Ineligible Contract definition

Ineligible Contract has the meaning specified in Section 7.06.

Ineligible Contract. Each Contract other than an Eligible Contract.

Ineligible Contract means each contract that either (i) is not an Eligible Contract or (ii) has been materially and adversely affected by a Servicer Modification.

Examples of Ineligible Contract in a sentence

• Any such Loan or Contract shall for all purposes of this Agreement be deemed to be an Ineligible Loan or Ineligible Contract.

• On and after the date of such payment, any such Loan or Contract shall for all purposes of this Agreement be deemed to be an Ineligible Loan or Ineligible Contract.

• The right to enforce the repurchase or substitution obligation described in this Section shall constitute the sole remedy of the Trust, the Indenture Trustee, the Depositor, the Noteholders and the Equity Certificateholder with respect to the inaccuracy or breach related to such Ineligible Contract.

• Any Contract which is subject to a payment in accordance with Section 3.02(b), Section 3.03(d) or Section 4.07 of this Agreement shall be an Ineligible Contract.

• On and after the date of retransfer, the Ineligible Contract so retransferred shall not be included in the Asset Pool and, as applicable, the Substitute Contract shall be included in the Asset Pool.

More Definitions of Ineligible Contract

Ineligible Contract. As defined in Section 5.5.

Ineligible Contract. Each Contract other than an Eligible Contract. “Ineligible Loan”: Each Loan other than an Eligible Loan.

Ineligible Contract means any Contract (i) as to which, on any date of determination, there is a breach of any representation, warranty or covenant set forth in Schedule B hereto (after giving effect to such representation, warranty or covenant as if it were made as of, and relates to, such date of determination, as well as any prior date specified therein), which breach materially and adversely affects such Contract, (ii) which is a Liquidated Contract, (iii) as to which the related Financed Vehicle has been liquidated by repossession and sale thereof or through casualty and receipt of insurance proceeds thereof or is otherwise reflected properly as a deficiency balance, (iv) as to which an Obligor thereon is the subject -- or, at any time during the term of such Contract, has been subject -- of a bankruptcy proceeding, (v) which is delinquent more than one hundred twenty (120) consecutive days as of the close of business on the last day of the Collection Period immediately preceding the date of determination (or for the first Collection Period, as of the initial Cut-off Date), (vi) which has been modified in contravention of the Servicing Policies and Procedures, (vii) as to which there is a breach of any covenant set forth in the Servicing Agreement, (viii) as to which Servicer has not received the Lien Certificate for the applicable Financed Vehicle within one hundred fifty (150) days (or, solely in the case of an Initial Funding Contract, within one hundred eighty (180) days) after the last day of the month in which the Contract applicable thereto became subject to the Lien of Lender under the Security Agreement, (ix) as to which there is an incomplete Legal File (other than as contemplated in clause (viii) hereof), (x) as to which there is an incomplete Contract File after the thirtieth (30th) day following the date on which the Contract became subject to the Lien of the Lender under the Security Agreement (other than as contemplated in clause (viii) hereof), (xi) as to which the date of origination of the Contract by the Originator is more than ninety (90) days earlier than the date on which such Contract was pledged to Lender under the Security Agreement (except that a Contract shall not be deemed to be an Ineligible Contract pursuant to this clause (xi) if (A) it is an Initial Funding Contract or (B) it is a Clean-up Call Contract), (xii) which is delinquent more than thirty (30) consecutive days as of the date on which such Contract was pledged to Lender under the S...

Ineligible Contract shall have the meaning specified in subsection 2.5(e).

Ineligible Contract. A Contract that was originally identified as an Eligible Contract at the time of its transfer to the Borrower but which was not an Eligible Contract at such time. Initial Cut-off Date: December 20, 2011.

Ineligible Contract has the meaning set forth in Section 6.1.

Ineligible Contract. Defined in Section 5.11.