Implicit Principal Balance definition

Implicit Principal Balance or "IPB": With respect to any Contract and any date of determination, the present value of the remaining stream of Scheduled Payments (or, in the case of a Rental Contract, the present value of the expected remaining stream of Scheduled Payments, assuming that such stream of Scheduled Payments will terminate at the related Expected Rental Termination Date) due with respect to such Contract after the applicable Calculation Date (reduced by the applicable Servicer Fee but not reduced by any Additional Servicer Fee) calculated by discounting such Scheduled Payments (assuming such Scheduled Payments are received on the last day of the related Due Period) to such Calculation Date at an annual rate equal to the applicable Discount Rate, at the same frequency as the Payment Dates; except that on the Calculation Date, (a) on or immediately following the deposit into the Collection Account of Insurance Proceeds equal to the outstanding Implicit Principal Balance of the related Contract or the Purchase Price, or on or immediately following the delivery of a Substitute Contract, (b) on or immediately following the date that a Contract has become a Defaulted Contract or a Terminated Rental Contract, or (c) immediately preceding the Final Due Date of a Contract, the Implicit Principal Balance of the related Receivable shall be zero. To the extent that the Final Due Date of any Series Contract is later than the Stated Maturity Date of the last maturing Notes of the related Series of Notes, any Scheduled Payment due on such Contract after the Calculation Date immediately preceding such Stated Maturity Date shall not be taken into account in calculating the Implicit Principal Balance of such Contract.
Sample 1Sample 2
Implicit Principal Balance means, with respect to any Contract, as of any date of determination, the present value of the remaining stream of Scheduled Payments due with respect to such Contract as of the applicable Accounting Date, and calculated by discounting such Scheduled Payments (assuming each Scheduled Payment is received on the last day of its related Collection Period) to such Accounting Date at an annual rate equal to the Discount Rate, compounded monthly; provided, however, that immediately after the payment to the Lender of the Release Price in respect of any Contract, the Implicit Principal Balance of such Contract shall be zero; provided further that with respect to any Contract that has become a Defaulted Contract, the Implicit Principal Balance shall be zero (except when used in the definition of "Release Price"); provided further that such deemed reduction to zero of the Implicit Principal Balance of such Defaulted Contract (pursuant to the immediately preceding proviso) shall not constitute a release by the Collateral Agent of its security interest in such Defaulted Contract.
Sample 1Sample 2
Implicit Principal Balance or "IPB": As of any date of determination, with respect to any Lease Contract, the present value of the remaining stream of Scheduled Payments (reduced by the applicable Servicer Fee but not reduced by any Additional Servicer Fee) due with respect to such Lease Contract after the applicable Calculation Date, and calculated by discounting such Scheduled Payments (assuming such Scheduled Payments are received on the last day of the related Due Period) to such Calculation Date at an annual rate equal to the applicable Discount Rate, at the same frequency as the Payment Dates; except that on the Calculation Date, (a) on or immediately following the deposit into the Collection Account of any Insurance Proceeds (and the termination of the related Lease Contract) or the Removal Price, or on or immediately following the delivery of a Substitute Lease Contract, (b) immediately on or after the date that a Lease Contract has become a Defaulted Lease Contract, or (c) immediately preceding the Final Payment Date, the Implicit Principal Balance of each such related Lease Contract shall be zero. To the extent that the Final Due Date of any Series Lease Contract is later than the Stated Maturity of the last maturing Certificates of the related Series of Class A Certificates, any Scheduled Payments due on such Lease Contract after the Calculation Date immediately preceding such Stated Maturity shall not be taken into account in calculating the Implicit Principal Balance of such Lease Contract.
Sample 1Sample 2

Examples of Implicit Principal Balance in a sentence

  • The Servicer shall not agree to any reduction of the interest rate on any Contract (except as required by law if the related Customer is the subject of an Event of Bankruptcy) or of the amount of any Scheduled Payment on Contracts, or reduce the Implicit Principal Balance of any Contract (except for actual payments of principal received), unless such modifications are consistent with the Collection Guidelines.

  • The annual independent accountants' reports referred to in Section 4.03 of the Standard Servicing Terms shall commence with the fiscal year ending on or after the date that the sum of the Aggregate Implicit Principal Balance and the balance in the Cash Collateral Account, if any, less the Notes Outstanding is less than the Required Collateralization Amount.

  • The Backup Servicer shall verify that each Data Report is in a readable and usable form and covers all information necessary to service the Contracts, including, but not limited to, Aggregate Implicit Principal Balance of the Contracts, Available Funds, Delinquent Contracts, Defaulted Contracts, Recoveries, prepayments and bankruptcies.

