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Definitions (61)
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warranty receivable
means a receivable which must be repurchased by either the depositor or the seller as a result of a breach of a representation or warranty for that receivable which materially and adversely affects the interests of any securityholder in that receivable.
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trust indenture act
refers to the Trust Indenture Act of 1939, as amended.
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trust sale and servicing agreement
means, for each trust, the Trust Sale and Servicing Agreement, dated as of the closing date, among the servicer, the depositor and the trust, as amended and supplemented from time to time.
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warranty payment
means, for a Warranty Receivable: (1) in the case of a Scheduled Interest Receivable, the sum of: (A) all remaining Scheduled Payments on that receivable, plus (B) all past due Scheduled Payments minus the sum of: (A) the rebate that would be payable to the obligor on that receivable were the obligor to prepay that receivable in full on that day, a [..]
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tax trust
means a trust in which the depositor, the servicer and the applicable certificateholders agree to treat the certificates of the trust as equity interests in a grantor trust for purposes of federal, state and local income and franchise taxes.
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transfer and servicing agreements
means, for each trust, its agreements, which, in the case of auto finance securitizations, usually include a Pooling and Servicing Agreement, a Trust Sale and Servicing Agreement, a trust agreement and an administration agreement.
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tax partnership
means a trust in which the depositor, the servicer and the applicable holders agree to treat certificates as equity interests in a partnership for purposes of federal, state and local income and franchise taxes.
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subvention
means a process by which an automaker subsidizes a consumer in an effort to sell cars. Lenders may, for example, offer cash-back offers to those who buy the cars.
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tax non-entity
means a trust in which all of the certificates of that trust which are owned by the depositor, and the depositor and the servicer agree to treat the trust as a division of the depositor and hence disregarded as a separate entity for purposes of federal, state and local income and franchise taxes.
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short-term note
means a note which has a fixed maturity date not more than one year from the issue date of that note.
Meaning awaits approval from a moderator |
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