Common use of Check-in Procedures Clause in Contracts

Check-in Procedures. If, upon its examination of any Contract File in accordance with Section 4.03 hereof, the Custodian determines that such Contract File does not satisfy the requirements described in Section 4.03(b), or is unable to confirm that such requirements have been met, the Custodian shall promptly notify the Servicer and the Transferor by telephone or telecopy. If the Transferor does not satisfy the Custodian in accordance with the foregoing sentence prior to (I) in the case of the Initial Contracts, the fourteenth Business Day following the Closing Date or (II) in the case of Substitute Contracts, the applicable Acquisition Date, the Custodian shall return the applicable Contract and related files to the Transferor, or as otherwise directed by the Transferor. Any such returned Contracts and related files shall (a) in the case of Initial Contracts, be subject to a Warranty Event and (b) in the case of Substitute Contracts, not be acquired by the Issuer unless, in each case, either: (1) the Majority Holders approve the exceptions with respect to such Contract and allow the inclusion of such Contract that the Custodian has identified as defective in its review under Section 4.03(b), all parties agreeing that such approval shall be valid with respect to such included Contract, but shall not constitute a course of dealing, and the allowance of such included Contract shall not operate as a waiver of any rights of the Trustee or any Secured Party hereunder, under the Purchase and Contribution Agreement, the Purchase and Sale Agreements, the Assignment Agreements, the Assignments or any other Transaction Documents with respect to any adverse consequence caused by such defect; or (2) immediately after the acquisition by the Issuer of such Contract, the Discounted Contract Balances of Contracts with exceptions do not exceed $6,000,000 in the aggregate (as measured as of the related Cut-Off Date for each Contract).

Check-in Procedures. If, upon its examination of any Contract File in accordance with Section 4.03 hereof, the Custodian determines that such Contract File does not satisfy the requirements described in Section 4.03(b), or is unable to confirm that such requirements have been met, the Custodian shall promptly notify the Servicer and the Transferor Seller by telephone or telecopy. If the Transferor Seller or Servicer does not satisfy the Custodian in accordance with the foregoing sentence prior to the fifth (I5th) in the case of the Initial Contracts, the fourteenth Business Day following the Closing Date or (II) in the case of Substitute Contracts, after the applicable Acquisition Date, the Custodian shall return the applicable Contract and related files to the TransferorSeller , or as otherwise directed by the TransferorSeller . Any such returned Contracts and related files shall (a) in the case of Initial Contracts, be subject to a Warranty Event and (b) in unless the case of Substitute Contracts, not be acquired by the Issuer unless, in each case, either: (1) the Majority Holders approve Control Party approves the exceptions with respect to such Contract and allow the inclusion of such Contract that the Custodian has identified as defective in its review under Section 4.03(b), all parties agreeing that such approval shall be valid with respect to such included Contract, but shall not constitute a course of dealing, and the allowance of such included Contract shall not operate as a waiver of any rights of the Trustee or any Secured Party hereunder, under the Purchase and Contribution Agreement, the Purchase and Sale Agreements, the Assignment Agreements, the Assignments Agreements or any other Transaction Documents with respect to any adverse consequence caused by such defect; or (2) immediately after the acquisition by the Issuer of such Contract, the Discounted Contract Balances of Contracts with exceptions do not exceed $6,000,000 in the aggregate (as measured as of the related Cut-Off Date for each Contract).

