Common use of Purchase of Receivables Upon Breach of Covenant Clause in Contracts

Purchase of Receivables Upon Breach of Covenant. Upon ----------------------------------------------- discovery by any of the Seller, the Servicer or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 3.06 and 3.07, the party discovering such breach shall give prompt written notice thereof to the others. As of the second Accounting Date following its discovery or receipt of notice of such breach (or, at the Servicer's election, the first Accounting Date so following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Seller or any Interested Party. Neither the Owner Trustee nor the Indenture Trustee shall have any affirmative duty to conduct any investigation as to the occurrence of any event requiring the repurchase of any Receivable pursuant to this Section 3.08.

Purchase of Receivables Upon Breach of Covenant. Upon ----------------------------------------------- discovery by any of the Seller, the Servicer or any party under the Further Transfer and Servicing Agreements Indenture Trustee of (a) a breach of any of the covenants set forth in Sections 3.06 and 3.073.5 or 3.6(a) that has a material adverse effect on the interests of the Trust or the Noteholders in any Receivable, or (b) a failure to obtain a Lien Certificate within 180 days as described in Section 2.7, the party discovering such breach shall give prompt written notice thereof to the othersothers and the Owner Trustee; provided, however, that the failure to give any such notice shall not affect any obligation of the Servicer under this Section 3.7. As of the second Accounting Date following its discovery or receipt of notice of such breach (or, at the Servicer's election, the first Accounting Date so following)Date) following its discovery or receipt of notice of any such breach, the Servicer shall, unless it such breach shall have been cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely Trust the Receivables affected by such breach as determined by such Owner and, on or before the related Distribution Deposit Date, the Servicer shall pay the Administrative related Purchase PaymentAmount to the Trust pursuant to Section 4.4. It is understood and agreed that the The obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Seller Trust, the Noteholders or any Interested Party. Neither the Owner Trustee nor the Indenture Trustee shall have any affirmative duty to conduct any investigation as to the occurrence of any event requiring the repurchase of any Receivable pursuant to this Section 3.08.on behalf of

Purchase of Receivables Upon Breach of Covenant. Upon ----------------------------------------------- discovery by any of the SellerServicer, the Servicer Note Insurer or any party under the Further Transfer and Servicing Agreements Indenture Trustee of (a) a breach of any of the covenants set forth in Sections 3.06 and 3.073.5 or 3.6(a) that has a material adverse effect on the interests of the Note Insurer or the Noteholders in any Receivable, or (b) a failure to obtain a Lien Certificate within 180 days as described in Section 2.8, the party discovering such breach shall give prompt written notice thereof to the othersothers and the Owner Trustee; provided, however, that the failure to give any such notice shall not affect any obligation of the Servicer under this Section 3.7. As of the second Accounting Date following its discovery or receipt of notice of such breach (or, at the Servicer's election, the first Accounting Date so following)Date) following its discovery or receipt of notice of any such breach, the Servicer shall, unless it such breach shall have been cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely Trust the Receivables affected by such breach as determined by such Owner and, on or before the related Distribution Deposit Date, the Servicer shall pay the Administrative related Purchase PaymentAmount to the Trust pursuant to Section 4.4. It is understood and agreed that the The obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Seller Trust, the Noteholders, the Note Insurer or any Interested Party. Neither the Owner Trustee nor the Indenture Trustee on behalf of Noteholders. The Indenture Trustee shall have not be under any affirmative duty or obligation to conduct any investigation as to investigate the occurrence of any event requiring the repurchase a breach of any Receivable pursuant to a covenant in accordance with this Section 3.083.7.

