Principal Adjustment definition

Principal Adjustment. In the event that the Class B-1 Optimal Principal Amount, Class B-2 Optimal Principal Amount, Class B-3 Optimal Principal Amount, Class B-4 Optimal Principal Amount, Class B-5 Optimal Principal Amount or Class B-6 Optimal Principal Amount is calculated in accordance with the proviso in such definition with respect to any Distribution Date, the Principal Adjustment for such Class of Class B Certificates shall equal the difference between (i) the amount that would have been distributed to such Class as principal in accordance with Section 4.01(a) for such Distribution Date, calculated without regard to such proviso and assuming there are no Principal Adjustments for such Distribution Date and (ii) the Adjusted Principal Balance for such Class.

Principal Adjustment means an amount, if any, of up to ten million dollars ($10,000,000) (which may be a negative number) which shall be added to the principal amount of this Note to calculate the amount (other than in respect of interest) due at the Maturity Date of this Note. The Principal Adjustment is intended to reflect cumulative adjusted underwriting earnings over the period from the date hereof to the Maturity Date (the "Cumulative Earnings"), calculated as set forth below. The Principal Adjustment shall be equal to the sum of (i) +$10,000,000 plus (ii) the product of (A) $20,000,000 times (B) the ratio of (a) the Cumulative Earnings to (b) $19.302 billion; provided, however, that the Principal Adjustment shall be +$10,000,000 if the Cumulative Earnings is $0 or less and shall be $10,000,000 if the Cumulative Earnings is $19.302 billion or more; provided, further, that if the Maturity Date shall be any date earlier than the Stated Maturity Date, the Principal Adjustment shall be $0 if Cumulative Earnings is $9.651 billion or less.

Examples of Principal Adjustment in a sentence

With respect to any Distribution Date, the amount of the Principal Adjustment, if any, attributable to any Class of Class B Certificates will be allocated to the Classes of Class A Certificates (other than the Class A-PO Certificates) and any Class of Class B Certificates with a lower numerical designation pro rata based on their outstanding Principal Balances.
With respect to any Distribution Date, the amount of the Principal Adjustment, if any, attributable to any Class B Certificates will be allocated to the Classes of Class A Certificates and any Class of Class B Certificates with a lower numerical designation pro rata based on their outstanding Principal Balances.
With respect to any Distribution Date, the amount of the Principal Adjustment, if any, attributable to any Class B Certificates will be allocated to the Classes of Class A Certificates (other than the Class A-PO Certificates) and any Class of Class B Certificates with a lower numerical designation pro rata based on their outstanding Principal Balances.
The Guaranteed Principal Adjustment will never be less than zero.
ABI may not prepay the Promissory Note prior to the Principal Adjustment Date.

More Definitions of Principal Adjustment

Principal Adjustment has the meaning specified in the Servicing Agreement.

Principal Adjustment has the meaning specified in subsection 2.06(b).

Principal Adjustment. In the event that the Class B-1 Optimal Principal Amount, Class B-2 Optimal Principal Amount, Class B-3 Optimal Principal Amount, Class B-4 Optimal Principal Amount, Class B-5 Optimal Principal Amount, Class B-6 Optimal Principal Amount Class B-7 Optimal Principal Amount or Class B-8 Optimal Principal Amount is calculated in accordance with the proviso in such definition with respect to any Distribution Date, the Principal Adjustment for such Class of Class B Certificates shall equal the difference between (i) the amount that would have been distributed to such Class as principal in accordance with Section 4.01(a)(ii) for such Distribution Date, calculated without regard to such proviso and assuming there are no Principal Adjustments for such Distribution Date and (ii) the Adjusted Principal Balance for such Class.

