Common use of Deposit of Repurchase Payments Clause in Contracts

Deposit of Repurchase Payments. (i) If an Authorized Officer of the Servicer has actual knowledge, or receives notice from the 201[__]-[__] Exchange Noteholder, a Noteholder, a Note Owner or the Indenture Trustee, of a breach of (A) a representation or warranty set forth in Section 3.03, (B) the agreements set forth in Section 3.06 or (C) the covenants set forth in Sections 4.02(a) or 6.08 of the Basic Servicing Agreement and such breach materially and adversely affects the interest of the Issuer in the related 201[__]-[__] Lease or 201[__]-[__] Vehicle and such breach has not been cured in all material respects on or before the last day of the Collection Period which includes the 30th day after the date on which the Servicer obtained actual knowledge of, or received written notice of, such breach, the Servicer shall deposit into the 201[__]-[__] Exchange Note Collection Account an amount equal to the related Repurchase Payment with respect to such 201[__]-[__] Lease and related 201[__]-[__] Vehicle. (ii) The Servicer shall deposit into the 201[__]-[__] Exchange Note Collection Account an amount equal to the related Repurchase Payment if the Servicer determines, in its sole discretion, that, as a result of a computer systems error or computer systems limitation or for any other reason, the Servicer is unable to service a 201[__]-[__] Lease and 201[__]-[__] Vehicle in accordance with the terms of the 201[__]-[__] Servicing Agreement. (iii) So long as MBFS USA remains the Servicer, the Servicer will deposit into the 201[__]-[__] Exchange Note Collection Account an amount equal to the Repurchase Payment with respect to any 201[__]-[__] Lease if the Servicer is notified that the garaging location of the related 201[__]-[__] Vehicle has changed and, as a result of such change, such 201[__]-[__] Vehicle is no longer garaged in an Eligible State and such state does not become an Eligible State within 90 days of the Servicer becoming aware of such change. (iv) The Servicer will deposit the Repurchase Payment with respect to any 201[__]-[__] Lease and related 201[__]-[__] Vehicle that the Servicer is removing from the 201[__]-[__] Reference Pool in accordance with Section 3.05(a) into the 201[__]-[__] Exchange Note Collection Account on the Deposit Date immediately following the last day of the Collection Period which includes the 30th day after the date on which the Servicer becomes aware of, or receives written notice of, such breach or failure; provided that, for the avoidance of doubt, with respect to 3.05(a)(iii), the Servicer will be deemed to have become aware of or have received written notice of such breach or failure at the end of the 90 day period set forth therein.

Deposit of Repurchase Payments. (i) If an Authorized Officer of the Servicer has actual knowledge, or receives notice from the 201[__]-[__] Exchange Noteholder, a Noteholder, a Note Owner Noteholder or the Indenture Trustee, of a breach of (A) a representation or warranty set forth in Section 3.03, (B) the agreements set forth in Section 3.06 or (C) the covenants set forth in Sections 4.02(a) or 6.08 of the Basic Servicing Agreement and such breach materially and adversely affects the interest of the Issuer in the related 201[__]-[__] Lease or 201[__]-[__] Vehicle and such breach has not been cured in all material respects on or before the last day of the Collection Period which includes the 30th day after the date on which the Servicer obtained actual knowledge of, or received written notice of, such breach, the Servicer shall deposit into the 201[__]-[__] Exchange Note Collection Account an amount equal to the related Repurchase Payment with respect to such 201[__]-[__] Lease and related 201[__]-[__] Vehicle. (ii) The Servicer shall deposit into the 201[__]-[__] Exchange Note Collection Account an amount equal to the related Repurchase Payment if the Servicer determines, in its sole discretion, that, as a result of a computer systems error or computer systems limitation or for any other reason, the Servicer is unable to service a 201[__]-[__] Lease and 201[__]-[__] Vehicle in accordance with the terms of the 201[__]-[__] Servicing Agreement. (iii) So long as MBFS USA remains the Servicer, the Servicer will deposit into the 201[__]-[__] Exchange Note Collection Account an amount equal to the Repurchase Payment with respect to any 201[__]-[__] Lease if the Servicer is notified that the garaging location of the related 201[__]-[__] Vehicle has changed and, as a result of such change, such 201[__]-[__] Vehicle is no longer garaged in an Eligible State and such state does not become an Eligible State within 90 days of the Servicer becoming aware of such change. (iv) The Servicer will deposit the Repurchase Payment with respect to any 201[__]-[__] Lease and related 201[__]-[__] Vehicle that the Servicer is removing from the 201[__]-[__] Reference Pool in accordance with Section 3.05(a) into the 201[__]-[__] Exchange Note Collection Account on the Deposit Date immediately following the last day of the Collection Period which includes the 30th day after the date on which the Servicer becomes aware of, or receives written notice of, such breach or failure; provided that, for the avoidance of doubt, with respect to 3.05(a)(iii), the Servicer will be deemed to have become aware of or have received written notice of such breach or failure at the end of the 90 day period set forth therein.

Deposit of Repurchase Payments. (i) If an Authorized Officer of the Servicer has actual knowledge, or receives notice from the 201[__]-20[__]-[__] Exchange Noteholder, a Noteholder, a Note Owner or the Indenture Trustee, Trustee of a breach of (A) a representation or warranty set forth in Section 3.03, (B) the agreements set forth in Section 3.06 or (C) the covenants set forth in Sections 4.02(a) or 6.08 of the Basic Servicing Agreement and such breach materially and adversely affects the interest of the Issuer in the related 201[__]-20[__]-[__] Lease or 201[__]-20[__]-[__] Vehicle and such breach has not been cured in all material respects on or before the last day of the Collection Period which includes the 30th day after the date on which the Servicer obtained actual knowledge of, or received written notice of, such breach, the Servicer shall deposit into the 201[__]-20[__]-[__] Exchange Note Collection Account an amount equal to the related Repurchase Payment with respect to such 201[__]-20[__]-[__] Lease and related 201[__]-20[__]-[__] Vehicle. (ii) The Servicer shall deposit into the 201[__]-20[__]-[__] Exchange Note Collection Account an amount equal to the related Repurchase Payment if the Servicer determines, in its sole discretion, that, as a result of a computer systems error or computer systems limitation or for any other reason, the Servicer is unable to service a 201[__]-20[__]-[__] Lease and 201[__]-20[__]-[__] Vehicle in accordance with the terms of the 201[__]-20[__]-[__] Servicing Agreement. (iii) So long as MBFS USA remains the Servicer, the Servicer will deposit into the 201[__]-20[__]-[__] Exchange Note Collection Account an amount equal to the Repurchase Payment with respect to any 201[__]-20[__]-[__] Lease if the Servicer is notified that the garaging location of the related 201[__]-20[__]-[__] Vehicle has changed and, as a result of such change, such 201[__]-20[__]-[__] Vehicle is no longer garaged in an Eligible State and such state does not become an Eligible State within 90 days of the Servicer becoming aware of such change. (iv) The Servicer will deposit the Repurchase Payment with respect to any 201[__]-20[__]-[__] Lease and related 201[__]-20[__]-[__] Vehicle that the Servicer is removing from the 201[__]-20[__]-[__] Reference Pool in accordance with Section 3.05(a) into the 201[__]-20[__]-[__] Exchange Note Collection Account on the Deposit Date immediately following the last day of the Collection Period which includes the 30th day after the date on which the Servicer becomes aware of, or receives written notice of, such breach or failure; provided that, for the avoidance of doubt, with respect to 3.05(a)(iii), the Servicer will be deemed to have become aware of or have received written notice of such breach or failure at the end of the 90 day period set forth therein.