Simple Interest. Each Receivable provides for scheduled monthly payments that fully amortize the Amount Financed by maturity (except for minimally different payments in the first or last month in the life of the Receivable) and provides for a finance charge or yield interest at its APR, in either case calculated based on the Simple Interest Method.
Simple Interest. Each Receivable provides for scheduled monthly payments that fully amortize the Amount Financed by maturity (except for minimally different payments in the first or last month in the life of the Receivable) and provides for a finance charge or yield interest at its APR, in either case calculated based on the Simple Interest Method. Test 3-1: Payments Review the Contract and confirm it reflects a level monthly payment except for the first and final payment, if any. Sum the first payment (if any), the product of the number of payments (or the number of regular payments, if there is a first or final payment) and the Payment Amount and the final payment (if any) and confirm that this amount is equal to the Total of Payments in the Truth in Lending section of the Contract. Test 3-2: Simple Interest Observe the Contact and confirm it is a Simple Interest Method Contract. Representations and Warranties Made as of the Cutoff Date and the Closing Date (unless otherwise specified) Tests
Simple Interest. The Receivable provides for level monthly payments in U.S. dollars that fully amortize the Amount Financed by its stated maturity and yield interest at the Annual Percentage Rate and applies a simple interest method of allocating a fixed payment to principal and interest.
Simple Interest. Each Receivable (i) provides for equal monthly payments in U.S. dollars that fully amortize the Amount Financed by its stated maturity and yield interest at the Annual Percentage Rate and (ii) applies a simple interest method of allocating a fixed payment to principal and interest, so that the portion of such payment allocated to interest is equal to the APR multiplied by the principal balance multiplied by the number of days elapsed since the preceding payment of interest was made divided by 365.
Simple Interest a. Review the Contract and confirm that the Receivable is a Simple Interest Receivable.
Simple Interest. The 2017-3 Lease Agreement is a closed-end lease that provides for equal monthly payments by the Lessee, which scheduled payments, if made when due, fully amortize the net capitalized cost of such 2017-3 Lease Agreement to the Booked Residual Value by the end of the Lease Term, based on the related APR. Documents Lease Documents
Simple Interest. The 2017-1 Lease Agreement is a closed-end lease that provides for equal monthly payments by the Lessee, which scheduled payments, if made when due, fully amortize the net capitalized cost of such 2017-1 Lease Agreement to the Booked Residual Value by the end of the Lease Term, based on the related APR. Documents Lease Documents
Simple Interest. The 2016-1 Lease Agreement is a closed-end lease that provides for equal monthly payments by the Lessee, which scheduled payments, if made when due, fully amortize the net capitalized cost of such 2016-1 Lease Agreement to the Booked Residual Value by the end of the Lease Term, based on the related APR. Documents Lease Documents
Simple Interest. The 2021-2 Lease Agreement is a closed-end lease that provides for equal monthly payments by the Lessee, which scheduled payments, if made when due, fully amortize the net capitalized cost of such 2021-2 Lease Agreement to the Booked Residual Value by the end of the Lease Term, based on the related APR. Documents Lease Documents
Simple Interest. On each Determination Date, the Servicer shall determine the amount, if any, of any Simple Interest Shortfall or Simple Interest Excess for the related Collection Period. If the Servicer determines that there is a Simple Interest Shortfall for such related Collection Period, the Servicer shall make an advance (a "Simple Interest Advance") in the amount of such Simple Interest Shortfall and deposit such Simple Interest Advance into the Collection Account on or before the Business Day immediately preceding the next succeeding Payment Date. If, however, the Servicer determines that there is a Simple Interest Excess for such Collection Period, the Trust Collateral Agent shall withdraw the amount of such Simple Interest Excess from the Collection Account on the next Payment Date and pay the amount of such Simple Interest Excess to the Servicer as additional servicing compensation. Notwithstanding the immediately preceding sentence, to the extent that the aggregate amount of Simple Interest Advances made by the Servicer with respect to all prior Collection Periods does not exceed the aggregate amount of all Simple Interest Excesses with respect to such prior Collection Periods, such excess shall be deposited pursuant to Section 5.6(b) into the Spread Account and shall be treated as a contribution to the Spread Account by the Servicer for the benefit of the Certificateholder for federal income tax purposes. All references in this Section 5.12 to the Servicer shall be deemed to refer to the Servicer only so long as LBAC is acting in such capacity hereunder.
