Note Principal Amount definition

Note Principal Amount. As to any Note and any date of determination, (a) the Original Note Principal Amount of such Note less (b) the aggregate of amounts paid as principal to the Holder of such Note on previous Payment Dates pursuant to Section 5.01 hereto.

Note Principal Amount means on any date of determination the then outstanding principal amount of the Notes.

Note Principal Amount. With respect to any Notes, the Original Note Principal Amount, less the amount of all principal distributions previously distributed with respect to such Note.

Note Principal Amount. With respect to each Note of a given Class (other than a Notional Note) and any date of determination, the product of (i) the Class Principal Amount of such Class and (ii) the applicable Percentage Interest of such Note.

Note Principal Amount of any Note shall mean as of any date the initial principal amount of that Note (in the aggregate amount of NOK 3,965,000,000 in respect of the Class A-1 Notes, NOK 4,677,000,000 in respect of the Class A-2 Notes, and NOK 2,013,440,000 in respect of the Class B Notes), in each case as reduced by all amounts paid prior to such date on such Note in respect of principal;

Note Principal Amount. With respect to any Notes (other than the Class P Notes), the initial Note Principal Amount thereof on the Closing Date, less the amount of all principal payments previously made with respect to such Note and, in the case of the Subordinate Notes, any Applied Loss Amount previously allocated to such Note; provided, however, that on each Payment Date on which a Subsequent Recovery is distributed, the Note Principal Amount of any Subordinate Note whose Note Principal Amount has previously been reduced by application of Applied Loss Amounts will be increased, in order of seniority, by an amount (to be applied pro rata to all Notes of such Class) equal to the lesser of (i) any Deferred Amount for each such Class immediately prior to such Payment Date and (ii) the total amount of any Subsequent Recovery distributed on such Payment Date to Noteholders, after application (for this purpose) to any more senior Classes of Notes.

Note Principal Amount. With respect to any Notes, the initial Note Principal Amount thereof on the Closing Date, less the amount of all principal distributions previously distributed with respect to such Note and, in the case of the Subordinate Notes, any Applied Loss Amount previously allocated to such Note.

Note Principal Amount. As to any Class A or Class M Note and any date of determination, (a) the Original Note Principal Amount less (b) the aggregate of amounts paid as principal to the Holders of such Class on previous Payment Dates pursuant to Section 5.01 hereto.

Note Principal Amount. See Schedule I Attached Hereto No. B-2-1 CUSIP NO. 291701 CU 2 EMPIRE FUNDING HOME LOAN OWNER TRUST 1998-2 CLASS B-2 9.210% ASSET BACKED NOTES EMPIRE FUNDING HOME LOAN OWNER TRUST 1998-2, a business trust organized and existing under the laws of the State of Delaware (herein referred to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO. or registered assigns, the principal sum set forth on Schedule I attached hereto payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is the initial principal amount of this Class B-2 Note and the denominator of which is the aggregate principal amount of all Class B-2 Notes by (ii) the aggregate amount, if any payable from the Note Payment Account in respect of principal on the Class B-2 Notes pursuant to Section 5.01(d) and (e) of the Sale and Servicing Agreement dated as of June 1, 1998; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of (i) the applicable Maturity Date, (ii) the Termination Date, if any, pursuant to Section 11.01 of the Sale and Servicing Agreement or (iii) the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee at the direction of or with the prior written consent of the Majority Highest Priority Classes Noteholders has declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture (the "Indenture") dated as of June 1, 1998 between the Issuer and U.S. Bank National Association, a national banking association, which also contains rules as to construction that shall be applicable herein. The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment in full, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date); provided, however, that commencing on the first day of the Accrual Period in which the Clean-up Call Date occurs, the rate of interest payable on this Note shall be increased by a per annum rate equal to 0.50%. Interest on this Note will accrue for each Payment Date during the calendar month preceding such Payment Date, or, in the case of the first Pay...