Payaheads. As of the close of business on the last day of each Collection Period, if the payments by or on behalf of the Obligor on a Rule of 78's Receivable (other than a Purchased Receivable) shall be less than the Scheduled Payment and accrued late fees with respect to such Receivable, the Payahead Balance of an Obligor shall be applied by the Servicer to the extent of the shortfall and such Payahead Balance shall be reduced accordingly.
Appears in 4 contracts
Samples: Servicing Agreement (Consumer Portfolio Services Inc), Pooling and Servicing Agreement (Financial Asset Securities Corp), Pooling and Servicing Agreement (Consumer Portfolio Services Inc)
