Common use of Mandatory Repurchase upon Breach of Warranty Clause in Contracts

Mandatory Repurchase upon Breach of Warranty. If any Loan, which has been sold, assigned, conveyed, transferred and/or contributed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Loan, shall fail to meet the conditions set forth in the definition of “Eligible Loan”, as applicable, on the date of such report or for which any representation or warranty made herein in respect of such Loan shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Loan not being an “Eligible Loan” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection of such Loan in full and shall on such day pay to Funding an amount equal to the Release Price of such Loan. If on any day any Contract, which has been sold, assigned, conveyed, transferred and/or contributed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Contract, shall fail to meet the conditions set forth in the definition of “Eligible Contract” or any report or for which any representation or warranty made, herein in respect of such Contract shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Contract not being an “Eligible Contract” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection in the amount of the Release Price of such Contract and shall on such day pay to Funding an amount equal to the Release Price of such Contract. For purposes of this Section 6.1, Release Price shall be calculated as of the last day of the immediately preceding collection period. Upon the request of CAC, Funding shall execute and deliver to CAC any assignments, termination statements and any other releases and instruments as CAC may reasonably request in order to effect and evidence the release of Funding’s security interest on the Loans and the Contracts for which payment has been made in accordance with this Section 6.1 and the sale, assignment, conveyance and transfer of such Loans and Contracts to CAC; provided, however, that any Collections relating to any such Loans accrued through the date of the release of the security interest in such Loans shall continue to be owned by Funding.

Mandatory Repurchase upon Breach of Warranty. (a) If any Loan, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Loanhereunder, shall fail to meet the conditions set forth in the definition of “Eligible Dealer Loan” or “Eligible Purchased Loan”, as applicable, on as of the date of such report or for which any representation or warranty made herein in respect of such Loan shall fail was conveyed to be true on the date so madeFunding, then CAC shall, by no later than the earlier of (i) knowledge by CAC of first Payment Date occurring after the Collection Period during which such failure was discovered or notice was sent with respect thereto, repurchase such Loan not being an “Eligible Loan” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection of such Loan in full and shall on such day pay paying to Funding an amount equal to the Release Price of such Loan. If on any day any Contract, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Contracthereunder, shall fail to meet the conditions set forth in the definition of “Eligible Contract” or any report or for which any representation or warranty made, herein in respect as of the date such Contract shall fail was conveyed to be true on the date so madeFunding, then CAC shall, by no later than the earlier of (i) knowledge by CAC of first Payment Date occurring after the Collection Period during which such failure was discovered or notice was sent with respect thereto, repurchase such Contract not being an “Eligible Contract” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection in the amount of the Release Price of such Contract and shall on such day pay paying to Funding an amount equal to the Release Price of such Contract. For purposes of this Section 6.16.1(a), Release Price shall be calculated as of the last day of the immediately preceding collection periodCollection Period. (b) Each Dealer Loan, Dealer Loan Contract, Purchased Loan, Purchased Loan Contract and the Related Security which is subject to a payment in accordance with Sections 6.1(a) above shall, upon payment in full of the related amounts required thereunder, be reconveyed to CAC and shall no longer constitute Conveyed Property. Upon such payment and the request of CAC, Funding shall execute and deliver to CAC any assignments, termination statements and any other releases and instruments as CAC may reasonably request in order to effect and evidence the release of Funding’s 's security interest on in such Dealer Loan, Dealer Loan Contract, Purchased Loan, Purchased Loan Contract or Related Security. (c) The parties hereto agree that the sole remedy for the breaches referenced in Sections 6.1(a) above is to require CAC to repurchase the relevant Loans and the or Contracts for which payment has been made as set forth in accordance with this Section 6.1 and to provide the saleindemnity specified in, assignmentand subject to the limitations of, conveyance Section 5.3 hereof. (d) Notwithstanding anything herein to the contrary, during the Revolving Period, the repurchase and transfer of such Loans and Contracts the related payment set forth under Sections 6.1(a) above shall not be required if the Aggregate Loan Amount is equal to CAC; provided, however, that any Collections relating to any such Loans accrued through or less than the date of the release of the security interest in such Loans shall continue to be owned by FundingBorrowing Base.

