Simple Interest Method; Allocations. All allocations of payments to principal and interest and determinations of periodic charges and the like on the Receivables shall be based on a year with the actual number of days in such year and twelve months with the actual number of days in each such month. Each payment on a Receivable shall be applied first to the amount of interest accrued on such Receivable to the date of receipt, then to reduce the scheduled principal amount outstanding on the Receivable to the extent of the remaining scheduled payment and then to any outstanding fees and Late Fees under the terms of the Receivable. Amounts paid by the Seller or the Servicer in respect of Repurchased Receivables shall be allocated first to any Accrued Interest and then to the Principal Balance of the related Receivable.
Appears in 4 contracts
Samples: Sale and Servicing Agreement (Chase Manhattan Bank Usa), Sale and Servicing Agreement (Chase Manhattan Bank Usa), Sale and Servicing Agreement (Chase Manhattan Bank Usa)
Simple Interest Method; Allocations. All allocations of payments to principal and interest and determinations of periodic charges and the like on the Receivables shall be based on a year with the actual number of days in such year and twelve months with the actual number of days in each such month. Each payment on a Receivable shall be applied first to the amount of interest accrued on such Receivable to the date of receipt, then to reduce the scheduled principal amount outstanding on the Receivable to the extent of the remaining scheduled payment and then to any outstanding fees and Late Fees under the terms of the Receivable. Amounts paid by the Seller or the Servicer in respect of Repurchased Receivables shall be allocated first to any Accrued Interest interest accrued on the related Receivable and then to the Principal Balance of the related Receivable.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Usaa Federal Savings Bank), Pooling and Servicing Agreement (Usaa Federal Savings Bank), Pooling and Servicing Agreement (Usaa Federal Savings Bank)
Simple Interest Method; Allocations. All allocations of payments to principal and interest and determinations of periodic charges and the like on the Receivables shall be based on a year with the actual number of days in such year and twelve months with the actual number of days in each such month. Each payment on a Receivable shall be applied first to the amount of interest accrued on such Receivable to the date of receipt, then to reduce the scheduled principal amount outstanding on the Receivable to the extent of the remaining scheduled payment and then to any outstanding fees and Late Fees under the terms of the Receivable. Amounts paid by the Seller Depositor or the Servicer in respect of Repurchased Receivables shall be allocated first to any Accrued Interest interest accrued on the related Receivable and then to the Principal Balance of the related Receivable.
Appears in 3 contracts
Samples: Supplement Agreement (Usaa Acceptance LLC), Supplement Agreement (Usaa Acceptance LLC), Supplement Agreement (Usaa Acceptance LLC)
Simple Interest Method; Allocations. All allocations of payments to principal and interest and determinations of periodic charges and the like on the Receivables shall be based on a year with the actual number of days in such year and twelve months with the actual number of days in each such month. Each payment on a Receivable shall be applied first to the amount of interest accrued on such Receivable to the date of receipt, then to reduce the scheduled principal amount outstanding on the Receivable to the extent of the remaining scheduled payment and then to any outstanding fees and Late Fees under the terms of the Receivable. Amounts paid by the Seller or the Servicer in respect of Repurchased Receivables shall be allocated first to any Accrued Interest and then to the Principal Balance of the related Receivable.]
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chase Manhattan Bank Usa National Association)
Simple Interest Method; Allocations. All allocations of ----------------------------------- payments to principal and interest and determinations of periodic charges and the like on the Receivables shall be based on a year with the actual number of days in such year and twelve months with the actual number of days in each such month. Each payment on a Receivable shall be applied first to any outstanding fees and Late Fees under the terms of the Receivable, then to the amount of interest accrued on such Receivable to the date of receipt, receipt and then to reduce the scheduled principal amount outstanding on the Receivable to the extent of the remaining scheduled payment and then to any outstanding fees and Late Fees under the terms of the Receivable. Amounts paid by the Seller Transferor or the Servicer in respect of Repurchased Receivables shall be allocated first to any Accrued Interest and then to the Principal Balance of the related Receivable.
Appears in 1 contract
