Implicit Principal Balance definition

Implicit Principal Balance or "IPB": As of any date of determination, with respect to any Lease Contract, the present value of the remaining stream of Scheduled Payments (reduced by the applicable Servicer Fee but not reduced by any Additional Servicer Fee) due with respect to such Lease Contract after the applicable Calculation Date, and calculated by discounting such Scheduled Payments (assuming such Scheduled Payments are received on the last day of the related Due Period) to such Calculation Date at an annual rate equal to the applicable Discount Rate, at the same frequency as the Payment Dates; except that on the Calculation Date, (a) on or immediately following the deposit into the Collection Account of any Insurance Proceeds (and the termination of the related Lease Contract) or the Removal Price, or on or immediately following the delivery of a Substitute Lease Contract, (b) immediately on or after the date that a Lease Contract has become a Defaulted Lease Contract, or (c) immediately preceding the Final Payment Date, the Implicit Principal Balance of each such related Lease Contract shall be zero. To the extent that the Final Due Date of any Series Lease Contract is later than the Stated Maturity of the last maturing Certificates of the related Series of Class A Certificates, any Scheduled Payments due on such Lease Contract after the Calculation Date immediately preceding such Stated Maturity shall not be taken into account in calculating the Implicit Principal Balance of such Lease Contract.

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Implicit Principal Balance means, with respect to any Contract, as of any date of determination, the present value of the remaining stream of Scheduled Payments due with respect to such Contract as of the applicable Accounting Date, and calculated by discounting such Scheduled Payments (assuming each Scheduled Payment is received on the last day of its related Collection Period) to such Accounting Date at an annual rate equal to the Discount Rate, compounded monthly; provided, however, that immediately after the payment to the Lender of the Release Price in respect of any Contract, the Implicit Principal Balance of such Contract shall be zero; provided further that with respect to any Contract that has become a Defaulted Contract, the Implicit Principal Balance shall be zero (except when used in the definition of "Release Price"); provided further that such deemed reduction to zero of the Implicit Principal Balance of such Defaulted Contract (pursuant to the immediately preceding proviso) shall not constitute a release by the Collateral Agent of its security interest in such Defaulted Contract.

Implicit Principal Balance or "IPB": As of any date of determination and with respect to each Lease Contract, the present value of the remaining stream of Scheduled Payments due with respect to such Lease Contract after the applicable Calculation Date based upon discounting such Scheduled Payments (assuming such Scheduled Payments are received on the last day of the related Collection Period) to such Calculation Date at an annual rate equal to the applicable Discount Rate, at the same frequency as the Payment Dates; provided -------- that on the Calculation Date:

Examples of Implicit Principal Balance in a sentence

• The calculation of the Implicit Principal Balance of each Lease Receivable does not include any security deposits or advance payments collected by or on behalf of the lessor which are applied to Scheduled Payments.

• Accountant will compare the Implicit Principal Balance of each Contract which has become a Defaulted Contract during each Review Period, using information from the related Monthly Servicer Reports, the Management Schedule and/or the Lease Accounting Systems, noting any exceptions.

• The calculation of the Implicit Principal Balance of the related Lease Receivable does not include any security deposits or advance payments collected by or on behalf of the Lessor which are applied to Scheduled Payments.

• Thereafter, not later than 12:00 noon New York City time on each Determination Date, the Servicer shall deliver to the Insurer the report required by Section 4.01 of the Servicing Agreement setting forth, among other things, (A) the outstanding Aggregate Implicit Principal Balance of all Lease Contracts, (B) the Required Collateralization Amount and (C) the outstanding principal balance of the Notes.

• The calculation of the Implicit Principal Balance of the related Lease Receivables does not include any security deposits or advance payments collected by or on behalf of the lessor which are applied to Scheduled Payments.

• Up to 5% of the Aggregate Implicit Principal Balance of Lease Contracts may be with Customers located in Canada, so long as such Customers are obligated to pay any withholding taxes over and above net rental payments.

• Accountant will compare the Implicit Principal Balance of each Contract which has become a Defaulted Contract during each Review Period, using information from the related Monthly Servicer's Reports, the Management Schedule and/or the Lease Accounting Systems, noting any exceptions.

• During the Non-Solicit Period, as defined above, Employee will not, directly or indirectly, recruit, solicit, induce, encourage or assist any employee of Conduent to leave Employee’s employment with Conduent.

• The Servicing Fee for a Payment Date shall equal the product of (i) one-twelfth of the Servicing Rate and (ii) the Aggregate Implicit Principal Balance of all Contracts as of the opening of business on the first day of the related Collection Period.

• The Backup Servicer shall verify that each Data Report is in a readable and usable form and covers all information necessary to service the Contracts, including, but not limited to, Aggregate Implicit Principal Balance of the Contracts, Available Funds, Delinquent Contracts, Defaulted Contracts, Recoveries, prepayments and bankruptcies.