  • During the Non-Solicit Period, as defined above, Employee will not, directly or indirectly, recruit, solicit, induce, encourage or assist any employee of Conduent to leave Employee’s employment with Conduent.

  • Accountant will compare the Implicit Principal Balance of each Contract which has become a Defaulted Contract during each Review Period, using information from the related Monthly Servicer Reports, the Management Schedule and/or the Lease Accounting Systems, noting any exceptions.

  • Thereafter, not later than 12:00 noon New York City time on each Determination Date, the Servicer shall deliver to the Insurer the report required by Section 4.01 of the Servicing Agreement setting forth, among other things, (A) the outstanding Aggregate Implicit Principal Balance of all Lease Contracts, (B) the Required Collateralization Amount and (C) the outstanding principal balance of the Notes.

  • Accountant will compare the Implicit Principal Balance of each Contract which has become a Defaulted Contract during each Review Period, using information from the related Monthly Servicer's Reports, the Management Schedule and/or the Lease Accounting Systems, noting any exceptions.

  • The Servicing Fee for a Payment Date shall equal the product of (i) one-twelfth of the Servicing Rate and (ii) the Aggregate Implicit Principal Balance of all Contracts as of the opening of business on the first day of the related Collection Period.


More Definitions of Implicit Principal Balance

Implicit Principal Balance or "IPB": As of any date of determination and with respect to each Lease Contract, the present value of the remaining stream of Scheduled Payments due with respect to such Lease Contract after the applicable Calculation Date based upon discounting such Scheduled Payments (assuming such Scheduled Payments are received on the last day of the related Collection Period) to such Calculation Date at an annual rate equal to the applicable Discount Rate, at the same frequency as the Payment Dates; provided -------- that on the Calculation Date:
Sample 1Sample 2
Implicit Principal Balance. As of any date of determination, the present value of the remaining stream of Scheduled Payments due with respect to each Lease Contract after the applicable Calculation Date (reduced by the applicable Servicer Fee but not reduced by any Additional Servicer Fee) based upon discounting such Scheduled Payments (assuming such Scheduled Payments are received on the last day of the related Due Period) to such Calculation Date at an annual rate equal to the applicable Discount Rate, at the same frequency as the Payment Dates; except that on the Calculation Date,
Sample 1
Implicit Principal Balance means, with respect to any Contract, as of any date of determination, the present value of the remaining stream of Scheduled Payments due with respect to such Contract as of the applicable Accounting Date, and calculated by discounting such Scheduled Payments (assuming each Scheduled Payment is received on the last day of its related Collection Period) to such Accounting Date at an annual rate equal to the Discount Rate, compounded monthly; provided, however, that immediately after the payment to the Lender of the Release Price in respect of any Contract, the Implicit Principal Balance of such Contract shall be zero; provided further that with respect to any Contract that has become a Defaulted Contract or is no longer an Eligible Contract, the Implicit Principal Balance shall be zero (except when used in the definition of "Release Price"); provided further that such deemed reduction to zero of the Implicit Principal Balance of such Defaulted Contract (pursuant to the immediately preceding proviso) shall not constitute a release by the Collateral Agent of its security interest in such Defaulted Contract.
Sample 1
Implicit Principal Balance. As of any Calculation Date, with respect to any Contract, the present value of the remaining stream of Scheduled Payments due with respect to such Contract after such Calculation Date, and calculated by discounting such Scheduled Payments (assuming each Scheduled Payment is received on the last day of its related Due Period) to such Calculation Date at an annual rate equal to the Discount Rate, compounded monthly; provided, however, that immediately following the deposit into the Distribution Account of the Purchase Price in respect of a Contract, the Implicit Principal Balance of such Contract shall be deemed to be zero; provided further that with respect to any Contract that has become a Defaulted Contract, the Implicit Principal Balance of such Contract shall be deemed to be zero; provided further that such deemed reduction to zero of the Implicit Principal Balance of a Contract pursuant to the immediately preceding proviso (x) shall not constitute a release by the Trustee of its security interest in such Contract and (y) shall be ignored in connection with the calculation of any Purchase Price. The calculation of the Implicit Principal Balance of each Contract does not include any security deposits or advance payments collected by or on behalf of the lessor or Scheduled Payments due after the Stated Maturity Date.
Sample 1
Implicit Principal Balance or "IPB": As of any date of determination, with respect to any Lease Contract, the present value of the remaining stream of Scheduled Payments (reduced by the applicable Servicer Fee but not reduced by any Additional Servicer Fee) due with respect to such Lease Contract after the applicable Calculation Date, and calculated by discounting such Scheduled Payments (assuming such Scheduled Payments are received on the last day of the related Monthly Period) to such Calculation Date at an annual rate equal to the Discount Rate, at the same frequency as the Payment Dates; except that on the Calculation Date, (a) on or immediately following the deposit into the Collection Account of any Insurance Proceeds (and the termination of the related Lease Contract) or the Removal Price, or on or immediately following the delivery of a Substitute Lease Contract, (b) immediately on or after the date that a Lease Contract has become a Defaulted Lease Contract, or (c) immediately preceding the Final Payment Date, the Implicit Principal Balance of each such related Lease Contract shall be zero. To the extent that the Final Due Date of any Lease Contract is later than the Stated Maturity, any Scheduled Payments due on such Lease Contract after the Calculation Date immediately preceding such Stated Maturity shall not be taken into account in calculating the Implicit Principal Balance of such Lease Contract. "Independent": When used with respect to any specified Person means such a Person, who (a) is in fact independent of the Transferor, (b) does not have any direct financial interest or any material indirect financial interest in the Transferor or in any Affiliate of the Transferor and (c) is not connected with the Transferor as an officer, employee, promoter, underwriter, trustee, partner, director, or person performing similar functions. Whenever it is herein provided that any Independent Person's opinion or certificate shall be furnished to the Trustee, such Person shall be appointed by a Transferor Order and approved by the Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read this definition and that the signer is Independent within the meaning hereof.
Sample 1
Implicit Principal Balance. As of any date of determination, with respect to each Lease Receivable, the present value of the remaining stream of Scheduled Payments due with respect to such Lease Receivable after the applicable Calculation Date (as reduced by the
Sample 1

