Large accelerated filer ☐ | Accelerated filer ☐ | ||||
Non-accelerated filer ☒ (do not check if a smaller reporting company) | Smaller reporting company ☐ | ||||
Emerging growth company ☐ |
Item 1. | Business. | ||||
Item 1A. | Risk Factors. | ||||
Item 2. | Properties. | ||||
Item 3. | Legal Proceedings. |
Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. | ||||
Item 6. | Selected Financial Data. | ||||
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations. | ||||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. | ||||
Item 8. | Financial Statements and Supplementary Data. | ||||
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. | ||||
Item 9A. | Controls and Procedures |
Item 10. | Directors, Executive Officers and Corporate Governance. | ||||
Item 11. | Executive Compensation. | ||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. | ||||
Item 13. | Certain Relationships and Related Transactions, and Director Independence. | ||||
Item 14. | Principal Accountant Fees and Services. |
(a)(1) | Not applicable. | ||||
(a)(2) | Not applicable. | ||||
(a)(3) | The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index. | ||||
(b) | The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index. | ||||
(c) | Not applicable. |
By: | CarMax Auto Funding LLC, | ||||
as Depositor on behalf of CarMax Auto Owner Trust 2021-2 | |||||
By: | /s/ Andrew J. McMonigle | ||||
Name: | Andrew J. McMonigle | ||||
Title: | Vice President and Treasurer | ||||
(Senior officer in charge of securitization) |
Exhibit Number | Description of Exhibit | ||||
Certificate of Formation of CarMax Auto Funding LLC.* | |||||
Amended and Restated Limited Liability Company Agreement of CarMax Auto Funding LLC dated as of December 1, 2004.** | |||||
Indenture dated as of April 1, 2021 between the Issuing Entity and Wilmington Trust, National Association, as indenture trustee (including forms of the Notes).*** | |||||
Amended and Restated Trust Agreement dated as of April 1, 2021 between CarMax Auto Funding LLC, as depositor, and U.S. Bank Trust National Association, as owner trustee.*** | |||||
Rule 13a-14(d)/15d-14(d) Certification of CarMax Auto Funding LLC (Section 302 Certification). | |||||
Report on Assessment of Compliance with Applicable Servicing Criteria of CarMax Business Services, LLC. | |||||
Report on Assessment of Compliance with Applicable Servicing Criteria of Wilmington Trust, National Association. | |||||
Attestation Report on Assessment of Compliance with Servicing Criteria of KPMG LLP, on behalf of CarMax Business Services, LLC. | |||||
Attestation Report on Assessment of Compliance with Servicing Criteria of PricewaterhouseCoopers LLP, on behalf of Wilmington Trust, National Association. | |||||
Annual Servicing Compliance Statement of CarMax Business Services, LLC. | |||||
Sale and Servicing Agreement dated as of April 1, 2021 among the Issuing Entity, CarMax Auto Funding LLC, as depositor, and CarMax Business Services, LLC, as servicer.*** | |||||
Receivables Purchase Agreement dated as of April 1, 2021 between CarMax Business Services, LLC, as seller, and CarMax Auto Funding LLC, as purchaser.*** | |||||
Administration Agreement dated as of April 1, 2021 among the Issuing Entity, CarMax Business Services, LLC, as administrator, and Wilmington Trust, National Association, as indenture trustee.*** | |||||
Asset Representations Review Agreement dated as of April 1, 2021 among the Issuing Entity, CarMax Business Services, LLC, as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer.*** | |||||
________________________________________________________________________ | |||||
* | Incorporated by reference from the registration statement on Form S-3 of CarMax Auto Funding LLC originally filed on September 26, 2003 (File No. 333-107925). | ||||
** | Incorporated by reference from the registration statement on Form S-3 of CarMax Auto Funding LLC originally filed on August 4, 2005 (File No. 333-127189). | ||||
*** | Incorporated by reference from the current report on Form 8-K of CarMax Auto Funding LLC and the Issuing Entity filed on April 15, 2021 (File No. 333-107925 and File No. 333-228379-10). |
SERVICING CRITERIA | APPLICABLE SERVICING CRITERIA | INAPPLICABLE SERVICING CRITERIA | ||||||||||||
Reference | Criteria | Performed Directly by CarMax | Performed by Vendor(s) for which CarMax is the Responsible Party | NOT performed by CarMax or by subservicer(s) or vendor(s) retained by CarMax | ||||||||||
General Servicing Conditions | ||||||||||||||
1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X | ||||||||||||
1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities. | X | ||||||||||||
1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. | X | ||||||||||||
1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. | X | ||||||||||||
1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | X | ||||||||||||
Cash Collection and Administration | ||||||||||||||
1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | X(1) | X(1) | |||||||||||
1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X | ||||||||||||
1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. | X(2) | ||||||||||||
1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash)as set forth in the transaction agreements. | X | ||||||||||||
1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-l(b)(I) of the Securities Exchange Act. | X | ||||||||||||
1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. | X | ||||||||||||
1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |
SERVICING CRITERIA | APPLICABLE SERVICING CRITERIA | INAPPLICABLE SERVICING CRITERIA | ||||||||||||