Mandatory Repurchase upon Breach of Warranty. If any Loan, which has been sold, assigned, conveyed, transferred and/or contributed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Loan, shall fail to meet the conditions set forth in the definition of “"Eligible Loan”, as applicable, " on the date of such report or for which any representation or warranty made herein in respect of such Loan shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Loan not being an “Eligible Loan” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection of such Loan in full and shall on such day pay to Funding an amount equal to the Release Price of such Loan. If on any day any Contract, which has been sold, assigned, conveyed, transferred and/or contributed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Contract, shall fail to meet the conditions set forth in the definition of “"Eligible Contract” or any " on the date of such report or for which any representation or warranty made, made herein in respect of such Contract shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Contract not being an “Eligible Contract” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection in the amount of the Release Price of such Contract and shall on such day pay to Funding an amount equal to the Release Price of such Contract. For purposes of this Section 6.1, Release Price shall be calculated as of the last day of the immediately preceding collection period. Upon the request of CAC, Funding shall execute and deliver to CAC any assignments, termination statements and any other releases and instruments as CAC may reasonably request in order to effect and evidence the release of Funding’s its security interest on the Loans and the Contracts for which payment has been made in accordance with this Section 6.1 and the sale, assignment, conveyance and transfer of such Loans and Contracts to CAC6.1; provided, however, that any Income Collections relating to any such Loans accrued through the date of the release of the security interest in such Loans shall continue to be owned by Funding.

Mandatory Repurchase upon Breach of Warranty. If any Loan, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Dealer Loan or Eligible Purchased Loan, shall fail to meet the conditions set forth in the definition of “Eligible Dealer Loan” or “Eligible Purchased Loan”, as applicable, on the date of such report or for which any representation or warranty made herein in respect of such Loan shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Loan not being an “Eligible Loan” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection of such Loan in full and shall on such day pay to Funding an amount equal to the Release Price of such Loan. If on any day any Contract, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Dealer Loan Contract or Eligible Purchased Loan Contract, shall fail to meet the conditions set forth in the definition of “Eligible Dealer Loan Contract” or any “Eligible Purchased Loan Contract” on the date of such report or for which any representation or warranty made, made herein in respect of such Contract shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Contract not being an “Eligible Contract” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection in the amount of the Release Price of such Contract and shall on such day pay to Funding an amount equal to the Release Price of such Contract. For purposes of this Section 6.1, Release Price shall be calculated as of the last day of the immediately preceding collection period. Upon the request of CAC, Funding shall execute and deliver to CAC any assignments, termination statements and any other releases and instruments as CAC may reasonably request in order to effect and evidence the release of Funding’s 's security interest on the Loans and the Contracts for which payment has been made in accordance with this Section 6.1 and the sale, assignment, conveyance and transfer of such Loans and Contracts to CAC; provided, however, that any Collections relating to any such Loans accrued through the date of the release of the security interest in such Loans shall continue to be owned by Funding.

Mandatory Repurchase upon Breach of Warranty. If any Loan, which has been sold, assigned, conveyed, transferred and/or contributed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Loan, shall fail to meet the conditions set forth in the definition of “"Eligible Loan”, as applicable, " on the date of such report or for which any representation or warranty made herein in respect of such Loan shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Loan not being an “Eligible Loan” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection of such Loan in full and shall on such day pay to Funding an amount equal to the Release Price aggregate Outstanding Balance of such Loan. If on any day any Contract, which has been sold, assigned, conveyed, transferred and/or contributed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Contract, shall fail to meet the conditions set forth in the definition of “"Eligible Contract” or any " on the date of such report or for which any representation or warranty made, made herein in respect of such Contract shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Contract not being an “Eligible Contract” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection in the amount of the Release Price Outstanding Balance of such Contract and shall on such day pay to Funding an amount equal to the Release Price outstanding Balance of such Contract. For purposes of this Section 6.1, Release Price Outstanding Balance shall be calculated as of the last day of the immediately preceding collection period. Upon the request of CAC, Funding shall execute and deliver to CAC any assignments, termination statements and any other releases and instruments as CAC may reasonably request in order to effect and evidence the release of Funding’s its security interest on the Loans and the Contracts for which payment has been made in accordance with this Section 6.1 and the sale6.1; PROVIDED, assignment, conveyance and transfer of such Loans and Contracts to CAC; provided, howeverHOWEVER, that any Income Collections relating to any such Loans accrued through the date of the release of the security interest in such Loans shall continue to be owned by pledged to Funding.