Related to Implicit Principal Balance

  • Class B-6 Principal Balance As to the first Determination Date, the Original Class B-6 Principal Balance. As of any subsequent Determination Date, the lesser of (i) the Original Class B-6 Principal Balance less the sum of (a) all amounts previously distributed in respect of the Class B-6 Certificates on prior Distribution Dates pursuant to Paragraph twenty-second of Section 4.01(a) and (b) the Realized Losses allocated through such Determination Date to the Class B-6 Certificates pursuant to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding Distribution Date less the Class A Principal Balance, the Class B-1 Principal Balance, the Class B-2 Principal Balance, the Class B-3 Principal Balance, the Class B-4 Principal Balance and the Class B-5 Principal Balance as of such Determination Date.

  • Note B Principal Balance means, at any time of determination, the Initial Note B Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon or reductions in such amount pursuant to Sections 3, 4 or 5, as applicable.

  • Class Principal Balance With respect to any Class and as to any date of determination, the aggregate of the Certificate Balances of all Certificates of such Class as of such date.

  • Note A-7 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-7 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-7 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Class B-4 Principal Balance As to the first Determination Date, the Original Class B-4 Principal Balance. As of any subsequent Determination Date, the lesser of (i) the Original Class B-4 Principal Balance less the sum of (a) all amounts previously distributed in respect of the Class B-4 Certificates on prior Distribution Dates (A) pursuant to Paragraph sixteenth of Section 4.01(a) and (B) as a result of a Principal Adjustment and (b) the Realized Losses allocated through such Determination Date to the Class B-4 Certificates pursuant to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding Distribution Date less the sum of the Class A Principal Balance, the Class B-1 Principal Balance, the Class B-2 Principal Balance and the Class B-3 Principal Balance as of such Determination Date.

  • Pool Principal Balance As to any Distribution Date, the aggregate of the Scheduled Principal Balances of the Mortgage Loans which were Outstanding Mortgage Loans on the Due Date in the month preceding the month of such Distribution Date.

  • Note A-6 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-6 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-6 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Note A-8 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-8 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-8 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Class A Principal Balance As of any date, an amount equal to the sum of the Principal Balances for the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-PO Certificates and Class A-R Certificate.

  • Class A-4 Principal Balance as of any date means the Class A‑4 Initial Principal Balance less all amounts paid to the holders of Class A‑4 Notes in respect of principal pursuant to Section 5.06 hereof.

  • Note Principal Balance means, with respect to each Note, at any time of determination, the Principal Balance for such Note, as set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued in substitution thereof) received by the related Note Holder (or any holders of New Notes in substitution thereof) or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Original Principal Balance Any of the Original Principal Balances of the Classes of Class A Certificates as set forth in Section 11.05; the Original Class B-1 Principal Balance, Original Class B-2 Principal Balance, Original Class B-3 Principal Balance, Original Class B-4 Principal Balance, Original Class B-5 Principal Balance or Original Class B-6 Principal Balance as set forth in Section 11.15.

