Common use of Necessary Documentation Clause in Contracts

Necessary Documentation. The applicable Seller has submitted to the Obligor all necessary documentation (including an invoice for Floorplan Loans, and for MH Loans, as applicable) for payment of such Loan and has fulfilled all its other obligations in respect thereof. The Obligor has submitted to Seller all documentation necessary for disbursement of such Loan and has fulfilled all its other obligations in respect thereof. (d) For the purposes of this Agreement (including the Loan Representations): (i) the term "to Seller's knowledge," means that the applicable Seller reasonably believes such representation or warranty to be true, and has no actual knowledge or notice that such representation or warranty is inaccurate or incomplete, but that such Seller, consistent with the standard of care exercised by prudent lending institutions originating Loans of the type to which that representation or warranty applies, has no knowledge of any facts or circumstances that would render reliance thereon unjustified without further inquiry; (ii) the term "to the best of Seller's knowledge," means that to such Seller's knowledge, the representation or warranty is not incomplete or inaccurate, and such Seller has conducted a reasonable inquiry (consistent with the standard of care exercised by prudent lending institutions originating Loans of the type to which that representation or warranty applies) to assure the accuracy and completeness of the applicable statement; and (iii) the term "in reliance on" or "based on," means that such Seller has examined and relied in whole or in part upon the certificate, report, opinion or other referenced document, that the information contained in such document is sufficient to support accurately and in all material respects the substance of the applicable representation or warranty, that such Seller's reliance on such document is reasonable, prudent and consistent with the standard of care exercised by prudent lending institutions originating Loans of the type to which that representation or warranty applies, and although the Seller is under no obligation to independently verify the information contained in such document, the Seller believes the information contained therein to be true and accurate in all material respects and has no knowledge of any facts or circumstances that would render reliance thereon unjustified without further inquiry. With respect to any representations and warranties made by each Seller, in the event that it is discovered that the circumstances with respect to the related Loan are not accurately reflected in such representation and warranty notwithstanding the actual knowledge or lack of knowledge of a Seller, then, notwithstanding that such representation and warranty is made "to the best of the Seller's knowledge," or "to Seller's knowledge," or in reliance on or based on other information, the Market Value and/or Securitization Value of such Loans may, in the Buyer's sole good faith discretion, be reduced to zero based on such Breach.

Necessary Documentation. The applicable Seller has submitted to the Obligor all necessary documentation (including an invoice for Floorplan Loans, and for MH Loans, as applicable) for payment of such Loan and has fulfilled all its other obligations in respect thereof. The Obligor has submitted to Seller all documentation necessary for disbursement of such Loan and has fulfilled all its other obligations in respect thereof. (d) For the purposes of this Agreement (including the Loan Representations): (i) the term "to Seller's knowledge," means that the applicable Seller reasonably believes such representation or warranty to be true, and has no actual knowledge or notice that such representation or warranty is inaccurate or incomplete, but that such Seller, consistent with the standard of care exercised by prudent lending institutions originating Loans of the type to which that representation or warranty applies, has no knowledge of any facts or circumstances that would render reliance thereon unjustified without further inquiry; (ii) the term "to the best of Seller's knowledge," means that to such Seller's knowledge, the representation or warranty is not incomplete or inaccurate, and such Seller has conducted a reasonable inquiry (consistent with the standard of care exercised by prudent lending institutions originating Loans of the type to which that representation or warranty applies) to assure the accuracy and completeness of the applicable statement; and (iii) the term "in reliance on" or "based on," means that such Seller has examined and relied in whole or in part upon the certificate, report, opinion or other referenced document, that the information contained in such document is sufficient to support accurately and in all material respects the substance of the applicable representation or warranty, that such Seller's reliance on such document is reasonable, prudent and consistent with the standard of care exercised by prudent lending institutions originating Loans of the type to which that representation or warranty applies, and although the Seller is under no obligation to independently verify the information contained in such document, the Seller believes the information contained therein to be true and accurate in all material respects and has no knowledge of any facts or circumstances that would render reliance thereon unjustified without further inquiry. With respect to any representations and warranties made by each Seller, in the event that it is discovered that the circumstances with respect to the related Loan are not accurately reflected in such representation and warranty notwithstanding the actual knowledge or lack of knowledge of a Seller, then, notwithstanding that such representation and warranty is made "to the best of the Seller's knowledge," or "to Seller's knowledge," or in reliance on or based on other information, the Market Value and/or Securitization Value of such Loans may, in the Buyer's sole good faith discretion, be reduced to zero based on such Breach.