Common use of Repurchase of Receivables Upon Breach of Representations or Warranties by the Sponsor Clause in Contracts

Repurchase of Receivables Upon Breach of Representations or Warranties by the Sponsor. (a) If a Responsible Person of the Sponsor has actual knowledge, or receives notice from the Issuer, the Depositor or the Indenture Trustee, of a breach of a representation or warranty made by the Sponsor pursuant to Section 3.2 that materially and adversely affects any Receivable and such breach has not been cured in all material respects by the last day of the second full Collection Period after the Responsible Person obtains actual knowledge or is notified of such breach, the Sponsor will repurchase such Receivable as of such last day (or, at the Sponsor's option, the last day of the first full Collection Period after the Responsible Person obtains actual knowledge or is notified of such breach) at a price equal to the Purchase Amount. The Sponsor will deposit or cause to be deposited into the Collection Account the Purchase Amount for any Receivable that it is repurchasing on the Business Day immediately preceding the Payment Date (or, with Rating Agency Confirmation, on such Payment Date) related to the Collection Period as of which such repurchase occurs.

Repurchase of Receivables Upon Breach of Representations or Warranties by the Sponsor. (a) If a Responsible Person of the Sponsor has actual knowledge, or receives notice from the Issuer, the Depositor Issuer or the Indenture Trustee, of a breach of a representation or warranty made by the Sponsor pursuant to Section 3.2 that materially and adversely affects any Receivable and such breach has not been cured in all material respects by the last day of the second full Collection Period after the Responsible Person obtains actual knowledge or is notified of such breach, the Sponsor will repurchase such Receivable as of such last day (or, at the Sponsor's option, the last day of the first full Collection Period after the Responsible Person obtains actual knowledge or is notified of such breach) at a price equal to the Purchase Amount. The Sponsor will deposit or cause to be deposited into the Collection Account the Purchase Amount for any Receivable that it is repurchasing on the Business Day immediately preceding the Payment Date (or, with Rating Agency Confirmation, on such Payment Date) related to the Collection Period as of which such repurchase occurs.