Common use of Repurchases; Other Payments Clause in Contracts

Repurchases; Other Payments. (a) In the event that (i) any of the representations or warranties made by the Seller in Sections 2.04 and 2.05 hereof with respect to any of the Leases or the Equipment subject thereto proves at any time to have been inaccurate in any material respect as of the Closing Date or related transfer date, as the case may be or (ii) any Lease shall be terminated in whole or in part by a Lessee, or any amounts due with respect to any Lease shall be reduced or impaired, as a result of any action or inaction by the Seller (other than any such action or inaction of the Seller, when acting as Servicer, in connection with the enforcement of any Lease in a manner consistent with the provisions of this Sales and Servicing Agreement) or any claim by any Lessee against the Seller and, in any such case, the event or condition causing such inaccuracy, termination, reduction, impairment or claim shall not have been cured or corrected within 30 days after the earlier of the date on which the Seller is given notice thereof by the Company or the Trustee or the date on which the Seller otherwise first has notice thereof, the Seller will repurchase such Lease and the Equipment subject thereto by paying to the Trustee, not later than the third Business Day after the Determination Date next following the expiration of such 30-day period with respect to the events referenced in Section 4.04(a)(i) and (ii), an amount equal to the Lease Repurchase Amount, and simultaneously with such repurchase, the Seller shall reimburse the Servicer for all amounts, if any, theretofore advanced by the Servicer pursuant to Section 4.01 with respect to such Lease. Without limiting the generality of the foregoing, it is agreed and understood that for purposes of this Section 4.04, any inaccuracy in any representation or warranty with respect to (i) the priority of the Lien of the Indenture with respect to any Lease or (ii) the amount (if less than represented) of the Lease Payments, Casualty Payments or Termination Payment under any Lease shall be deemed to be material.

Repurchases; Other Payments. (a) In the event that (i) any of the representations or warranties made by the Seller Originator in Sections 2.04 and 2.05 hereof with respect to any of the Leases or the Equipment subject thereto proves at any time to have been inaccurate in any material respect as of the Closing Date or related transfer date, as the case may be or (ii) any Lease shall be terminated in whole or in part by a Lessee, or any amounts due with respect to any Lease shall be reduced or impaired, as a result of any action or inaction by the Seller Originator (other than any such action or inaction of the SellerOriginator, when acting as Servicer, in connection with the enforcement of any Lease in a manner consistent with the provisions of this Sales and Servicing Agreement) or any claim by any Lessee against the Seller Originator and, in any such case, the event or condition causing such inaccuracy, termination, reduction, impairment or claim shall not have been cured or corrected within 30 days after the earlier of the date on which the Seller Originator is given notice thereof by the Company Trust or the Trustee or the date on which the Seller Originator otherwise first has notice thereof, the Seller Originator will repurchase such Lease and the Equipment subject thereto by paying to the Trustee, not later than the third Business Day after the Determination Date next following the expiration of such 30-day period with respect to the events referenced in Section 4.04(a)(i5.04(a)(i) and (ii), an amount equal to the Lease Repurchase Amount, and simultaneously with such repurchase, the Seller Originator shall reimburse the Servicer for all amounts, if any, theretofore advanced by the Servicer pursuant to Section 4.01 5.01 with respect to such Lease. Without limiting the generality of the foregoing, it is agreed and understood that for purposes of this Section 4.045.04, any inaccuracy in any representation or warranty with respect to (i) the priority of the Lien of the Indenture with respect to any Lease or (ii) the amount (if less than represented) of the Lease Payments, Casualty Payments or Payments, Termination Payment or Booked Residual Value under any Lease shall be deemed to be material.