Purchase Discount definition

Purchase Discount means, with respect to any Receivable, the amount determined as the “Purchase Discount” in the calculation of the Purchase Price for such Receivable pursuant to Section 2.3.

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Purchase Discount has the meaning assigned to that term in Section 3.1.

Purchase Discount. (a) during the continuance of a Rating Event, (i) with respect to 25% Repurchase Receivables, 35%, (ii) with respect to 75% Repurchase Receivables, 85% and (iii) with respect to 90% Repurchase Receivables, 100% and (b) during the continuance of a Discount Event (which is not also a Rating Event), with respect to all Receivables, 10%.

Examples of Purchase Discount in a sentence

• Furthermore, the Seller Representative hereby grants to the Administrative Agent (for the benefit of the Purchasers) a security interest in, and right of setoff with respect to, the Refundable Discount Advance Account and all proceeds therein to secure the payment of the Aggregate Unreimbursed Purchase Discount by each Seller hereunder.

• The Administrative Agent is irrevocably authorized by each Seller to keep records of all purchases, which records shall be consistent with all information set forth in each Portfolio Report delivered to the Administrative Agent via the PrimeRevenue System, and evidences the dates and amounts of purchases and the applicable Purchase Discount or Adjusted Discount in effect from time to time.

• For the avoidance of doubt, it is understood and agreed that, to the extent there remains any deficiency in the Aggregate Unreimbursed Purchase Discount after any such set-off and application, such deficiency shall remain the obligation of the Sellers.

• In any such case, the Sellers shall pay the Aggregate Unreimbursed Purchase Discount to the Administrative Agent (for the benefit of the Purchasers) on the date designated for such payment in the written notice from the Administrative Agent (which date must be at least one Business Day following the date upon with such written notice is received by the Seller Representative) by deposit into the Administrative Agent’s Account.

• The parties hereto agree that the Sellers’ obligation to pay the Aggregate Unreimbursed Purchase Discount is not credit recourse for any failure of an Approved Obligor to pay the full outstanding balance of any Purchased Receivable, but rather is an obligation to reimburse the Administrative Agent and the Purchasers for electing not to deduct the Purchase Discount from the Purchase Price with respect to the applicable Purchased Receivables for the purpose of administrative convenience.

More Definitions of Purchase Discount

Purchase Discount means, with respect to any Purchased Receivable, an amount equal to (a) the Discount Margin, multiplied by (b) the Net Receivables Balance of such Purchased Receivable, multiplied by (c) the quotient of (i) the number of days from the Purchase Date on which such Purchased Receivable is purchased hereunder to the Expected Payment Date for such Purchased Receivable (such number of days, the “Discount Period”), and (ii) 360.

Purchase Discount means the minimum discount percentage from the current market- appraised value under which a property may be purchased. Under HUD Notice FR–5255– N–02, the purchase discount for NSP is “at least 1 percent from the current market-appraised value of the home or property.”

Purchase Discount means, with respect to any Eligible Receivable, a fraction, (i) the numerator of which is the difference between (A) the aggregate unpaid principal balance of such Eligible Receivable at the time of acquisition or origination by the Originator and (B) the purchase price paid with respect to such Eligible Receivable by the Originator to the related Eligible Dealer, and (ii) the denominator of which is the aggregate unpaid principal balance of such Eligible Receivable at the time of acquisition or origination by the Originator.

Purchase Discount the Reserve Percentage multiplied by the original face amount of each Purchased Account.

Purchase Discount means an amount equal to the weighted average of the following: (1) the weighted average of the discount rates on all commercial paper notes issued at a discount and outstanding during the related Settlement Period (other than commercial paper notes the proceeds of which are used by the Purchaser to (x) purchase receivables, or extend financing secured thereby, at a fixed interest rate or (y) conduct any arbitrage activities of the Purchaser), converted to an annual yield-equivalent rate on the basis of a 360-day year; (2) the weighted average of the annual interest rates payable on all interest-bearing commercial paper notes outstanding during the related Settlement Period (other than the commercial paper notes described in clauses (x) and (y) of paragraph (1) above), on the basis of a 360-day year; and (3) the weighted average of the annual interest rates applicable to any Liquidity Facilities under which the Purchaser has borrowed loans or sold interests during the related Settlement Period which loans shall be borrowed only after a determination by the Purchaser that financing its activities during such period by issuing commercial paper notes would not be practicable or cost efficient; provided that, to the extent that the Investment is funded by a specific issuance of commercial paper notes and/or by a specific borrowing or sale under a Liquidity Facility or a Credit Facility, the Purchase Discount shall equal the rate or weighted average of the rates applicable to such issuance or borrowing or sale, provided, further, that, for purposes of the foregoing, the interest rates applicable under any Liquidity Facility shall not exceed the reserve adjusted "LIBO Rate" quoted by the Agent plus 0.25% per annum (unless not available) and the interest rates under any Credit Facility shall not exceed the rate of interest per annum published on such day (or, if not then published, on the most recently preceding day) in The Wall Street Journal as the "Prime Rate" per annum.

Purchase Discount means the percentage used to determine the amount payable by the Seller to the Purchasers to cover the Purchasers' cost of funding the Purchases, as described in Section 5.1.1.

Purchase Discount means for any day, an amount, calculated in good ----------------- faith by the Purchaser, equal to the decimal equivalent of the sum of (i) the product of (A) the sum of (x) the "AA" rated commercial paper index rate for a maturity most closely corresponding to the Estimated Maturity Period and (y) 0.50% (servicing fee) and (z) 1.50% and (B) a fraction the numerator of which is the Estimated Maturity Period of the Receivables and the denominator of which is 360, and (ii) the decimal equivalent of the average Loss to Liquidation Ratio --- with respect to the prior three calendar months.