Mandatory Repurchase upon Breach of Warranty. If any Loan, which has been sold, assigned, conveyed, transferred and/or contributed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Loan, shall fail to meet the conditions set forth in the definition of “"Eligible Loan”, as applicable, " on the date of such report or for which any representation or warranty made herein in respect of such Loan shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Loan not being an “Eligible Loan” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection of such Loan in full and shall on such day pay to Funding an amount equal to the Release Price of such Loan. If on any day any Contract, which has been sold, assigned, conveyed, transferred and/or contributed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Contract, shall fail to meet the conditions set forth in the definition of “"Eligible Contract” or any " on the date of such report or for which any representation or warranty made, made herein in respect of such Contract shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Contract not being an “Eligible Contract” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection in the amount of the Release Price of such Contract and shall on such day pay to Funding an amount equal to the Release Price of such Contract. For purposes of this Section 6.1, Release Price shall be calculated as of the last day of the immediately preceding collection period. Upon the request of CAC, Funding shall execute and deliver to CAC any assignments, termination statements and any other releases and instruments as CAC may reasonably request in order to effect and evidence the release of Funding’s its security interest on the Loans and the Contracts for which payment has been made in accordance with this Section 6.1 and the sale, assignment, conveyance and transfer of such Loans and Contracts to CAC6.1; provided, however, that any Income Collections relating to any such Loans accrued through the date of the release of the security interest in such Loans shall continue to be owned by pledged to Funding.

Mandatory Repurchase upon Breach of Warranty. (a) If any Loan, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Loanhereunder, shall fail to meet the conditions set forth in the definition of “Eligible Dealer Loan” or “Eligible Purchased Loan”, as applicable, on as of the date of such report or for which any representation or warranty made herein in respect of such Loan shall fail was conveyed to be true on the date so madeFunding, then CAC shall, by no later than the earlier of (i) knowledge by CAC of first Payment Date occurring after the Collection Period during which such failure was discovered or notice was sent with respect thereto, repurchase such Loan not being an “Eligible Loan” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection of such Loan in full and shall on such day pay paying to Funding an amount equal to the Release Price of such Loan. If on any day any Contract, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Contracthereunder, shall fail to meet the conditions set forth in the definition of “Eligible Contract” or any report or for which any representation or warranty made, herein in respect as of the date such Contract shall fail was conveyed to be true on the date so madeFunding, then CAC shall, by no later than the earlier of (i) knowledge by CAC of first Payment Date occurring after the Collection Period during which such failure was discovered or notice was sent with respect thereto, repurchase such Contract not being an “Eligible Contract” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection in the amount of the Release Price of such Contract and shall on such day pay paying to Funding an amount equal to the Release Price of such Contract. For purposes of this Section 6.16.1(a), Release Price shall be calculated as of the last day of the immediately preceding collection periodCollection Period. (b) Each Dealer Loan, Dealer Loan Contract, Purchased Loan, Purchased Loan Contract and the Related Security which is subject to a payment in accordance with Section 6.1(a) above shall, upon payment in full of the related amounts required thereunder, be reconveyed to CAC and shall no longer constitute Conveyed Property. Upon such payment and the request of CAC, Funding shall execute and deliver to CAC any assignments, termination statements and any other releases and instruments as CAC may reasonably request in order to effect and evidence the release of Funding’s security interest on in such Dealer Loan, Dealer Loan Contract, Purchased Loan, Purchased Loan Contract or Related Security. (c) The parties hereto agree that the sole remedy for the breaches referenced in Section 6.1(a) above is to require CAC to repurchase the relevant Loans and the or Contracts for which payment has been made as set forth in accordance with this Section 6.1 and to provide the saleindemnity specified in, assignmentand subject to the limitations of, conveyance Section 5.3 hereof. (d) Notwithstanding anything herein to the contrary, during the Revolving Period, the repurchase and transfer of such Loans and Contracts the related payment set forth under Section 6.1(a) above shall not be required if the Aggregate Loan Amount is equal to CAC; provided, however, that any Collections relating to any such Loans accrued through or less than the date of the release of the security interest in such Loans shall continue to be owned by FundingBorrowing Base.

