Common use of CERTAIN CHARACTERISTICS Clause in Contracts

CERTAIN CHARACTERISTICS. (A) Each Receivable had a remaining term, as of the Cut-Off Date, of at least 8 months but not more than 299 months; (B) each Receivable had an original term of at least 12 months but not more than 300 months; (C) each Receivable had a Principal Balance as of the Cut-Off Date of not more than $600,000; (D) as of the Cut-Off Date, each Receivable has an Annual Percentage Rate of at least 2.99% per annum and no greater than 14.99% per annum; (E) approximately 37.62% of the aggregate Principal Balance of the Receivables (measured as of the Cut-Off Date), constituting 42.81% of the number of such Receivables, were secured by used Financed Assets at the time such Receivables were originated; (F) no funds have been advanced by E*TRADE Consumer Finance, Transferor, any Dealer, any Affiliated Originator or any Person acting on behalf of any of them in order to cause any Receivable to qualify under paragraph (xxiv) above; (G) as of the Cut-Off Date, other than California (22.03%), Texas (9.03%), Florida (8.64%) and Washington (6.54%), no State represented more than 4.56% of the Initial Pool Balance with respect to the billing addresses of the Obligors (determined by reference to the books and records of E*TRADE Consumer Finance); (H) the Principal Balance of each Receivable set forth in Schedule of Receivables is true and accurate in all material respects as of the Cut-Off Date; (I) as of the Cut-Off Date, recreational vehicle Receivables represented 83.58% of the Initial Pool Balance and marine Receivables represented 16.42% of the Initial Pool Balance; (J) as of the Cut-Off Date, Receivables representing approximately 62.38% of the Initial Pool Balance were secured by new Financed Assets at the time such Receivables were originated, and Receivables representing approximately 37.62% of the Initial Pool Balance were secured by used Financed Assets at the time such Receivables were originated; (K) all Receivables in the Boat Mortgage Trust are related to Federally Documented Boats; (L) each Receivable was originated on or after September 1, 2003; and (M) approximately 34% of the Initial Pool Balance represented Receivables acquired by E*Trade Consumer Finance from Thor Credit Corporation (an affiliate thereof). For purposes of determining whether the Transferor is obligated to purchase a Receivable on account of a breach of a representation and warranty pursuant to this Section 3.01 or indemnify in respect of such breach pursuant Section 4.04(c), the determination as to whether a representation or warranty that is made to the knowledge of the Transferor has been breached shall be made without regard to such knowledge of the Transferor as if such representation and warranty were not qualified by the knowledge of the Transferor. Upon discovery by any party hereto of a breach of any of the representations and warranties of the Transferor set forth in this Section 3.01 which materially and adversely affects the value of the Receivables or the interest therein of the Issuer or the Indenture Trustee (or which materially and adversely affects the interest of the Issuer or the Indenture Trustee in the related Receivable in the case of a representation and warranty relating to a particular Receivable), the party discovering such breach shall give prompt written notice to the other parties hereto. On the last day of the Collection Period following the Collection Period during which the Transferor discovers or receives notice of any such breach of any such representation or warranty, if such breach shall not have been cured in all material respects by such last day, the Transferor shall purchase such Receivable from the Issuer (or from the Depositor, if the Depositor is required to purchase such Receivable pursuant to Section 3.01 of the Transfer and Servicing Agreement) as of such last day at a price equal to the Purchase Amount of such Receivable, which price the Transferor shall remit in the manner specified in Section 5.05 of the Transfer and Servicing Agreement; provided, that, with respect to the representations set forth in paragraph (xiii), above, such purchase shall be required with respect to a Receivable as set forth above, but only if any such breach is not cured (it being understood that if the related Lien Certificate or Title Document has been duly applied for from, or filed with, the applicable governmental offices as evidenced by a copy of the application therefor or acknowledgement of filing thereof, as applicable, the receipt of such Lien Certificate or Title Document shall not be required to cure a breach of the applicable representation and warranty) within 90 days after the Closing Date. Subject to the indemnification provisions contained in the last paragraph of Section 4.04, the sole remedy of the Depositor, the Issuer, the Owner Trustee, the Indenture Trustee, the Residual Interestholder and the Noteholders with respect to a breach of representations and warranties of the Transferor set forth in this Section 3.01 shall be to require the Transferor to purchase the affected Receivables pursuant to this Section 3.01, subject to the conditions contained herein.

