Common use of Deficiency Waiver Clause in Contracts

Deficiency Waiver. 4.2.1 Within forty-five (45) days after the Effective Date, Ally will waive and forgive all alleged deficiency balances that Xxxx’s records reflect as outstanding as of the Effective Date (the “Gross Deficiency Waiver Amount”) on the accounts of all Class Members whose vehicles were voluntarily or involuntarily repossessed and disposed of on or before the date of the Preliminary Approval Order (collectively, the “Covered Accounts”). If determined as of June 18, 2021, that amount would be estimated to be approximately eleven million, one hundred thousand U.S. dollars ($11,100,000), but as contemplated by the first sentence of this Paragraph 4.2.1, the Gross Deficiency Waiver Amount will not be finally determined until after the Effective Date. Ally will not seek to collect from Class Members any of the deficiency balances in Covered Accounts described in the first sentence of this Paragraph 4.2.1 during the 45-day period after the Effective Date. This Paragraph 4.2.1 will not apply to Class Members described in Paragraph 16.18.

Deficiency Waiver. 4.2.1 Within forty-five (45) days after the Effective Date, Ally will waive and forgive all alleged deficiency balances that XxxxAlly’s records reflect as outstanding as of the Effective Date (the “Gross Deficiency Waiver Amount”) on the accounts of all Class Members whose vehicles were voluntarily or involuntarily repossessed and disposed of on or before the date of the Preliminary Approval Order (collectively, the “Covered Accounts”). If determined as of June 18, 2021, that amount would be estimated to be approximately eleven million, one hundred thousand U.S. dollars ($11,100,000), but as contemplated by the first sentence of this Paragraph 4.2.1, the Gross Deficiency Waiver Amount will not be finally determined until after the Effective Date. Ally will not seek to collect from Class Members any of the deficiency balances in Covered Accounts described in the first sentence of this Paragraph 4.2.1 during the 45-day period after the Effective Date. This Paragraph 4.2.1 will not apply to Class Members described in Paragraph 16.18.