Common use of Identification of Substitute Receivables Clause in Contracts

Identification of Substitute Receivables. The Seller shall select the Substitute Receivable within the portfolio of receivables owned by the Seller by identifying all of the receivables that meet the criteria set forth in each of the following criteria and then removing receivables that do not satisfy the criteria specified in each successive clause in the order of priority set forth below until only one receivable is available: (i) first, the Substitute Receivable must satisfy each of the criteria set forth in the definition of “Substitute Receivable”; (ii) second, the Substitute Receivable must be the receivable owned by the Seller that has a Principal Balance closest to the Principal Balance of the related Warranty Receivable; (iii) third, the Substitute Receivable must be the receivable owned by the Seller that has an Annual Percentage Rate closest to the Annual Percentage Rate of the related Warranty Receivable; (iv) fourth, the Substitute Receivable must be the receivable owned by the Seller that has a remaining term closest to the remaining term of the Warranty Receivable; (v) fifth, the Substitute Receivable must be the receivable owned by the Seller that has an accompanying FICO score closest to the FICO score of the Obligor related to the Warranty Receivable; and (vi) sixth, the Substitute Receivable must be the receivable owned by the Seller that is secured by the related Financed Vehicle that is closest to the Financed Vehicle that secures the related Warranty Receivable, with the characteristics determined in the following order of priority: (1) the make of the related Financed Vehicle; (2) the model year of the related Financed Vehicle; (3) whether the related Financed Vehicle was used or new at the time that the Substitute Receivable was acquired by the Seller; and (4) the mileage of the related Financed Vehicle to the nearest 10th of a mile.

Identification of Substitute Receivables. The Seller shall select the Substitute Receivable within the portfolio of receivables owned by the Seller by identifying all of the receivables that meet the criteria set forth in each of the following criteria and then removing receivables that do not satisfy the criteria specified in each successive clause in the order of priority set forth below until only one receivable is available: (i) first, the Substitute Receivable must satisfy each of the criteria set forth in the definition of “Substitute Receivable”; (ii) second, the Substitute Receivable must be the receivable owned by the Seller that has a Principal Balance closest to the Principal Balance of the related Warranty Receivable; (iii) third, the Substitute Receivable must be the receivable owned by the Seller that has an Annual Percentage Rate closest to the Annual Percentage Rate of the related Warranty Receivable; (iv) fourth, the Substitute Receivable must be the receivable owned by the Seller that has a remaining term closest to the remaining term of the Warranty Receivable; (v) fifth, the Substitute Receivable must be the receivable owned by the Seller that has an accompanying FICO score closest to the FICO score of the Obligor related to the Warranty Receivable; and (vi) sixth, the Substitute Receivable must be the receivable owned by the Seller that is secured by the related Financed Vehicle that is closest to the Financed Vehicle that secures the related Warranty Receivable, with the characteristics determined in the following order of priority: (1) the make of the related Financed Vehicle; (2) the model year of the related Financed Vehicle; (3) whether the related Financed Vehicle was used or new at the time that the Substitute Receivable was acquired by the Seller; and (4) the mileage of the the related Financed Vehicle to the nearest 10th of a mile.

Identification of Substitute Receivables. The Seller shall select the Substitute Receivable within the portfolio of receivables owned by the Seller by identifying all of the receivables that meet the criteria set forth in each of the following criteria and then removing receivables that do not satisfy the criteria specified in each successive clause in the order of priority set forth below until only one receivable is available: (i) firstFirst, the Substitute Receivable must satisfy each of the criteria set forth in the definition of “Substitute Receivable”; (ii) secondSecond, the Substitute Receivable must be the receivable owned by the Seller that has a Principal Balance closest to the Principal Balance of the related Warranty Receivable; (iii) thirdThird, the Substitute Receivable must be the receivable owned by the Seller that has an Annual Percentage Rate closest to the Annual Percentage Rate of the related Warranty Receivable; (iv) fourthFourth, the Substitute Receivable must be the receivable owned by the Seller that has a remaining term closest to the remaining term of the Warranty Receivable; (v) fifthFifth, the Substitute Receivable must be the receivable owned by the Seller that has an accompanying FICO score closest to the FICO score of the Obligor related to the Warranty Receivable; and (vi) sixthSixth, the Substitute Receivable must be the receivable owned by the Seller that is secured by the related Financed Vehicle that is closest to the Financed Vehicle that secures the related Warranty Receivable, with the characteristics determined in the following order of priority: (1) the make of the related Financed Vehicle; (2) the model year of the related Financed Vehicle; (3) whether the related Financed Vehicle was used or new at the time that the Substitute Receivable was acquired by the Seller; and (4) the mileage of the the related Financed Vehicle to the nearest 10th of a mile.

