Common use of Secured Notes Purchase Price Clause in Contracts

Secured Notes Purchase Price. In consideration for the First Step Purchased Property, Ally Auto shall, on or about the Closing Date, pay to the Seller an amount equal to the Initial Aggregate Secured Note Principal Balance in respect of the Secured Notes (the “Secured Notes Purchase Price”), and the Seller shall execute and deliver to Ally Auto an assignment in the form attached hereto as Exhibit A (the “First Step Secured Notes Assignment”). The Initial Aggregate Secured Note Principal Balance is equal to $1,099,786,048.15. A portion of the Secured Notes Purchase Price shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through an increase in the Seller’s capital account in Ally Auto (as a result of a deemed capital contribution from Seller to Ally Auto). The amount of the deemed capital contribution shall be duly recorded by the Seller and Ally Auto.

Appears in 2 contracts

Samples: Pooling Agreement (Ally Auto Receivables Trust 2013-Sn1), Pooling Agreement (Ally Auto Receivables Trust 2013-Sn1)

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Secured Notes Purchase Price. In consideration for the First Step Purchased Property, Ally Auto shall, on or about the Closing Date, pay to the Seller an amount equal to the Initial Aggregate Secured Note Principal Balance in respect of the Secured Notes (the “Secured Notes Purchase Price”), and the Seller shall execute and deliver to Ally Auto an assignment in the form attached hereto as Exhibit A (the “First Step Secured Notes Assignment”). The Initial Aggregate Secured Note Principal Balance is equal to $1,099,786,048.151,117,226,362.61. A portion of the Secured Notes Purchase Price shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through an increase in the Seller’s capital account in Ally Auto (as a result of a deemed capital contribution from Seller to Ally Auto). The amount of the deemed capital contribution shall be duly recorded by the Seller and Ally Auto.

Appears in 2 contracts

Samples: Pooling Agreement (Ally Auto Assets LLC), Pooling Agreement (Ally Auto Assets LLC)

Secured Notes Purchase Price. In consideration for the First Step Purchased Property, Ally Auto shall, on or about the Closing Date, pay to the Seller an amount equal to the Initial Aggregate Secured Note Principal Balance in respect of the Secured Notes (the “Secured Notes Purchase Price”), and the Seller shall execute and deliver to Ally Auto an assignment in the form attached hereto as Exhibit A (the “First Step Secured Notes Assignment”). The Initial Aggregate Secured Note Principal Balance is equal to $1,099,786,048.151,427,630,965.56. A portion of the Secured Notes Purchase Price shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through an increase in the Seller’s capital account in Ally Auto (as a result of a deemed capital contribution from Seller to Ally Auto). The amount of the deemed capital contribution shall be duly recorded by the Seller and Ally Auto.

Appears in 2 contracts

Samples: Pooling Agreement (Ally Auto Assets LLC), Pooling Agreement (Ally Auto Assets LLC)

Secured Notes Purchase Price. In consideration for the First Step Purchased Property, Ally Auto shall, on or about the Closing Date, pay to the Seller an amount equal to the Initial Aggregate Secured Note Principal Balance in respect of the Secured Notes (the “Secured Notes Purchase Price”), and the Seller shall execute and deliver to Ally Auto an assignment in the form attached hereto as Exhibit A (the “First Step Secured Notes Assignment”). The Initial Aggregate Secured Note Principal Balance is equal to $1,099,786,048.151,253,396,075.11. A portion of the Secured Notes Purchase Price shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through an increase in the Seller’s capital account in Ally Auto (as a result of a deemed capital contribution from Seller to Ally Auto). The amount of the deemed capital contribution shall be duly recorded by the Seller and Ally Auto.

Appears in 2 contracts

Samples: Pooling Agreement (Ally Auto Assets LLC), Pooling Agreement (Ally Auto Assets LLC)

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Secured Notes Purchase Price. In consideration for the First Step Purchased Property, Ally Auto shall, on or about the Closing Date, pay to the Seller an amount equal to the Initial Aggregate Secured Note Principal Balance in respect of the Secured Notes (the “Secured Notes Purchase Price”), and the Seller shall execute and deliver to Ally Auto an assignment in the form attached hereto as Exhibit A (the “First Step Secured Notes Assignment”). The Initial Aggregate Secured Note Principal Balance is equal to $1,099,786,048.151,411,534,429.55. A portion of the Secured Notes Purchase Price shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through an increase in the Seller’s capital account in Ally Auto (as a result of a deemed capital contribution from Seller to Ally Auto). The amount of the deemed capital contribution shall be duly recorded by the Seller and Ally Auto.

Appears in 1 contract

Samples: Pooling Agreement (Ally Auto Receivables Trust 2012-Sn1)

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