Common use of First Payment Clause in Contracts

First Payment. As of the Cut-off Date, the related Obligor has made the initial payment on such Receivable. Servicing System Records/Data File i) Review servicing system records and confirm that the Obligor has made at least one payment on the Receivable. ii) If confirmed, then Test Pass

Appears in 30 contracts

Sources: Asset Representations Review Agreement (Nissan Auto Receivables 2021-a Owner Trust), Asset Representations Review Agreement (Nissan Auto Receivables 2021-a Owner Trust), Asset Representations Review Agreement (Nissan Auto Receivables Corp Ii)

First Payment. As of the Cut-off Date, the related Obligor has made the initial payment on such Receivable. Servicing System Records/Data File i) Review servicing system records and confirm that the Obligor has made at least one payment on the Receivable. ii) If step (i) is confirmed, then Test Pass

Appears in 12 contracts

Sources: Asset Representations Review Agreement (Nissan Auto Receivables 2025-a Owner Trust), Asset Representations Review Agreement (Nissan Auto Receivables 2025-a Owner Trust), Asset Representations Review Agreement (Nissan Auto Receivables 2024-B Owner Trust)