Precomputed Receivable definition

Precomputed Receivable means any Receivable under which the portion of a payment allocable to earned interest (which may be referred to in the related contract as an add-on finance charge) and the portion allocable to the Amount Financed is determined according to the sum of periodic balances, the sum of monthly balances, the rule of 78's or any equivalent method.

Precomputed Receivable means any Actuarial Receivable or Rule of 78s Receivable.

Precomputed Receivable means (i) an Actuarial Receivable, (ii) a Rule of 78's Receivable or (iii) a Sum of Periodic Balances Receivable.

Examples of Precomputed Receivable in a sentence

• Notwithstanding anything herein to the contrary, no amount applied as interest accrued on any Precomputed Receivable for any single Collection Period will exceed 30 days' interest accrued thereon assuming a 360-day year of twelve 30-day months.

• With respect to each Precomputed Receivable, the Precomputed Advance shall increase Outstanding Precomputed Advances.

• 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.

• If the Servicer shall determine that an Outstanding Precomputed Advance with respect to any Precomputed Receivable shall not be recoverable as aforesaid, the Servicer shall be reimbursed from any collections made on other Precomputed Receivables in the Trust and Outstanding Precomputed Advances with respect to such Precomputed Receivables shall be reduced accordingly.

• No Receivable has a final scheduled payment date later than six months preceding the Final Scheduled Maturity Date; each Receivable provides for payments that fully amortize the Amount Financed over the original term of the Receivable, and is either a Precomputed Receivable or a Simple Interest Receivable.

More Definitions of Precomputed Receivable

Precomputed Receivable means any Actuarial Receivable or Rule of 78's Receivable.

Precomputed Receivable means any Receivable under which the portion of a payment allocable to interest and the portion allocable to principal is determined in accordance with the Rule of 78s Method.

Precomputed Receivable means any Receivable under which the portion of a payment allocable to earned interest (which may be referred to in the related contract as an add-on finance charge) and the portion allocable to the Amount Financed are determined according to the sum of periodic balances or the sum of monthly balances or any equivalent method, or which is an Actuarial Receivable.

Precomputed Receivable means any Receivable which provides for the allocation of payments according to the "actuarial" method.

Precomputed Receivable means any Actuarial Receivable.

Precomputed Receivable means any Actuarial Receivable or Rule of 78's Receivable. "PREFERENCE CLAIM" shall have the meaning set forth in Section 4.16(b).

Precomputed Receivable means any Auto Loan under which earned interest (which may be referred to in the Auto Loan as the add-on finance charge) and principal is determined according to the sum of periodic balances or the sum of monthly balances or the sum of the digits or any equivalent method commonly referred to as the "Rule of 78s".