No Default; Delinquency Limitations Sample Clauses
The "No Default; Delinquency Limitations" clause defines the conditions under which a party is not considered in default due to minor or short-term payment delays. Typically, this clause sets specific thresholds or timeframes for late payments, such as allowing a certain number of days past the due date before a default is triggered, or specifying a minimum amount of overdue payments that must be reached. Its core practical function is to prevent automatic or unfair default declarations for minor or administrative payment issues, thereby providing both parties with greater certainty and flexibility in managing payment obligations.
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 Cutoff Date 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 Cutoff Date 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. Receivable File CNH Computer System Information
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 Cutoff Date 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. Receivable File CNH Computer System Information Schedule B-7
i) Review the Receivable File and CNH’s computer system and confirm there was no indication as of the Closing Date that the Receivable (i) was non performing or (ii) more than 90 days past due, or (iii) was in default, breach, violation or event permitting acceleration under the terms of such Receivable.
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] 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. Receivable File CNH Computer System Information