Characteristics of Initial and Additional Contracts Clause Samples
The "Characteristics of Initial and Additional Contracts" clause defines the specific features and terms that apply to both the original agreement and any subsequent contracts entered into under the same framework. It typically outlines which provisions, rights, and obligations are carried over or modified in additional contracts, and may clarify how new contracts are formed, amended, or terminated. This clause ensures consistency and predictability across multiple agreements, reducing ambiguity and helping parties understand how future contracts will relate to the initial one.
Characteristics of Initial and Additional Contracts. The Initial and Additional Contracts have the following characteristics as of the Cut-off Date:
(i) the Obligors on not more than 10% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance are located in any one state, the Obligors on not more than 5% 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 1% of the Contracts by Cut-off Date Pool Principal Balance are located in California in an area with the same zip code;
(ii) no Initial or Additional Contract has a remaining maturity of fewer than 4 months or more than 360 months;
(iii) the final scheduled payment date on the Initial or Additional Contract with the latest maturity is in ______;
(iv) approximately ___% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance is attributable to loans for purchases of new Manufactured Homes and approximately ___% is attributable to loans for purchases of used Manufactured Homes;
(v) no less than ___% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance is attributable to Land-and-Home Contracts;
(vi) the Weighted Average Contract Rate of the Initial and Additional Contracts as of the Cut-off Date is at least ___% per annum;
(vii) at least ___% of the Initial and Additional 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 Initial and Additional Contracts is not more than ___%;
(ix) no Initial or Additional Contract was originated before _________; and
(x) not more than ___% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance are secured by Manufactured Homes located in a mobile home park.
Characteristics of Initial and Additional Contracts. The Initial and Additional Contracts have the following characteristics as of the Cut-off Date:
Characteristics of Initial and Additional Contracts. The Initial and Additional Contracts have the following characteristics as of the Cut-off Date:
(i) the Obligors on not more than 10% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance are located in any one state (except for Initial and Additional Contracts with Obligors located in North Carolina, which represent approximately 11.80% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance), the Obligors on not more than 5% 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 1% of the Contracts by Cut-off Date Pool Principal Balance are located in California in an area with the same zip code;
(ii) no Initial or Additional Contract has a remaining maturity of fewer than 20 months or more than 360 months;
(iii) the final scheduled payment date on the Initial or Additional Contract with the latest maturity is in May 25, 2029;
(iv) approximately 78% of the Initial and Additional Contracts by Cutoff Date Pool Principal Balance is attributable to loans for purchases of new Manufactured Homes and approximately 22% is attributable to loans for purchases of used Manufactured Homes;
(v) no less than 34.50% of the Initial and Additional Contracts by Cutoff Date Pool Principal Balance is attributable to Land-and-Home Contracts;
(vi) the Weighted Average Contract Rate of the Initial and Additional Contracts as of the Cut-off Date is at least 9.24% per annum;
(vii) at least 70% of the Initial and Additional 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 Initial and Additional Contracts is not more than 87.31%;
(ix) no Initial or Additional Contract was originated before July 23, 1984; and
(x) not more than 29% of the Initial and Additional Contracts by Cutoff Date Pool Principal Balance are secured by Manufactured Homes located in a mobile home park.
Characteristics of Initial and Additional Contracts. The Initial and Additional Contracts have the following characteristics as of the Cut-off Date:
(A) the Obligors on not more than 22.59% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance are located in any one state, the Obligors on not more than 0.79% 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 0.20% of the Contracts by Cut-off Date Pool Principal Balance are located in California in an area with the same zip code;
(B) no Initial or Additional Contract has a remaining maturity of fewer than 52 months or more than 360 months;
(C) the final scheduled payment date on the Initial or Additional Contract with the latest maturity is in July 1, 2032;
(D) 88.10% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance is attributable to loans for purchases of new Manufactured Homes and approximately 11.90% is attributable to loans for purchases of used Manufactured Homes;
(E) 4.87% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance is attributable to Land-and-Home Contracts;
(F) the Weighted Average Net Contract Rate of the Initial and Additional Contracts as of the Cut-off Date is 10.770% per annum;
(G) 75.28% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance is attributable to loans for the purchase of multi-section Manufactured Homes;
(H) the weighted average (by Cut-off Date Pool Principal Balance) loan to value ratio of the Initial and Additional Contracts is 87.60%;
(I) no Initial or Additional Contract was originated before November 2000; and
(J) 29.06% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance are secured by Manufactured Homes located in a mobile home park.
Characteristics of Initial and Additional Contracts. The Initial and Additional Contracts have the following characteristics as of the Cut-off Date:
(i) the Obligors on not more than 10% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance are located in any one state (except for Initial and Additional Contracts with Obligors located in North Carolina, which represent approximately 10.17% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance), the Obligors on not more than 5% 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 1% of the Contracts by Cut-off Date Pool Principal Balance are located in California in an area with the same zip code;
(ii) no Initial or Additional Contract has a remaining maturity of fewer than six months or more than 360 months;
(iii) the final scheduled payment date on the Initial or Additional Contract with the latest maturity is in December 2028;
(iv) approximately 73% of the Initial and Additional Contracts by Cut-off Date Pool Principal Balance is attributable to loans for purchases of new Manufactured Homes and approximately 27% is attributable to loans for purchases of used Manufactured Homes;