CERTAIN CHARACTERISTICS. (A) Each Receivable had a remaining termmaturity, as of the Cut-Off Cutoff Date, of at least 8 seven months but not more than 299 240 months; (B) each Receivable had an original term maturity of at least 12 months but not more than 300 240 months; (C) each Receivable had an original principal balance of at least $1,838 and not more than $969,969; (D) each Receivable had a Principal Balance as of the Cut-Off Cutoff Date of at least $429 and not more than $600,000961,814; (DE) as of the Cut-Off Cutoff Date, each Receivable has an Annual Percentage Rate of at least 2.996.99% per annum and no greater not more than 14.99% per annum21.00%; (EF) approximately 37.6243.02% of the aggregate Principal Balance of the Receivables (measured as of the Cut-Off Cutoff Date), constituting 42.8143.28% of the number of such Receivables, were secured by used Financed Assets Vehicles at the time such Receivables were originated; (FG) no funds have been advanced by E*TRADE Consumer Finance, the Transferor, any Dealer, any Affiliated Originator or any Person acting on behalf of any of them in order to cause any Transferor Receivable to qualify under paragraph (xxivxxv) above; (GH) as of the Cut-Off Cutoff Date, other than California (22.03%), Texas (9.0319.78%), Florida (8.648.65%) and Washington Texas (6.5411.08%), no State represented more than 4.565% of the Initial Pool Balance with respect to the billing addresses of the Obligors (as determined by reference to the books and records of E*TRADE Consumer FinanceDFS); and (HI) the Principal Balance of each Transferor Receivable set forth in Schedule of Receivables is true and accurate in all material respects as of the Cut-Off Cutoff Date; (I) as of the Cut-Off Date, recreational vehicle Receivables represented 83.58% of the Initial Pool Balance and marine Receivables represented 16.42% of the Initial Pool Balance; (J) as of the Cut-Off Date, Receivables representing approximately 62.38% of the Initial Pool Balance were secured by new Financed Assets at the time such Receivables were originated, and Receivables representing approximately 37.62% of the Initial Pool Balance were secured by used Financed Assets at the time such Receivables were originated; (K) all Receivables in the Boat Mortgage Trust are related to Federally Documented Boats; (L) each Receivable was originated on or after September 1, 2003; and (M) approximately 34% of the Initial Pool Balance represented Receivables acquired by E*Trade Consumer Finance from Thor Credit Corporation (an affiliate thereof). For purposes of determining whether the Transferor is obligated to purchase a Receivable on account of a breach of a representation and warranty pursuant to this Section 3.01 or indemnify in respect of such breach pursuant to the last paragraph of this Section 4.04(c)3.01, the determination as to whether a representation or warranty that is made to the knowledge of the Transferor has been breached shall be made without regard to such knowledge of the Transferor as if such representation and warranty were not qualified by the knowledge of the Transferor. Upon discovery by any party hereto of a breach of any of the representations and warranties of the Transferor set forth in this Section or of DFS set forth in Section 3.01 of the DFS/Ganis Transfer Agreement, in each case which materially and adversely affects the value of the Receivables or the interest therein of the Issuer or the Indenture Trustee (or which materially and adversely affects the interest of the Issuer or the Indenture Trustee in the related Receivable in the case of a representation and warranty relating to a particular Receivable), the party discovering such breach shall give prompt written notice to the other parties hereto. On the last day of the Collection Period following the Collection Period during which the Transferor discovers or receives notice of any such breach of any such representation or warranty, if such breach shall not have been cured in all material respects by such last day, the Transferor shall purchase such Receivable from the Issuer (or from the Depositor, if the Depositor is required to purchase such Receivable pursuant to Section 3.01 of the Transfer and Servicing Agreement) as of such last day at a price equal to the Purchase Amount of such Receivable, which price the Transferor shall remit in the manner specified in Section 5.05 of the Transfer and Servicing Agreement; provided, that, with respect to the representations set forth in paragraph (xiii), above, such purchase shall be required with respect to a Receivable as set forth above, but only if any such breach is not cured (it being understood that if the related Lien Certificate or Title Document has been duly applied for from, or filed with, the applicable governmental offices as evidenced by a copy of the application therefor or acknowledgement of filing thereof, as applicable, the receipt of such Lien Certificate or Title Document shall not be required to cure a breach of the applicable representation and warranty) within 90 days after the Closing Date. Subject to the indemnification provisions contained in the last paragraph of Section 4.04, the sole remedy of the Depositor, the Issuer, the Owner Trustee, the Indenture Trustee, the Residual Interestholder and the Noteholders with respect to a breach of representations and warranties of the Transferor set forth in this Section 3.01 shall be to require the Transferor to purchase the affected Receivables pursuant to this Section 3.01, subject to the conditions contained herein.Transferor

