Common use of Repurchase of Receivables; Payment of Purchase Price Clause in Contracts

Repurchase of Receivables; Payment of Purchase Price. Either of the Seller or the Depositor may, and if the breach has a material adverse effect on the Receivable will, repurchase the Receivable described in Section 3.03(a) by paying the Purchase Price to the Issuer on the Business Day before the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period in which the Seller or the Depositor, as applicable, has knowledge or was notified of and confirmed the breach or, at the Seller’s or Depositor’s option, as applicable, on the following Payment Date, unless the breach is cured in all material respects before that Payment Date.