Reference | Criteria | Performed Directly by CarMax | Performed by Vendor(s) for which CarMax is the Responsible Party | NOT performed by CarMax or by subservicer(s) or vendor(s) retained by CarMax | ||||||||||
Investor Remittances and Reporting | ||||||||||||||
1122(d)(3)(i) | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. | X | ||||||||||||
1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | X | ||||||||||||
1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements. | X | ||||||||||||
1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X | ||||||||||||
Pool Asset Administration | ||||||||||||||
1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X | ||||||||||||
1122(d)(4)(ii) | Pool asset and related documents are safeguarded as required by the transaction agreements | X | X(3) | |||||||||||
1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | X | ||||||||||||
1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. | X | ||||||||||||
1122(d)(4)(v) | The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance. | X | ||||||||||||
1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | X | ||||||||||||
1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | X(4) | X(4) | |||||||||||
1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | X | ||||||||||||
1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. | X | ||||||||||||
1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. | X |
SERVICING CRITERIA | APPLICABLE SERVICING CRITERIA | INAPPLICABLE SERVICING CRITERIA | ||||||||||||
Reference | Criteria | Performed Directly by CarMax | Performed by Vendor(s) for which CarMax is the Responsible Party | NOT performed by CarMax or by subservicer(s) or vendor(s) retained by CarMax | ||||||||||
1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. | X | ||||||||||||
1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission. | X | ||||||||||||
1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the Servicer, or such other number of days specified in the transaction agreements. | X | ||||||||||||
1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | X | ||||||||||||
1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(I) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. | X |
By: | /s/ Patrick Tadie | ||||
Patrick Tadie | |||||
Title: | Group Vice President | ||||
ICS Global Capital Markets | |||||
Dated: | March 18, 2022 |
Transactions | Item 1122 | Applicable Activity | ||||||
Santander Drive Auto Receivable Trust 2015-4 | (d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | ||||||
Santander Drive Auto Receivable Trust 2015-5 | (d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | ||||||
Santander Drive Auto Receivable Trust 2016-1 | (d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | ||||||
Santander Drive Auto Receivable Trust 2016-2 | (d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | ||||||
Santander Drive Auto Receivable Trust 2016-3 | (d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | ||||||
DRIVE Auto Receivables Trust 2017-1 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
DRIVE Auto Receivables Trust 2017-2 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements |
Transactions | Item 1122 | Applicable Activity | ||||||
DRIVE Auto Receivables Trust 2017-3 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
Fifth Third Auto Trust 2017-1 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company's obligation : Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion , "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act | |||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
DRIVE Auto Receivables Trust 2018-1 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements |
Transactions | Item 1122 | Applicable Activity | ||||||
DRIVE Auto Receivables Trust 2018-2 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
DRIVE Auto Receivables Trust 2018-3 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
DRIVE Auto Receivables Trust 2018-4 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements |
Transactions | Item 1122 | Applicable Activity | ||||||
DRIVE Auto Receivables Trust 2018-5 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
CarMax Auto Owner Trust 2018-2 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company's obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
Transactions | Item 1122 | Applicable Activity | ||||||
CarMax Auto Owner Trust 2018-3 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company's obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
CarMax Auto Owner Trust 2018-4 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company's obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements |
Transactions | Item 1122 | Applicable Activity | ||||||
DRIVE Auto Receivables Trust 2019-1 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
DRIVE Auto Receivables Trust 2019-3 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
DRIVE Auto Receivables Trust 2019-4 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements |
Transactions | Item 1122 | Applicable Activity | ||||||
Fifth Third Auto Trust 2019-1 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(i) | Company’s obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company’s obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(2)(iii) | Company’s obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | |||||||
Capital One Prime Auto Trust 2019-1 | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(i) | Company’s obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company’s obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company’s obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | |||||||
