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 Receivable had an original maturity of not more than 72 months; (C) each Initial Receivable had a remaining Principal Balance as of the Initial Cutoff Date of at least $250 and not more than $35,000; (D) each Initial Receivable has an Annual Percentage Rate of at least 9.00% and not more than 25.00%; (E) no Initial Receivable was one for which more than 10% of a Scheduled Payment was 31 or more days past due as of the Initial Cutoff Date; (F) no funds have been advanced by Triad, any Dealer, or Correspondent or anyone acting on behalf of any of them in order to cause any Initial Receivable to qualify under clause (E) above; (G) not more than 15% of the aggregate Principal Balance of such Receivables will be conveyed to Triad pursuant to Correspondent Assignments, and not more than 11% of the aggregate Principal Balance of such Receivables will be conveyed to Triad by any one Correspondent; and (H) no Initial Receivable shall include Obligors whose addresses are in the State of Pennsylvania.

Appears in 1 contract

Sources: Receivables Purchase Agreement (Asset Backed Securities Corp)

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 Receivable had an original maturity of not more than 72 [ ] months; (C) each Initial Receivable had a remaining Principal Balance as of the Initial Cutoff Date of at least $250 [ ] and not more than $35,000[ ]; (D) each Initial Receivable has an Annual Percentage Rate of at least 9.00[ ]% and not more than 25.00[ ]%; (E) no Initial Receivable was one for which more than 10[ ]% of a Scheduled Payment was 31 [ ] or more days past due as of the Initial Cutoff Date; (F) no funds have been advanced by Triad, any Dealer, or Correspondent or anyone acting on behalf of any of them in order to cause any Initial Receivable to qualify under clause (E) above; and (G) not more than 15[ ]% of the aggregate Principal Balance of such Receivables will be conveyed to Triad pursuant to Correspondent Assignments, and not more than 11[ ]% of the aggregate Principal Balance of such Receivables will be conveyed to Triad by any one Correspondent; and (H) no Initial Receivable shall include Obligors whose addresses are in the State of Pennsylvania.

Appears in 1 contract

Sources: Receivables Purchase Agreement (Triad Financial Corp)