Actuarial Advance definition

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Actuarial Advance means the amount, as of the last day of a Collection Period, which the Servicer is required to advance on the respective Actuarial Receivable pursuant to Section 4.4(a) of the Sale and Servicing Agreement.

Actuarial Advance means, with respect to an Actuarial Receivable, the amount, as of the last day of a Collection Period, which is required to be advanced with respect to such Actuarial Receivable by the Servicer pursuant to Section 4.4(a). "Actuarial Method" shall mean the method of allocating a fixed level payment on a Receivable between principal and interest, pursuant to which the portion of such payment that is allocated to interest is the product of one-twelfth (1/12) of the APR on the Receivable multiplied by the scheduled principal balance of the Receivable. "Actuarial Receivable" shall mean any Receivable under which the portion of a payment with respect thereto allocable to interest and the portion of a payment with respect thereto allocable to principal is determined in accordance with the Actuarial Method. "Advance" shall mean an Actuarial Advance or a Last Scheduled Payment Advance, as the context may require. "Affiliate" shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such specified Person. For purposes of this definition, "control" when used with respect to any specified Person shall mean the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. "Agreement" shall have the meaning specified in the recitals hereto. "Amount Financed" shall mean, with respect to a Receivable, the aggregate amount advanced under such Receivable toward the purchase price of the Financed Vehicle and any related costs. "Applicable Tax State" shall mean, as of any date of determination, each state as to which any of the following is then applicable: (a) a state in which the Owner Trustee maintains the Corporate Trust Office, (b) a state in which the Owner Trustee maintains its principal executive offices, and (c) a state in which the Servicer regularly conducts servicing and collection operations other than purely ministerial activities and which relate to a material portion of the Receivables. "APR" of a Receivable shall mean the annual percentage rate of interest stated in the Contract related to such Receivable. "Authorized Officer" shall mean any officer within the Corporate Trust Office of the Indenture Trustee or the Owner Trustee, as the case may be, including any vice president,...

Examples of Actuarial Advance in a sentence

With respect to each Actuarial Receivable, the Actuarial Advance shall increase Outstanding Actuarial Advances.
Next, subject to the following sentence, the Servicer shall make an advance of any remaining shortfall (such amount, an "Actuarial Advance").
The Servicer will be obligated to make an Actuarial Advance in respect of an Actuarial Receivable only to the extent that the Servicer, in its sole discretion, shall determine that the Actuarial Advance shall be recoverable from subsequent collections or recoveries on any Actuarial Receivable.
If the Servicer shall determine that an Outstanding Actuarial Advance with respect to any Actuarial Receivable shall not be recoverable, the Servicer shall be reimbursed from any collections made on other Receivables in the Trust, and Outstanding Actuarial Advances with respect to such Actuarial Receivable shall be reduced accordingly.
With respect to each Actuarial Receivable, the Actuarial Advance will increase Outstanding Actuarial Advances.
If the Servicer subsequently determines that an Outstanding Actuarial Advance with respect to any Actuarial Receivable will not be recoverable, the Servicer will be reimbursed from any collections made on other Receivables in the Trust, and Outstanding Actuarial Advances with respect to such Actuarial Receivable will be reduced accordingly.
The Servicer will make an advance of any remaining shortfall (such amount, an "Actuarial Advance"), to the extent that the Servicer, in its sole discretion, determines that the Actuarial Advance will be recoverable from subsequent collections from the related obligor or any related Liquidation Proceeds.
If the Servicer shall determine that an Out standing Actuarial Advance with respect to any Actuarial Receivable shall not be recoverable, the Servicer shall be reimbursed from any collections made on other Receivables in the Trust, and Outstanding Actuarial Advances with respect to such Actuarial Receivable shall be reduced accordingly.
The Servicer will make an advance of any remaining shortfall (such amount, an "Actuarial Advance"), to the extent that the Servicer, in its sole discretion, determines that the Actuarial Advance will be recoverable from subsequent collections from the related obligor or recoveries on any Receivable.
Next, an advance shall be made from the Reserve Account by the Indenture Trustee to the extent of any remaining shortfall in respect of such Actuarial Receivable (such advance, an "Actuarial Advance"); provided that, with respect to Actuarial Receivables which are Final Payment Receivables, such an advance shall not be made with respect to the Last Scheduled Payments thereof.

More Definitions of Actuarial Advance

Actuarial Advance means the amount, as of the last day

Actuarial Advance means an advance in respect of principal or interest on an Actuarial Receivable in the amount determined as set forth in Section 5.04(a).

Actuarial Advance means, with respect to any Due Period and Actuarial Contract that was Outstanding as of the first day of such Due Period, the amount, if any, of the Monthly Payment allocable to interest that was not timely paid.