Modified Receivables. The APR of any Modified Receivable is equal to the APR of the related Deferred Payment Receivable. The number of Scheduled Payments required to be made under any Modified Receivable as of the effective date of the modification of the terms of the related Deferred Payment Receivable is not less than the number of Scheduled Payments which would have remained due absent the modification after giving effect to all pre-payments by the related Obligor on such Deferred Payment Receivable.
Appears in 2 contracts
Sources: Purchase Agreement (Mmca Auto Receivables Trust), Sale and Servicing Agreement (Mmca Auto Receivables Trust)