Failure to Pay Principal means (i) a failure by the Reference Entity (or any Insurer) to pay an Expected Principal Amount on the Final Amortization Date or the Legal Final Maturity Date, as the case may be, or (ii) payment on any such day of an Actual Principal Amount that is less than the Expected Principal Amount; provided that the failure by the Reference Entity (or any Insurer) to pay any such amount in respect of principal in accordance with the foregoing shall not constitute a Failure to Pay Principal if such failure has been remedied within any grace period applicable to such payment obligation under the Underlying Instruments or, if no such grace period is applicable, within three Business Days after the day on which the Expected Principal Amount was scheduled to be paid.
Failure to Pay Principal means a failure by a Reference Entity (or any relevant guarantor or insurer) to pay any amount in respect of principal or, if applicable, any guarantee or insurance policy in respect of the relevant Reference Obligation, at the earlier of (i) legal maturity of the relevant Reference Obligation or (ii) the date on which the assets securing the relevant Reference Obligation or designated to fund amounts due in respect of such Reference Obligation are liquidated, distributed or otherwise disposed; provided, however, that the failure by the Reference Entity (or any relevant guarantor or insurer) to pay any amount in respect of principal in accordance with the foregoing shall not constitute a Failure to Pay Principal Credit Event where such failure has occurred solely due to a miscalculation on the part of the entity responsible for calculating such amounts pursuant to the terms of the relevant Reference Obligation where (i) such miscalculation has not resulted in a default or event of default pursuant to the terms of such Reference Obligation, (ii) such miscalculation is acknowledged in writing or via facsimile by such responsible entity within two (2) Business Days of its occurrence and (iii) such miscalculation is remedied and the appropriate amount of principal is paid in full within two (2) Business Days of such acknowledgement.
Failure to Pay Principal means, with respect to any Reference Obligation, the existence of a Final Principal Shortfall Amount on the Final Principal Payment Date.
Examples of Failure to Pay Principal in a sentence
If the Principal Shortfall Amount would be greater than the Reference Obligation Notional Amount immediately prior to the occurrence of such Failure to Pay Principal, then the Principal Shortfall Amount shall be deemed to be equal to the Reference Obligation Notional Amount at such time.
If the Principal Shortfall Amount in respect of a Reference Obligation would be greater than the Reference Obligation Notional Amount immediately prior to the occurrence of such Failure to Pay Principal, then such Principal Shortfall Amount shall be deemed to be equal to the Reference Obligation Notional Amount at such time.
If the Portfolio Principal Shortfall Amount would be greater than the Reference Obligation Notional Amount immediately prior to the occurrence of such Failure to Pay Principal, then the Portfolio Principal Shortfall Amount shall be deemed to be equal to the Reference Obligation Notional Amount at such time.
EVENTS OF DEFAULT If any of the following events of default (each, an “Event of Default”) shall occur: 3.1 Failure to Pay Principal or Interest.
For purposes of the Note, an “Event of Default” shall be deemed to have occurred if any of the following events occurs, whatever the reason or cause for such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any Governmental Authority or otherwise: ( a ) Failure to Pay Principal.
More Definitions of Failure to Pay Principal
Failure to Pay Principal means, with respect to any Reference Obligation:
Failure to Pay Principal. , which means a failure by the Reference Entity to pay the Outstanding Principal Amount of the Reference Obligation on the earlier of (a) the Final Amortization Date and (b) the Scheduled Termination Date; provided, however, that the failure by the Reference Entity to pay the Outstanding Principal Amount in accordance with the foregoing shall not constitute a Failure to Pay Principal if such Failure to Pay Principal has been remedied within any grace period applicable pursuant to the Underlying Instruments or if no such grace period is applicable, within three (3) Business Days after the Final Amortization Date or the Scheduled Termination Date, as the case may be;
Failure to Pay Principal means after the expiration of any applicable (or deemed) Grace Period (after the satisfaction of any conditions precedent to the commencement of such Grace Period) plus five (5) additional Business Days, the failure by the relevant Reference Entity to pay when due on the relevant Legal Final Maturity Date or otherwise as a result of an acceleration clause under the relevant documents imposing a contractual obligation to pay principal prior to the Legal Final Maturity Date, any amount in respect of principal of the relevant Reference Obligation excluding any interest on deferred interest, defaulted interest or prepayment penalties; provided, however, that the failure by the Reference Entity to pay any amount in respect of principal shall not constitute a Failure to Pay Principal if such Failure to Pay Principal has been remedied within any applicable Grace Period.
Failure to Pay Principal means in relation to any Reference Obligation (other than a CDS Reference Obligation), the failure by the relevant Reference Entity (after the expiration of any applicable grace period as provided for in the relevant Reference Obligation Terms and Conditions) to make any payment of principal in an amount of not less than EUR10,000 (or its equivalent where the Reference Obligation is denominated in a currency other than euro) when and where such payment of principal falls due at the earlier of (i) the legal maturity of such Reference Obligation or (ii) upon the full liquidation or distribution of the assets securing such Reference Obligation or designated to fund amounts due under such Reference Obligation, in each case in accordance with the relevant Reference Obligation Terms and Conditions; provided that, for the avoidance of doubt, any such failure shall not constitute a Failure to Pay Principal
Failure to Pay Principal. The occurrence, at any time, of any of the following with respect to a Synthetic Asset:
Failure to Pay Principal means, with respect to a Reference Obligation, (i) a failure by the relevant Reference Entity (or any Insurer thereof) to pay an Expected Principal Amount on the Reference Obligation Final Amortization Date or the Reference Obligation Legal Final Maturity Date, as the case may be or (ii) payment on any such day of an Actual Principal Amount that is less than the Expected Principal Amount; provided that the failure by such
Failure to Pay Principal means (i) a failure by the Reference Entity (or any Insurer) to pay an Expected Principal Amount on the Final Amortization Date or the Legal Final Maturity Date, as the case may be, or (ii) payment on any such day of an Actual Principal Amount that is less than the Expected Principal Amount; provided that the failure by the Reference Entity (or any Insurer) to pay any such amount in respect of principal in accordance with the foregoing shall