Warranty Payment. With respect to a Distribution Date and to a Warranty Receivable (a) to be repurchased as of the last day of the related Monthly Period, a payment equal to (i) the Receivables Principal Balance minus that portion of all payments received from the related Obligor on or prior to the last day of the related Monthly Period allocable to principal and minus any Liquidation Proceeds (to the extent applied to reduce the Principal Balance of such Simple Interest Receivable) previously received with respect to such Simple Interest Receivable plus (ii) the product of the amount set forth in clause (i), the greater of the Discount Rate and the Annual Percentage Rate and 30/360 or (b) to be substituted as of the last day of the related Monthly Period, the related Substitute Receivable.
Warranty Payment. With respect to a Distribution Date and to a Warranty Receivable repurchased as of the related Accounting Date, the sum of (i) the sum of all remaining Scheduled Payments on such Warranty Receivable due after the Accounting Date, (ii) all past due Scheduled Payments with respect to which a Monthly Advance has not been made, (iii) any reimbursement made pursuant to the last sentence of Section 5.04 of the Pooling and Servicing Agreement with respect to such Warranty Receivable, and (iv) all Outstanding Monthly Advances made on such Warranty Receivable, minus (x) the rebate, calculated in accordance with the actuarial method, that would be payable to the Obligor on such Warranty Receivable were the Obligor to prepay such Receivable in full on such day and (y) any Liquidation Proceeds (to the extent applied to reduce the Receivable Balance of such Warranty Receivable) previously received with respect to such Warranty Receivable.
Warranty Payment. With respect to (a) each Warranty Lease Asset, an amount equal to the sum of (i) the ABS Value of such Warranty Lease Asset determined as of the close of business on the last day of the Monthly Period prior to the Monthly Period as of which the Seller is required (or, if earlier, elects) to repurchase such Warranty Lease Asset, and (ii) all Outstanding Advances made with respect to past due and unpaid Monthly Lease Payments due under such Warranty Lease Asset that remain outstanding on the date of repurchase and (b) each Warranty Secured Note, an amount equal to the Secured Note Principal Balance, plus accrued interest calculated at the Secured Note Rate, determined as of the close of business on the last day of the Monthly Period prior to the Monthly Period as of which the Depositor is required to (or, if earlier, elects to) repurchase such Warranty Secured Note.
Examples of Warranty Payment in a sentence
The repurchase price to be paid by the breaching party (the “Warranty Purchaser”) shall be an amount equal to the Warranty Payment calculated as of the last day of the related Monthly Period.
A Warranty Payment or an Administrative Purchase Payment, as applicable, shall be applied to principal and interest on such Receivable.
The repurchase price to be paid by any Warranty Purchaser shall be an amount equal to the Warranty Payment.
Upon repurchase and payment of such Warranty Payment with respect to any Warranty Lease Asset, the Seller shall be entitled to receive the Released Warranty Amount, if any.
In the case of a Simple Interest Receivable, a Warranty Payment or an Administrative Payment, as applicable, shall be applied to principal and interest on such Receivable.
More Definitions of Warranty Payment
Warranty Payment. With respect to a Distribution Date and to a Warranty Receivable to be repurchased as of the last day of the related Monthly Period:
Warranty Payment with respect to each Warranty Lease Asset, an amount equal to the sum of (i) the ABS Value of such Warranty Lease Asset determined as of the close of business on the last day of the Collection Period prior to the Collection Period as of which the Seller is required (or, if earlier, elects) to repurchase such Warranty Lease Asset, and (ii) all Outstanding Advances made with respect to past due and unpaid Monthly Lease Payments due under such Warranty Lease Asset that remain outstanding on the date of repurchase.
Warranty Payment. The payment described in Section 2.5(a) of the Trust Sale and Servicing Agreement.
Warranty Payment. With respect to a Distribution Date and to a Warranty Receivable repurchased as of the related Accounting Date, (i) the sum of all remaining Scheduled Payments on such Warranty Receivable due after the Accounting Date, plus (ii) all past due Scheduled Payments with respect to which a Monthly Advance has not been made, plus (iii) the amount of any reimbursements made pursuant to the last sentence of Section 2.14 of the Servicing Agreement with respect to such Warranty Receivable plus (iv) all Outstanding Monthly Advances made on such Warranty Receivable minus (v) the Rebate minus (vi) any Liquidation Proceeds with respect to such Warranty Receivable to the extent applied prior to the Accounting Date that are not reflected in items (i) through (iv).
Warranty Payment. With respect to a Distribution Date and to a Warranty Receivable repurchased as of the related Accounting Date (a) that is a Retail Note, (i) the sum of all remaining Scheduled Payments on such Warranty Receivable due after the Accounting Date, (ii) all past due Scheduled Payments with respect to which a Monthly Advance has not been made, (iii) the amount of any reimbursements made pursuant to the last sentence of Section 2.14 of the Servicing Agreement with respect to such Warranty Receivable and (iv) all Outstanding Monthly Advances made on such Warranty Receivable minus (v) the Rebate minus (vi) any Liquidation Proceeds with respect to such Warranty Receivable to the extent applied prior to the Accounting Date that are not reflected in items (i) through (iv) and (b) that is a Retail Lease, the sum of (i) the sum of the Scheduled Payments on the Warranty Receivable due after the Accounting Date, including the amount of any TRAC Payment or the Obligor’s purchase option, (ii) any reimbursement made pursuant to the last sentence of Section 2.14 of the Servicing Agreement with respect to such Warranty Receivable, (iii) all past due Scheduled Payments with respect to which a Monthly Advance has not been made, and (iv) all Outstanding Monthly Advances made on the Warranty Receivable minus (v) any Unearned Income minus (vi) any Liquidation Proceeds with respect to such Warranty Receivable to the extent applied to the Warranty Receivable on or prior to that Accounting Date that are not reflected in items (i) through (iv).
Warranty Payment means, with respect to a Warranty Receivable within a First Tier Receivables Pool or a Receivables Pool, as applicable, to be repurchased as of the last day of a Collection Period, a payment equal to the sum of (i) the Outstanding Principal Balance with respect to such Warranty Receivable as of such date and (ii) the product of (x) the amount set forth in clause (i)(a) above, (y) the APR of such Warranty Receivable and (z) the number of days from the last payment of principal with respect to such Receivable/360.
Warranty Payment. With respect to a Distribution Date and to a Warranty Loan repurchased as of the related Accounting Date, the sum of (i) the Loan Balance of such Loan, (ii) the interest portion of all due and past due and unpaid Scheduled Payments and (iii) any other amounts due and owing on such Loan.