Principal Loss definition

Principal Loss in relation to a Mortgage Loan and a Liquidation Date means an amount calculated as follows: PL = MLP + RE - BC - LP where: PL = the Principal Loss as at that Liquidation Date; MLP = the Mortgage Loan Principal as at that Liquidation Date; RE = the Restoration Expenses reasonably and necessarily incurred up to and including that Liquidation Date; BC = the Break Costs as at that Liquidation Date provided that Break Costs will only be included in the calculation of Principal Loss if the Trustee is then a party to a Fixed Rate Swap; and LP = any Liquidation Proceeds received up to and including that Liquidation Date provided that for the purposes of this paragraph Liquidation Proceeds will not include any Liquidation Proceeds which have been applied against an Income Loss or are to be applied against an Income Loss on that Liquidation Date, provided that there will only be such a Principal Loss if the result of the above calculation is greater than zero.

Principal Loss in respect of a Mortgage means the amount by which the total amount received from or on behalf of the Mortgage Borrower in respect of such Mortgage on Completion of Enforcement Procedures (as defined in the Master Agreement) in respect of such Mortgage, (after discharging all amounts outstanding in respect of such Mortgage other than the Principal Balance) falls short of the Principal Balance of such Mortgage.

Principal Loss means the Principal Outstanding Balance of a Mortgage Loan that remains due and payable but unpaid under such Mortgage Loan after the Mortgage Administrator, acting reasonably and in good faith, has:

Examples of Principal Loss in a sentence

• On each Payment Date on or prior to the Termination Date, the Preliminary Principal Loss Amount, the Preliminary Tranche Write-down Amount, the Preliminary Tranche Write-up Amount, and the Preliminary Class Notional Amount will be computed prior to allocating the Modification Loss Amount, as set forth below.

• With respect to each Payment Date, a percentage equal to (i) the Principal Loss Amount for such Payment Date and all prior Payment Dates less the Principal Recovery Amount for such Payment Date and all prior Payment Dates; divided by (ii) the aggregate unpaid principal balance of the Reference Obligations in the Reference Pool as of the Cut-off Date.

• Any amounts allocated to any of the Reference Tranches in the second, fourth, sixth, or eighth priority above will be included in the Principal Loss Amount for the related Payment Date.

• Any amounts allocated to any of the Reference Tranches in the second, fifth, sixth, eighth, or tenth priority above will be included in the Principal Loss Amount for the related Payment Date.

• On each Payment Date on or prior to the Termination Date, the Preliminary Principal Loss Amount, Preliminary Tranche Write-down Amount, Preliminary Tranche Write-up Amount and Preliminary Class Notional Amount will be computed prior to the allocation of the Modification Loss Amount.

More Definitions of Principal Loss

Principal Loss. "Loss," and "Losses" means the principal amount due under an Enrolled Loan, and not paid by a Borrower in default as described in OAR 123-300-1000. Principal Loss does not include unpaid accrued interest, fees, legal expenses, costs incurred in the liquidation of assets, costs incurred in realization of personal or other financial guarantees, or other costs incurred by the lender related to the defaulted Enrolled Loan.¶

Principal Loss means the amount (if any) determined in good faith by the Servicer, on behalf of the Fund, as being the principal amount due in respect of a Mortgage Backed Credit after the Completion of Enforcement Procedures in relation to such Mortgage Backed Credit.

Principal Loss means, for a Collection Period in relation to a Purchased Receivable, the amount of any Liquidation Loss for that Purchased Receivable for that Collection Period referred to in clause 6.6(b).

Principal Loss means, for a Quarterly Collection Period, the amount of any Liquidation Loss for that Quarterly Collection Period referred to in clause 5.8(b).

Principal Loss. ’ means, in relation to any Asset on any day, the amount (if any) determined in good faith by the Servicer on such day as being the principal amount due in respect of such Asset after the Servicer has completed the Enforcement Procedures in relation to such Asset in accordance with Paragraph 3 (Proceedings against Obligors) of Schedule 1 (Enforcement Services to be provided by the Servicer) of the Enforcement Services Agreement;

Principal Loss means, for a Quarterly Collection Period, the amount of any Liquidation Loss for that Quarterly Collection Period referred to in clause 5.10(b).

Principal Loss means the amount (if any) determined in good faith by the Servicer, on behalf of the Fund, as being the principal amount due in respect of a Mortgage Asset after the Completion of Enforcement Procedures in relation to such Mortgage Asset.