Payahead Balance on a Precomputed Receivable means the sum, as of the close of business on the last day of a Collection Period, of all Payaheads made by or on behalf of the Obligor with respect to such Precomputed Receivable, as reduced by applications of previous Payaheads with respect to such Precomputed Receivable, pursuant to Sections 8.02(b) and 9.09.

Payahead Balance means, for a Lease:

Payahead Balance on a Receivable shall mean the sum, as of the close of business on the last day of a Collection Period, of all Payaheads made by or on behalf of the Obligor with respect to such Receivable (including any amount paid by or on behalf of the Obligor prior to the Cutoff Date that is due on or after the Cutoff Date and was not used to reduce the principal balance of such Receivable), as reduced by applications of previous Payaheads with respect to such Receivable, pursuant to Sections 4.3 and 4.4 of the Sale and Servicing Agreement.

Examples of Payahead Balance in a sentence

Otherwise, any such remaining excess payments shall constitute a Payahead and shall increase the Payahead Balance.
All applications of the Payahead Balance of a Receivable by the Indenture Trustee and all Actuarial Advances by the Servicer pursuant to this Section 4.4(a) shall be made based on the information set forth in the Servicer's report attached to the Servicer's Certificate delivered pursuant to Section 3.9. Notwithstanding anything in this Agreement to the contrary, no successor to Mitsubishi Motors Credit of America, Inc.
Upon any such remittance, the Payahead Balance with respect to such Receivable shall be reduced by the amount of such remittance.
With respect to Precomputed Receivables, any remaining excess shall be added to the Payahead Balance, and shall be applied to prepay the Precomputed Receivable, but only if the sum of such excess and the previous Payahead Balance shall be sufficient to prepay the Receivable in full.
Next, any excess shall be applied to the Scheduled Payment and any remaining excess shall be added to the Payahead Balance, and shall be applied to prepay the Precomputed Receivable, but only if such Payahead Balance shall be sufficient to prepay the Receivable in full.

More Definitions of Payahead Balance

Payahead Balance with respect to an Actuarial Receivable, shall mean the sum, as of the close of business on the last day of a Collection Period, of all Payaheads made by or on behalf of the Obligor with respect to such Actuarial Receivable (including any amount paid by or on behalf of the Obligor prior to the Cutoff Date that is due after the Cutoff Date and was not used to reduce the principal balance of such Actuarial Receivable), as reduced by applications of previous Payaheads with respect to such Actuarial Receivable, pursuant to Sections 4.3(a) and 4.4.

Payahead Balance on a Rule of 78's Receivable means the sum, as of the close of business on the last day of a Collection Period, of all Payaheads made by or on behalf of the Obligor with respect to such Rule of 78's Receivable, as reduced by applications of previous Payaheads with respect to such Rule of 78's Receivable, pursuant to Sections 4.3 and 4.4.

Payahead Balance on an Actuarial Receivable means the sum, as of the close of business on the last day of a Collection Period, of all Payaheads made by or on behalf of the Obligor with respect to such Actuarial Receivable, as reduced by applications of previous Payaheads with respect to such Actuarial Receivable, pursuant to Sections 5.3 and 5.7.

Payahead Balance means, with respect to a Precomputed Receivable and any Collection Period, the sum, as of the close of business on the last day of such Collection Period, of all Payaheads made by or on behalf of the Obligor with respect to such Precomputed Receivable, as reduced by applications of previous Payaheads with respect to such Precomputed Receivable, pursuant to Sections 5.02 and 5.03.

Payahead Balance on a Receivable means the sum, as of the close of business on the last day of a Collection Period, of all Payaheads made by or on behalf of the Obligor with respect to such Receivable (including any amount paid by or on behalf of the Obligor prior to the Cutoff Date that is due on or after the Cutoff Date and was not used to reduce the principal balance of such Receivable), as reduced by applications of previous Payaheads with respect to such Receivable, pursuant to Sections 14.3 and 14.