Final Payment Receivable definition

Final Payment Receivable means all rights and obligations arising under a Contract listed on the Schedule of Receivables which provides for a series of scheduled payments which, if each is made on its scheduled due date, will amortize the initial Level Pay Balance by the due date immediately preceding the maturity date of the Receivable. At maturity of the Final Payment Receivable, the Obligor thereunder will owe (assuming that all payments have been made on their scheduled due dates) an amount consisting of interest for the period from the preceding due date through the maturity date and the remaining Principal Balance of the Receivable. At maturity of the Final Payment Receivable, the Obligor may either (i) pay the remaining Principal Balance of the Receivable, all accrued and unpaid interest, plus any fees, charges, and other amounts then owing, (ii) refinance the amount then due, subject to certain conditions or (iii) sell the Financed Vehicle to MMCA on behalf of the Trust for an amount equal to the Sale Price, and pay any excess of the total amount owed by the Obligor (calculated as in clause (i)) over the Sale Price, and satisfy all other conditions stated under the terms of the Contract.

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Final Payment Receivable means all rights and obligations arising under a Contract listed on the Schedule of Receivables which provides for amortization of the Level Pay Balance of the loan over a series of fixed level payment monthly installments in accordance with the Actuarial Method or the Simple Interest Method, but also requires the Obligor thereunder to make a Last Scheduled Payment that is substantially greater than the scheduled monthly payments and is due after payment of such scheduled monthly payments, and with respect to which, upon termination of the Final Payment Receivable, the Obligor may either (i) pay the remaining Principal Balance of the Receivable, all accrued and unpaid interest, plus any fees, charges, and other amounts then owing (ii) refinance the amount then due, subject to certain conditions or (iii) sell the Financed Vehicle to MMCA on behalf of the Trust for an amount equal to the Last Scheduled Payment (reduced by charges for Excess Wear and Tear and Excess Mileage and a disposition fee to the Servicer) and pay any excess of the total amount owed by the Obligor over the sale price to MMCA on behalf of the Trust, and satisfy all other conditions stated under the terms of the Contract.

Final Payment Receivable means all rights and obligations arising under a Contract listed on the Schedule of Receivables which provides for a series of scheduled payments which, if each is made on its scheduled due date, will amortize the initial Level Pay Balance by the due date immediately preceding the maturity date of the Receivable. At maturity of the Final Payment Receivable, the Obligor thereunder will owe (assuming that all payments have been made on their scheduled due dates) an amount consisting of interest for the period from the preceding due date through the maturity date and the remaining Principal Balance of the Receivable. At maturity of the Final Payment Receivable, the Obligor may either (i) pay the remaining Principal Balance of the Receivable, all accrued and unpaid interest, plus any fees, charges, and other amounts then owing, (ii) refinance the amount then due, subject to certain conditions or (iii) sell the Financed Vehicle to MMCA on behalf of the Trust for an amount equal to the Last Scheduled Payment (reduced by charges for Excess Wear and Tear and Excess Mileage and a disposition fee payable to the Servicer) and pay any excess of the total amount owed by the Obligor (calculated as in clause (i)) over the sale price to MMCA on behalf of the Trust, and satisfy all other conditions stated under the terms of the Contract.

Examples of Final Payment Receivable in a sentence

If, at such time, the Obligor under the Final Payment Receivable has notified MMCA on behalf of the Trust that it elects to sell the Financed Vehicle to MMCA on behalf of the Trust in accordance with the terms of the Receivable, the Servicer shall, upon delivery of the Financed Vehicle by the Obligor to MMCA on behalf of the Trust, inspect the Financed Vehicle for Excess Wear and Tear and Excess Mileage, and determine the necessity of any repairs.
Following the Servicer's receipt of proceeds from the sale of such Financed Vehicle and amounts to be paid by the Obligor pursuant to subparagraph (b) above, the Servicer shall record on its books and records the termination of the Trust's ownership and security interest in the related Final Payment Receivable (and shall deliver copies thereof to the Indenture Trustee and the Owner Trustee upon written request within ten days of receipt of such request).
If credit is denied, the Servicer shall require the Obligor to satisfy its obligation to pay the remaining amounts owed in accordance with the terms of the Final Payment Receivable.
If credit is denied, the Servicer shall require the Obligor to satisfy its obligation to pay the remaining amounts owed in accordance with the terms of the Balloon Payment Receivable or Final Payment Receivable.
Following the Servicer's receipt of proceeds from the sale of such Financed Vehicle and amounts to be paid by the Obligor pursuant to subparagraph (b) above, the Servicer shall record on its books and records the termination of the Trust's ownership and security interest in the related Final Payment Receivable (and shall deliver copies thereof to the Indenture Trustee and the Owner Trustee upon written request within 10 days of receipt of such request).
If, at such time, the Obligor under the Final Payment Receivable has notified MMCA on behalf of the Trust that it elects to sell the Financed Vehicle to MMCA on behalf of the Trust in accordance with the terms of the Receivable, the Servicer shall, upon delivery of the Financed Vehicle by the Obligor to MMCA on behalf of the Trust, inspect the Financed Vehicle for Excess Wear and Tear and Excess Mileage, and to determine the necessity of any repairs.
Following the Servicer's receipt of proceeds from the sale of such Financed Vehicle and amounts to be paid by the Obligor pursuant to subparagraph (b) above, the Servicer shall record on its books and records the termination of the Trust's ownership and security interest in the related Final Payment Receivable (with copies to the Indenture Trustee and the Owner Trustee).
Upon deposit of such amount into the Collection Account, the Trust's ownership and security interest in the related Final Payment Receivable and Financed Vehicle shall terminate, and the Trust will assign all interest in, to and under the Receivable and the related Financed Vehicle to MMCA.