  • Note A-4 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-4 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-4 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Component Principal Balance As of any date of determination, either the PO-1 Component Principal Balance on such date or the PO-2 Component Principal Balance on such date as applicable.

  • Class B-5 Principal Balance As to the first Determination Date, the Original Class B-5 Principal Balance. As of any subsequent Determination Date, the Original Class B-5 Principal Balance less the sum of all amounts previously distributed in respect of the Class B-5 Certificates on prior Distribution Dates (A) pursuant to Paragraph fifteenth of Section 4.01(a)(ii) and (B) as a result of a Principal Adjustment; provided, however, if the Class B-5 Certificates are the most subordinate Certificates outstanding, the Class B-5 Principal Balance will equal the difference, if any, between the Aggregate Adjusted Pool Amount as of the preceding Distribution Date less the sum of the Aggregate Class A Principal Balance, the Class B-1 Principal Balance, the Class B-2 Principal Balance, the Class B-3 Principal Balance and the Class B-4 Principal Balance as of such Determination Date.

  • Note A Principal Balance means, as of any date of determination, the aggregate Note Principal Balance of the A Notes.

  • Class A-1 Principal Balance as of any date means the Class A‑1 Initial Principal Balance less all amounts paid to the holders of Class A‑1 Notes in respect of principal pursuant to Section 5.06 hereof.

  • Planned Principal Balance means for any Distribution Date, the balance shown for such Distribution Date on Schedule XVII.

  • Class B-2 Principal Balance As to the first Determination Date, the Original Class B-2 Principal Balance. As of any subsequent Determination Date, the lesser of (i) the Original Class B-2 Principal Balance less the sum of (a) all amounts previously distributed in respect of the Class B-2 Certificates on prior Distribution Dates (A) pursuant to Paragraph tenth of Section 4.01(a) and (B) as a result of a Principal Adjustment and (b) the Realized Losses allocated through such Determination Date to the Class B-2 Certificates pursuant to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding Distribution Date less the sum of the Class A Principal Balance and the Class B-1 Principal Balance as of such Determination Date.

  • Class B-3 Principal Balance As to the first Determination Date, the Original Class B-3 Principal Balance. As of any subsequent Determination Date, the lesser of (i) the Original Class B-3 Principal Balance less the sum of (a) all amounts previously distributed in respect of the Class B-3 Certificates on prior Distribution Dates (A) pursuant to Paragraph thirteenth of Section 4.01(a) and (B) as a result of a Principal Adjustment and (b) the Realized Losses allocated through such Determination Date to the Class B-3 Certificates pursuant to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding Distribution Date less the sum of the Class A Principal Balance, the Class B-1 Principal Balance and the Class B-2 Principal Balance as of such Determination Date.

  • Initial Principal Balance means, in respect of a Receivable, the amount advanced under the Receivable toward the purchase price of the Financed Vehicle and related costs, including accessories, service and warranty contracts, insurance premiums, other items customarily financed as part of retail motor vehicle loans and/or retail installment sales contracts and other fees charged by the Transferor or Dealer and included in the amount to be financed, the total of which is shown as the initial principal balance in the note and security agreement or retail installment sale contract evidencing and securing such Receivable.

  • Class A-3 Principal Balance as of any date means the Class A‑3 Initial Principal Balance less all amounts paid to the holders of Class A‑3 Notes in respect of principal pursuant to Section 5.06 hereof.

  • Lower-Tier Principal Balance The principal amount of any Lower-Tier Regular Interest outstanding as of any date of determination. As of the Closing Date, the Lower-Tier Principal Balance of each Lower-Tier Regular Interest shall equal the original Lower-Tier Principal Balance as set forth in the Preliminary Statement hereto. On each Distribution Date, the Lower-Tier Principal Balance of each Lower-Tier Regular Interest shall be permanently reduced by all distributions of principal deemed to have been made in respect of such Lower-Tier Regular Interest on such Distribution Date pursuant to Section 4.01(a)(ii) of this Agreement, and shall be further permanently reduced on such Distribution Date by all applicable Realized Losses deemed to have been allocated thereto on such Distribution Date pursuant to Section 4.01(f) of this Agreement, such that at all times the Lower-Tier Principal Balance of a Lower-Tier Regular Interest shall equal the Certificate Balance of the Corresponding Certificates. The Lower-Tier Principal Balance of any Lower-Tier Regular Interest may be increased on a particular Distribution Date as and to the extent contemplated by Section 4.01(g) of this Agreement.

  • Note A-1 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-1 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-1 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Principal Balance means the outstanding principal amount of the Loan, plus interest expected to be capitalized (if any), less amounts which may not be insured (such as late charges).

  • Note A-5 Principal Balance means, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-5 Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-5 Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.