OPPORTUNITY, FAIR CREDIT REPORTING,
TRUTH-IN-LENDING OR OTHER SIMILAR LAWS, THE FEDERAL TRADE COMMISSION ACT, AND
APPLICABLE STATE LAWS REGULATING RETAIL INSTALLMENT SALES CONTRACTS IN GENERAL
AND MOTOR VEHICLE RETAIL INSTALLMENT SALES CONTRACTS AND LOANS IN PARTICULAR,
AND THE RECEIPT OF INTEREST ON, AND THE OWNERSHIP OF, SUCH RECEIVABLE BY THE
DEBTOR WILL NOT VIOLATE ANY SUCH LAWS AND THE RELATED OBLIGOR HAS NO RIGHT OF
RESCISSION OR CANCELLATION, CLAIMS OR DEFENSES, SET-OFFS, OR COUNTERCLAIMS OF
ANY KIND WHATSOEVER AS TO OR AGAINST THE CONTRACT EVIDENCING A RELATED
RECEIVABLE.
(G)
THE RECEIVABLE CONSTITUTES THE ENTIRE AGREEMENT BETWEEN THE SELLER
(AS ASSIGNEE OF THE RELATED ORIGINATOR OR THE RELATED APPROVED SUBSIDIARY, AS
APPLICABLE) AND THE RELATED OBLIGOR.
(H)
AT THE TIME OF ORIGINATION OF SUCH RECEIVABLE, THE PROCEEDS OF
SUCH RECEIVABLE WERE FULLY DISBURSED, AND THERE IS NO REQUIREMENT FOR FUTURE
ADVANCES THEREUNDER, AND ALL FEES AND EXPENSES IN CONNECTION WITH THE
ORIGINATION OF SUCH RECEIVABLE HAVE BEEN PAID.
(I)
AS OF THE RELATED CONVEYANCE DATE, THERE IS NO DEFAULT, BREACH,
VIOLATION OR EVENT OF ACCELERATION EXISTING UNDER ANY SUCH RECEIVABLE AND NO
EVENT WHICH, WITH THE PASSAGE OF TIME OR WITH NOTICE OR WITH BOTH, WOULD
CONSTITUTE A DEFAULT, BREACH, VIOLATION OR EVENT OF ACCELERATION UNDER ANY SUCH
RECEIVABLE.
THE SELLER HAS NOT WAIVED ANY SUCH DEFAULT, BREACH, VIOLATION OR
EVENT OF ACCELERATION.
29
(J)
IN CONNECTION WITH THE PURCHASE OF SUCH RECEIVABLE, THE SELLER
REQUIRED THE RELATED ORIGINATOR OR APPROVED SUBSIDIARY, AS APPLICABLE, AND THE
APPROVED SUBSIDIARY REQUIRED THE RELATED APPROVED THIRD PARTY ORIGINATOR, IF
APPLICABLE, TO FURNISH EVIDENCE THAT THE RELATED FINANCED VEHICLE WAS COVERED BY
A COMPREHENSIVE AND COLLISION INSURANCE POLICY NAMING THE SELLER AS LOSS PAYEE
AND INSURING AGAINST LOSS AND DAMAGE DUE TO FIRE, THEFT, TRANSPORTATION,
COLLISION AND OTHER RISKS GENERALLY COVERED BY COMPREHENSIVE AND COLLISION
COVERAGE IN AN AMOUNT EQUAL TO THE ACTUAL CASH VALUE OF THE RELATED FINANCED
VEHICLE.
(K)
SUCH RECEIVABLE CONTAINS CUSTOMARY AND ENFORCEABLE PROVISIONS SUCH
AS TO RENDER THE RIGHTS AND REMEDIES OF THE HOLDER THEREOF ADEQUATE FOR THE
REALIZATION AGAINST THE RELATED FINANCED VEHICLE OF THE BENEFITS OF THE
SECURITY.
(L)
THE COLLECTION PRACTICES USED WITH RESPECT TO SUCH RECEIVABLE
HAVE BEEN IN ALL MATERIAL RESPECTS LEGAL, PROPER, PRUDENT AND CUSTOMARY IN THE
AUTOMOBILE INSTALLMENT SALES CONTRACT OR INSTALLMENT LOAN SERVICING BUSINESS AS
APPLIED WITH RESPECT TO OBLIGORS WITH CREDIT STANDINGS COMPARABLE TO THAT OF THE
OBLIGOR.
(M)
NEITHER THE OBLIGOR ON SUCH RECEIVABLE NOR ANY OF ITS AFFILIATES IS
THE OBLIGOR ON A RECEIVABLE OR RECEIVABLES WITH AN AGGREGATE PRINCIPAL AMOUNT
GREATER THAN $40,000 AS OF THE CONVEYANCE DATE.
(N)
THE RELATED OBLIGOR DOES NOT HAVE ANY OTHER MOTOR VEHICLE RETAIL
SALES INSTALLMENT CONTRACTS OR INSTALLMENT LOAN CONTRACTS OWING TO THE SELLER
WHICH ARE SIXTY (60) OR MORE DAYS CONTRACTUALLY DELINQUENT AT THE CONVEYANCE
DATE.
(O)
NO RECEIVABLE IS DUE FROM AN OBLIGOR WHO HAS DEFAULTED UNDER A
PREVIOUS RECEIVABLE WITH THE SELLER.
(P)
AS APPLICABLE, EITHER (I) THE ORIGINATOR OR APPROVED SUBSIDIARY,
AS APPLICABLE, THAT SOLD SUCH