Common use of No Default; Delinquency Limitations Clause in Contracts

No Default; Delinquency Limitations. No Receivable is a non-performing Receivable or has a payment that is more than 90 days overdue as of the [Initial] Cutoff Date [or Subsequent Cutoff Date, as applicable,] and, except for a payment default continuing for a period of not more than 90 days, no default, breach, violation or event permitting acceleration under the terms of any Receivable has occurred and is continuing; and no continuing condition (other than a payment default continuing for a period of not more than 90 days) that with notice or the lapse of time would constitute such a default, breach, violation or event permitting acceleration under the terms of any Receivable has arisen; and CNHICA has not waived any of the foregoing. Receivables that are considered “delinquent” (as defined in Item 1101(d) of Regulation AB) constitute less than [20]% of the aggregate Statistical Contract Value of all of the Trust’s Receivables as of the Cutoff Date.

No Default; Delinquency Limitations. No Receivable is a non-performing Receivable or has a payment that is more than 90 days overdue as of the [Initial] Initial Cutoff Date [or Subsequent Cutoff Date, as applicable,] , and, except for a payment default continuing for a period of not more than 90 days, no default, breach, violation or event permitting acceleration under the terms of any Receivable has occurred and is continuing; and no continuing condition (other than a payment default continuing for a period of not more than 90 days) that with notice or the lapse of time would constitute such a default, breach, violation or event permitting acceleration under the terms of any Receivable has arisen; and CNHICA CNHCA has not waived any of the foregoing. Receivables that are considered “delinquent” (as defined in Item 1101(d) of Regulation AB) constitute less than [20]% 20% of the aggregate Statistical Contract Value of all of the Trust’s Receivables as of the Initial Cutoff DateDate and as of each Cutoff Date during any Funding Period.

No Default; Delinquency Limitations. No Receivable is a non-performing Receivable or has a payment that is more than 90 days overdue as of the [Initial] Cutoff Date [or Subsequent Cutoff Date, as applicable,] and, except for a payment default continuing for a period of not more than 90 days, no default, breach, violation or event permitting acceleration under the terms of any Receivable has occurred and is continuing; and no continuing condition (other than a payment default continuing for a period of not more than 90 days) that with notice or the lapse of time would constitute such a default, breach, violation or event permitting acceleration under the terms of any Receivable has arisen; and CNHICA CNHCA has not waived any of the foregoing. Receivables that are considered “delinquent” (as defined in Item 1101(d) of Regulation AB) constitute less than [20]% of the aggregate Statistical Contract Value of all of the Trust’s Receivables as of the Cutoff Date.