CHARACTERISTICS OF THE ACADEMY The characteristics of the Academy set down in Section 1(6) of the Academies Act 2010, are that:
Certain Characteristics of the Receivables (A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not less than three (3) months and not more than eighty-four (84) months.
(B) Each Receivable had an original maturity, as of the Cutoff Date, of not less than three (3) months and not more than eighty-four (84) months.
(C) Each Receivable had a remaining Principal Balance, as of the Cutoff Date, of at least $250 and not more than $150,000.
(D) Each Receivable had an Annual Percentage Rate, as of the Cutoff Date, of not more than 20%.
(E) No Receivable was more than thirty (30) days past due as of the Cutoff Date.
(F) Each Receivable arose under a Contract that is governed by the laws of the United States or any State thereof.
(G) Each Obligor had a billing address in the United States or a United States territory as of the date of origination of the related Receivable.
(H) Each Receivable is denominated in, and each Contract provides for payment in, United States dollars.
(I) Each Receivable arose under a Contract that is assignable without the consent of, or notice to, the Obligor thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and Servicing Agreement, including, without limitation, its right to review the Contract. Each Receivable prohibits the sale or transfer of the Financed Vehicle without the consent of the Servicer.
(J) Each Receivable arose under a Contract with respect to which GM Financial has performed all obligations required to be performed by it thereunder.
(K) No automobile related to a Receivable was held in repossession inventory as of the Cutoff Date.
(L) The Servicer’s records do not indicate that any Obligor was in bankruptcy as of the Cutoff Date.
(M) No Obligor is the United States of America or any State or any agency, department, subdivision or instrumentality thereof.
Characteristics The Contracts have the following characteristics: (i) all the Contracts are secured by Motorcycles; (ii) no Contract has a remaining maturity of more than 84 months; and (iii) the final scheduled payment on the Contract with the latest maturity is due no later than July 27, 2030. Approximately 63.90% of the Pool Balance as of the Cutoff Date is attributable to loans for purchases of new Motorcycles and approximately 36.10% is attributable to loans for purchases of used Motorcycles. No Contract was originated after the Cutoff Date. No Contract has a Contract Rate less than 0.010%.
Mortgage Loan Characteristics The characteristics of the related Mortgage Loan Package are as set forth on the description of the pool characteristics for the applicable Mortgage Loan Package delivered pursuant to Section 11 on the related Closing Date in the form attached as Exhibit B to each related Assignment and Conveyance Agreement;
Pool Characteristics The Mortgage Loans in the related Mortgage Loan Package have the characteristics as set forth on Exhibit 2 to the related Assignment and Conveyance.
Characteristics of Receivables Each Receivable (A) shall have been originated in the United States by a Dealer for the retail sale of the related Financed Vehicle in the ordinary course of such Dealer’s business, shall have been fully and properly executed by the parties thereto, shall have been purchased by the Seller from such Dealer under an existing agreement with the Seller, shall have been validly assigned by such Dealer to the Seller in accordance with its terms and, to the best knowledge of the Seller, shall have been sold by a Dealer without fraud or misrepresentation, (B) shall have created or shall create a valid, subsisting and enforceable first priority security interest in favor of the Seller in the related Financed Vehicle, (C) shall contain customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for realization against the collateral of the benefits of the security, (D) shall provide for level Monthly Payments (provided that the first or last payment in the life of the Receivable may be minimally different from the level payment) that fully amortize the Amount Financed over its original term and shall provide for a finance charge or shall yield interest at its APR, (E) shall provide for, in the event that such Receivable is prepaid, a prepayment that fully pays the Principal Balance and includes accrued but unpaid interest at least through the date of prepayment in an amount calculated by using an interest rate at least equal to its APR, (F) shall have an Obligor that is not a federal, state or local governmental entity and (G) is a retail installment contract.
Individual Characteristics Each Receivable has the following individual characteristics as of the Cut-Off Date:
(i) each Receivable is secured by a new or used automobile, minivan or sport utility vehicle;
(ii) each Receivable has an APR of no less than 0.00% and not more than 13.94;
(iii) each Receivable had an original term to maturity of not more than 72 months and not less than 18 months and each Receivable has a remaining term to maturity, as of the Cut-Off Date, of 12 months or more;
(iv) each Receivable has an Outstanding Principal Balance as of the Cut-Off Date of greater than or equal to $2,394.67;
(v) no Receivable has a scheduled maturity date later than October 7, 2020;
(vi) no Receivable was more than 30 days past due as of the Cut-Off Date;
(vii) as of the Cut-off Date, no Receivable was noted in the records of VCI or the Servicer as being the subject of any pending bankruptcy or insolvency proceeding;
(viii) no Receivable is subject to a force-placed Insurance Policy on the related Financed Vehicle;
(ix) each Receivable is a Simple Interest Receivable;
(x) each of the Receivables were selected using selection procedures that were not known or intended by VCI or the Servicer to be adverse to the Purchaser; and
(xi) the Dealer of the Financed Vehicle has no participation in, or other right to receive, any proceeds of such Receivable.
Photograph of the Mortgaged Property Survey of the Mortgaged Property, unless a survey is not required by the title insurer.
Location and Type of Mortgaged Property The Mortgaged Property is a fee simple property located in the state identified in the related Mortgage Loan Schedule, except that with respect to real property located in jurisdictions in which the use of leasehold estates for residential properties is a widely-accepted practice, the Mortgaged Property may be a leasehold estate, and consists of a single parcel of real property with a detached single family residence erected thereon, or a two- to four-family dwelling, or an individual residential condominium unit in a condominium project, or an individual unit in a planned unit development and that no residence or dwelling is a mobile home; provided, however, that any condominium unit or planned unit development shall not fall within any of the "Ineligible Projects" of part XII, Section 102 of the Fannie Mae Selling Guide and shall conform with the Underwriting Guidelxxxx. In the case of any Mortgaged Properties that are manufactured homes (a "Manufactured Home Mortgage Loans"), (i) such Manufactured Home Mortgage Loan conforms with the applicable Fannie Mae or Freddie Mac requirements regarding mortgage loans related xx xxnxxxcturxx xxxxlings, (ii) the related manufactured dwelling is permanently affixed to the land, (iii) the related manufactured dwelling and the related land are subject to a Mortgage properly filed in the appropriate public recording office and naming Seller as mortgagee, (iv) the applicable laws of the jurisdiction in which the related Mortgaged Property is located will deem the manufactured dwelling located on such Mortgaged Property to be a part of the real property on which such dwelling is located, and (v) such Manufactured Home Mortgage Loan is (x) a qualified mortgage under Section 860G(a)(3) of the Internal Revenue Code of 1986, as amended, and (y) secured by manufactured housing treated as a single family residence under Section 25(e)(10) of the Code. As of the date of origination, no portion of the Mortgaged Property was used for commercial purposes, and since the date of origination, no portion of the Mortgaged Property has been used for commercial purposes; provided, that Mortgaged Properties which contain a home office shall not be considered as being used for commercial purposes as long as the Mortgaged Property has not been altered for commercial purposes and is not storing any chemicals or raw materials other than those commonly used for homeowner repair, maintenance and/or household purposes;
Mortgaged Property The real property securing repayment of the debt evidenced by a Mortgage Note.
