Common use of Acquisition of Bankruptcy Surrendered Receivable; Payment of Reconveyance Amount Clause in Contracts

Acquisition of Bankruptcy Surrendered Receivable; Payment of Reconveyance Amount. If a Receivable transferred to the Depositor by the Additional Transferor under Section 2.1 becomes a Bankruptcy Surrendered Receivable, the Servicer (or if Cellco is no longer the Servicer, then Cellco in its individual capacity) shall acquire such Receivable from the Trust, subject to the last sentence of this Section 3.5(a). The Servicer will acquire any Bankruptcy Surrendered Receivables by remitting the Reconveyance Amount for the related Bankruptcy Surrendered Receivables on or prior to the second Business Day before the Payment Date related to the Collection Period during which the Receivable became a Bankruptcy Surrendered Receivable. The aggregate Principal Balance of all Bankruptcy Surrendered Receivables acquired by the Servicer, in the aggregate, shall not exceed five percent (5%) of the highest aggregate Principal Balance of all Receivables (calculated as of the relevant Cutoff Date for such Receivable) transferred by the Additional Transferor to the Depositor and by the Depositor to the Trust and held by the Trust as of the applicable date of determination, and the Servicer shall not be required to acquire Bankruptcy Surrendered Receivables in excess of such limit.