Level Pay Balance definition
Level Pay Balance means, with respect to each Final Payment Receivable, (i) initially the Amount Financed under such Final Payment Receivable minus the principal portion of the Last Scheduled Payment thereon and (ii) thereafter, shall be the amount set forth in clause (i) minus all collections on or with respect to principal on such Receivable other than amounts on deposit in the Payahead Account with respect to future due dates; provided that such Level Pay Balance for any Final Payment Receivable shall not be less than zero.