Mandatory Repurchase upon Breach of Warranty. If any Loan, which has been sold, assigned, conveyed, transferred assigned and/or contributed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Loan, shall fail to meet the conditions set forth in the definition of “Eligible Loan”, as applicable, on the date of such report or for which any representation or warranty made herein in respect of such Loan shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Loan not being an “Eligible Loan” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection of such Loan in full and shall on such day pay to Funding an amount equal to the Release Price of such Loan. If on any day any Contract, which has been sold, assigned, conveyed, transferred assigned and/or contributed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Contract, shall fail to meet the conditions set forth in the definition of “Eligible Contract” or any report or for which any representation or warranty made, herein in respect of such Contract shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Contract not being an “Eligible Contract” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection in the amount of the Release Price of such Contract and shall on such day pay to Funding an amount equal to the Release Price of such Contract. For purposes of this Section 6.1, Release Price shall be calculated as of the last day of the immediately preceding collection period. Upon the request of CAC, Funding shall execute and deliver to CAC any assignments, termination statements and any other releases and instruments as CAC may reasonably request in order to effect and evidence the release of Funding’s its security interest on the Loans and the Contracts for which payment has been made in accordance with this Section 6.1 and the sale, assignment, conveyance and transfer of such Loans and Contracts to CAC6.1; provided, however, that any Collections relating to any such Loans accrued through the date of the release of the security interest in such Loans shall continue to be owned by Funding.

Mandatory Repurchase upon Breach of Warranty. (a) If any Loan, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Loanhereunder, shall fail to meet the conditions set forth in the definition of “Eligible Dealer Loan” or “Eligible Purchased Loan”, as applicable, on as of the date of such report or for which any representation or warranty made herein in respect of such Loan shall fail was conveyed to be true on the date so madeFunding, then CAC shall, by no later than the earlier of (i) knowledge by CAC of first Payment Date occurring after the Collection Period during which such failure was discovered or notice was sent with respect thereto, repurchase such Loan not being an “Eligible Loan” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection of such Loan in full and shall on such day pay paying to Funding an amount equal to the Release Price of such Loan. If on any day any Contract, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Contracthereunder, shall fail to meet the conditions set forth in the definition of “Eligible Dealer Loan Contract” or any report or for which any representation or warranty made“Eligible Purchased Loan Contract”, herein in respect as applicable, as of the date such Contract shall fail was conveyed to be true on the date so madeFunding, then CAC shall, by no later than the earlier of (i) knowledge by CAC of first Payment Date occurring after the Collection Period during which such failure was discovered or notice was sent with respect thereto, repurchase such Contract not being an “Eligible Contract” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection in the amount of the Release Price of such Contract and shall on such day pay paying to Funding an amount equal to the Release Price of such Contract. For purposes of this Section 6.16.1(a), Release Price shall be calculated as of the last day of the immediately preceding collection periodCollection Period. (b) Each Dealer Loan, Dealer Loan Contract, Purchased Loan, Purchased Loan Contract and the Related Security which is subject to a payment in accordance with Section 6.1(a) above shall, upon payment in full of the related amounts required thereunder, be reconveyed to CAC and shall no longer constitute Conveyed Property. Upon such payment and the request of CAC, Funding shall execute and deliver to CAC any assignments, termination statements and any other releases and instruments as CAC may reasonably request in order to effect and evidence the release of Funding’s security interest on in such Dealer Loan, Dealer Loan Contract, Purchased Loan, Purchased Loan Contract or Related Security. (c) The parties hereto agree that the sole remedy of Funding for the breaches referenced in Section 6.1(a) above is to require CAC to repurchase the relevant Loans and the or Contracts for which payment has been made as set forth in accordance with this Section 6.1 and to provide the saleindemnity specified in, assignmentand subject to the limitations of, conveyance Section 5.3 hereof. (d) Notwithstanding anything herein to the contrary, during the Revolving Period, the repurchase and transfer of such Loans the related payment set forth under Section 6.1(a) above shall not be required if (i) the Class A Aggregate Loan Amount is equal to or less than the Class A Borrowing Base and Contracts (ii) the Class B Aggregate Loan Amount is equal to CAC; provided, however, that any Collections relating to any such Loans accrued through or less than the date of the release of the security interest in such Loans shall continue to be owned by FundingClass B Borrowing Base.

