Additional Receivables Characteristics Clause Samples
The "Additional Receivables Characteristics" clause defines specific attributes or requirements that receivables must meet to be eligible under an agreement. Typically, this clause outlines criteria such as the age of the receivables, creditworthiness of the obligors, or compliance with certain legal or contractual standards. By setting these standards, the clause ensures that only receivables of a certain quality or type are included, thereby protecting the parties from risks associated with ineligible or undesirable receivables.
Additional Receivables Characteristics. (A) As of the Initial Cutoff Date (in the case of the Initial Receivables) or the applicable Subsequent Cutoff Date (in the case of the Subsequent Receivables), no Receivable is more than 30 days contractually past due with respect to any Scheduled Receivable Payment, and no extensions were granted by the Servicer to satisfy such representation; and (B) as of the Closing Date (in the case of the Initial Receivables) or the applicable Subsequent Transfer Date (in the case of the applicable Subsequent Receivables), (I) no Receivable is a Skip Receivable and (II) no Receivable is more than 60 days contractually past due with respect to any Scheduled Receivable Payment.
Additional Receivables Characteristics. As of the Closing Date (in the case of the Initial Receivables) or the applicable Subsequent Transfer Date (in the case of the applicable Subsequent Receivables):
(A) no Receivable is more than 60 days past due with respect to more than 10% of any Scheduled Receivable Payment; and
(B) no Receivable is a Skip Receivable.
Additional Receivables Characteristics. (A) As of the Cutoff Date, no Receivable is more than [***] days contractually past due with respect to any Scheduled Receivable Payment, and no extensions were granted by the Servicer to satisfy such representation; and (B) as of the Closing Date, (I) no Receivable is a Skip Receivable and (II) no Receivable is more than [***] days contractually past due with respect to any Scheduled Receivable Payment.
Additional Receivables Characteristics. (A) As of the Cutoff Date, no Receivable is more than 30 days past due with respect to more than 10% of any Scheduled Receivable Payment; and (B) as of the Closing Date, (I) no Receivable is a Skip Receivable and (II) no Receivable is more than 60 days past due with respect to more than 10% of any Scheduled Receivable Payment.
Additional Receivables Characteristics. As of the related Cutoff Date, as applicable:
(A) [***]
(B) [***]
(C) [***]
(D) [***]
(E) [***]
(F) [***]
(G) [***]
(H) [***]
(I) [***]
(J) [***]
(K) [***].
Additional Receivables Characteristics. As of the related Funding Date, as applicable:
(A) after the pledge of each Related Receivable pursuant to the Indenture, the Net Spread shall not be less than 5.0%;
(B) after the pledge of each Related Receivable pursuant to the Indenture, the weighted average Timeshare Loan Rate of all the Eligible Timeshare Loans shall be no less than 15% and the weighted average original term to maturity of all the Eligible Timeshare Loans shall not exceed 108 months; and
(C) after the pledge of each Related Receivable pursuant to the Indenture, the Aggregate Principal Balance of Eligible Timeshare Loans with a related Obligor having a FICO score of greater than or equal to 500 and less than 600 as of the date of origination of such Timeshare Loan shall not exceed 20% of the Aggregate Principal Balance of all Eligible Receivables.
Additional Receivables Characteristics. As of the related Funding Date, as applicable:
(A) each Related Receivable that is a CPS Receivable has (1) an original term of 24 to 72 months; (2) an original Amount Financed of at least $3,000 and not more than $35,000; and (3) had an APR of at least 8% and not more than 30% (subject to applicable laws);
(B) each Related Receivable that is a TFC Receivable has (1) an original term of 9 to 60 months; (2) an original Amount Financed of at least $1,000 and not more than $25,000; (3) had an APR of at least 9.90% and not more than 30% (subject to applicable laws); (4) when originated, had an Obligor that was a member of the U.S. armed forces; and (5) no Obligor that has been the subject of a Section 341 Meeting.
