Characteristics of Contracts. Each Contract (A) was originated (i) by the Originator, (ii) by a Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer's business and purchased by the Originator from such Dealer under an existing Dealer Agreement or pursuant to a Dealer Assignment with the Originator and was validly assigned by such Dealer to the Originator pursuant to a Dealer Assignment, or (iii) by a Third-Party Lender and purchased by the Originator from such Third-Party Lender under an existing Auto Loan Purchase and Sale Agreement or pursuant to a Third-Party Lender Assignment with the Originator and was validly assigned by such Third-Party Lender to the Originator pursuant to a Third-Party Lender Assignment, (B) was originated by the Originator, such Dealer or such Third-Party Lender for the retail sale, consumer-to-consumer sale or refinancing of a Financed Vehicle in the ordinary course of the Originator's, the Dealer's or the Third-Party Lender's business, in each case, in accordance with the Originator's credit policies and was fully and properly executed by the parties thereto, and the Originator, each Dealer and each Third-Party Lender had all necessary licenses and permits to originate Contracts in the State where the Originator, each such Dealer or each such Third-Party Lender was located, (C) has not been amended or collections with respect to which waived, other than as evidenced in the Legal File relating thereto, (D) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, (E) provides for level monthly payments (provided, that the payment in the first or last month in the life of the Contract may be minimally different from the level payments) that, if made when due, will fully amortize the Amount Financed by maturity and yield interest at the Annual Percentage Rate, (F) was originated in accordance with the Program Guidelines, (G) shall have been originated on a Form of Contract that meets all applicable Form-of-Contract Requirements, (H) shall be originated in an Eligible State and (I) will not, as a result of the addition of such Contract to the pool of Eligible Contracts, cause the percentage of Eligible Contracts (by aggregate Principal Balance as of any date of determination) that are Precomputed Contracts to exceed one percent (1%).
Characteristics of Contracts. The Contracts have the following characteristics as of the Cut-off Date:
(i) the Obligors on not more than 28.10% of the Contracts by Cut-off Date Pool Principal Balance are located in any one state, the Obligors on not more than 2.37% of the Contracts by Cut-off Date Pool Principal Balance are located in an area with the same zip code and the Obligors on not more than 8.43% of the Contracts by Cut-off Date Pool Principal Balance are located in California in an area with the same zip code;
(ii) no Contract has a remaining term to maturity of fewer than 51 months or more than 360 months;
(iii) the final scheduled payment date on the Contract with the latest maturity is in November 1, 2034;
(iv) 66.99% of the Contracts by Cut-off Date Pool Principal Balance is attributable to loans for purchases of new Manufactured Homes and approximately 33.01% is attributable to loans for purchases of used Manufactured Homes;
(v) 2.62% of the Contracts by Cut-off Date Pool Principal Balance are attributable to Land-and-Home Contracts;
(vi) the Weighted Average Net Contract Rate of the Contracts as of the Cut-off Date is at least 9.658% per annum;
(vii) 84.72% of the Contracts by Cut-off Date Pool Principal Balance is attributable to loans for the purchase of multi-section Manufactured Homes;
(viii) the weighted average (by Cut-off Date Pool Principal Balance) loan to value ratio of the Contracts is not more than 86.52%;
(ix) no Contract was originated before February 19, 1998;
(x) 22.67% of the Contracts by Cut-off Date Pool Principal Balance are secured by Manufactured Homes located in a mobile home park;
(xi) the weighted average FICO score of the obligors determined in connection with the origination of the Contracts, and weighted based on Cut-off Date Principal Balance, is not less than 719;
(xii) the number of refinancings relating to repossessions is not greater than 3.33% and
(xiii) no more than 12.56% of the Contracts will be secured by Manufactured Homes located in the State of Texas.
