Discounted Contract Balance for each Contract shall be calculated assuming:
Discounted Contract Balance means, with respect to any Contract, on any date of determination, an amount equal to the sum of (a) the present value of each remaining Contract Payment to become due under a Contract before the last day of the month prior to the month of the Stated Maturity Date, discounted monthly from the last day of the Collection Period in which such Contract Payment is to become due at a rate equal to one-twelfth (or with respect to the period from the Closing Date to but excluding the Initial Payment Date, a fraction, the numerator of which is equal to the number of days from the Closing Date to but excluding the Initial Payment Date, and the denominator of which is equal to 360) of the Discount Rate and (b) one hundred percent (100%) of the unpaid balance, as of such date of determination of Contract Payments due with respect to such Contract which were not the subject of a Servicer Advance; PROVIDED, HOWEVER, that, except for purposes of computing the Repurchase Amount or for computing the Discounted Contract Balance of a Predecessor Contract, (x) on the date a Contract becomes a Defaulted Contract, the Discounted Contract Balance for such Contract will be zero and (y) any Purchase Option Payments shall not be included in the Discounted Contract Balance. For purposes of calculating the Discounted Contract Balance of a Contract, any Contract Payment for which the Contributor received on or prior to the Cut-off Date a security deposit or an advance payment shall be deemed to be zero.
Discounted Contract Balance. With respect to any Contract, (i) as of the related Cut Off Date, the present value of all remaining Scheduled Payments becoming due under such Contract after the applicable Cut Off Date discounted monthly at the Sale Discount Rate and (ii) as of any other date of determination, the present value of all remaining Scheduled Payments becoming due under such Contract after such Determination Date discounted monthly at the applicable Blended Discount Rate.
Examples of Discounted Contract Balance in a sentence
In connection with the substitution of a Contract, if the Discounted Contract Balance of such Substitute Contract is less than the Discounted Contract Balance of the Predecessor Contract, the Contributor shall, on the date of substitution, deposit an amount equal to such difference into the Collection Account.
The Notes may be redeemed by the Issuer, in whole but not in part, at the Redemption Price on any Payment Date on which the Pool A Aggregate Discounted Contract Balance is less than 10% of the Pool A Aggregate Discounted Contract Balance as of the Closing Date and the Pool B Aggregate Discounted Contract Balance is less than 20% of the Pool B Aggregate Discounted Contract Balance as of the Closing Date.
At the option of the Servicer, the obligations and responsibilities of the Servicer with respect to all of the Contracts shall terminate on any Payment Date on which the Aggregate Discounted Contract Balance is less than 10% of the Initial Aggregate Discounted Contract Balance so long as the Servicer deposits or causes to be deposited into the Collection Account the Repurchase Amount for each Contract.
In any of the foregoing instances, the Seller shall accept the retransfer of each such Ineligible Contract, and the ADCB shall be reduced by the Discounted Contract Balance (calculated using the applicable Blended Discount Rate as of the most recent Determination Date) of each such Ineligible Contract and, if applicable, increased by the Discounted Contract Balance of each such Substitute Contract.
On any date of determination, the sum of the Discounted Contract Balance of each Eligible Contract (excluding all Defaulted Contracts, Casualty Loss Contracts, Early Termination Contracts and Contracts subject to a Warranty Event) included in the Asset Pool as of the date of such determination.
More Definitions of Discounted Contract Balance
Discounted Contract Balance means with respect to any Contract, (i) as of the related Cutoff Date, the present value of all of the remaining Scheduled Payments becoming due and not yet received under such Contract after the applicable Cutoff Date discounted monthly at the Discount Rate, and (ii) as of any other date of determination, the sum of (x) the present value of all of the remaining Scheduled Payments becoming due under such Contract after such date of determination discounted monthly at the Discount Rate and (y) the aggregate amount of all Scheduled Payments due and payable under such Contract after the applicable Cutoff Date and prior to such date of determination (other than Scheduled Payments related to Contracts that have become Defaulted Contracts or Prepaid Contracts, and have not been replaced with a Substitute Contract as provided in Section 2.04) that have not then been received by the Servicer.
