Transaction Unit definition
Examples of Transaction Unit in a sentence
According to the Servicer’s electronic records on the Cut-Off Date, no Vehicle included in any Transaction Unit was subject to an event which would constitute an Event of Loss.
Any inaccuracy of any such representations or warranties will be deemed not to constitute a breach of such representation or warranty if such inaccuracy does not affect the ability of the Issuer to receive and retain payment in full on such Transaction Unit.
Notwithstanding anything to the contrary in Section 2.11 of the Origination Servicing Agreement, the Servicer shall not be required to monitor whether any Lessee has, and shall have no liability in the event that any Lessee fails to maintain in full force and effect, a physical damage insurance policy covering any Transaction Unit or naming the Origination Trust as loss payee.
It is understood and agreed that the obligation of the Seller to reallocate any Transaction Unit and pay the related Reallocation Amount as described above shall constitute the sole remedy with respect to such breach available to the Buyer (or its assignee).
The Seller hereby agrees that the Issuer shall have the right to enforce any and all rights assigned to the Issuer under the SUBI Transfer Agreement, including the right to cause the Seller to reallocate any Transaction Unit with respect to which it is in breach of the representations and warranties set forth in Schedule I directly against the Seller as though the Issuer were a party to this Agreement, and the Issuer shall not be obligated to exercise any such rights indirectly through the Buyer.