Net Payoff definition

Net Payoff means the amount, as of the Date of Loss, represented by the portion of Your unpaid balance according to the original payment schedule of the Financing Contract that is secured by the Collateral, subject to the following limitations: the amount does not include any unearned finance charges or loan charges; Delinquent Payments or skipped payments; late charges; uncollected service finance charges; refundable prepaid taxes and fees; disposition fees; termination fees; penalty fees; the recoverable portion of finance service charges or the recoverable portion of financed amounts for unearned insurance premiums or refundable charges (including but not limited to credit life, credit disability, and vehicle service coverages/warranties) that are owed by You on the Date of Loss; and amounts that are added to the financing instrument balance after the inception date of the Financing Contract.

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Net Payoff means the amount, as of the Date of Loss, represented by the portion of Your unpaid balance according to the original payment schedule of the Financing Contract that is secured by the Collateral, subject to the following limitations: the amount does not include any unearned finance charges or loan/financing charges; past due payments/skipped payments as described in the Financing Contract; late charges; uncollected service finance charges; refundable prepaid taxes and fees; disposition fees; termination fees; penalty fees; the recoverable portion of finance service charges or the recoverable portion of financed amounts for unearned insurance premiums or refundable charges (including, but not limited to credit life, and vehicle service coverages/warranties) that are owed by You on the Date of Loss; and amounts that are added to the financing instrument balance after the inception date of the Financing Contract.

Net Payoff means the amount of the Lender's interest as of the Date of Loss, as represented by the portion of the Borrower's unpaid balance, necessary to fully satisfy the Financing Contract for the Covered Vehicle. The Net Payoff is reduced by:

Examples of Net Payoff in a sentence

• To any Total Loss for which the Cash Value exceeds the Net Payoff.

• Resident understands that resident’s guest(s) will need a visitor permit to park on the premises in designated visitor parking between the hours of 11pm – 7am.

• Payoff of a short call (or call option writer ) = -(S1- X) If S1 > X = 0 If S1 ≤ X Where S1 = Stock price at expiration and X = Exercise price Since the seller of the call options receives a premium C irrespective of the outcome of the call option, the net payoff to a short call is given below: Net Payoff to short call (or call writer) = -(S1 – X) +C If S1 > X = 0 + C = C If S1 ≤ X The call writer is exposed to losses if the share price increases.

• If the amount of call option premium is C the net payoff is determined as under Net Payoff (profit or loss) to Long call (call holder) = S1 – X - C If S1 > X = 0 – C = -C If S1 ≤ X Thus the investor would break even if market price is equal to exercise price plus the option premium already paid.

• The payoff from a short put option or for a seller of put option is given below: Pay-off to a Short Put (Put option writer) = 0 If S1 ≥ X = -(X – S1) If S1 < X Since the seller receives a premium of P irrespective of the outcome of the put option, the net payoff is given below: Net Pay-off to a Short Put (Put option writer) = 0+ P = P If S1 ≥ X = -(X – S1) + P If S1 < X It must be noted that the net gain to a put option writer is limited to P while the potential loss is unlimited.

• These Financing Contracts will not be disqualified from coverage; however, the amount by which the amount financed exceeds 125% of MSRP for New Vehicles or 125% of NADA Official Used Car Guide's "Retail" value for Used Vehicles will be subtracted from the Net Payoff.

• If a Total Loss occurs after cancellation, You will be responsible for the difference, if any, between the Vehicle’s Cash Value and Net Payoff.

More Definitions of Net Payoff

Net Payoff means, subject to the limitations set forth below, the amount due Us as of the Date of Total Loss. Notwithstanding any provision of Your finance or lease contract, Net Payoff shall not include any currently due and unpaid monthly payments, unearned finance charges/interest or lease charges, charges arising from Your failure to perform any term or condition of the finance or lease contract, or any fees or amounts charged in connection with the early termination of the finance or lease contract. Net Payoff shall also be reduced by any other amounts We receive and apply against Your finance or lease contract balance after the Date of Total Loss, such as a refund of unearned credit insurance premiums or refunds on vehicle service or maintenance agreements.

Net Payoff means the amount, as of the Date of Loss, represented by the portion of Your unpaid balance, according to the original payment schedule of the Financing Contract that is secured by the Collateral, subject to the following limitations: the amount does not include: any unearned finance charges or loan charges; past due payments/skipped payments as described in the Financing Contract; late charges; uncollected service finance charges; refundable prepaid taxes and fees; disposition fees; termination fees; penalty fees; amounts that are added to the Financing Contract balance after the inception date; or the recoverable portion of finance service charges, financed amounts for unearned insurance premiums, or refundable charges (including, but not limited to credit life and vehicle service coverages/warranties) that are owed to You on the Date of Loss.