Principal Adjustment. With respect to the occurrence of any of the following with respect to any and all items of Equipment during the related Collection Period, the product of (x) the Advance Rate and (y) the sum of the amounts calculated pursuant to the following clauses (1) through (8) (without duplication and in each case for Equipment that has not been replaced in accordance with the provisions of the ICF Relevant Documents or the related Lessor Relevant Documents): (1) any Prepayment Amount paid by a Seller pursuant to Section 3.03 or Section 3.05 of the related Transfer Agreement, (2) any Offset Deposit or portion thereof that is deposited by ICF into the ICF Collection Account in respect of any claim for any abatement, reduction, recoupment, setoff, defense or counterclaim or any fee payable to a User pursuant to a final order that may not or will not be appealed or which has been dismissed or resolved, (3) the Adjusted Equipment Value for any item of Equipment subject to a Contract for which the related User is then subject to a bankruptcy or other insolvency proceeding (provided that, if such User is subject to a bankruptcy or insolvency proceeding and such User has assumed, but not assigned, its obligations under the related Contract within sixty days of the commencement of such bankruptcy or insolvency proceeding, the Adjusted Equipment Value for the related Chassis shall not be deemed a Principal Adjustment), (4) any amount of a Contract Payment which is past due and remains outstanding for a period of more than 240 days from the date due (calculated as of the related invoice date), (5) the Adjusted Equipment Value for any item of Equipment subject to a Contract which remains unexecuted for a period of more than 180 days, (6) the Adjusted Equipment Value of an item of Equipment allocated to a SUBI pledged under the ICF Indenture (or subject to a Lease) for which a Casualty Loss has occurred (net of any Senior Equity Stipulated Loss Amount actually paid by ICF in respect of such item of Equipment), (7) the lesser of the Adjusted Equipment Value and the Discounted Contract Balance of the related Contract for any items of Equipment in excess of the User Concentration Limits (provided that, if as a result of a merger between two or more Users, any of the User Concentration Limits are exceeded, then any excess concentration will not be deemed a Principal Adjustment until the expiration of ninety (90) consecutive days), and (8) the Adjusted Equipment Value for each item ...

Principal Adjustment shall have the meaning given such term in Section 2.6(b)(ii) of this Agreement.

Principal Adjustment. In the event that the Class I-B-1 Optimal Principal Amount, Class I-B-2 Optimal Principal Amount, Class I-B-3 Optimal Principal Amount, Class I-B-4 Optimal Principal Amount, Class I-B-5 Optimal Principal Amount, Class I-B-6 Optimal Principal Amount, Class II-B-1 Optimal Principal Amount, Class II-B-2 Optimal Principal Amount, Class II-B-3 Optimal Principal Amount, Class II-B-4 Optimal Principal Amount, Class II-B-5 Optimal Principal Amount, Class II-B-6 Optimal Principal Amount, Class III-B-1 Optimal Principal Amount, Class III-B-2 Optimal Principal Amount, Class III-B-3 Optimal Principal Amount, Class III-B-4 Optimal Principal Amount, Class III-B-5 Optimal Principal Amount, Class III-B-6 Optimal Principal Amount, Class IV-B-1 Optimal Principal Amount, Class IV-B-2 Optimal Principal Amount, Class IV-B-3 Optimal Principal Amount, Class IV-B-4 Optimal Principal Amount, Class IV-B-5 Optimal Principal Amount or Class IV-B-6 Optimal Principal Amount is calculated in accordance with the proviso in such definition with respect to any Distribution Date, the Principal Adjustment for such Class of Class B Certificates shall equal the difference between (i) the amount that would have been distributed to such Class as principal in accordance with Section 4.01(a)(i) for such Distribution Date, calculated without regard to such proviso and assuming there are no Principal Adjustments for such Distribution Date and (ii) the Adjusted Principal Balance for such Class.

Principal Adjustment means the amount of PRINCIPAL COLLECTIONS in respect of a Purchased Receivable for the period from (and including) the relevant Cut-Off Date up to (but excluding) the relevant Closing Date. PRINCIPAL COLLECTIONS has the same meaning as in the relevant Supplemental Deed. 18 -------------------------------------------------------------------------------- PROXY means a person named as such in a Block Voting Instruction. PURCHASE PRICE has, in respect of Receivables proposed to be disposed or acquired by the Trustee, the meaning given to such in the Receivables Transfer Direction, the Sale Notice, the Receivables Acquisition and Servicing Agreement or any other agreement evidencing the offer for sale of Receivables. PURCHASED RECEIVABLE has, in respect of a Trust, the meaning given to it in the relevant Supplemental Deed.

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