First Loss Ledger definition

First Loss Ledger means the ledger so referred to in clause 6.2.1 of the Administration Agreement.
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First Loss Ledger means the ledger so referred to in sub-clause 6.2.1;
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First Loss Ledger means the ledger so referred to in clause 7.2.1;
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Examples of First Loss Ledger in a sentence

  • The First Loss Ledger in respect of each Class of Notes shall have an initial balance as at the Issue Date as set out in the table below and thereafter the balance on each First Loss Ledger shall be adjusted in accordance with paragraph 6.2 (Debits and Credits to the First Loss Ledgers) below (and, for the avoidance of doubt, will never be less than zero).

  • On the Closing Date a sum equal to the First Loss Fund Initial Amount on the Closing Date shall be drawn down under the Subordinated Loan Agreement and credited to the First Loss Ledger.

  • Amounts may be credited and debited to the First Loss Ledger in accordance with sub-clause 6.1.2 and clause 6.4 of the Deed of Charge.

  • FIRST LOSS AND PERFORMANCE ACCOUNT LEDGERS6.1 First Loss Ledger The Issuer will cause to be established and maintained by the Swap Calculation Agent under the Swap Agreement a ledger in relation to each Class of Notes (such ledger being the "First Loss Ledger" in respect of the relevant Class of Notes) on which certain debits and credits will be recorded, in accordance with the provisions of this Annex 1.

  • In the event that the Gross Note Cash Settlement Amount (in respect of which a Performance Account Ledger is maintained) is higher than zero, the Performance Balance (if above zero) for the Notes shall automatically be reduced to zero and anamount equal to such Performance Balance (before being reduced to zero) shall be simultaneously credited to the First Loss Ledger and such balance transferred to the First Loss Ledger shall be taken into account when calculating the relevant Note Cash Settlement Amount.

  • The First Loss Ledger shall have an initial balance (such balance from time to time being the "First Loss Ledger Balance") as at the Issue Date of €55,000,000 and thereafter will never be greater than such amount or less than zero.5A.2 Debits to the First Loss Ledgers On each Loss Amount Determination Date relating to the occurrence of a Credit Event in respect of a Reference Obligation, an amount relating to such Credit Event (the "First Loss Reduction Amount") shall be debited from the First Loss Ledger.

  • Such amount shall be equal to the lower of:(a) the Loss Amount in respect of such Credit Event; and (b) the First Loss Ledger Balance on such Loss Amount Determination Date (immediately prior to such debit).6.

  • In the event that the ratings in respect of the Notes are downgraded by S&P by more than 1 notch below the ratings assigned by S&P (as the case may be) to the Notes on the Issue Date (such event, the " Ratings Downgrade Event"), the Performance Balance shall be reduced to zero and the Swap Counterparty shall calculate in its sole and absolute discretion the related Subordination Increase Amount to be credited to the First Loss Ledger applicable to the Notes.

  • The First Loss Ledger shall have an initial balance (such balance from time to time being the "First Loss Ledger Balance") as at the Issue Date of €114,450,000 and thereafter will never be greater than such amount or less than zero.5.2 Debits to the First Loss Ledgers On each Loss Amount Determination Date relating to the occurrence of a Credit Event in respect of a Reference Obligation, an amount relating to such Credit Event (the "First Loss Reduction Amount") shall be debited from the First Loss Ledger.

  • First Loss Ledger The Swap Counterparty shall maintain a ledger (such ledger being the "First Loss Ledger").

Related to First Loss Ledger

  • First Loss Tranche means the dollar amount of liability that the Assuming Bank will incur prior to the commencement of loss sharing, which is the sum of (i) the Assuming Bank’s asset premium (discount) bid, as reflected on the Assuming Bank’s bid form, plus (ii) the Assuming Bank’s Deposit premium bid, as reflected on the Assuming Bank’s bid form, plus (iii) the Equity Adjustment. The First Loss Tranche may be a positive or negative number.

  • Excess Loss Account has the meaning set forth in Reg. Section 1.1502-19.

  • Net Loss Amount means the sum of Cumulative Loss Amounts under this Single Family Shared-Loss Agreement and Aggregate Net Charge-Offs under the Commercial Shared-Loss Agreement.

  • PRE-2017 NET OPERATING LOSS CARRYFORWARD means any net operating loss incurred in a taxable year beginning before January 1, 2017, to the extent such loss was permitted, by a resolution or ordinance of the Municipality that was adopted by the Municipality before January 1, 2016, to be carried forward and utilized to offset income or net profit generated in such Municipality in future taxable years.(B) For the purpose of calculating municipal taxable income, any pre-2017 net operating loss carryforward may be carried forward to any taxable year, including taxable years beginning in 2017 or thereafter, for the number of taxable years provided in the resolution or ordinance or until fully utilized, whichever is earlier.

