PROTECTED BALANCE means the Outstanding Balance under a protected Loan as of the date a protected event occurs, less any Non-Protected Advance. It includes principal, interest, the Program Fee and any amounts which the Creditor and the Borrower agreed to finance as part of the Loan. It does not include any other fees, the amount of any payment that represents past due payments or amounts that exceed any credit limit for the Loan. A scheduled lump-sum balloon payment will be protected for the amount of the minimum payment due for the period immediately preceding the scheduled balloon payment. For interest cancellation options, the Protected Payment will be the interest and Program Fee due on the Protected Balance. For variable rate and/or variable payment Loans, the Protected Payment will remain equal to the protected Payment as of the first day of the protected event. Additionally, any Advance taken during any period of Disability or Involuntary Unemployment will not be protected and the payment for that Advance will not be cancelled. You are responsible for re-paying any amounts that are not cancelled. PROTECTED PAYMENT means the minimum payment amount, including principal, interest, and the Program Fee, due on the Protected Balance. PROTECTION ACTIVATION means the cancellation of Your Daily Payment in accordance with the terms and provisions of the Contract.
PROTECTED BALANCE means the pay-off amount owed under the loan on the first day of a protected event less any non-protected advances.
More Definitions of PROTECTED BALANCE
PROTECTED BALANCE means the pay-off amount owed under the Covered Loan on the first day of a protected event less any Non-Protected Advances. There may be protection limitations for borrowers with multiple program contracts. The Maximum Aggregate Limit for all loans per borrower is based upon Our lending limits and contractual agreements.
PROTECTED BALANCE means the principal, interest, the Program Fee and any amounts which the Creditor and the Borrower agreed to finance as part of the Loan. It does not include any other fees, or any Non-Protected Advances. Additionally, any Advance taken during any period of Disability or Involuntary Unemployment will not be protected and the payment for that Advance will not be cancelled. You are responsible for re-paying any amounts that are not cancelled.
PROTECTED BALANCE means the loan amount which includes the principal, interest, this debt cancellation plan cost, and any amounts which the creditor and the borrower agreed to finance as part of the loan which is protected under this contract. It does not include any other fees, or any non-protected advances. You are responsible for re-paying any loan amounts that are non-protected or not canceled under this contract, at the time of loss.
PROTECTED BALANCE means the Outstanding Balance under a protected Loan as of the date a protected event occurs, less any Non-Protected Advance. It includes principal, interest, the Program Fee and any amounts which the Creditor and the Borrower agreed to finance as part of the Loan. It does not include any other fees, the amount of any payment that represents past due payments or amounts that exceed any credit limit for the Loan. A scheduled lump-sum balloon payment will be protected for the amount of the minimum payment due for the period immediately preceding the scheduled balloon payment. For interest cancellation options, the Protected Payment will be the interest and Program Fee due on the Protected Balance. For variable rate and/or variable payment Loans, the Protected Payment will remain equal to the protected Payment as of the first day of the protected event. Additionally, any Advance taken during any period of Disability or Involuntary Unemployment will not be protected and the payment for that Advance will not be cancelled. You are responsible for re-paying any amounts that are not cancelled.