Identification of Substitute Receivables. The Seller shall select the Substitute Receivable within the portfolio of receivables owned by the Seller by identifying all of the receivables that meet the criteria set forth in each of the following criteria and then removing receivables that do not satisfy the criteria specified in each successive clause in the order of priority set forth below until only one receivable is available: (i) firstFirst, the Substitute Receivable must satisfy each of the criteria set forth in the definition of “Substitute Receivable”; (ii) secondSecond, the Substitute Receivable must be the receivable owned by the Seller that has a Principal Balance closest to the Principal Balance of the related Warranty Receivable; (iii) thirdThird, the Substitute Receivable must be the receivable owned by the Seller that has an Annual Percentage Rate closest to the Annual Percentage Rate of the related Warranty Receivable; (iv) fourthFourth, the Substitute Receivable must be the receivable owned by the Seller that has a remaining term closest to the remaining term of the Warranty Receivable; (v) fifthFifth, the Substitute Receivable must be the receivable owned by the Seller that has an accompanying FICO score closest to the FICO score of the Obligor related to the Warranty Receivable; and (vi) sixthSixth, the Substitute Receivable must be the receivable owned by the Seller that is secured by the related Financed Vehicle that is closest to the Financed Vehicle that secures the related Warranty Receivable, with the characteristics determined in the following order of priority: (1) the make of the related Financed Vehicle; (2) the model year of the related Financed Vehicle; (3) whether the related Financed Vehicle was used or new at the time that the Substitute Receivable was acquired by the Seller; and (4) the mileage of the related Financed Vehicle to the nearest 10th of a mile.

Identification of Substitute Receivables. The Seller shall select the Substitute Receivable within the portfolio of receivables owned by the Seller by identifying all of the receivables that meet the criteria set forth in each of the following criteria and then removing receivables that do not satisfy the criteria specified in each successive clause in the order of priority set forth below until only one receivable is available: (i) firstFirst, the Substitute Receivable must satisfy each of the criteria set forth in the definition of “Substitute Receivable”; (ii) secondSecond, the Substitute Receivable must be the receivable owned by the Seller that has a Principal Balance closest to the Principal Balance of the related Warranty Receivable; (iii) thirdThird, the Substitute Receivable must be the receivable owned by the Seller that has an Annual Percentage Rate closest to the Annual Percentage Rate of the related Warranty Receivable; (iv) fourthFourth, the Substitute Receivable must be the receivable owned by the Seller that has a remaining term closest to the remaining term of the Warranty Receivable; (v) fifthFifth, the Substitute Receivable must be the receivable owned by the Seller that has an accompanying FICO score closest to the FICO score store of the Obligor related to the Warranty Receivable; and (vi) sixthSixth, the Substitute Receivable must be the receivable owned by the Seller that is secured by the related Financed Vehicle that is closest to the Financed Vehicle that secures the related Warranty Receivable, with the characteristics determined in the following order of priority: (1) the make of the related Financed Vehicle; (2) the model year of the related Financed Vehicle; (3) whether the related Financed Vehicle was used or new at the time that the Substitute Receivable was acquired by the Seller; and (4) the mileage of the the related Financed Vehicle to the nearest 10th of a mile.