Check-in Procedures. If, upon its examination of any Contract File in accordance with Section 4.03 hereof, the Custodian determines that such Contract File does not satisfy the requirements described in Section 4.03(b), or is unable to confirm that such requirements have been met, the Custodian shall promptly notify the Servicer and the Transferor Originator by telephone or telecopy. If the Transferor Originator or Servicer does not satisfy the Custodian in accordance with the foregoing sentence prior to the eighth (I8th) in the case of the Initial Contracts, the fourteenth Business Day following the Closing Date or (II) in the case of Substitute Contracts, after the applicable Acquisition Date, the Custodian shall return the applicable Contract and related files to the TransferorOriginator, or as otherwise directed by the TransferorOriginator. Any such returned Contracts and related files shall (a) in the case of Initial Contracts, be subject to a Warranty Event and (b) in the case of Substitute Contracts, not be acquired by the Issuer unless, in each case, either: (1) unless the Majority Holders approve the exceptions with respect to such Contract and allow the inclusion of such Contract that the Custodian has identified as defective in its review under Section 4.03(b), all parties agreeing that such approval shall be valid with respect to such included Contract, but shall not constitute a course of dealing, and the allowance of such included Contract shall not operate as a waiver of any rights of the Trustee or any Secured Party hereunder, under the Purchase and Contribution Agreement, the Purchase and Sale Agreements, the Assignment Agreements, the Assignments Agreements or any other Transaction Documents with respect to any adverse consequence caused by such defect; or (2) immediately after the acquisition by the Issuer of such Contract, the Discounted Contract Balances of Contracts with exceptions do not exceed $6,000,000 in the aggregate (as measured as of the related Cut-Off Date for each Contract).

Check-in Procedures. If, upon its examination of any Contract File in accordance with Section 4.03 hereof, the Custodian determines that such Contract File does not satisfy the requirements described in Section 4.03(b), or is unable to confirm that such requirements have been met, the Custodian shall promptly notify the Servicer and the Transferor by telephone or telecopy. If the Transferor does not satisfy the Custodian in accordance with the foregoing sentence prior to (I) in the case of the Initial Contracts, the fourteenth Business Day thirty-fifth day following the Closing Date or (II) in the case of Substitute Contracts, the applicable Acquisition Date, the Custodian shall return the applicable Contract and related files to the Transferor, or as otherwise directed by the Transferor. Any such returned Contracts and related files shall (a) in the case of Initial Contracts, be subject to a Warranty Event and (b) in the case of Substitute Contracts, not be acquired by the Issuer unless, in each case, either: (1) the Majority Holders approve the exceptions with respect to such Contract and allow the inclusion of such Contract that the Custodian has identified as defective in its review under Section 4.03(b), all parties agreeing that such approval shall be valid with respect to such included Contract, but shall not constitute a course of dealing, and the allowance of such included Contract shall not operate as a waiver of any rights of the Trustee or any Secured Party hereunder, under the Purchase and Contribution Agreement, the Purchase and Sale AgreementsAgreement, the Assignment Agreements, the Assignments or any other Transaction Documents with respect to any adverse consequence caused by such defect; or (2) immediately after the acquisition by the Issuer of such Contract, the Discounted Contract Balances of Contracts with exceptions do not exceed $6,000,000 8,000,000 in the aggregate (as measured as of the related Cut-Off Date for each Contract).

Check-in Procedures. If, upon its examination of any Contract File in accordance with Section 4.03 hereof, the Custodian determines that such Contract File does not satisfy the requirements described in Section 4.03(b), or is unable to confirm that such requirements have been met, the Custodian shall promptly notify the Servicer and the Transferor Originator by telephone or telecopy. If the Transferor Originator or Servicer does not satisfy the Custodian in accordance with the foregoing sentence prior to (I) in the case of the Initial Contracts, the fourteenth third Business Day following the Closing Date or (II) in the case of Substitute Contracts, after the applicable Acquisition Date, the Custodian shall return the applicable Contract and related files to the TransferorOriginator, or as otherwise directed by the TransferorOriginator. Any such returned Contracts and related files shall (a) in the case of Initial Contracts, be subject to a Warranty Event and (b) in the case of Substitute Contracts, not be acquired by the Issuer unless, in each case, either: (1) unless the Majority Holders approve the exceptions with respect to such Contract and allow the inclusion of such Contract that the Custodian has identified as defective in its review under Section 4.03(b), all parties agreeing that such approval shall be valid with respect to such included Contract, but shall not constitute a course of dealing, and the allowance of such included Contract shall not operate as a waiver of any rights of the Trustee or any Secured Party hereunder, under the Purchase and Contribution Agreement, the Purchase and Sale Agreements, the Assignment Agreements, the Assignments Agreements or any other Transaction Documents with respect to any adverse consequence caused by such defect; or (2) immediately after the acquisition by the Issuer of such Contract, the Discounted Contract Balances of Contracts with exceptions do not exceed $6,000,000 in the aggregate (as measured as of the related Cut-Off Date for each Contract).