Principal Reduction Date definition
Examples of Principal Reduction Date in a sentence
Unless otherwise specified in the related Series Supplement, calculation of the amount of interest accrued on the Bonds of any Class of any Series during an Interest Accrual Period shall be made on the assumption that any payment of principal on the Bonds of such Class made on a Principal Reduction Date occurring during such Interest Accrual Period (other than on the first day thereof) was instead paid on the first day of such Interest Accrual Period.
All funds eligible to be invested pursuant to a Qualified GIC shall (subject, however, to any limitations contained in such Qualified GIC) be assumed to be invested thereunder on the next Business Day after the assumed date of receipt and to remain invested thereunder until the Business Day preceding the Principal Reduction Date on which such funds are, or might be, required to be available for application pursuant to this Indenture or the applicable Series Supplement.
All funds assumed to be reinvested at the applicable Assumed Reinvestment Rate shall be assumed to remain so invested until the Business Day next preceding the Principal Reduction Date or Interest Distribution Date on which they are required to be available in the Collection Account for application, in accordance with the terms hereof, to distributions of principal of or interest on the Certificates.
Unless the related Series Supplement provides otherwise, all funds assumed to be reinvested at the applicable Assumed Reinvestment Rate shall be assumed to remain so invested until the Business Day next preceding the Principal Reduction Date or Interest Payment Date on which they are required to be available in the related Collection Account for application, in accordance with the terms hereof and of the related Series Supplement, to payments of principal of or interest on the Bonds of the related Series.
On each subsequent annual Principal Reduction Date, the Deferred Principal Reduction Loss shall equal the difference between the net present value calculated for the previous Deferred Principal Reduction Loss and the net present value calculated after giving effect to the principal reduction (using the same discount rate and “Loan prepayment in full” date specified in the Restructuring Loss calculation).
At the first Principal Reduction Date, the Deferred Principal Reduction Loss shall equal the difference between the net present value calculated in determining the Restructuring Loss and the net present value calculated after giving effect to the principal reduction (using the same discount rate and “Loan prepayment in full” date specified in the Restructuring Loss calculation).
Notwithstanding any other provision in this Note, the maximum principal amount available under this Note shall be for to the following amount(s) on and after the following date(s): Ten Million and 00/100 Dollars ($10,000,000.00) from the effective date of this Note until August 31, 2005; increasing to Fifteen Million and 00/100 Dollars ($15,000,000.00) on September 1, 2005; and decreasing to Ten Million and 00/100 Dollars ($10,000,000.00) on February 1, 2006 (each a "Principal Reduction Date").
Any such Available Seller's Collections remaining after the application thereof pursuant to the preceding sentence shall be treated as a portion of Available Series 1999-1 Principal Collections for the next Principal Reduction Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 1999-1 as described in Section 4.5(a)(vi).
Each Second-PIK Note issued to each Lender shall (i) be payable to the order of such Lender and be dated as of the Interest Payment Date on which it shall be issued, (ii) be in a stated principal amount in accordance with Section 2.6(d), (iii) mature with respect to each Loan evidenced thereby on the Second Principal Reduction Date, (iv) not bear interest, and (v) be entitled to the benefits of this Agreement and the other Credit Documents.
Each First-PIK Note issued to each Lender shall (i) be payable to the order of such Lender and be dated as of the Interest Payment Date on which it shall be issued, (ii) be in a stated principal amount in accordance with Section 2.6(d), (iii) mature with respect to each Loan evidenced thereby on the First Principal Reduction Date, (iv) not bear interest, and (v) be entitled to the benefits of this Agreement and the other Credit Documents.