Common use of Purchase of Receivables Upon Breach Clause in Contracts

Purchase of Receivables Upon Breach. (a) The Seller, the Servicer or the Owner Trustee, as the case may be, promptly will inform the other parties to this Agreement, in writing, upon the discovery of any breach pursuant to Section 3.2, 3.5 or 3.6. Unless the breach has been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's election, the last day of the first following Collection Period), the Servicer will purchase any Receivable affected by such breach at the Purchase Amount. In consideration of the purchase of such Receivable, the Servicer will remit the Purchase Amount in the manner specified in Section 4.6. For purposes of this Section 3.7, the Purchase Amount will consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances on the Receivable. The sole remedy of the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders with respect to a breach pursuant to Section 3.2, 3.5 or 3.6 will be to require the Servicer to purchase Receivables pursuant to this Section 3.7.

Purchase of Receivables Upon Breach. (a) The Seller, the Servicer or the Owner Trustee, as the case may be, promptly will shall inform the other parties to this AgreementAgreement promptly, in writing, upon the discovery of any breach pursuant to Section 3.2, 3.5 or 3.6. Unless the breach has shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's election, the last day of the first following Collection Period), the Servicer will shall purchase any Receivable materially and adversely affected by such breach at as determined by the Purchase AmountIndenture Trustee (which shall include any Receivable as to which a breach of Section 3.6 has occurred). In consideration of the purchase of such Receivable, the Servicer will shall remit the Purchase Amount in the manner specified in Section 4.64.5. For purposes of this Section 3.7, the Purchase Amount will shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances on the Receivable. The sole remedy of the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders with respect to a breach pursuant to Section 3.2, 3.5 or 3.6 will shall be to require the Servicer to purchase Receivables pursuant to this Section 3.7.to

Purchase of Receivables Upon Breach. (a) The SellerServicer, the Servicer Depositor or the Owner Trustee, as the case may be, promptly will shall inform the other parties to this Agreement, in writing, upon the discovery of any breach pursuant to Section 3.2, 3.5 3.4 or 3.63.5. Unless the breach has shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's election, the last day of the first following Collection Period), the Servicer will shall purchase any Receivable materially and adversely affected by such breach (which shall include any Receivable as to which a breach of Section 3.5 has occurred) at the related Purchase AmountAmount (less any Liquidation Proceeds deposited, or to be deposited, in the Collection Account with respect to such Receivable pursuant to Section 3.3). In consideration of the purchase of such Receivable, the Servicer will shall remit the Purchase Amount in the manner specified in Section 4.6. For purposes of this Section 3.7, the Purchase Amount will consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances on the Receivable4.4. The sole remedy of the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders with respect to a breach pursuant to Section 3.2, 3.4 or 3.5 or 3.6 will shall be to require the Servicer to purchase Receivables pursuant to this Section 3.73.6.

Purchase of Receivables Upon Breach. (a) The SellerServicer, the Servicer Depositor or the Owner Trustee, as the case may be, promptly will shall inform the other parties to this Agreement, in writing, upon the discovery of any breach pursuant to Section 3.2, 3.5 3.4 or 3.63.5. Unless the breach has shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's election, the last day of the first following Collection Period), the Servicer will shall purchase any Receivable materially and adversely affected by such breach (which shall include any Receivable as to which a breach of Section 3.5 has occurred) at the Purchase AmountAmount (less any Liquidation Proceeds deposited, or to be deposited, in the Collection Account with respect to such Receivable pursuant to Section 3.3). In consideration of the purchase of such Receivable, the Servicer will shall remit the Purchase Amount in the manner specified in Section 4.6. For purposes of this Section 3.7, the Purchase Amount will consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances on the Receivable4.4. The sole remedy of the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders with respect to a breach pursuant to Section 3.2, 3.4 or 3.5 or 3.6 will shall be to require the Servicer to purchase Receivables pursuant to this Section 3.73.6.

Purchase of Receivables Upon Breach. (a) The Seller, the Servicer or the Owner Trustee, as the case may be, promptly will Custodian shall inform the other parties to this Agreementsuch party and the Administrator promptly, in writing, upon the discovery of any breach pursuant to Section 3.23.4, 3.5 or 3.63.6 or the fourth sentence of Section 3.2. Unless the breach has shall have been cured by the last day of the second first Collection Period following commencing after such discovery (or, at the Servicer's election, the last day of the first following current Collection Period), the Servicer will shall purchase any Receivable materially and adversely affected by such breach at the Purchase Amountbreach. In consideration of the purchase of such Receivable, the Servicer will shall remit the Purchase Repurchase Amount in the manner specified in Section 4.64.5. For purposes of this Section 3.7, the Purchase Repurchase Amount will with respect to a Receivable shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances on the Receivable. The sole remedy of the IssuerCustodian, the Owner Trustee, the Indenture Trustee, the Noteholders Administrator or the Certificateholders Purchaser with respect to a breach pursuant to Section 3.23.4, 3.5 or 3.6 will or the fourth sentence of Section 3.2 shall be to require the Servicer to purchase repurchase Receivables pursuant to this Section 3.7.

Purchase of Receivables Upon Breach. (a) The Seller, the Servicer or the Owner Trustee, as the case may be, promptly will shall inform the other parties to this Agreement, in writing, upon the discovery of any breach pursuant to Section 3.2, 3.5 or 3.6. Unless the breach has shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's election, the last day of the first following Collection Period), the Servicer will shall purchase any Receivable materially and adversely affected by such breach as determined by the Indenture Trustee (which shall include any Receivable as to which a breach of Section 3.6 has occurred) at the Purchase Amount. In consideration of the purchase of such Receivable, the Servicer will shall remit the Purchase Amount in the manner specified in Section 4.64.5. For purposes of this Section 3.7, the Purchase Amount will shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances on the Receivable. The sole remedy of the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders with respect to a breach pursuant to Section 3.2, 3.5 or 3.6 will shall be to require the Servicer to purchase Receivables pursuant to this Section 3.7.

Purchase of Receivables Upon Breach. (a) The Seller, the Servicer or the Owner Trustee, as the case may be, promptly will inform the other parties to this Agreement, in writing, upon the discovery of any breach pursuant to Section 3.2, 3.5 or 3.6. Unless the breach has been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's election, the last day of the first following Collection Period), the Servicer will purchase any Receivable affected by such breach at the Purchase Amount. In consideration of the purchase of such Receivable, the Servicer will remit the Purchase Amount in the manner specified in Section 4.64.5. For purposes of this Section 3.7, the Purchase Amount will consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances on the Receivable. The sole remedy of the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders with respect to a breach pursuant to Section 3.2, 3.5 or 3.6 will be to require the Servicer to purchase Receivables pursuant to this Section 3.7.