Common use of Contract Defaults Clause in Contracts

Contract Defaults. As of the relevant Purchase Date: (i) each Contract sold to the Buyers by a Seller hereunder will be current, or no more than 60 days past due; (ii) there will be no default, breach, violation or event permitting acceleration existing under the Contract and no event which, with notice and the expiration of any grace or cure period, would constitute such a default, breach, violation or event permitting acceleration under such Contract (except payment delinquencies permitted by clause (i) above); (iii) neither the Related Seller nor the Servicer will have waived any such default, breach, violation or event permitting acceleration except payment delinquencies permitted by clause (i) above; (iv) the Related Security will be free of damage and in good repair; (v) each Contract will not have had its terms of payment extended or modified in a manner inconsistent with the Related Seller's normal credit policies; (vi) each Contract has not been satisfied or subordinated in whole or in part or rescinded, and the Related Security securing each Contract has not been released from the lien of the Contract in whole or in part. Neither Seller has changed its credit and collection policies in any material respect or taken any action which would materially impair the collectability of any Contract.

Contract Defaults. As of the relevant Purchase Date or in the case of a sale on the Closing Date, as of March 24, 2007: (i) each Buyer Contract sold to the Buyers by a Seller hereunder will be current, or no more than 60 days past due; (ii) there will be no default, breach, violation or event permitting acceleration existing under the such Buyer Contract and no event which, with notice and the expiration of any grace or cure period, would constitute such a default, breach, violation or event permitting acceleration under such Contract (except payment delinquencies permitted by clause (i) above); (iii) neither none of the Related Originators, Seller nor the Servicer will have waived any such default, breach, violation or event permitting acceleration except payment delinquencies permitted by clause (i) above; (iv) the Related Security will be free of damage and in good repair; (v) each Buyer Contract will not have had its terms of payment extended or modified in a manner inconsistent with the Related Seller's normal credit policiesCredit and Collection Policies; (vi) each Buyer Contract has not been satisfied or subordinated in whole or in part or rescinded, and the Related Security securing each Buyer Contract has not been released from the lien of the Buyer Contract in whole or in part. Neither The Seller and Servicer has not changed its credit the Credit and collection policies Collection Policies in any material respect or taken any action which would materially impair the collectability of any Buyer Contract.