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 33%. (F) The Initial Receivables’ weighted average Annual Percentage Rate is not less than 16.60%. (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).

Appears in 1 contract

Sources: Sale and Servicing Agreement (Americredit Automobile Receivables Trust 2005-C-F)

Certain Characteristics of Initial Receivables. (A) Each Initial Receivable had a remaining maturity, as of the Initial related 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% and not more than 33%. (F) The Initial Receivables’ weighted average Annual Percentage Rate is not less than 16.60%. (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).

Appears in 1 contract

Sources: Purchase Agreement (Americredit Automobile Receivables Trust 2005-C-F)