Receivable Not Assumable Sample Clauses

The "Receivable Not Assumable" clause establishes that the right to receive payments or other benefits under a contract cannot be transferred or assigned to another party without the express consent of the original obligor. In practice, this means that if a party is entitled to receive money or other consideration, they cannot simply transfer that right to someone else, such as selling the receivable to a third party, unless the contract specifically allows it or the other party agrees. This clause is primarily used to maintain control over who is entitled to receive payments and to prevent unwanted or unknown parties from stepping into the contractual relationship, thereby reducing the risk of disputes or complications for the obligor.
Receivable Not Assumable. No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such Obligor’s obligations to the owner thereof with respect to such Receivable.
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Receivable Not Assumable. No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such Obligor's obligations to AmeriCredit with respect to such Receivable.
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Receivable Not Assumable. No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such Obligor’s obligations to the owner thereof with respect to such Receivable. Receivable File A) Confirm the Receivable is NOT assumable by any Person in a manner that would release the Obligor from their financial obligation to GM Financial. i) Review the Contract for language indicating the Receivable is not assumable. B) If this is confirmed, then Test Pass.
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Receivable Not Assumable. No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such Obligor's obligations to AFL with respect to such Receivable.
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Receivable Not Assumable. No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such Obligor's obligations to New South with respect to such Receivable.
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Receivable Not Assumable. No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such Obligor's obligations to a Contributing Subsidiary with respect to such Receivable.
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Receivable Not Assumable. No Transferred Receivable is assumable by another Person in a manner which would release the Obligor thereof from such Obligor's obligations to OFL-A with respect to such Transferred Receivable.
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Related to Receivable Not Assumable

  • Previously Reviewed Receivable If any Asset Review Receivable was included in a prior Asset Review, the Asset Representations Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Asset Review Report for the current Asset Review.

  • Receivable in Force The Receivable has not been satisfied, subordinated or rescinded nor do the records of the Servicer indicate that the related Financed Vehicle has been released from the lien of such Receivable in whole or in part.

  • Certain Characteristics of the Receivables (A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not less than three (3) months and not more than eighty-four (84) months. (B) Each Receivable had an original maturity, as of the Cutoff Date, of not less than three (3) months and not more than eighty-four (84) months. (C) Each Receivable had a remaining Principal Balance, as of the Cutoff Date, of at least $250 and not more than $150,000. (D) Each Receivable had an Annual Percentage Rate, as of the Cutoff Date, of not more than 20%. (E) No Receivable was more than thirty (30) days past due as of the Cutoff Date. (F) Each Receivable arose under a Contract that is governed by the laws of the United States or any State thereof. (G) Each Obligor had a billing address in the United States or a United States territory as of the date of origination of the related Receivable. (H) Each Receivable is denominated in, and each Contract provides for payment in, United States dollars. (I) Each Receivable arose under a Contract that is assignable without the consent of, or notice to, the Obligor thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and Servicing Agreement, including, without limitation, its right to review the Contract. Each Receivable prohibits the sale or transfer of the Financed Vehicle without the consent of the Servicer. (J) Each Receivable arose under a Contract with respect to which GM Financial has performed all obligations required to be performed by it thereunder. (K) No automobile related to a Receivable was held in repossession inventory as of the Cutoff Date. (L) The Servicer’s records do not indicate that any Obligor was in bankruptcy as of the Cutoff Date. (M) No Obligor is the United States of America or any State or any agency, department, subdivision or instrumentality thereof.