for each such Reset Date, the product of the Aggregate Principal Receivables determined as of the close of business on such Reset Date, multiplied by a fraction, the numerator of which is the number of days from and including such Reset Date, to the earlier of the last day of such Monthly Period (in which case such period shall include such date) or the next succeeding Reset Date (in which case such period shall exclude such date), and the denominator of which is the number of days in such Monthly Period.

  • Maximum VFN Principal Balance For any VFN Class, the amount specified in the related Indenture Supplement.

  • Class A Principal Balance As of any date, an amount equal to the sum of the Principal Balances for the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-PO Certificates and Class A-R Certificate.

  • Class A-1 Principal Balance as of any date means the Class A‑1 Initial Principal Balance less all amounts paid to the holders of Class A‑1 Notes in respect of principal pursuant to Section 5.06 hereof.

  • Class B-6 Principal Balance As to the first Determination Date, the Original Class B-6 Principal Balance. As of any subsequent Determination Date, the lesser of (i) the Original Class B-6 Principal Balance less the sum of (a) all amounts previously distributed in respect of the Class B-6 Certificates on prior Distribution Dates pursuant to Paragraph twenty-second of Section 4.01(a) and (b) the Realized Losses allocated through such Determination Date to the Class B-6 Certificates pursuant to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding Distribution Date less the Class A Principal Balance, the Class B-1 Principal Balance, the Class B-2 Principal Balance, the Class B-3 Principal Balance, the Class B-4 Principal Balance and the Class B-5 Principal Balance as of such Determination Date.

  • Class B-4 Principal Balance As to the first Determination Date, the Original Class B-4 Principal Balance. As of any subsequent Determination Date, the lesser of (i) the Original Class B-4 Principal Balance less the sum of (a) all amounts previously distributed in respect of the Class B-4 Certificates on prior Distribution Dates (A) pursuant to Paragraph sixteenth of Section 4.01(a) and (B) as a result of a Principal Adjustment and (b) the Realized Losses allocated through such Determination Date to the Class B-4 Certificates pursuant to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding Distribution Date less the sum of the Class A Principal Balance, the Class B-1 Principal Balance, the Class B-2 Principal Balance and the Class B-3 Principal Balance as of such Determination Date.

  • Initial Principal Balance means, in respect of a Receivable, the amount advanced under the Receivable toward the purchase price of the Financed Vehicle and related costs, including accessories, service and warranty contracts, insurance premiums, other items customarily financed as part of retail motor vehicle loans and/or retail installment sales contracts and other fees charged by the Transferor or Dealer and included in the amount to be financed, the total of which is shown as the initial principal balance in the note and security agreement or retail installment sale contract evidencing and securing such Receivable.

  • Pool Principal Balance As to any Distribution Date, the aggregate of the Scheduled Principal Balances of the Mortgage Loans which were Outstanding Mortgage Loans on the Due Date in the month preceding the month of such Distribution Date.

  • Adjusted Principal Balance As to any Distribution Date and any Class of Class B Certificates, the greater of (A) zero and (B) (i) the Principal Balance of such Class with respect to such Distribution Date minus (ii) the Adjustment Amount for such Distribution Date less the Principal Balances for any Classes of Class B Certificates with higher numerical designations.

  • Class B-3 Principal Balance As to the first Determination Date, the Original Class B-3 Principal Balance. As of any subsequent Determination Date, the lesser of (i) the Original Class B-3 Principal Balance less the sum of (a) all amounts previously distributed in respect of the Class B-3 Certificates on prior Distribution Dates (A) pursuant to Paragraph thirteenth of Section 4.01(a) and (B) as a result of a Principal Adjustment and (b) the Realized Losses allocated through such Determination Date to the Class B-3 Certificates pursuant to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding Distribution Date less the sum of the Class A Principal Balance, the Class B-1 Principal Balance and the Class B-2 Principal Balance as of such Determination Date.

