Common use of Certain Characteristics of Initial Receivables Clause in Contracts

Certain Characteristics of Initial Receivables. (A) Each [Initial] Receivable had a remaining maturity, as of the [Initial] Cutoff Date, of not more than [72] months. (B) Each [Initial] Receivable had an original maturity, as of the [Initial] Cutoff Date, of not more than [72] months. (C) Not more than [50]% of the [Initial] Receivables (calculated by aggregate Principal Balance) has an original term to maturity of [72] months. (D) Each [Initial] Receivable had a remaining Principal Balance as of the [Initial] Cutoff Date of at least $[250] and not more than $[80,000]. (E) Each [Initial] Receivable has an Annual Percentage Rate of at least [1]% and not more than ____%. (F) The [Initial] Receivables’ weighted average Annual Percentage Rate is not less than ____%. (G) No [Initial] Receivable was more than [30] days past due as of the [Initial] Cutoff Date. (H) No funds have been advanced by AmeriCredit, any Dealer, any Third-Party Lender, or anyone acting on behalf of any of them in order to cause any Initial Receivable to qualify under clause (G) above. (I) Not more than [35]% of the Obligors related to the [Initial] Receivables reside in [Texas and California] (based on the Obligor’s mailing address as of the [Initial] Cutoff Date). (J) Each Obligor had a billing address in the United States as of the date of origination of the [Initial] Receivables, is a natural person and is not an Affiliate of any party to this Agreement. (K) Each [Initial] Receivable is denominated in, and each Contract provides for payment in, United States dollars. (L) Each [Initial] Receivable is identified on the Servicer’s master servicing records as an automobile installment sales contract or installment note. (M) Each [Initial] Receivable arises under a Contract which is assignable without the consent of, or notice to, the Obligor thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and Servicing Agreement, including, without limitation, its right to review the Contract. (N) Each [Initial] Receivable arises under a Contract with respect to which AmeriCredit has performed all obligations required to be performed by it thereunder, and, in the event such Contract is an installment sales contract, delivery of the Financed Vehicle to the related Obligor has occurred.

Appears in 1 contract

Sources: Sale and Servicing Agreement (AFS Funding Trust)

Certain Characteristics of Initial Receivables. (A) Each [Initial] Receivable had a remaining maturity, as of the [Initialrelated] Cutoff Date, of not more than [72] months. (B) Each [Initial] Receivable had an original maturity, as of the [related Initial] Cutoff Date, of not more than [72] months. (C) Not more than [50]% of the [Initial] Receivables (calculated by aggregate Principal Balance) has an original term to maturity of [72] months. (D) Each [Initial] Receivable had a remaining Principal Balance as of the [Initial] Cutoff Date of at least $[250] $ and not more than $[80,000]$ . (E) Each [Initial] Receivable has an Annual Percentage Rate of at least [1]% 1% and not more than ____%. (F) The [Initial] Receivables’ weighted average Annual Percentage Rate is not less than ____%. (G) No [Initial] Receivable was more than [30] 30 days past due as of the [Initial] Cutoff Date. (H) No funds have been advanced by AmeriCredit, any Dealer, any Third-Party Lender, or anyone acting on behalf of any of them in order to cause any Initial [Initial] Receivable to qualify under clause (G) above. (I) Not more than [35]% % of the Obligors related to the [Initial] Receivables Receivalbles reside in [Texas and California] (based on the Obligor’s mailing address as of the [Initial] Cutoff Date). (J) Each Obligor had a billing address in the United States as of the date of origination of the [Initial] Receivables, is a natural person and is not an Affiliate of any party to this Agreement. (K) Each [Initial] Receivable is denominated in, and each Contract provides for payment in, in United States dollarsDollars. (L) Each [Initial] Receivable is identified on the Servicer’s master servicing records as an automobile installment sales contract or installment note. (M) Each [Initial] Receivable arises under a Contract which is assignable without the consent of, or notice to, the Obligor thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and Servicing Agreement, including, without limitation, its right to review the Contract. (N) Each [Initial] Receivable arises under a Contract with respect to which AmeriCredit has performed all obligations required to be performed by it thereunder, and, in the event such Contract is an installment sales contract, delivery of the Financed Vehicle to the related Obligor has occurred.

Appears in 1 contract

Sources: Purchase Agreement (AFS Funding Trust)