Mandatory Repurchase upon Breach of Warranty. (a) If any Loan, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Loanhereunder, shall fail to meet the conditions set forth in the definition of “Eligible Dealer Loan” or “Eligible Purchased Loan”, as applicable, on as of the date of such report or for which any representation or warranty made herein in respect of such Loan shall fail was conveyed to be true on the date so madeFunding, then CAC shall, by no later than the earlier of (i) knowledge by CAC of first Payment Date occurring after the Collection Period during which such failure was discovered or notice was sent with respect thereto, repurchase such Loan not being an “Eligible Loan” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection of such Loan in full and shall on such day pay paying to Funding an amount equal to the Release Price of such Loan. If on any day any Contract, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Contracthereunder, shall fail to meet the conditions set forth in the definition of “Eligible Contract” or any report or for which any representation or warranty made, herein in respect as of the date such Contract shall fail was conveyed to be true on the date so madeFunding, then CAC shall, by no later than the earlier of (i) knowledge by CAC of first Payment Date occurring after the Collection Period during which such failure was discovered or notice was sent with respect thereto, repurchase such Contract not being an “Eligible Contract” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection in the amount of the Release Price of such Contract and shall on such day pay paying to Funding an amount equal to the Release Price of such Contract. For purposes of this Section 6.16.1(a), Release Price shall be calculated as of the last day of the immediately preceding collection periodCollection Period. (b) Each Dealer Loan, Dealer Loan Contract, Purchased Loan, Purchased Loan Contract and the Related Security which is subject to a payment in accordance with Sections 6.1(a) above shall, upon payment in full of the related amounts required thereunder, be reconveyed to CAC and shall no longer constitute Conveyed Property. Upon such payment and the request of CAC, Funding shall execute and deliver to CAC any assignments, termination statements and any other releases and instruments as CAC may reasonably request in order to effect and evidence the release of Funding’s security interest on the Loans and the Contracts for which payment has been made in accordance with this Section 6.1 and the sale, assignment, conveyance and transfer of such Loans and Contracts to CAC; provided, however, that any Collections relating to any such Loans accrued through the date of the release of the 's security interest in such Dealer Loan, Dealer Loan Contract, Purchased Loan, Purchased Loan Contract or Related Security. (c) The parties hereto agree that the sole remedy of Funding for the breaches referenced in Sections 6.1(a) above is to require CAC to repurchase the relevant Loans or Contracts as set forth in this Section 6.1. (d) Notwithstanding anything herein to the contrary, during the Revolving Period, the repurchase and the related payment set forth under Sections 6.1(a) above shall continue not be required if the Capital is equal to be owned by Fundingor less than the Borrowing Base.

