Common use of Purchase of Receivables Upon Breach Clause in Contracts

Purchase of Receivables Upon Breach. The Servicer, the Indenture Trustee or the Owner Trustee shall inform the other party and the Indenture Trustee and the Insurer promptly, in writing, upon the discovery of (i) any breach by the Servicer of its obligations under Section 8.06 or (ii) the existence of the Servicer's obligation to purchase a Receivable pursuant to Section 8.02(a). This obligation shall not constitute an obligation on the part of the Owner Trustee or the Indenture Trustee to discover any such breaches or circumstances. Unless the breach under Section 8.06 shall have been cured by the second Record Date following the discovery, the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such day (or, at the Servicer's election, as of the first Record Date following the discovery). In consideration of the purchase of such Receivable, the Servicer shall remit the Purchase Amount with respect to such Receivable in the manner specified in Section 9.03. The sole remedy of the Owner Trustee, the Trust, or the Secured Parties with respect to a breach pursuant to Section 8.06 or the grant of an extension which triggers an obligation of the Servicer under Section 8.02(a) shall be to require the Servicer to purchase Receivables pursuant to this Section 8.07, except as provided in Section 13.02.

Purchase of Receivables Upon Breach. The Servicer, the Indenture Trustee Servicer or the Owner Trustee shall inform the other party and the Indenture Trustee and the Insurer promptly, in writing, upon the discovery of (i) any breach by the Servicer of its obligations under Section 8.06 Sections 8.01, 8.05, 8.06, 8.07, 8.08 or 8.09 or (ii) the existence of the Servicer's obligation to purchase a Receivable pursuant to Section 8.02(a8.05(a). This obligation shall not constitute an obligation on the part of the Owner Trustee or the Indenture Trustee to discover any such breaches or circumstances. Unless the such breach under Section 8.06 shall have been cured by the second Second Record Date following the discoverydiscovery or notice of such breach, the Servicer TRUST AND SERVICING AGREEMENT shall on such day purchase any Receivable materially and adversely affected by such breach as of such day (or, at the Servicer's election, as of the first Record Date following the discoverydiscovery or notice of such breach). In consideration of the purchase of such Receivable, the Servicer shall remit the Purchase Amount with respect to such Receivable in the manner specified in Section 9.03. The sole remedy of the Owner Trustee, the Trust, or the Secured Parties with respect to a breach pursuant to Section 8.06 the aforementioned breaches or the grant of an extension which triggers an obligation of the Servicer under Section 8.02(a8.05(a) shall be to require the Servicer to purchase Receivables pursuant to this Section 8.078.10, except as provided in Section 13.0212.02.

Purchase of Receivables Upon Breach. The Servicer, the Indenture Trustee Servicer or the Owner Trustee shall inform the other party and the Indenture Trustee and the Insurer promptly, in writing, upon the discovery of (i) any breach by the Servicer of its obligations under Section 8.06 or (ii) the existence of the Servicer's obligation to purchase a Receivable pursuant to Section 8.02(a). This obligation shall not constitute an obligation on the part of the Owner Trustee or the Indenture Trustee to discover any such breaches or circumstances. Unless the breach under Section 8.06 shall have been cured by the second Record Date following the discovery, the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such day (or, at the Servicer's election, as of the first Record Date following the discovery). In consideration of the purchase of such Receivable, the Servicer shall remit the Purchase Amount with respect to such Receivable in the manner specified in Section 9.03. The sole remedy of the Owner Trustee, the Trust, or the Secured Parties with respect to a breach pursuant to Section 8.06 or the grant of an extension which triggers an obligation of the Servicer under Section 8.02(a) shall be to require the Servicer to purchase Receivables pursuant to this Section 8.07, except as provided in Section 13.02.

Purchase of Receivables Upon Breach. The Servicer, the Indenture Trustee Servicer or the Owner Trustee shall inform the other party and the Indenture Trustee and the Insurer promptly, in writing, upon the discovery of (i) any breach by the Servicer of its obligations under Section 8.06 or (ii) the existence of the Servicer's obligation to purchase a Receivable pursuant to Section 8.02(a). This obligation shall not constitute an obligation on the part of the Owner Trustee or the Indenture Trustee to discover any such breaches or circumstances. Unless the breach under Section 8.06 shall have been cured by the second Record Date following the discovery, the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such day (or, at the Servicer's election, as of the first Record Date following the discovery). In consideration of the purchase of such Receivable, the Servicer shall remit the Purchase Amount with respect to such Receivable in the manner specified in Section 9.03. The sole remedy of the Owner Trustee, the Trust, or the Secured Parties Certificateholders with respect to a breach pursuant to Section 8.06 or the grant of an extension which triggers an obligation of the Servicer under Section 8.02(a) shall be to require the Servicer to purchase Receivables pursuant to this Section 8.07, except as provided in Section 13.02.

