Common use of Check-in Requirements Clause in Contracts

Check-in Requirements. (a) The Borrower hereby covenants and agrees that, (i) not later than 20 days after the Borrowing Date, it shall cause to be delivered to the Custodian the Priority Documents related to Contracts whose aggregate Amortized Equipment Cost constitutes not less than 50% of the aggregate Amortized Equipment Cost of all Contracts, and (ii) not later than 40 days after the Borrowing Date, it shall cause to be delivered to the Custodian the Priority Documents for each Pledged Receivable; provided, however, that the Borrower shall be permitted to deliver to the Custodian a machine copy of any original, executed Contract (certified as a true copy (a “Certified True Copy”) by an officer of either the Obligor or the Borrower or its predecessor as lessor or lender thereunder) for Contracts whose aggregate Amortized Equipment Cost constitutes not more than 5% of the aggregate Amortized Equipment Cost of all Contracts. (b) The Borrower hereby covenants and agrees that if the aggregate Discounted Balance of all Contracts for which the Custodian has received only a Certified True Copy exceeds the aforesaid 5% limit for any period exceeding fifteen days, then on the first Business Day after such fifteenth day it shall resell the Pledged Receivables related to all such Contracts to the Originator, deposit the Release Price for each such Pledged Receivable to the Collection Account and remit to the respective Lenders (no later than the close of business of such Lender on such Business Day), pro tanto, as a partial prepayment of the outstanding principal amount of the Notes (together with interest accrued and unpaid on such prepayment through such date of prepayment), pro rata according to their respective Percentages, and otherwise comply with the requirements of Section 4.03 hereof with respect to all such Pledged Receivables. (c) The Custodian hereby agrees that, within one Business Day (to the extent the number of Receivable Files received on any Business Day is no greater than 1,000 and that such Receivable Files are delivered to the Custodian in the same order as the Receivable Schedule) or within such greater number of Business Days as the parties hereto mutually agree (to the extent the number of Receivable Files received on any Business Day exceeds 1,000), it shall deliver to the Borrower, each Lender and the Servicer (i) a Collateral Receipt for all Receivable Files received on that date and (ii) an Exception Report) covering any Deficiencies noted in such Collateral Receipt. Additionally, on each Business Day, the Custodian hereby agrees to deliver to Borrower, each Lender and the Servicer a cumulative report of any uncured Deficiencies identified in all prior Collateral Receipts. (d) The Borrower hereby covenants and agrees that, (i) subject to the proviso in Section 5.02(a) hereof, not later than 60 days after the Borrowing Date, it shall cause to be delivered to the Custodian every item constituting the Receivable File for each Pledged Receivable, including every item identified in each Exception Report delivered by the Custodian pursuant to Section 5.02(c) hereof and (ii) for each Pledged Receivable with respect to which it shall not have complied with the immediately preceding clause (i), it shall, to the extent it has not complied therewith within fifteen noncomplying days after receipt of an Exception Report with respect to any such Deficiency pursuant to this Section 5.02(d), on the first Business Day after, resell the Pledged Receivables related to all such Contracts to the Originator, deposit the Release Price for each such Pledged Receivable to the Collection Account and remit to the respective Lenders (no later than the close of business of such Lender on such Business Day), pro tanto, as a partial prepayment of the outstanding principal amount of the Notes (together with interest accrued and unpaid on such prepayment through such date of prepayment), pro rata according to their respective Percentages, and otherwise comply with the requirements of Section 4.03 hereof with respect to all such Pledged Receivables. (e) The events described in subsections (b) and (d)(ii) hereof shall constitute a Check-in Repurchase Event.

Check-in Requirements. (a) The Borrower hereby covenants and agrees that, (i) not later than 20 days after the Borrowing Date, it shall cause to be delivered to the Custodian the Priority Documents related to Contracts whose aggregate Amortized Equipment Cost constitutes not less than 50% of the aggregate Amortized Equipment Cost of all Contracts, and (ii) not later than 40 days after the Borrowing Date, it shall cause to be delivered to the Custodian the Priority Documents for each Pledged Receivable; provided, however, that the Borrower shall be permitted to deliver to the Custodian a machine copy of any original, executed Contract (certified as a true copy (a “Certified True Copy”) by an officer of either the Obligor or the Borrower or its predecessor as lessor or lender thereunder) for Contracts whose aggregate Amortized Equipment Cost constitutes not more than 5% of the aggregate Amortized Equipment Cost of all Contracts. (b) The Borrower hereby covenants and agrees that if the aggregate Discounted Balance of all Contracts for which the Custodian has received only a Certified True Copy exceeds the aforesaid 5% limit for any period exceeding fifteen days, then on the first Business Day after such fifteenth day it shall resell the Pledged Receivables related to all such Contracts to the Originator, deposit the Release Price for each such Pledged Receivable to the Collection Account and remit to the respective Lenders (no later than the close of business of such Lender on such Business Day), pro tantoprotanto, as a partial prepayment of the outstanding principal amount of the Notes (together with interest accrued and unpaid on such prepayment through such date of prepayment), pro rata prorata according to their respective PercentagesCommitment Percentage, and otherwise comply with the requirements of Section 4.03 hereof with respect to all such Pledged Receivables. (c) The Custodian hereby agrees that, within one Business Day (to the extent the number of Receivable Files received on any Business Day is no greater than 1,000 and that such Receivable Files are delivered to the Custodian in the same order as the Receivable Schedule) or within such greater number of Business Days as the parties hereto mutually agree (to the extent the number of Receivable Files received on any Business Day exceeds 1,000), it shall deliver to the Borrower, each Lender and the Servicer (i) a Collateral Receipt for all Receivable Files received on that date and (ii) an Exception Report) covering any Deficiencies noted in such Collateral Receipt. Additionally, on each Business Day, the Custodian hereby agrees to deliver to Borrower, each Lender and the Servicer a cumulative report of any uncured Deficiencies identified in all prior Collateral Receipts. (d) The Borrower hereby covenants and agrees that, (i) subject to the proviso in Section 5.02(a) hereof, not later than 60 days after the Borrowing Date, it shall cause to be delivered to the Custodian every item constituting the Receivable File for each Pledged Receivable, including every item identified in each Exception Report delivered by the Custodian pursuant to Section 5.02(c) hereof and (ii) for each Pledged Receivable with respect to which it shall not have complied with the immediately preceding clause (i), it shall, to the extent it has not complied therewith within fifteen noncomplying days after receipt of an Exception Report with respect to any such Deficiency pursuant to this Section 5.02(d), on the first Business Day after, resell the Pledged Receivables related to all such Contracts to the Originator, deposit the Release Price for each such Pledged Receivable to the Collection Account and remit to the respective Lenders (no later than the close of business of such Lender on such Business Day), pro tantoprotanto, as a partial prepayment of the outstanding principal amount of the Notes (together with interest accrued and unpaid on such prepayment through such date of prepayment), pro rata prorata according to their respective PercentagesCommitment Percentage, and otherwise comply with the requirements of Section 4.03 hereof with respect to all such Pledged Receivables. (e) The events described in subsections (b) and (d)(ii) hereof shall constitute a Check-in Repurchase Event.