CERTAIN CHARACTERISTICS. (A) Each Receivable had a remaining term----------------------- maturity, as of the Cut-Off Cutoff Date, of at least 8 11 months but not more than 299 240 months; (B) each Receivable had an original term maturity of at least 12 24 months but not more than 300 240 months; (C) each Receivable had an original principal balance of at least $2,701.25 and not more than $1,100,545; (D) each Receivable had a Principal Balance as of the Cut-Off Cutoff Date of at least $175.99 and not more than $600,0001,097,328.01; (DE) as of the Cut-Off Cutoff Date, each Receivable has an Annual Percentage Rate of at least 2.992.75% per annum and no greater not more than 14.99% per annum15.25%; (EF) approximately 37.6252.23% of the aggregate Principal Balance of the Receivables (measured as of the Cut-Off Cutoff Date), constituting 42.81% of the number of such Receivables, ) were secured by used Financed Assets Boats at the time such Receivables were originated; (FG) no funds have been advanced by E*TRADE Consumer Finance, the Transferor, any Dealer, any Affiliated Originator or any Person acting on behalf of any of them in order to cause any Transferor Receivable to qualify under paragraph (xxivxxv) above; (GH) as of the Cut-Off Cutoff Date, other than California (22.0321.99%), New York (14.25%), Texas (9.0312.37%), Florida (8.649.28%) and Washington (6.545.12%), no State represented more than 4.565% of the Initial Pool Balance with respect to the billing addresses of the Obligors (as determined by reference to the books and records of E*TRADE Consumer FinanceDFS); and (HI) the Principal Balance of each Transferor Receivable set forth in Schedule of Receivables is true and accurate in all material respects as of the Cut-Off Cutoff Date; (I) as . As of the Cut-Off Cutoff Date, recreational vehicle Receivables represented 83.58% the sum of the Initial Pool Balance and marine Principal Balances of the Receivables represented 16.42% of which are Step Rate Receivables does not exceed approximately 1.03%of the Initial Pool Balance; (J) as of the Cut-Off Date, Receivables representing approximately 62.38% of the Initial Pool Balance were secured by new Financed Assets at the time such Receivables were originated, and Receivables representing approximately 37.62% of the Initial Pool Balance were secured by used Financed Assets at the time such Receivables were originated; (K) all Receivables in the Boat Mortgage Trust are related to Federally Documented Boats; (L) each Receivable was originated on or after September 1, 2003; and (M) approximately 34% of the Initial Pool Balance represented Receivables acquired by E*Trade Consumer Finance from Thor Credit Corporation (an affiliate thereof). For purposes of determining whether the Transferor is obligated to purchase a Receivable on account of a breach of a representation and warranty pursuant to this Section 3.01 or indemnify in respect of such breach pursuant to the last paragraph of this Section 4.04(c)3.01, the determination as to whether a representation or warranty that is made to the knowledge of the Transferor has been breached shall be made without regard to such knowledge of the Transferor as if such representation and warranty were not qualified by the knowledge of the Transferor. Upon discovery by any party hereto of a breach of any of the representations and warranties of the Transferor set forth in this Section 3.01 which materially and adversely affects the value of the Receivables or the interest therein of the Issuer or the Indenture Trustee (or which materially and adversely affects the interest of the Issuer or the Indenture Trustee in the related Receivable in the case of a representation and warranty relating to a particular Receivable), the party discovering such breach shall give prompt written notice to the other parties hereto. On the last day of the Collection Period following the Collection Period during which the Transferor discovers or receives notice of any such breach of any such representation or warranty, if such breach shall not have been cured in all material respects by such last day, the Transferor shall purchase such Receivable from the Issuer (or from the Depositor, if the Depositor is required to purchase such Receivable pursuant to Section 3.01 of the Transfer and Servicing Agreement) as of such last day at a price equal to the Purchase Amount of such Receivable, which price the Transferor shall remit in the manner specified in Section 5.05 of the Transfer and Servicing Agreement; provided, that, with respect to the representations set forth in paragraph (xiii), above, such purchase shall be required with respect to a Receivable as set forth above, but only if any such breach is not cured (it being understood that if the related Lien Certificate or Title Document has been duly applied for from, or filed with, the applicable governmental offices as evidenced by a copy of the application therefor or acknowledgement of filing thereof, as applicable, the receipt of such Lien Certificate or Title Document shall not be required to cure a breach of the applicable representation and warranty) within 90 days after the Closing Date. Subject to the indemnification provisions contained in the last paragraph of Section 4.04, the sole remedy of the Depositor, the Issuer, the Owner Trustee, the Indenture Trustee, the Residual Interestholder and the Noteholders with respect to a breach of representations and warranties of the Transferor set forth in this Section 3.01 shall be to require the Transferor to purchase the affected Receivables pursuant to this Section 3.01, subject to the conditions contained herein.