Level Pay Pool Balance definition
Level Pay Pool Balance means, for any Payment Date, the sum of (i) the aggregate Level Pay Balance of Final Payment Receivables and (ii) the aggregate Principal Balance of the Receivables other than Final Payment Receivables, as of the close of business on the last day of the preceding Collection Period.
Level Pay Pool Balance means, for any Payment Date, the sum of (i) the aggregate Level Pay Balance of Final Payment Receivables and (ii) the aggregate Principal Balance of the Receivables other than Final Payment Receivables, as of the close of business on the last day of the preceding Collection Period. "Lien" shall mean a security interest, lien, charge, pledge, equity or encumbrance of any kind, other than tax liens, mechanics' or materialmen's liens, judicial liens and any liens that may attach to a Financed Vehicle by operation of law. "Liquidation Proceeds" shall mean, with respect to a Defaulted Receivable, the monies collected from whatever source during the Collection Period in which such Receivable became a Defaulted Receivable, net of the sum of (i) any expenses incurred by the Servicer in connection with collection of such Receivable and the disposition of the Financed Vehicle and (ii) any amounts required by law to be remitted to the Obligor. "Maximum Supplemental Reserve Amount" shall mean, with respect to any Payment Date, an amount equal to the lesser of (i) $18,603,749 and (ii) the outstanding principal amount of the Notes on such Payment Date (after giving effect to any principal payment made on such Payment Date), as such amount may be reduced from time to time upon satisfaction of the Rating Agency Condition. "MMCA" shall mean Mitsubishi Motors Credit of America, Inc., a Delaware corporation, and its successors and assigns. "Monthly Accrued Note Interest" shall mean, with respect to any Payment Date and (i) any Class of Notes, interest accrued for the related Interest Accrual Period at the applicable Note Interest Rate on the aggregate principal amount of the Notes of such Class as of the immediately preceding Payment Date, after giving effect to all payments of principal to Noteholders on or prior to such preceding Payment Date (or, in the case of the first Payment Date, the initial principal amount of the Notes); and (ii) with respect to the Notes collectively, the sum of Monthly Accrued Note Interest for each Class. "Monthly Remittance Condition" shall have the meaning assigned thereto in Section 4.1(e). "Moody's" shall mean ▇▇▇▇▇'▇ Investors Service, Inc., or its successors and assigns. "Note Payment Account" shall mean the account established and maintained as such pursuant to Section 4.1(b). "Note Pool Factor" shall mean, with respect to any Class of Notes, as of the close of business on the last day of a Collection Period, a seven-digit decimal figure ...