Common use of Repurchase of Receivables Upon Breach Clause in Contracts

Repurchase of Receivables Upon Breach. The Servicer shall inform the Owner Trustee, the Note Insurer, and the Indenture Trustee promptly, in writing, upon the discovery of any breach pursuant to Section 3.02(b) of the Transfer and Assignment Agreement or the Contribution Agreement; provided, however, that the Servicer shall have no duty to investigate or determine the existence of any breach except as specified herein. Unless the breach shall have been cured within the applicable cure period following such discovery as set forth in Section 7.02 of the Transfer and Assignment Agreement and Section 7.02 of the Contribution Agreement, or waived by the Note Insurer, the Servicer shall deliver to the Owner Trustee a written demand to cause the Seller to reacquire such Receivable from the Owner Trustee and the Transferor to repurchase such Receivable from the Seller within five (5) Business Days following the expiration of such cure period. The sole remedy of the Owner Trustee, the Indenture Trustee, the Note Insurer or the Noteholders against the Transferor and the Seller with respect to a breach pursuant to Section 3.02(b) of the Transfer and Assignment Agreement or the Contribution Agreement shall be as set forth in the Transfer and Assignment Agreement or the Contribution Agreement. Promptly following a repurchase pursuant to Section 7.02 of the Transfer and Assignment Agreement or the Contribution Agreement, the Servicer shall give the Owner Trustee written notice thereof.

Repurchase of Receivables Upon Breach. The Servicer shall inform the Owner Trustee, the Note Insurer, and the Indenture Trustee promptly, in writing, upon the discovery of any breach pursuant to Section 3.02(b) of the Transfer and Assignment Agreement or the Contribution Agreement; provided, however, that the Servicer shall have no duty to investigate or determine the existence of any breach except as specified herein. Unless the breach shall have been cured within the applicable cure period following such discovery as set forth in Section 7.02 of the Transfer and Assignment Agreement and Section 7.02 of the Contribution Agreement, or waived by the Note Insurer, the Servicer shall deliver to the Owner Trustee a written demand to cause the Seller to reacquire such Receivable from the Owner Trustee and the Transferor to repurchase such Receivable from the Seller within five (5) Business Days following the expiration of such cure period. The sole remedy of the Owner Trustee, the Indenture Trustee, the Note Insurer Insurer, the Swap Counterparty or the Noteholders against the Transferor and the Seller with respect to a breach pursuant to Section 3.02(b) of the Transfer and Assignment Agreement or the Contribution Agreement shall be as set forth in the Transfer and Assignment Agreement or the Contribution Agreement. Promptly following a repurchase pursuant to Section 7.02 of the Transfer and Assignment Agreement or the Contribution Agreement, the Servicer shall give the Owner Trustee written notice thereof.

Repurchase of Receivables Upon Breach. The Servicer shall inform the Owner Trustee, the Note Insurer, and the Indenture Trustee promptly, in writing, upon the discovery of any breach pursuant to Section 3.02(b) of the Transfer and Assignment Agreement or the Contribution Agreement; provided, however, that the Servicer shall have no duty to investigate or determine the existence of any breach except as specified herein. Unless the breach shall have been cured within the applicable cure period following such discovery as set forth in Section 7.02 of the Transfer and Assignment Agreement and Section 7.02 of the Contribution Agreement, or waived by the Note Insurer, the Servicer shall deliver to the Owner Trustee a written demand to cause the Seller to reacquire such Receivable from the Owner Trustee and the Transferor to repurchase such Receivable from the Seller within five (5) Business Days following the expiration of such cure period. The sole remedy of the Owner Trustee, the Indenture Trustee, the Note Insurer or the Noteholders against the Transferor and the Seller with respect to a breach pursuant to Section 3.02(b) of the Transfer and Assignment Agreement Agreement, or the Contribution Agreement shall be as set forth in the Transfer and Assignment Agreement or the Contribution Agreement. Promptly following a repurchase pursuant to Section 7.02 of the Transfer and Assignment Agreement or the Contribution Agreement, the Servicer shall give the Owner Trustee written notice thereof.