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).

  • 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.

  • 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.

  • CDO FIRST LOSS LEDGERS 5.1 CDO First Loss Ledgers The Issuer will cause to be established and maintained by the Swap Counterparty a ledger in relation to each Class of Notes (such ledger being the "CDO First Loss Ledger" in respect of such Class of Notes) on which certain debits will be recorded, in accordance with the provisions of this Annex 1.

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

  • 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.

  • FIRST LOSS LEDGER7.1 First Loss Ledger In respect of each Series of Notes, the Issuer will cause to be established and maintained by the Swap Calculation Agent under the Swap Agreement a ledger in relation to the Notes (such ledger being the "First Loss Ledger") on which certain debits and credits will be recorded, in accordance with the provisions of this Annex 1 and the Swap Agreement.

  • The First Loss Ledger shall have an initial balance as at the Trade 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).

  • The CDO First Loss Ledger in respect of each Class of Notes shall have an initial balance as at the Issue Date as set out next to the applicable Class of Notes in the table below and thereafter the balance on such CDO First Loss Ledger shall be adjusted in accordance with paragraph 5.2 (Debits to the CDO First Loss Ledgers) below (and, for the avoidance of doubt, will never be greater than the initial balance or less than zero).

  • FIRST LOSS LEDGERS 5.1 First Loss LedgersThe Portfolio Administrator will establish and maintain a ledger (the "First Loss Ledger") on which certain debits will be recorded, in accordance with the provisions of this Annex 1.

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 the Loss Percentage multiplied by the Net Receivables Balance as of the close of business of the Servicer 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.

  • CREFC® Servicer Realized Loss Template A report substantially in the form of, and containing the information called for in, the downloadable form of the “Servicer Realized Loss Template” available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

  • 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.

  • 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 $152,300.00 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.

  • Fraud Loss Amount As of any date of determination after the Cut-off Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date an amount equal to 3.00% of the aggregate outstanding principal balance of all of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud Losses allocated solely to one or more specific Classes of Certificates in accordance with Section 4.05 of this Series Supplement since the Cut-off Date up to such date of determination, (Y) from the first to, but not including, the second anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and (b) 2.00% of the aggregate outstanding principal balance of all of the Mortgage Loans as of the most recent anniversary of the Cut-off Date minus (2) the aggregate amount of Fraud Losses allocated solely to one or more specific Classes of Certificates in accordance with Section 4.05 since the most recent anniversary of the Cut-off Date up to such date of determination, and (Z) from the second to, but not including, the fifth anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and (b) 1.00% of the aggregate outstanding principal balance of all of the Mortgage Loans as of the most recent anniversary of the Cut-off Date minus (2) the aggregate amount of Fraud Losses allocated solely to one or more specific Classes of Certificates in accordance with Section 4.05 since the most recent anniversary of the Cut-off Date up to such date of determination. On and after the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero. The Fraud Loss Amount may be further reduced by the Master Servicer (including accelerating the manner in which such coverage is reduced) provided that prior to any such reduction, the Master Servicer shall (i) obtain written confirmation from each Rating Agency that such reduction shall not reduce the rating assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency and (ii) provide a copy of such written confirmation to the Trustee.

  • 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, with respect to any Event of Loss, the proceeds in the form of (a) cash or Cash Equivalents and (b) insurance proceeds, condemnation awards or damages awarded by any judgment, in each case received by the Company from such Event of Loss net of:

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

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