Common use of Mandatory Repurchase Clause in Contracts

Mandatory Repurchase. (i) In the event of a Loss related to a Purchased Asset, arising from or directly related to a breach by Seller of any of its representations or warranties set forth in the Operative Documents, Seller will, within ten (10) