MONTH.
(M)
BUYER HAS A FIRST PERFECTED OWNERSHIP INTEREST IN OR A FIRST
PERFECTED SECURITY INTEREST IN THE RECEIVABLE AND ALL RELATED SECURITY.
(N)
BUYER HAS NOT NOTIFIED CUSTOMER IN WRITING THAT IT HAS DETERMINED,
IN ITS GOOD FAITH DISCRETION, THAT SUCH RECEIVABLE OR CLASS OF RECEIVABLES IS
NOT ACCEPTABLE AS AN ELIGIBLE RECEIVABLE BECAUSE SUCH RECEIVABLE POSES A
MATERIAL RISK OF UNCOLLECTIBILITY.
(O)
THE CONTRACT CONTAINS THE ORIGINAL SIGNATURE OF THE RESPECTIVE
OBLIGOR.
(P)
NO PROVISION OF THE CONTRACT HAS BEEN WAIVED, EXTENDED, ALTERED OR
MODIFIED IN ANY MATERIAL RESPECT EXCEPT IN ACCORDANCE WITH THE MORTGAGE LOAN
ORIGINATION GUIDELINES, OR, IF CRITERIA FOR SUCH WAIVER, EXTENSION, ALTERATION
OR MODIFICATION IS NOT CONTAINED IN THE MORTGAGE LOAN ORIGINATION GUIDELINES,
WITH THE PRIOR CONSENT OF BUYER.
(Q)
ALL SCHEDULED PAYMENTS MADE ON THE CONTRACT HAVE BEEN APPLIED TO
THE OUTSTANDING PRINCIPAL BALANCE AS REQUIRED BY THE CONTRACT AND BY LAW.
ANY
PAYMENTS IN RESPECT OF INTEREST AND PRINCIPAL IN EXCESS OF THE SCHEDULED
PAYMENTS DUE AT THE TIME OF SUCH PAYMENT
12
WERE APPLIED TO THE FINAL MATURING SCHEDULED PAYMENTS (THEREBY REDUCING THE
OUTSTANDING PRINCIPAL BALANCE THEREOF) AND NOT THE SCHEDULED PAYMENTS NEXT DUE.
(R)
ON THE DATE OF THE CONTRACT, THE OBLIGOR HAD THE CAPACITY TO
CONTRACT AND WAS SOLVENT.
CUSTOMER IS NOT AWARE OF FACTS, ARISING AFTER THE
DATE OF THE RECEIVABLE, WHICH INDICATE OBLIGOR DID NOT HAVE THE CAPACITY OR
WHICH INDICATE A MATERIALLY ADVERSE CHANGE SINCE THE DATE OF THE CONTRACT IN THE
OBLIGOR'S FINANCIAL CONDITION OR THE VALUE OF THE RELATED SECURITY.
(S)
CUSTOMER HAS NOT COMMENCED A FORECLOSURE ACTION OR OTHER LAWSUIT
AGAINST THE OBLIGOR; NOR HAS CUSTOMER DESIGNATED THE CONTRACT FOR SUCH ACTION.
(T)
THE CONTRACT IS TO BE COLLECTED AND OTHERWISE SERVICED BY
CUSTOMER.
(U)
THE OBLIGATION OF THE ORIGINAL OBLIGOR HAS NOT BEEN RELEASED OR
ASSUMED BY ANOTHER PERSON UNLESS THE RELEASE OR ASSUMPTION WAS PROPERLY
DOCUMENTED (OR, IN THE CASE OF AN ASSUMPTION, OCCURRED BY OPERATION OF LAW) AND
BUYER CONSENTS IN WRITING TO IT FOR PURPOSES OF THE CONTRACT BEING AN ELIGIBLE
RECEIVABLE.
(V)
THE CONTRACT HAS NOT BEEN, NOR IS IT DESIGNATED TO BE, TERMINATED,
SATISFIED, CANCELED, SUBORDINATED OR RESCINDED IN WHOLE OR IN PART; NOR HAS ANY
RELATED SECURITY BEEN RELEASED, OR DESIGNATED FOR RELEASE, FROM THE SECURITY
INTEREST GRANTED BY THE CONTRACT, UNLESS, AND ONLY TO THE EXTENT, CONSENTED TO
BY BUYER.
(W)
NO CLAIMS OF RESCISSION, SETOFF, COUNTERCLAIM, DEFENSE OR OTHER
DISPUTE HAVE BEEN ASSERTED WITH RESPECT TO THE CONTRACT.
NEITHER CUSTOMER NOR
ANY AFFILIATE OF CUSTOMER HAS MADE ANY AGREEMENT WITH OBLIGOR TO REDUCE THE
AMOUNT OWED UNDER THE CONTRACT.
NEITHER CUSTOMER NOR ANY SUCH AFFILIATE ARE
REQUIRED TO PERFORM ANY ADDITIONAL SERVICE FOR, OR PERFORM OR INCUR ANY
ADDITIONAL OBLIGATION TO, OBLIGOR IN ORDER FOR CUSTOMER TO ENFORCE THE CONTRACT.
(X)
EXCEPT FOR PAYMENT DEFAULTS CURED WITHIN THIRTY (30) DAYS AND
OBLIGOR FINANCIAL COVENANTS DEFAULTS EXPRESSLY DISCLOSED, IN WRITING, TO BUYER,
NO DEFAULT, BREACH, VIOLATION OR EVENT PERMITTING ACCELERATION UNDER THE TERMS
OF