(d)(3)(iv) | Company’s obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. |
Transactions | Item 1122 | Applicable Activity | ||||||
Capital One Prime Auto Trust 2019-2 | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(ii) | Company’s obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company’s obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | |||||||
(d)(3)(iv) | Company’s obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | |||||||
Capital One Prime Auto Trust 2020-1 | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(ii) | Company’s obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company’s obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | |||||||
(d)(3)(iv) | Company’s obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. |
Transactions | Item 1122 | Applicable Activity | ||||||
CarMax Auto Owner Trust 2020-1 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company's obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
CarMax Auto Owner Trust 2020-2 | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements |
Transactions | Item 1122 | Applicable Activity | ||||||
CarMax Auto Owner Trust 2020-3 | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
CarMax Auto Owner Trust 2020-4 | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements |
Transactions | Item 1122 | Applicable Activity | ||||||
DRIVE Auto Receivables Trust 2020-1 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
DRIVE Auto Receivables Trust 2020-2 | (d)(2)(ii) | Company's obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
CarMax Auto Owner Trust 2021-1 | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements |
Transactions | Item 1122 | Applicable Activity | ||||||
CarMax Auto Owner Trust 2021-2 | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(i) | Company 's obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company's obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company's obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements | |||||||
(d)(3)(iv) | Company 's obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements | |||||||
World Omni Auto Owner Trust 2021-B | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(ii) | Company’s obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company’s obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | |||||||
(d)(3)(iv) | Company’s obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. |
Transactions | Item 1122 | Applicable Activity | ||||||
World Omni Auto Lease Securitization Trust 2021-A | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(ii) | Company’s obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company’s obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | |||||||
(d)(3)(iv) | Company’s obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | |||||||
World Omni Auto Owner Trust 2021-C | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(ii) | Company’s obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company’s obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | |||||||
(d)(3)(iv) | Company’s obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. |
Transactions | Item 1122 | Applicable Activity | ||||||
World Omni Select Auto Trust 2021-A | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(ii) | Company’s obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company’s obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | |||||||
(d)(3)(iv) | Company’s obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | |||||||
Capital One Prime Auto Receivables Trust 2021-1 | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(2)(iv) | Company’s obligation: The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (eg., with respect to commingling of cash) as set forth in the transaction agreements. | |||||||
(d)(2)(v) | Company’s obligation: Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | |||||||
(d)(3)(ii) | Company’s obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company’s obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | |||||||
(d)(3)(iv) | Company’s obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. |
Transactions | Item 1122 | Applicable Activity | ||||||
DRIVE Auto Receivables Trust 2021-1 | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company’s obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company’s obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company’s obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | |||||||
(d)(3)(iv) | Company’s obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | |||||||
DRIVE Auto Receivables Trust 2021-2 | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company’s obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company’s obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company’s obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | |||||||
(d)(3)(iv) | Company’s obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | |||||||
DRIVE Auto Receivables Trust 2021-3 | (d)(2)(ii) | Company’s obligation: Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel | ||||||
(d)(3)(i) | Company’s obligation to issue a notification of any activity giving rise to Form 10-D or Form 8-K disclosure items | |||||||
(d)(3)(ii) | Company’s obligation: Amounts due to investors are allocated and remitted in accordance with time frames, distribution priority and other terms set forth in the transaction agreement | |||||||
(d)(3)(iii) | Company’s obligation: Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | |||||||
(d)(3)(iv) | Company’s obligation: Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. |