Characteristics of Contracts. Each Pledged Contract delivered to Lender as an Eligible Contract meets all of the requirements listed in the definition of Eligible Contract, except that Borrower makes no representation or warranty as to whether (i) the Contract meets such requirements to Lender's satisfaction, or (ii) the Contract presents a credit, collateral, or documentation risk unacceptable to Lender. No selection procedures adverse to Lender have been utilized in selecting the Eligible Contracts delivered to Lender.
Characteristics of Contracts. (i) Each Contract has been originated in the United States by a Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed by the parties thereto, has been validly assigned by such Dealer to the Originator, and validly assigned to the Seller by Santander Consumer pursuant to the Contribution Agreement in accordance with its terms;
(ii) each Contract creates a valid, subsisting, and enforceable first priority security interest for the benefit of the Originator in the Financed Vehicle, which security interest has been, in turn, assigned by Santander Consumer to the Seller and assigned by the Seller to the Issuer;
(iii) each Contract contains customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for realization against the collateral of the benefits of the security;
(iv) each Contract provides for level monthly payments (provided that the payment in the first or last month in the life of the Contract may be minimally different from the level payment) that fully amortize the Amount Financed by maturity and yield interest at the APR over an original term of no less than 24 months and no greater than 72 months; provided, however, that no more than 2% of the Contracts (based upon the Principal Balance of the Contracts) shall have an original term to maturity between 24 and 35 months;
(v) each Contract provides for, in the event that such Contract is prepaid in full, a prepayment that fully pays the Principal Balance;
(vi) each Contract is a Simple Interest Contract; and
(vii) no Obligor has defaulted and no Obligor will default, in each case, on any portion of the first Contract Scheduled Payment due on the related Contract.
Characteristics of Contracts. The Contract
(i) has been originated by Seller in the ordinary course of Seller's business and has been fully and properly executed by the parties thereto, (ii) is secured by a valid, subsisting, and enforceable first priority lien and security interest in favor of Seller in the Financed Vehicle, which lien and security interest are assignable by Seller to Purchaser, (iii) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for realization against the collateral securing such Contract, including the Financed Vehicle, (iv) provides for payments which fully amortize the Amount Financed over the original term and provide interest at the related APR over the term of the Contract, (v) provides for, in the event the Contract is prepaid, a prepayment that fully prepays the outstanding principal balance thereof and includes accrued and unpaid interest at least through the date of prepayment in an amount equal to the APR, and (vi) has not, as of the related Cut-Off Date, been modified as a result of the Soldiers' and Sailors' Civil Relief Act of 1940, as amended.
Characteristics of Contracts. Each Contract (i) is a retail installment sale or conditional sale contract for purchase of a used Financed Vehicle that is either an automobile, minivan or light-duty truck in substantially the form of the Contract identified on Exhibit “A”, (ii) reflects a cash sale price for the Financed Vehicle which is the price at which the seller of the Financed Vehicle offered to sell the Financed Vehicle to the retail buyer for cash, (iii) is secured by a Financed Vehicle that is either an automobile, minivan or light truck, (iv) has been fully and properly executed by the parties thereto, (v) is owned by Seller free and clear of any Lien (including liens for work, labor, materials or unpaid state or federal taxes relating to the related Financed Vehicle, and any rights of a dealer or any creditor of a dealer or of any creditor of Seller), (vi) is or will be within a commercially reasonable time not exceeding the time period permitted in Section 2.C. of this Agreement secured by a valid, subsisting, perfected and enforceable first priority security interest in favor of Pinnacle, (vii) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are enforceable against the collateral to the benefits of the security and has not been satisfied, subordinated or rescinded and no provision of such Contract has been waived, altered or modified in any respect, (viii) provides for level monthly payments (provided that the payment in the first or last month in the life of such Contract may be minimally different from the level payment) which fully amortize the Amount Financed over the original term, (ix) provides for interest at the related APR calculated using the simple interest or actuarial method, (x) provides for, in the event the Contract is prepaid, a prepayment that fully repays the unpaid balance of the amount financed thereunder and includes accrued and unpaid interest at least through the date of prepayment in an amount equal to the related APR, (xi) does not provide for an original term to maturity in excess of 72 months, (xii) does not provide for the payment of any fee, charge or amount that the seller of the Financed Vehicle would not have charged if the retail installment sale had been a cash transaction other than amounts properly included in the finance charge disclosed in the Contract and amounts that have been lawfully excluded from the finance charge under the Federal Truth in Lending Act and its implementing Reg...
