Collateral Reviews. Such reports and written assurances as were provided by Xxxxxxx to Borrower and Lender on or about November 1, 2017 (or updates thereto) with respect to the initial Eligible Mortgage Loans;
Collateral Reviews. The collateral we require to secure Your Payment Obligation is subject to reviews and revisions as described below. We will review our collateral requirement annually. In addition, we may review our collateral requirement at any time that we may deem reasonably necessary, including at any time after an event such as but not limited to the following:
Collateral Reviews. The Indenture Trustee agrees to perform, and the Custodian agrees to allow the Indenture Trustee or another party acceptable to Xxxxxx to perform, reviews of the Collateral (a) within five (5) business days of the beginning of each Warehousing Period, (b) every thirty (30) days after the initial audit during such Warehousing Period, and (c) during each Warehousing Period, upon five Business Days notice from the Administrative Agent. Each review shall include a physical inventory (which may be electronic if so approved by the Administrative Agent) of the Receivables Files relating to the Receivables transferred since the beginning of the Warehousing Period, in order to determine that AFL is in possession of a Receivable File for each Receivable listed in the Schedule of Receivables attached as Exhibit A to each Transfer Agreement executed during such Warehousing Period, and to perform a limited review of at least fifty (50) of the Receivables Files relating to the Receivables transferred since the beginning of the applicable Warehousing Period to determine that each Receivable File so reviewed includes (i) a fully executed original retail installment sales contract or promissory note, (ii) a certificate of insurance, application form for insurance signed by the Obligor or a signed representation letter from the Obligor named in the Receivable File pursuant to which the Obligor has agreed to obtain physical damage insurance for the related Financed Vehicle, or a documented verbal confirmation of the insurance policy for the Financed Vehicle, (iii) the original Lien Certificate or application therefor and (iv) a credit application or a copy thereof. As evidence of the performance of each such review on each review date, the Indenture Trustee or such other person shall execute and deliver to Xxxxxx and the Owner Trustee, on behalf of the Trust, an Acknowledgement in the form of Exhibit C hereto. If such review reveals, in Xxxxxx'x opinion, an unsatisfactory number of missing items Xxxxxx in its sole discretion may require a full review of every Receivable File by the Indenture Trustee or such other party acceptable to Xxxxxx. The party performing such full review shall be entitled to reimbursement from AFL for any costs or expenses incurred in connection therewith.
