Simple Interest Receivable. Any Receivable under which the portion of each monthly payment allocable to earned interest and the portion allocable to the Amount Financed is determined in accordance with the Simple Interest Method. For purposes hereof, all payments with respect to a Simple Interest Receivable shall be allocated to principal and interest in accordance with the Simple Interest Method.
Appears in 21 contracts
Samples: Servicing Agreement (Ally Auto Receivables Trust 2022-3), Servicing Agreement (Ally Auto Receivables Trust 2022-3), Servicing Agreement (Ally Auto Receivables Trust 2022-1)