Characteristics of Contracts. (i) Each Contract:
(i) has been originated in the United States by a Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed by the parties thereto, and has been validly assigned by such Dealer to the Originator;
(ii) creates a valid, subsisting, and enforceable first priority security interest for the benefit of the Originator in the Financed Vehicle, which security interest has been, in turn, assigned by the Originator to the Depositor;
(iii) contains customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for realization against the collateral of the benefits of the security;
(iv) provides for level monthly payments (provided that the payment in the first or last month in the life of the Contract may be minimally different from the level payment) that fully amortize the Amount Financed by maturity and yield interest at the Annual Percentage Rate over an original term of no less than 24 months and no greater than 72 months, provided, however, that no more than 2% of the Contracts (based upon the Principal Balance of the Contracts) shall have an original term to maturity between 25 and 36 months;
(v) provides for, in the event that such Contract is prepaid in full, a prepayment that fully pays the Principal Balance;
(vi) is a Simple Interest Contract; and
(vii) no Obligor has defaulted and no Obligor will default, in each case, on any portion of the first Contract Scheduled Payment due on the related Contract.
Characteristics of Contracts. (i) Each Contract:
(i) has been originated in the United States by a Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed by the parties thereto, and has been validly assigned by such Dealer to the Originator;
(ii) creates a valid, subsisting, and enforceable first priority security interest for the benefit of the Originator in the Financed Vehicle, which security interest has been, in turn, assigned by the Originator to the Depositor;
(iii) contains customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for realization against the collateral of the benefits of the security;
(iv) provides for level monthly payments (provided that the payment in the first or last month in the life of the Contract may be minimally different from the level payment) that fully amortize the Amount Financed by maturity and yield interest at the Annual Percentage Rate over an original term of no less than [ ] months and no greater than [ ] months;
(v) provides for, in the event that such Contract is prepaid in full, a prepayment that fully pays the Principal Balance;
(vi) is a Simple Interest Contract; and
(vii) no Obligor has defaulted and no Obligor will default, in each case, on any portion of the first Contract Scheduled Payment due on the related Contract.
Characteristics of Contracts. The Contract
Characteristics of Contracts. Each Contract (i) has been purchased in a bona fide sale by the Seller from a dealer, bank, finance company or similar entity in the ordinary course of the Seller's business and was originated by such Person in connection with an advance made for the sale or re-financing of a new or used automobile or light-duty truck and has been fully and properly executed by the parties thereto,(ii) has created a valid, binding and enforceable security interest in favor of the Seller in the related Financed Vehicle, which security interest has been validly assigned by the Seller to the Trust, and by the Trust to the Indenture Trustee, (iii) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, (iv) provides for level monthly payments that fully amortize the Amount Financed by maturity (except that the period between the date of such Contract and the date of the first Scheduled Payment may be less than or greater than one month and the amount of the first and last Scheduled Payments may be less than or greater than the level payments) and yield interest at the related APR, (v) provides for, in the event that such Contract is prepaid, a prepayment that fully pays the Principal Balance of such Contract with interest at the related APR through the date of payment, (vi) is secured by a new or used automobile or light-duty truck, (vii) relates to an Obligor who has made a down payment under such Contract as of the Cutoff Date, (viii) satisfies in all material respects the requirements under the Credit and Collection Policy, and (ix) requires the Obligor thereunder to obtain and maintain physical damage insurance covering the related Financed Vehicle in accordance with the Seller's normal requirements.