Discounted Contract Balance means, with respect to any Contract, on any date of determination, an amount equal to the sum of (a) the present value of each remaining Contract Payment to become due under a Contract before the last day of the month prior to the month of the Stated Maturity Date, discounted monthly from the last day of the Collection Period in which such Contract Payment is to become due at a rate equal to one-twelfth (or with respect to the period from the Closing Date to but excluding the Initial Payment Date, a fraction, the numerator of which is equal to the number of days from the Closing Date to but excluding the Initial Payment Date, and the denominator of which is equal to 360) of the Discount Rate and (b) one hundred percent (100%) of the unpaid balance, as of such date of determination of Contract Payments due with respect to such Contract which were not the subject of a Servicer Advance; provided, however, that, except for purposes of computing the Repurchase Amount or for computing the Discounted Contract Balance of a Predecessor Contract, on the date a Contract becomes a Defaulted Contract, the Discounted Contract Balance for such Contract will be zero. For purposes of calculating the Discounted Contract Balance of a Contract, any Contract Payment for which the Contributor received on or prior to the Cut-off Date a security deposit or an advance payment shall be deemed to be zero. For the avoidance of doubt, Purchase Option Payment, shall not be included for any purpose in the calculation of Discounted Contract Balance for any Contract.
Discounted Contract Balance. Means, with respect to any Contract, on any date of determination, an amount equal to the sum of (a) the present value of each remaining Contract Payment to become due under such Contract before the last day of the month prior to the month of the ICI Legal Maturity Date, discounted monthly from the last day of the Collection Period in which such Contract Payment is to become due at a rate equal to one-twelfth (or with respect to the period from the Closing Date to but excluding the initial Payment Date, a fraction, the numerator of which is equal to the number of days from the Closing Date to but excluding the initial Payment Date, and the denominator of which is equal to 360) of the Discount Rate and (b) one hundred percent (100%) of the unpaid balance, as of such date of determination of Contract Payments due with respect to such Contract which were not the subject of a Servicer Advance; provided, however, any Purchase Option Payments shall not be included in the Discounted Contract Balance. For purposes of calculating the Discounted Contract Balance of a Contract, any Contract Payment for which the Seller received on or prior to the Cut-off Date a Security Deposit or an advance payment shall be deemed to be zero. Dollars or $: The lawful currency of the United States of America.
Discounted Contract Balance means, with respect to any Contract, the then current net present value of the remaining payments due under such Contract, which amount shall be calculated by discounting such remaining payments monthly at the related interest rate on such Contract.
Discounted Contract Balance. Means, with respect to any Contract, on any date of determination, an amount equal to the present value of all remaining amounts due under such Contract, assuming such amounts are paid when due, discounted monthly at the Discount Rate.
Discounted Contract Balance means, with respect to any Contract required to be repurchased by the Source pursuant to the terms of the Source Agreement and as the date such Contract is required to be repurchased, an amount equal to the sum of (i) all Scheduled Payments due under such Contract and unpaid as of such date, plus (ii) the present value of the remaining Scheduled Payments to become due under such Contract, discounted to such date of determination using a "Purchase Cost Discount Rate" specified by the Servicer in the related Default Notice.
Discounted Contract Balance. Means, with respect to any Contract, on any date of determination, the sum of the present value of all of the payments becoming or remaining due under such Contract after the end of the prior Collection Period, discounted monthly at the Discount Rate assuming (a) Scheduled Payments are due on the last day of each Collection Period in which a Scheduled Payment is due; (b) Scheduled Payments are discounted on a monthly basis using a 30-day month and a 360-day year; and (c) Scheduled Payments are discounted to the last day of the Collection Period prior to the Determination Date; provided, however, that the Discounted Contract Balance of any Defaulted Contract, Contract with respect to which a prepayment in full has been made, Disposed Contract or Contract purchased by the Transferor pursuant to the Purchase and Contribution Agreement shall be equal to zero.