(C) each Related Receivable is not more than 30 days past due with respect to more than 10% of any Scheduled Receivable Payment as of the related Cutoff Date and no funds have been advanced by the Seller, any Dealer or anyone acting on their behalf in order to cause any Related Receivable to satisfy such requirement;
(D) no Related Receivable has been extended beyond its original term, except in accordance with the applicable Contract Purchase Guidelines regarding deferments or extensions; and
(E) each Related Receivable satisfies in all material respects the applicable Contract Purchase Guidelines as in effect on the Original Closing Date or as otherwise amended from time to time; provided, that such amendments do not have a material adverse effect on the Noteholders or the Note Purchaser.
Additional Receivables Characteristics. As of the Advance Date:
(i) each Receivable has been originated in accordance with AFCO's Contract Purchase Guidelines;
(ii) each Receivable is not more than two Scheduled Receivable Payments past due with respect to more than 10% of any Scheduled Receivable Payment as of the related Cutoff Date and is not due from a Delinquent Obligor;
(iii) no Receivable has been extended beyond its original term, except in accordance with the Servicer's stated policies and procedures for deferments or extensions;
(iv) each Receivable satisfies in all material respects AFCO's Contract Purchase Guidelines;
(v) no Financed Vehicle financed under the Receivables is on the list of excluded vehicles referenced in AFCO's Contract Purchase Guidelines.
Additional Receivables Characteristics. As of the related Cutoff Date, as applicable:
(A) each Related Receivable has (1) an original term of 24 to 72 months; (2) an original Amount Financed of at least $500 and not more than $37,500; and (3) had an APR of at least 8.99% and not more than 30% (subject to applicable laws);
(B) each Related Receivable is not a Delinquent Receivable (provided, that if such Related Receivable has previously been subject to any Lien associated with a different credit facility sponsored by the Servicer or for which any Affiliate of the Servicer is an obligor thereunder, such Related Receivable is not past due with respect to more than 10% of any Scheduled Receivable Payment as of such Funding Date) and no funds have been advanced by the Seller, any Dealer or anyone acting on their behalf in order to cause any Related Receivable to satisfy such requirement;
(C) no Related Receivable has been extended beyond its original term (provided, that any Related Receivable that has been extended beyond its original term in accordance with the Servicing Guidelines may be included in the Collateral with the consent of the Administrative Agent, which consent may be granted or withheld in its sole discretion);
(D) no Related Receivable is listed on Schedule I to the final Trust Receipt received in connection with such Funding Date;
(E) each Related Receivable satisfies in all material respects the Contract Purchase Guidelines as in effect when the related Contract was purchased or originated;
(F) no Related Receivable is subject to an Insolvency Event unless such Related Receivable is a Section 341 Receivable;
(G) the weighted average Net Acquisition Fee of Eligible Receivables after giving effect to the purchase of the Related Receivables on such Funding Date does not exceed 10.0%;
(H) the weighted average Loan-to-Value Ratio of Eligible Receivables after giving effect to the purchase of the Related Receivables on such Funding Date does not exceed 117%;
(I) the weighted average Credit Score of Obligors related to Eligible Receivables after giving effect to the purchase of the Related Receivables on such Funding Date is not less than 530 (giving no weight to Receivables where the Obligor has no Credit Score); and
(J) the weighted average APR of Eligible Receivables after giving effect to the purchase of the Related Receivables on such Funding Date is not less than 19.00%.
Additional Receivables Characteristics. (A) As of the Cutoff Date (in the case of the Initial Receivables) or the applicable Subsequent Cutoff Date (in the case of the Subsequent Receivables), no Receivable is more than 30 days contractually past due with respect to any Scheduled Receivable Payment; and (B) as of the Closing Date (in the case of the Initial Receivables) or the applicable Subsequent Transfer Date (in the case of the applicable Subsequent Receivables), (I) no Receivable is a Skip Receivable and (II) no Receivable is more than 60 days contractually past due with respect to any Scheduled Receivable Payment.