Warranty Payment. With respect to a Distribution Date and to a Warranty Receivable to be repurchased as of the last day of the related Monthly Period, a payment equal to (i) the Receivables Principal Balance minus that portion of all payments received from the related Obligor on or prior to the last day of the related Monthly Period allocable to principal and minus any Liquidation Proceeds (to the extent applied to reduce the Principal Balance of such Simple Interest Receivable) previously received with respect to such Simple Interest Receivable plus (ii) the product of the amount set forth in clause (i), the greater of the Discount Rate and the Annual Percentage Rate and 30/360.
Appears in 24 contracts
Samples: Servicing Agreement (Ally Auto Receivables Trust 2016-3), Servicing Agreement (Ally Auto Receivables Trust 2016-3), Servicing Agreement (Ally Auto Receivables Trust 2016-2)
Warranty Payment. With respect to a Distribution Date and to a Warranty Receivable (a) to be repurchased as of the last day of the related Monthly Period, a payment equal to (i) the Receivables Principal Balance minus that portion of all payments received from the related Obligor on or prior to the last day of the related Monthly Period allocable to principal and minus any Liquidation Proceeds (to the extent applied to reduce the Principal Balance of such Simple Interest Receivable) previously received with respect to such Simple Interest Receivable plus (ii) the product of the amount set forth in clause (i), the greater of the Discount Rate and the Annual Percentage Rate and 30/36030/360 or (b) to be substituted as of the last day of the related Monthly Period, the related Substitute Receivable.
Appears in 2 contracts
Samples: Servicing Agreement (Ally Auto Receivables Trust 2019-1), Servicing Agreement (Ally Auto Receivables Trust 2019-1)