TO EXERCISE RIGHTS
UNDER THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS, INCLUDING, WITHOUT
LIMITATION, THEIR RIGHT TO REVIEW SUCH CONTRACT.
(J)
THE RECEIVABLE IS LEGALLY AND BENEFICIALLY OWNED BY CUSTOMER,
FREE AND CLEAR OF ANY ADVERSE CLAIM, EXCEPT AS CREATED OR PERMITTED HEREUNDER,
AND ANY ASSIGNMENT OF SUCH RECEIVABLE BY CUSTOMER OR ITS TRANSFEREES IS NOT
PROHIBITED BY THE APPLICABLE CONTRACT OR ANY RELATED SECURITY WITH RESPECT
THERETO.
(K)
THE RECEIVABLE TOGETHER WITH THE CONTRACT RELATED THERETO, DOES
NOT CONTRAVENE ANY LAWS, RULES OR REGULATIONS APPLICABLE THERETO (INCLUDING,
WITHOUT LIMITATION, LAWS, RULES AND REGULATIONS RELATING TO TRUTH IN LENDING,
FAIR CREDIT BILLING, FAIR CREDIT REPORTING, EQUAL CREDIT OPPORTUNITY, FAIR DEBT
COLLECTION PRACTICES, PRIVACY, USURY AND OTHER CONSUMER LAWS) AND WITH RESPECT
TO WHICH NO PART OF THE CONTRACT RELATED THERETO IS IN VIOLATION OF ANY SUCH
LAW, RULE OR REGULATION.
(L)
THE RECEIVABLE WAS GENERATED IN THE ORDINARY COURSE OF CUSTOMER'S
BUSINESS.
8
(M)
THE RECEIVABLE ARISES UNDER A CONTRACT THE TERMS OF WHICH CALL FOR
MONTHLY AND NO MORE THAN 240 INSTALLMENT PAYMENTS. WHERE THE RECEIVABLE IS A
FIXED RATE OBLIGATION PURSUANT TO THE FRANCHISE LOAN ORIGINATION GUIDELINES, THE
TERMS OF THE CONTRACT CALL FOR LEVEL PAY INSTALLMENT PAYMENTS, EXCEPT FOR THE
FIRST INSTALLMENT AND THE FINAL INSTALLMENT, EACH OF WHICH MAY BE LESS BUT NOT
MORE THAN THE OTHER MONTHLY PAYMENTS. THE RECEIVABLE HAS A FIRST INSTALLMENT DUE
DATE NO LATER THAN THE NEXT SUCCEEDING CUT-OFF DATE UNLESS THE FIRST INSTALLMENT
IS PREPAID, IN WHICH CASE THE NEXT INSTALLMENT HAS A DUE DATE NO LATER THAN THE
SECOND CUT-OFF DATE FOLLOWING THE DATE ON WHICH THE RECEIVABLE IS MADE. EACH
PAYMENT IS DUE ON THE SAME DAY OF THE MONTH.
(N)
BUYER HAS A PERFECTED OWNERSHIP INTEREST IN OR A FIRST PERFECTED
SECURITY INTEREST IN THE RECEIVABLE AND ALL RELATED SECURITY AND THE RELATED
SECURITY INCLUDES, WITHOUT LIMITATION, (I) THE FEE SIMPLE INTEREST IN ALL REAL
PROPERTY OWNED BY THE OBLIGOR AND/OR THE OBLIGOR AFFILIATES AND USED IN
CONNECTION WITH THE OPERATION OF THE AUTOMOBILE DEALERSHIP TO WHICH THE
RECEIVABLE RELATES, AND (II) IF THE OBLIGOR IS NOT THE OWNER THEREOF AND/OR THE
OBLIGOR IS NOT THE FRANCHISEE, THE LEASEHOLD INTEREST IN SUCH REAL PROPERTY.
(O)
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 OR INABILITY TO BE INCLUDED IN A
SECURITIZATION TRANSACTION.
(P)
THE CONTRACT CONTAINS THE ORIGINAL SIGNATURES OF THE RESPECTIVE
OBLIGOR AND OBLIGOR AFFILIATES.
(Q)
NO PROVISION OF THE CONTRACT HAS BEEN WAIVED, EXTENDED, ALTERED OR
MODIFIED IN ANY MATERIAL RESPECT EXCEPT IN ACCORDANCE WITH THE FRANCHISE LOAN
ORIGINATION GUIDELINES, OR, IF CRITERIA FOR SUCH WAIVER, EXTENSION, ALTERATION
OR MODIFICATION IS NOT CONTAINED IN THE FRANCHISE LOAN ORIGINATION GUIDELINES,
WITH THE PRIOR CONSENT OF BUYER.
(R)
ALL SCHEDULED PAYMENTS MADE ON THE RECEIVABLE HAVE BEEN APPLIED
TO THE OUTSTANDING PRINCIPAL BALANCE AS REQUIRED