Mandatory Repurchase upon Breach of Warranty. If any Loan, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Dealer Loan or Eligible Purchased Loan, shall fail to meet the conditions set forth in the definition of “Eligible Dealer Loan” or “Eligible Purchased Loan”, as applicable, on the date of such report or for which any representation or warranty made herein in respect of such Loan shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Loan not being an “Eligible Loan” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection of such Loan in full and shall on such day pay to Funding an amount equal to the Release Price of such Loan. If on any day any Dealer Loan Contract, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Dealer Loan Contract, shall fail to meet the conditions set forth in the definition of “Eligible Dealer Loan Contract” or any on the date of such report or for which any representation or warranty made, made herein in respect of such Dealer Loan Contract shall fail to be true on the date so made, then no later than the earlier of (i) knowledge by CAC of such Contract not being an “Eligible Contract” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection in the amount of the Release Price of such Dealer Loan Contract and shall on such day pay to Funding an amount equal to the Release Price of such Contract. For purposes of this Section 6.1, Release Price shall be calculated as of the last day of the immediately preceding collection period. Upon the request of CAC, Funding shall execute and deliver to CAC any assignments, termination statements and any other releases and instruments as CAC may reasonably request in order to effect and evidence the release of Funding’s security interest on the Loans and the Dealer Loan Contracts for which payment has been made in accordance with this Section 6.1 and the sale, assignment, conveyance and transfer of such Loans and Contracts to CAC; provided, however, that any Collections relating to any such Loans accrued through the date of the release of the security interest in such Loans shall continue to be owned by Funding.

Mandatory Repurchase upon Breach of Warranty. (a) If any Loan, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Loanhereunder, shall fail to meet the conditions set forth in the definition of “Eligible Dealer Loan” or “Eligible Purchased Loan”, as applicable, on as of the date of such report or for which any representation or warranty made herein in respect of such Loan shall fail was conveyed to be true on the date so madeFunding, then CAC shall, by no later than the earlier of (i) knowledge by CAC of first Payment Date occurring after the Collection Period during which such failure was discovered or notice was sent with respect thereto, repurchase such Loan not being an “Eligible Loan” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection of such Loan in full and shall on such day pay paying to Funding an amount equal to the Release Price of such Loan. If on any day any Contract, which has been sold, assigned, conveyed, transferred and/or contributed conveyed to Funding by CAC hereunder and which has been reported by CAC to be an Eligible Contracthereunder, shall fail to meet the conditions set forth in the definition of “Eligible Contract” or any report or for which any representation or warranty made, herein in respect as of the date such Contract shall fail was conveyed to be true on the date so madeFunding, then CAC shall, by no later than the earlier of (i) knowledge by CAC of first Payment Date occurring after the Collection Period during which such failure was discovered or notice was sent with respect thereto, repurchase such Contract not being an “Eligible Contract” or such representation or warranty failing to be true or (ii) receipt by CAC from Funding, the Deal Agent, the Collateral Agent or the Servicer of written notice thereof, CAC shall be deemed to have received on such day a Collection in the amount of the Release Price of such Contract and shall on such day pay paying to Funding an amount equal to the Release Price of such Contract. For purposes of this Section 6.16.1(a), Release Price shall be calculated as of the last day of the immediately preceding collection periodCollection Period. (b) Each Dealer Loan, Dealer Loan Contract, Purchased Loan, Purchased Loan Contract and the Related Security which is subject to a payment in accordance with Sections 6.1(a) above shall, upon payment in full of the related amounts required thereunder, be reconveyed to CAC and shall no longer constitute Contributed Property. Upon such payment and the request of CAC, Funding shall execute and deliver to CAC any assignments, termination statements and any other releases and instruments as CAC may reasonably request in order to effect and evidence the release of Funding’s security interest on the Loans and the Contracts for which payment has been made in accordance with this Section 6.1 and the sale, assignment, conveyance and transfer of such Loans and Contracts to CAC; provided, however, that any Collections relating to any such Loans accrued through the date of the release of the 's security interest in such Dealer Loan, Dealer Loan Contract, Purchased Loan, Purchased Loan Contract or Related Security. (c) The parties hereto agree that the sole remedy of Funding for the breaches referenced in Sections 6.1(a) above is to require CAC to repurchase the relevant Loans or Contracts as set forth in this Section 6.1. (d) Notwithstanding anything herein to the contrary, during the Revolving Period, the repurchase and the related payment set forth under Sections 6.1(a) above shall continue not be required if the Capital is equal to be owned by Fundingor less than the Borrowing Base.