Residual Losses means, for any Collection Period, an amount (which, for the avoidance of doubt, shall be a positive number in the case of residual losses and a negative number in the case of residual gains) equal to (a) the sum of all residual losses (i.e., the amount by which the Securitization Value of a Transaction Unit exceeds the Sales Proceeds for such Unit) for all Included Units that became Terminated Units during such Collection Period following the scheduled termination of the related Leases minus (b) the sum of all Excess Mileage Charges and Excess Wear and Tear Charges received by the Servicer with respect to Included Units during such Collection Period.
Residual Losses means, for any Collection Period, an amount (which, for the avoidance of doubt, shall be a positive number in the case of residual losses and a negative number in the case of residual gains) equal to (a) the Securitization Value of each Included Unit that became a Terminated Unit (other than Defaulted Units) during that Collection Period minus (b) the sum of all Sales Proceeds and Recoveries in connection with the sale or other disposition of the related Transaction Vehicle and Excess Mileage Charges and Excess Wear and Tear Charges received by the Servicer during such Closed-End EN Collection Period.
Residual Losses means, for any Collection Period, an amount (which, for the avoidance of doubt, shall be a positive number in the case of residual losses and a negative number in the case of residual gains) equal to (a) the sum of all residual losses (i.e., the amount by which the
Examples of Residual Losses in a sentence
The Seller agrees to apply any Shared Residual Proceeds under each Shared Residual Agreement to which it is a party to Shared Residual Losses in the order incurred and not to discriminate against the Leases sold and contributed to the Transferor hereunder in making such application.
It is understood that the amount of the Shared Residual Proceeds under each Shared Residual Agreement which will be available for any such payment will depend on whether such proceeds have previously been applied in accordance with the applicable Shared Residual Agreement to Shared Residual Losses with respect to leases not sold to the Transferor.
More Definitions of Residual Losses
Residual Losses means for any Monthly Period, a positive or negative number equal to (1) the sum of the Adjusted Residual Values for all Equipment which had Returned Equipment Dispositions during such Monthly Period minus the Sales Proceeds from such Returned Equipment Dispositions minus (2) all excess wear and tear charges collected during such period.