Common use of No Default; Repossession Clause in Contracts

No Default; Repossession. Except for payment delinquencies continuing for a period of not more than thirty days as of the Cutoff Date, no default, breach, violation or event permitting acceleration under the terms of any Linc Receivable has occurred; and no continuing condition that with notice or the lapse of time would constitute a default, breach, violation, or event permitting acceleration under the terms of any Linc Receivable has arisen; and the Seller shall not waive and has not waived any of the foregoing; and no Financed Vehicle securing a Linc Receivable shall have been repossessed as of the Cutoff Date.

No Default; Repossession. Except for payment delinquencies continuing for a period of not more than thirty (30) days as of the Cutoff Date, no default, breach, violation or event permitting acceleration under the terms of any Linc Receivable has occurred; and no continuing condition that with notice or the lapse of time would constitute a default, breach, violation, or event permitting acceleration under the terms of any Linc Receivable has arisen; and the Seller shall not waive and has not waived any of the foregoing; and no Financed Vehicle securing a Linc Receivable shall have been repossessed be in repossession as of the Cutoff Date.