Missed Payment Factor means, in respect of any Receivable, an amount equal to the sum of (a) the amount equal to (i) the total past due amount of Payments in respect of such Receivable, divided by (ii) the required periodic Payment in respect of such Receivable as set forth in the related Receivables Agreement and (b) the number of Payment Dates, if any, past the Receivable maturity date on which a Payment was due but not received.
Missed Payment Factor means, in respect of any Receivable, an amount equal to the sum of (a) the amount equal to (i) the total past due amount of Payments in respect of such Receivable, divided by (ii) the required periodic Payment in respect of such Receivable as set forth in the related Receivables Agreement, determined without giving effect to any temporary modifications of such required periodic Payment then applicable to such Receivable, and (b) the number of Payment Dates, if any, past the Receivable maturity date on which a Payment was due but not received.
Examples of Missed Payment Factor in a sentence
A Pooled Loan will be deemed a Charged-Off Loan under the Indenture if it is charged-off by the Seller in accordance with its Credit Policies or it has a Missed Payment Factor (i) in the case of Daily Pay Loans, higher than 60, (ii) in the case of Weekly Pay Loans, higher than 12 and (iii) in the case of Monthly Pay Loans, higher than 3.
The Merchant’s Missed Payment Factor on the September 30, 2021 electronic data file was compared to the system without exception.
The Missed Payment Factor as of 9/30/2022 on the data tape was compared to the Company’s operating system without exception.
The Missed Payment Factor on the December 31, 2023 electronic data file was calculated without exception.
The Missed Payment Factor on the April 30, 2023 electronic data file was compared to the system without exception.
More Definitions of Missed Payment Factor
Missed Payment Factor means, in respect of any Receivable, an amount equal to the sum of (a) the amount equal to (i) the total past due amount of Payments in respect of such Receivable, divided by (ii) the required periodic Payment in respect of such Receivable as set forth in the related Receivable Agreement, determined without giving effect to any temporary modifications of such required periodic Payment then applicable to such Receivable as described in the definition of “Material Modification”, and (b) the number of Payment Dates, if any, past the Receivable maturity date on which a Payment was due but not received.
Missed Payment Factor means, in respect of any Receivable, an amount equal to the sum of (a) the amount equal to (i) the total past due amount of Payments in respect of such Receivable, divided by (ii) the required periodic Payment in respect of such Receivable as set forth in the related Receivables Agreement, and other than with respect to any COVID Receivable, determined without giving effect to any temporary modifications of such required periodic Payment then applicable to such Receivable, and (b) the number of Payment Dates, if any, past the Receivable maturity date on which a Payment was due but not received. Notwithstanding the foregoing or any other provision of this Agreement, during the period beginning as of March 11, 2020 through and including August 31, 2020, the Missed Payment Factor, solely in respect of any COVID Receivable and solely with respect to Payments during such period, shall be determined by giving effect to any COVID Related Temporary Modifications (including, but not limited to, grace days, holds or workout programs) then applicable to such COVID Receivable; provided that if any COVID Related Temporary Modification results in extending the number of Payments for such COVID Receivable by more than (x) with respect to Daily Pay Receivables, sixty (60), (y) with respect to Weekly Pay Receivables, twelve (12), or (z) with respect to Monthly Pay Receivables, three (3) Payment Dates past the maturity date for such COVID Receivable, the “Missed Payment Factor” calculated with respect to such COVID Related Temporary Modification shall only give effect to the first sixty (60), twelve (12) or three (3) Payments, as applicable, of any such extension. For the avoidance of doubt, beginning on September 1, 2020 the “required periodic Payment” as used in clause (a)(ii) herein shall mean (1) with respect to any Material Modification or COVID Related Material Modification, the required periodic Payment according to the modified Receivables Agreement and (2) with respect to any other Receivable, the required periodic Payment according to such Receivable’s Receivables Agreement without giving effect to any COVID Related Temporary Modifications, if any.
Missed Payment Factor means, in respect of any Loan, the sum of (a) the amount equal to (i) the total past due amount of scheduled loan payments in respect of such Loan, divided by (ii) the required daily, weekly or monthly scheduled loan payment in respect of such Loan as set forth in the related Loan Agreement, determined without giving effect to any temporary modifications of such required scheduled loan payment then applicable to such Loan and (b) the number of Loan Payment Dates, if any, past the maturity date of such Loan on which a scheduled loan payment was due but not received.
Missed Payment Factor means, in respect of any Receivable, an amount equal to the sum of (a) the amount equal to (i) the total past due amount of Payments in respect of such Receivable, divided by (ii) the required periodic Payment in respect of such Receivable as set forth in the related Receivables Agreement, and other than as set forth in the immediately succeeding sentences, determined without giving effect to any temporary modifications of such required periodic Payment then applicable to such Receivable, and (b) the number of Payment Dates, if any, past the Receivable maturity date on which a Payment was due but not received. Notwithstanding the foregoing or any other provision of this Agreement, with respect to Payments during the period beginning as of March 11, 2020 through and including July 23, 2020, the Missed Payment Factor in respect of any COVID Receivable and solely with respect to Payments during such period, shall be determined by giving effect to any temporary modifications (including, but not limited to, grace days, workout programs or holds) then applicable to such COVID Receivable. For the avoidance of doubt, beginning on July 24, 2020, the “required periodic Payment” as used in clause (a)(ii) herein shall mean (1) with respect to any COVID Related Material Modification, the required periodic Payment according to the modified Receivables Agreement and (2) with respect to any other Receivable, the required periodic Payment according to such Receivable’s Receivables Agreement without giving effect to any temporary modifications (including, but not limited to, grace days, workout programs or holds) if any.
Missed Payment Factor means, in respect of any Receivable, an amount equal to the sum of (a) the amount equal to (i) the total past due amount of Payments in respect of such Receivable, divided by (ii) the required periodic Payment in respect of such Receivable as set forth in the related Receivables Agreement, determined without giving effect to any temporary modifications (including, but not limited to, grace days, workout programs or holds) of such required periodic Payment then applicable to such Receivable, and (b) the number of Payment Dates, if any, past the Receivable maturity date on which a Payment was due but not received. Exhibit 10.1
Missed Payment Factor means, in respect of any Loan, the sum of (a) the amount equal to (i) the total past due amount of scheduled loan payments in respect of such Loan, divided by (ii) the required daily or, weekly or monthly scheduled loan payment in respect of such Loan as set forth in the related Loan Agreement, determined without giving effect to any temporary modifications of such required scheduled loan payment then applicable to such Loan and (b) the number of Loan Payment Dates, if any, past the maturity date of such Loan on which a scheduled loan payment was due but not received.