  • Monthly Shared-Loss Amount means the change in the Cumulative Shared- Loss Amount from the beginning of each month to the end of each month.

  • Monthly Certificate has the meaning provided in Section 2.1(b) of this Single Family Shared-Loss Agreement.

  • Loss Reserve means, on any date, an amount equal to: (a) the Aggregate Capital at the close of business of the Servicer on such date multiplied by (b)(i) the Loss Reserve Percentage on such date divided by (ii) 1, minus the Loss Reserve Percentage on such date.

  • Shared-Loss Amount has the meaning provided in Section 2.1(b)(i) of this Commercial Shared-Loss Agreement.

  • Final Shared-Loss Recovery Month means the calendar month in which the tenth anniversary of the Commencement Date occurs.

  • Loan Loss Reserves means funds held by the Seller to cover potential losses in connection with the mortgage loans owned in the Seller’s portfolio, including without limitation any amounts required to be maintained and held as a loan loss reserve in accordance with GAAP and any other regulatory requirement applicable to the Seller.

  • Shared-Loss Quarter has the meaning provided in Section 2.1(a)(i) of this Commercial Shared-Loss Agreement.

  • Monthly Loss Amount means the sum of all Foreclosure Losses, Restructuring Losses, Short Sale Losses, Portfolio Losses, Modification Default Losses and Deficient Losses realized by the Assuming Institution for any Shared Loss Month.

  • Shared Loss Loan means a Single Family Shared-Loss Loan, Investor-Owned Residential Loan, Restructured Loan or Home Equity Loan, and any Commitment with respect to those loans.

  • Allocated Loss Adjustment Expenses or “ALAE” means all court costs and court expenses; pre- and post-judgement interest; fees for service of process; attorneys’ fees; cost of undercover operative and detective services, costs of employing experts; costs for legal transcripts; costs for copies of any public records; costs of depositions and court-reported or recorded statements; costs and expenses of subrogation; and any similar fee, cost or expense reasonably chargeable to the investigation, negotiation, settlement or defense of a loss or a claim or suit against you, or to the protection and perfection of your or our subrogation rights.

  • Modification Loss Amount With respect to each Payment Date, the excess, if any, of the aggregate Modification Shortfall over the aggregate Modification Excess for such Payment Date.

  • Loss Ratio means the ratio (expressed as a percentage) of the total amount of losses on claims associated with insurance policies incurred during a specified period to premiums earned during such period. The loss ratio is a key measure of underwriting profitability and the quality of the insurance portfolio and is used for comparisons to industry benchmarks and internal targets.

  • Applied Loss Amount With respect to any Distribution Date, the amount, if any, by which (x) the aggregate Certificate Principal Amount of the Certificates after giving effect to all Realized Losses incurred with respect to the Mortgage Loans during the related Collection Period and distributions of principal on such Distribution Date, but before giving effect to any application of the Applied Loss Amount with respect to such date, exceeds (y) the Pool Balance for such Distribution Date.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Billing Adjustment Credit To provide Customer the benefit of the rates and discounts in the Amendment as of the Effective Date and until such rates and discounts are implemented, the Company shall provide Customer with a one-time billing adjustment credit equal to $50,378.70, plus applicable taxes and surcharges. This credit shall compensate Customer for the difference between the Tariff/Guide/list rates invoiced during the 1st full billing cycle following Customer's signature date above and the rates and discounts in this Agreement.

  • Shared-Loss Assets means Shared-Loss Loans, Other Real Estate purchased by the Assuming Institution, Additional ORE, Shared-Loss Subsidiaries, and Capitalized Expenditures, but does not include Shared-Loss Securities.

  • Allocated Realized Loss Amount With respect to any Distribution Date and any Class of Mezzanine Certificates, the sum of (i) any Realized Losses allocated to such Class of Certificates on such Distribution Date and (ii) the amount of any Allocated Realized Loss Amount for such Class of Certificates remaining unpaid from the previous Distribution Date.

  • Cumulative Net Loss Ratio means, as of any Payment Date, the ratio (expressed as a percentage) of (i) the aggregate Principal Balance of Receivables that became Defaulted Receivables plus all the Cram Down Losses (without duplication) which occurred during the period from the Cut-Off Date through the end of the related Collection Period reduced by the amount of Liquidation Proceeds with respect to Defaulted Receivables received during such period which are applied to principal of the Defaulted Receivables to (ii) the Pool Balance as of the Cut-Off Date.

  • Net Loss Proceeds means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Event of Loss, including, without limitation, insurance proceeds, condemnation awards or damages awarded by any judgment, net of:

  • Adjusted gross receipts means the gross receipts less winnings paid to wagerers.