Actuarial Method. The method of allocating a Scheduled Payment with respect to any Contract between principal and interest, pursuant to which (i) the portion of such payment that is allocated to interest is the product of (a) one-twelfth of the Applicable Discount Rate with respect to such Contract multiplied by (b) the applicable Contract Principal Balance (before giving effect to such principal payment) and (ii) the remainder of such payment is allocated to principal.
Appears in 2 contracts
Samples: Master Lease Receivables Asset Backed Financing Facility Agreement (Marlin Business Services Inc), Master Lease Receivables Asset Backed Financing Facility Agreement (Marlin Business Services Inc)
Actuarial Method. The method of allocating a Scheduled Payment with respect to any Contract between principal and interest, pursuant to which (i) the portion of such payment that is allocated to interest is the product of (a) one-twelfth of the Payment Interval Adjusted Applicable Discount Rate with respect to such Contract multiplied by (b) the applicable Contract Principal Balance (before giving effect to such principal payment) and (ii) the remainder of such payment is allocated to principal).
Appears in 2 contracts
Samples: Master Facility Agreement (Advanta Leasing Receivables Corp Ix), Master Facility Agreement (Advanta Leasing Receivables Corp Ix)
Actuarial Method. The method of allocating a Scheduled Payment with respect to any Contract between principal and interest, pursuant to which (i) the portion of such payment that is allocated to interest is the product of (a) one-twelfth of the Applicable Discount Rate with respect to such Contract multiplied by (b) the applicable Contract Principal Balance (before giving effect to such principal payment) and (ii) the remainder of such payment is allocated to principal.of
Appears in 1 contract
