Common use of Acquisition for Breach of Servicer’s Obligations Clause in Contracts

Acquisition for Breach of Servicer’s Obligations. If a Responsible Person of the Servicer receives written notice from the Depositor, the Issuer, the Owner Trustee or the Indenture Trustee of a breach of the Servicer’s obligations in Section 3.2(c) or (d), and the Servicer fails to correct such failure or impairment in all material respects by the end of the second month following the month in which the Servicer received such written notice, the Servicer will acquire all Receivables with respect to which such breach was not so cured as set forth in Section 3.3(d).

Acquisition for Breach of Servicer’s Obligations. If a Responsible Person of the Servicer receives written notice from the Depositor, the IssuerTrust, the Owner Trustee Trustee, any Creditor or the Indenture Trustee Master Collateral Agent of a breach of the Servicer’s obligations in Section 3.2(c) or (d), and the Servicer fails to correct such failure or impairment in all material respects by the end of the second month following the month in which the Servicer received such written notice, the Servicer will acquire all Receivables with respect to which such breach was not so cured as set forth in Section 3.3(d).