Simple Interest Contract definition

Simple Interest Contract means a Contract as to which interest is calculated each day on the basis of the actual principal balance of such Contract on such day.

Simple Interest Contract means a Contract as to which the portion of payments allocable to earned interest and principal thereunder is determined according to the Simple Interest Method. For such Contracts, interest accrued as of the Due Date is paid first, and then the remaining payment is applied to the unpaid principal balance. Accordingly, if an Obligor pays the fixed monthly installment in advance of the Due Date, the portion of the payment allocable to interest for the period since the preceding payment will be less than it would be if the payment were made on the Due Date, and the portion of the payment allocable to reduce the principal balance will be correspondingly greater. Conversely, if an Obligor pays the fixed monthly installment after its Due Date, the portion of the payment allocable to interest for the period since the preceding payment will be greater than it would be if the payment were made on the Due Date, and the portion of the payment allocable to reduce the principal balance will be correspondingly smaller. When necessary, an adjustment will be made at the maturity of the Contract to the scheduled final payment to reflect the larger or smaller, as the case may be, allocations of payments to the amount financed under the Contract as a result of early or late payments, as the case may be.

Simple Interest Contract means any Contract under which the portion of a payment allocable to interest and the portion allocable to principal is determined in accordance with the Simple Interest Method.

Examples of Simple Interest Contract in a sentence

• Association, club, The organization religious, charitable, educational or other tax-exempt organization account 9.

• Except in the case of Precomputed Contracts that collectively satisfy the criterion set forth in paragraph 1(I) of this Schedule B, each Contract is a Simple Interest Contract and provides that all allocations of payments with respect to principal and interest, and the determination of periodic charges and the like, are made using the Simple Interest Method, based on the actual number of days elapsed and the actual number of days in the calendar year.

• In the case of a Simple Interest Contract, the Scheduled Balance thereof is its actual principal balance.

• The principal balance of a Simple Interest Contract that becomes a Repurchased Contract shall be deemed to be reduced to zero upon the related repurchase thereof and the principal balance of a Simple Interest Contract that becomes a Liquidated Contract shall be deemed to be reduced to zero as of the date on which such Contract becomes a Liquidated Contract.

• Each Contract other than a Land Home Contract is either a Simple Interest Contract or an Actuarial Contract.

More Definitions of Simple Interest Contract

Simple Interest Contract means any Contract under which the portion of a payment allocable to interest and the portion allocable to principal are determined in accordance with the Simple Interest Method.

Simple Interest Contract means any Contract providing for the allocation of payments made thereunder to principal and interest in accordance with the Simple Interest Method.

Simple Interest Contract. Any Contract for which the interest due thereon is calculated based on the actual number of days elapsed between the date on which interest was last paid through the date on which the most current payment is received.

Simple Interest Contract means a Contract as to which the portion of payments allocable to earned interest and principal thereunder is determined according to the Simple Interest Method. For such Contracts, interest accrued as of the Due Date is paid first, and then the remaining payment is applied to the unpaid principal balance. Accordingly, if an Obligor pays the fixed monthly installment in advance of the Due Date, the portion of the payment allocable to interest for the period since the preceding payment will be less than it would be if the payment were made on the Due Date,

Simple Interest Contract. Any Contract that requires that each monthly payment consist of an installment of interest which is calculated according to the simple interest method. This method calculates interest using the basis of the outstanding principal balance of the Simple Interest Contract multiplied by the contract rate and further multiplied by a fraction, the numerator of which is the number of days in the period elapsed since the preceding payment of interest was made and the denominator of which is the number of days in the annual period for which interest accrues on the Simple Interest Contract.

Simple Interest Contract means a Contract as to which the portion of payments allocable to earned interest and principal thereunder is determined according to the Simple Interest Method. For such Contracts, interest accrued as of the Due Date is paid first, and then the remaining payment is applied to the unpaid principal balance. Accordingly, if an Obligor pays the fixed monthly installment in advance of the Due Date, the portion of the payment allocable to interest for the period since the preceding payment will be less than it would be if the payment were made on the Due Date, and the portion of the payment allocable to reduce the principal balance will be correspondingly

Simple Interest Contract means a Contract as to which the portion of payments allocable to earned interest and principal thereunder is deter mined according to the Simple Interest Method.