Purchase of Receivables Upon Breach of Covenant. Upon ----------------------------------------------- discovery by any of the SellerServicer, the Servicer Note Insurer, the Issuer or any party under the Further Transfer and Servicing Agreements Trustee of a breach of any of the covenants set forth in Sections 3.06 and 3.073.5 or 3.6(a) that has a material adverse effect on the interests of the Noteholders or the Note Insurer in any Receivable, the party discovering such breach shall give prompt written notice thereof to the others; provided, however, that the failure to give any such notice shall not affect any obligation of the Servicer under this Section 3.7. As of the second Accounting Date following its discovery or receipt of notice of such breach (or, at the Servicer's election, the first Accounting Date so following)Date) following its discovery or receipt of notice of any such breach, the Servicer shall, unless it such breach shall have been cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely Issuer the Receivable(s) affected by such breach as determined by such Owner and, on or before the related Distribution Deposit Date, the Servicer shall pay deposit the Administrative related Purchase PaymentAmount into the Collection Account pursuant to Section 4.4. It is understood and agreed that the The obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Seller Note Insurer (other than as provided in Sections 2.02(q) or 3.04 of the Insurance Agreement, so long as Reliance is the Servicer), the Noteholders or the Trustee on behalf of the Noteholders and any Interested Party. Neither breaches of the Owner Trustee nor representations or warranties with respect to such Receivables shall be deemed cured as of the Indenture Trustee shall have any affirmative duty to conduct any investigation as to the occurrence date of any event requiring the repurchase of any Receivable pursuant to this Section 3.08such purchase.

Purchase of Receivables Upon Breach of Covenant. Upon ----------------------------------------------- discovery by any of the Seller, the Servicer or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 3.06 and 3.07, the party discovering such breach shall give prompt written notice thereof to the others. As of the second Accounting Date following its discovery or receipt of notice of such breach (or, at the Servicer's election, the first Accounting Date so following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Seller or any Interested Party. Neither the Owner Trustee nor the Indenture Trustee shall have any affirmative duty to conduct any investigation as to the occurrence of any event requiring the repurchase of any Receivable pursuant to this Section 3.08.

Purchase of Receivables Upon Breach of Covenant. Upon ----------------------------------------------- discovery by any of the Seller, the Servicer or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 3.06 and 3.07, the party discovering such breach shall give prompt written notice thereof to the others. As of the second Accounting Date following its discovery or receipt of notice of any such breach (or, at the Servicer's election, the first Accounting Date so following)) that materially and adversely affects any Receivable as determined by such Owner, the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by any such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Seller or any Interested Party. Neither the Owner Trustee nor the Indenture Trustee shall have any affirmative duty to conduct any investigation as to the occurrence of any event requiring the repurchase of any Receivable pursuant to this Section 3.08.

Purchase of Receivables Upon Breach of Covenant. Upon ----------------------------------------------- discovery by any of the Seller, the Servicer or any party under the Further Transfer and Servicing Agreements Trustee of (a) a breach of any of the covenants set forth in Sections 3.06 and 3.073.5 or 3.6(a) that has a material adverse effect on the interests of the Trust or the Certificateholders in any Receivable, or (b) a failure to obtain a Lien Certificate within 180 days as described in Section 2.7, the party discovering such breach shall give prompt written notice thereof to the others; provided, however, that the failure to give any such notice shall not affect any obligation of the Servicer under this Section 3.7. As of the second Accounting Date following its discovery or receipt of notice of such breach (or, at the Servicer's election, the first Accounting Date so following)Date) following its discovery or receipt of notice of any such breach, the Servicer shall, unless it such breach shall have been cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely Trust the Receivables affected by such breach as determined by such Owner and, on or before the related Distribution Deposit Date, the Servicer shall pay the Administrative related Purchase PaymentAmount to the Trust pursuant to Section 4.4. It is understood and agreed that the The obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Seller Trust, the Certificateholders or any Interested Partythe Trustee on behalf of Certificateholders. Neither the Owner Trustee nor the Indenture The Trustee shall have not be under any affirmative duty or obligation to conduct any investigation as to investigate the occurrence of any event requiring the repurchase a breach of any Receivable pursuant to a covenant in accordance with this Section 3.083.7.