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

Acquisition of Bankruptcy Surrendered Receivables; Payment of Acquisition Amount. If a Receivable becomes a Bankruptcy Surrendered Receivable, the Servicer (or if Cellco is no longer the Servicer, then Cellco in its individual capacity) must acquire any such Receivable from the Issuer, subject to the last sentence of this Section 4.7(a). The Servicer will acquire any Bankruptcy Surrendered Receivables by remitting the Acquisition 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, will not exceed five percent (5%) of the aggregate Principal Balance of all Receivables (calculated as of the Initial Cutoff Date) transferred by the Master Trust to the Depositor and by the Depositor to the Issuer on the Closing Date, and the Servicer shall not be required to acquire any Bankruptcy Surrendered Receivables in excess of such limit.

Acquisition of Bankruptcy Surrendered Receivables; Payment of Acquisition Amount. If a Receivable becomes a Bankruptcy Surrendered Receivable, the Servicer (or if Cellco is no longer the Servicer, then Cellco in its individual capacity) must acquire any such Receivable from the Issuer, subject to the last sentence of this Section 4.7(a). The Servicer will acquire any Bankruptcy Surrendered Receivables by remitting the Acquisition 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, will shall not exceed five percent (5%) of the highest aggregate Principal Balance of all Receivables (calculated as of the Initial relevant Cutoff DateDate for such Receivable) transferred by the Master Trust VZMT to the Depositor and by the Depositor to the Issuer on and held by the Closing DateIssuer as of the applicable date of determination, and the Servicer shall not be required to acquire any Bankruptcy Surrendered Receivables in excess of such limit.