Par Margin definition

Par Margin. ’ means the Par Margin as calculated in accordance with the following formula:

Par Margin means the Par Margin as calculated in accordance with the following formula:[[DENAVN2– 1]× [ 365]× 360× Note Price Adjustment] – [EURIBOR Return]DENAVN1Interest Accrual Period365 minus any applicable Performance Fee.Provided however in each case that

Examples of Par Margin in a sentence

• If Interest Amount Floor is speci¢ed hereon and the calculated Interest Amount is less than the Interest Amount Floor, then the Interest Amount payable on the Notes on the relevant Interest Date will equal the Interest Amount Floor and such amounts in de¢cit to the Interest Amount Floor will be classi¢ed as Par Margin Transfer.

• If Interest Amount Cap is speci¢ed hereon, then the Interest Amount payable on the Notes on the relevant Interest Date will be not more than the Interest Amount Cap and such amounts calculated to be in excess of the Interest Amount Cap will be classi¢ed as Par Margin Transfer.

• The relevant Performance Fee is deducted from the Par Margin (or its equivalent) for the Note.

• If Selected Fixed Interest Amount is speci¢ed hereon, then the Interest Amount payable on the Notes on the relevant Interest Date will equal the Selected Fixed Interest Amount and such amounts calculated in excess of (or by way of de¢cit to) such Selected Fixed Interest Amount will be classi¢ed as positive (or negative) Par Margin Transfer.

• If Selected Fixed Interest Amount is specified hereon, then the Interest Amount payable on the Notes on the relevant Interest Date will equal the Selected Fixed Interest Amount and such amounts calculated in excess of (or by way of deficit to) such Selected Fixed Interest Amount will be classified as positive (or negative) Par Margin Transfer.

• If Interest Amount Floor is specified hereon and the calculated Interest Amount is less than the Interest Amount Floor, then the Interest Amount payable on the Notes on the relevant Interest Date will equal the Interest Amount Floor and such amounts in deficit to the Interest Amount Floor will be classified as Par Margin Transfer.

• If Interest Amount Cap is specified hereon, then the Interest Amount payable on the Notes on the relevant Interest Date will be not more than the Interest Amount Cap and such amounts calculated to be in excess of the Interest Amount Cap will be classified as Par Margin Transfer.

• If, but for sub-paragraph (i) above, the Par Margin would have been negative, then the Defined Euro Net Attributable Value of the Notes and future Interest Amounts on the Notes are likely to be affected accordingly.

• Following each Interest Date, any such calculated Par Margin Transfer amount will be added to (or subtracted from) the calculated Notional Bond Unit such that the new Notional Bond Unit in respect of the Notes will bear or accumulate interest as set out above.

• Weighted Average Asset Par Margin and Weighted Average Loan MTM mean, for the Direct Loan Portfolio the weighted average asset margin and mid market valuation at the relevant month end and for Indirect Loans/CLO Portfolio the look-through Weighted Average Asset Par Margin and Weighted Average Loan Price at the relevant month end.