Common use of Warranty Payment Clause in Contracts

Warranty Payment. With respect to a Distribution Date and to a Warranty Receivable, a payment equal to (i) the Receivables Principal Balance minus that portion of all payments received from the related Obligor on or prior to the last day of the related Monthly Period allocable to principal and minus any Liquidation Proceeds (to the extent applied to reduce the Principal Balance of such Simple Interest Receivable) previously received with respect to such Simple Interest Receivable plus (ii) the product of the amount set forth in clause (i), the greater of the Discount Rate or the Annual Percentage Rate and 30/360.

Warranty Payment. With respect to a Distribution Date and to a Warranty Receivable, a payment equal to (i) the Receivables Principal Balance minus that portion of all payments received from the related Obligor on or prior to the last day of the related Monthly Period allocable to principal and minus any Liquidation Proceeds (to the extent applied to reduce the Principal Balance of such Simple Interest Receivable) previously received with respect to such Simple Interest Receivable plus (ii) the product of the amount set forth in clause (i), the greater of the Discount Rate or and the Annual Percentage Rate and 30/360.