Purchase of Receivables Upon Breach. The Servicer, the Indenture Trustee or the Owner Trustee shall inform the other party and the Indenture Trustee and the Insurer promptly, in writing, upon the discovery of (i) any breach by the Servicer of its obligations under Section 8.06 or (ii) the existence of the Servicer's obligation to purchase a Receivable pursuant to Section 8.02(a). This obligation shall not constitute an obligation on the part of the Owner Trustee or the Indenture Trustee to discover any such breaches or circumstances. Unless the breach under Section 8.06 shall have been cured by the second Record Date following the discovery, the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such day (or, at the Servicer's election, as of the first Record Date following the discovery). In consideration of the purchase of such Receivable, the Servicer shall remit the Purchase Amount with respect to such Receivable in the manner specified in Section 9.03. The sole remedy of the Owner Trustee, the Trust, or the Secured Parties with respect to a breach pursuant to Section 8.06 or the grant of an extension which triggers an obligation of the Servicer under Section 8.02(a) shall be to require the Servicer to purchase Receivables pursuant to this Section 8.07, except as provided in Section 13.0212.02.

Purchase of Receivables Upon Breach. The Servicer, the Indenture Trustee or the Owner Trustee shall inform the other party and the Indenture Trustee and the Insurer promptly, in writing, upon the discovery of (i) any breach by the Servicer of its obligations under Section 8.06 or (ii) the existence of the Servicer's obligation to purchase a Receivable pursuant to Section 8.02(a). This obligation shall not constitute an obligation on the part of the Owner Trustee or the Indenture Trustee to discover any such breaches or circumstances. Unless the breach under Section 8.06 shall have been cured by the second Record Date following the discovery, the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such day (or, at the Servicer's election, as of the first Record Date following the discovery). In consideration of the purchase of such Receivablea Receivable pursuant to Section 8.02(a) or as a result of a breach of Section 8.06, the Servicer shall remit the Purchase Amount with respect to such Receivable in the manner specified in Section 9.03. The sole remedy of the Owner Trustee, the Trust, or the Secured Parties with respect to a breach pursuant to Section 8.06 or the grant of an extension which triggers an obligation of the Servicer under Section 8.02(a) shall be to require the Servicer to purchase Receivables pursuant to this Section 8.07, except as provided in Section 13.02.

Purchase of Receivables Upon Breach. The Servicer, the Indenture Trustee Servicer or the Owner Trustee shall inform the other party and the Indenture Trustee and the Insurer promptly, in writing, upon the discovery of (i) any breach by the Servicer of its obligations under Section 8.06 or (ii) the existence of the Servicer's obligation to purchase a Receivable pursuant to Section 8.02(a). This obligation shall not constitute an obligation on the part of the Owner Trustee or the Indenture Trustee to discover any such breaches or circumstances. Unless the breach under Section 8.06 shall have been cured by the second Record Date following the discovery, the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such day (or, at the Servicer's election, as of the first Record Date following the discovery). In consideration of the purchase of such Receivable, the Servicer shall remit the Purchase Amount with respect to such Receivable in the manner specified in Section 9.03. The sole remedy of the Owner Trustee, the Trust, or the Secured Parties Certificateholders with respect to a breach pursuant to Section 8.06 or the grant of an extension which triggers an obligation of the Servicer under Section 8.02(a) shall be to require the Servicer to purchase Receivables pursuant to this Section 8.07, except as provided in Section 13.02.

Purchase of Receivables Upon Breach. The Servicer, the Indenture Trustee Servicer or the Owner Trustee shall inform the other party and the Indenture Trustee and the Insurer promptly, in writing, upon the discovery of (i) any breach by the Servicer of its obligations under Section 8.06 or (ii) the existence of the Servicer's obligation to purchase a or Receivable pursuant to Section 8.02(a). This obligation shall not constitute an obligation on the part of the Owner Trustee or the Indenture Trustee to discover any such breaches or circumstances. Unless the breach under Section 8.06 shall have been cured by the second Record Date following the discovery, the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such day (or, at the Servicer's election, as of the first Record Date following the discovery). In consideration of the purchase of such Receivable, the Servicer shall remit the Purchase Amount with respect to such Receivable in the manner specified in Section 9.03. The sole remedy of the Owner Trustee, the Trust, or the Secured Parties Certificateholders with respect to a breach pursuant to Section 8.06 or the grant of an extension which triggers an obligation of the Servicer under Section 8.02(a) shall be to require the Servicer to purchase Receivables pursuant to this Section 8.07, except as provided in Section 13.02.