More Definitions of Implicit Principal Balance

Implicit Principal Balance means, with respect to any Contract, as of any date of determination, the present value of the remaining stream of Scheduled Payments due with respect to such Contract as of the applicable Accounting Date, and calculated by discounting such Scheduled Payments (assuming each Scheduled Payment is received on the last day of its related Collection Period) to such Accounting Date at an annual rate equal to the Discount Rate, compounded monthly; provided, however, that immediately after the payment to the Lender of the Release Price in respect of any Contract, the Implicit Principal Balance of such Contract shall be zero; provided further that with respect to any Contract that has become a Defaulted Contract or is no longer an Eligible Contract, the Implicit Principal Balance shall be zero (except when used in the definition of "Release Price"); provided further that such deemed reduction to zero of the Implicit Principal Balance of such Defaulted Contract (pursuant to the immediately preceding proviso) shall not constitute a release by the Collateral Agent of its security interest in such Defaulted Contract.

Implicit Principal Balance. As of any date of determination, the present value of the remaining stream of Scheduled Payments due with respect to each Lease Contract after the applicable Calculation Date (reduced by the applicable Servicer Fee but not reduced by any Additional Servicer Fee) based upon discounting such Scheduled Payments (assuming such Scheduled Payments are received on the last day of the related Due Period) to such Calculation Date at an annual rate equal to the applicable Discount Rate, at the same frequency as the Payment Dates; except that on the Calculation Date,

Implicit Principal Balance. As of any date of determination, with respect to each Lease Receivable, the present value of the remaining stream of Scheduled Payments due with respect to such Lease Receivable after the applicable Calculation Date (as reduced by the

Implicit Principal Balance or "IPB": As of any date of determination, with respect to any Lease Contract, the present value of the remaining stream of Scheduled Payments (reduced by the applicable Servicer Fee but not reduced by any Additional Servicer Fee) due with respect to such Lease Contract after the applicable Calculation Date, and calculated by discounting such Scheduled Payments (assuming such Scheduled Payments are received on the last day of the related Monthly Period) to such Calculation Date at an annual rate equal to the Discount Rate, at the same frequency as the Payment Dates; except that on the Calculation Date, (a) on or immediately following the deposit into the Collection Account of any Insurance Proceeds (and the termination of the related Lease Contract) or the Removal Price, or on or immediately following the delivery of a Substitute Lease Contract, (b) immediately on or after the date that a Lease Contract has become a Defaulted Lease Contract, or (c) immediately preceding the Final Payment Date, the Implicit Principal Balance of each such related Lease Contract shall be zero. To the extent that the Final Due Date of any Lease Contract is later than the Stated Maturity, any Scheduled Payments due on such Lease Contract after the Calculation Date immediately preceding such Stated Maturity shall not be taken into account in calculating the Implicit Principal Balance of such Lease Contract. "Independent": When used with respect to any specified Person means such a Person, who (a) is in fact independent of the Transferor, (b) does not have any direct financial interest or any material indirect financial interest in the Transferor or in any Affiliate of the Transferor and (c) is not connected with the Transferor as an officer, employee, promoter, underwriter, trustee, partner, director, or person performing similar functions. Whenever it is herein provided that any Independent Person's opinion or certificate shall be furnished to the Trustee, such Person shall be appointed by a Transferor Order and approved by the Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read this definition and that the signer is Independent within the meaning hereof.

Implicit Principal Balance. With respect to each Lease Receivable as of any Determination Date, the present value of the sum of (i) the remaining stream of Scheduled Payments due with respect to such Lease Receivable after the applicable Calculation Date (reduced by the Servicer Fee) and (ii) the Calculated Residual, based upon discounting such Scheduled Payments as so reduced and upon discounting the Calculated Residual to such Calculation Date at the Discount Rate, at the same frequency as the Payment Dates; except that on the Calculation Date (w) on or immediately following the deposit into the Collection Account of Insurance Proceeds equal to the outstanding Implicit Principal Balance of the related Lease Contract, or the Purchase Price of a repurchased Lease Contract, or on or immediately following the delivery of a Substitute Lease Contract, (x) immediately on or after the date that a Lease Contract has become a Defaulted Lease Contract, (y) immediately preceding the Final Payment Date or (z) immediately on or after the date which is 90 days after the Final Due Date with respect to a Lease Contract if the related Equipment has not been sold, released or otherwise disposed by the Servicer, the Implicit Principal Balance of each such related Lease Receivable shall be zero. To the extent that the Final Due Date of any Lease Receivable is later than the Stated Maturity, any Scheduled Payments due on such Lease Receivable after the Calculation Date immediately preceding the Stated Maturity shall not be taken into account in calculating the Implicit Principal Balance of such Lease Receivable.