  • Class A Non-PO Principal Balance As of any date, an amount equal to the Class A Principal Balance less the Principal Balance of the Class A-PO Certificates.

  • Class B-2 Principal Balance As to the first Determination Date, the Original Class B-2 Principal Balance. As of any subsequent Determination Date, the lesser of (i) the Original Class B-2 Principal Balance less the sum of (a) all amounts previously distributed in respect of the Class B-2 Certificates on prior Distribution Dates (A) pursuant to Paragraph tenth of Section 4.01(a) and (B) as a result of a Principal Adjustment and (b) the Realized Losses allocated through such Determination Date to the Class B-2 Certificates pursuant to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding Distribution Date less the sum of the Class A Principal Balance and the Class B-1 Principal Balance as of such Determination Date.

  • Class A-2 Principal Balance as of any date means the Class A-2 Initial Principal Balance less all amounts paid to the holders of Class A-2 Notes in respect of principal pursuant to Section 5.06 hereof.

  • Class B-5 Principal Balance As to the first Determination Date, the Original Class B-5 Principal Balance. As of any subsequent Determination Date, the lesser of (i) the Original Class B-5 Principal Balance less the sum of (a) all amounts previously distributed in respect of the Class B-5 Certificates on prior Distribution Dates (A) pursuant to Paragraph nineteenth of Section 4.01(a) and (B) as a result of a Principal Adjustment and (b) the Realized Losses allocated through such Determination Date to the Class B-5 Certificates pursuant to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding Distribution Date less the sum of the Class A Principal Balance, the Class B-1 Principal Balance, the Class B-2 Principal Balance, the Class B-3 Principal Balance and the Class B-4 Principal Balance as of such Determination Date.

  • Class B-1 Principal Balance As to the first Determination Date, the Original Class B-1 Principal Balance. As of any subsequent Determination Date, the lesser of (i) the Original Class B-1 Principal Balance less the sum of (a) all amounts previously distributed in respect of the Class B-1 Certificates on prior Distribution Dates (A) pursuant to Paragraph seventh of Section 4.01(a) and (B) as a result of a Principal Adjustment and (b) the Realized Losses allocated through such Determination Date to the Class B-1 Certificates pursuant to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding Distribution Date less the Class A Principal Balance as of such Determination Date.

  • Note Principal Balance means, with respect to each Note, at any time of determination, the Principal Balance for such Note, as set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued in substitution thereof) received by the related Note Holder (or any holders of New Notes in substitution thereof) or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Unpaid Principal Balance With respect to any Mortgage Loan, the outstanding principal balance payable by the Borrower under the terms of the Mortgage Note.

  • Note B Principal Balance means, at any time of determination, the Initial Note B Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon or reductions in such amount pursuant to Sections 3, 4 or 5, as applicable.

  • Planned Principal Balance means for any Distribution Date, the balance shown for such Distribution Date on Schedule XVII.

  • Class Principal Balance With respect to any Class and as to any date of determination, the aggregate of the Certificate Balances of all Certificates of such Class as of such date.

  • Assumed Principal Balance As to each Mortgage Loan as of any date of determination, (i) the principal balance of the Mortgage Loan outstanding as of the Cut-off Date after application of payments due on or before the Cut-off Date, whether or not received, minus (ii) all amounts previously distributed to the Purchaser with respect to the Mortgage Loan pursuant to Subsection 11.15 and representing payments or other recoveries of principal.

  • Note A-7 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-7 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-7 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Class A-3 Principal Balance as of any date means the Class A‑3 Initial Principal Balance less all amounts paid to the holders of Class A‑3 Notes in respect of principal pursuant to Section 5.06 hereof.

  • Note A-1 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-1 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-1 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Original Class B-3 Principal Balance The Class B-3 Principal Balance as of the Cut-Off Date, as set forth in Section 11.15.

  • Original Class B-6 Principal Balance The Class B-6 Principal Balance as of the Cut-Off Date, as set forth in Section 11.15.