Contract Repurchase. If any of Dealer’s representations, warranties or covenants has been/is inaccurate, untrue or otherwise breached, Dealer will repurchase the Contract (“Repurchase”). Dealer’s Repurchase obligation applies regardless of whether the Buyer has defaulted. To repurchase such Contract, Dealer will pay to Company the Repurchase Price. Company will provide Dealer notice and demand for a Contract repurchase. Such notice and demand will identify the Contract and alleged breach. Company has no duty to repossess the covered Vehicle or to return such Vehicle to Dealer as a condition to requiring any Contract repurchase. Upon Dealer's payment of the Repurchase Price, Company will sell, assign and endorse such Contract to Dealer. Such sale, assignment and endorsement will be “AS IS”, without any representation or warranty whatsoever as to condition, fitness for any particular purpose, merchantability, or any other warranty, express or implied, concerning the Contract, the Vehicle or Additional Product. Any such assignment will be without recourse against Company and without warranties of any kind. The repurchase of a Contract(s) by Dealer will not be Company’s sole and exclusive remedy for any breach by Dealer of any representations, warranties, covenants or provisions of this Agreement. Notwithstanding any such Repurchase, Dealer will continue to indemnify Company in the manner provided in this Agreement. Knowledge of any breach of a representation, warranty or covenant will not be imputed to Company by reason of its receipt and review of any documentation under this Agreement, and any actual knowledge by Company of any breach of any representation, warranty or covenant hereunder will not be deemed to constitute a consent thereto, or waiver therein, and no provision hereof will be deemed to be modified or amended except in writing. Company will not be bound to exhaust its remedies against any security or any Buyer, co-signer or obligor before being entitled to payment by Dealer. This Section 15 will survive the execution, delivery, expiration or termination of this Agreement.
Contract Repurchase. In the event that Dealer breaches a representation, warranty or covenant contained in Section 5 with respect to a Contract, Dealer shall, if demanded by DRIVRZ:
Contract Repurchase. In the event that the dealer breached any of the above mentioned obligations or agreements, Dealer will be responsible to repurchase the contract which will be the initial advance by AFI less any payments received by the buyer. AUTO FACTORS INC. ACKNOWLEDGE AND AGREE TO THE ABOVE: By:______________________________ Print:__________________________________ Xxxx Xxxxxxx By:______________________________________ President
Contract Repurchase. In the event that any Dealer breaches a representation, warranty or covenant contained in Section 9 or 10 with respect to a Contract, Dealer shall, if demanded by NSF (i) repurchases such Contract from NSF and (ii) reimburse NSF for any fees and costs suffered by NSF as a result of such breach. To repurchase such Contract, Dealer shall pay to NSF the Repurchase Price. NSF shall provide Dealer notice and demand for a Contract repurchase identifying the Contract and the breach. NSF has no duty to repossess the covered Vehicle or to return such Vehicle to Dealer as a condition to requiring any Contract repurchase. Upon Dealer's payment of the Repurchase Price, NSF or its assignee shall sell, assign and endorse such Contract to Dealer. Such Sale, assignment and endorsement shall be "As Is", without any representation or warranty whatsoever as to condition, fitness for any particular purpose, merchantability, or any other warranty, express or implied, concerning the Contract, the Vehicle or Additional Product. Any such assignment shall be without recourse and without warranties of any kind. NSF shall not be bound to exhaust its remedies against any security or any Buyer, co-signer or obligor before being entitled to payment by Dealer.
Contract Repurchase. In the event that the dealer breached any of the above mentioned obligations or agreements, Dealer will be responsible to repurchase the contract which will be the initial advance by AFI less any payments received by the buyer. AUTO FACTORS INC. ACKNOWLEDGE AND AGREE TO THE ABOVE: By: PRINT:
Contract Repurchase. If: (i) the Bank determines at its sole but reasonable discretion that the documentation relating to any Contract is unsatisfactory; or (ii) any representation and warranty made by Dealer with respect to any Contract is not true and accurate when made; or (iii) the Dealer breaches any other agreement with respect to the Contract contained herein, or in any other agreement between Dealer and the Bank; or (iv) a Customer under a Contract notifies the Bank of a claim or defense against the Dealer and the Bank in its judgment would, as an assignee of the Contract, be subject to that claim or defense, and if after notification from the Bank of the Bank's receipt of notice of such claim or defense, the Dealer does not within thirty (30) days resolve such dispute, Dealer shall repurchase the Contract on demand by the Bank for a repurchase price equal to the sum of the unpaid principal balance of the Contract plus all accrued and unpaid interest, the amount of any Dealer Finance Participation, and expenses incurred by the Bank in enforcing its rights under this Agreement. The Bank may deduct the amount of the repurchase price from the Reserve Account. The Dealer also agrees that if the Bank holds a dealer sight draft while waiting for the related Contract or other documentation to be completed or corrected, the Dealer will indemnity the Bank for any losses or costs the Bank incurs because of any late return or nonpayment of the sight draft. All repurchases pursuant to this section shall be without recourse to the Bank and without representation or warranty by the Bank, express or implied, as to the repurchased Contract. The foregoing rights are in addition to and not in limitation of any other rights the Bank may have under this Agreement or any related agreements, instruments or other documents or under applicable law.
Contract Repurchase. If: i) any of Dealer’s representations, warranties, or covenants has been/is inaccurate, untrue or otherwise breached; or ii) there is a first payment default (i.e., the customer defaults under the terms of the Contract within the period of the first scheduled payment), Dealer shall repurchase the Contract (“Repurchase”) upon request by Company. Dealer’s Repurchase obligation applies regardless of whether the Buyer has defaulted. The Repurchase shall be without recourse against Company, and paid in cash upon demand. Company shall assign the Contract to Dealer “AS IS,” with no representations, warranties, or covenants, expressed or implied. The Repurchase price shall be the balance owed by Buyer to Company under the Contract, together with repossession costs, attorney’s fees and any other sums incurred by Company in connection with the Contract and/or due from Dealer under this Agreement (“Repurchase Price”). Company shall not be obligated to first repossess the Vehicle or otherwise exhaust its recourse against Buyer. Dealer’s obligation to Repurchase a Contract and the Repurchase Price will not be affected by:
Contract Repurchase
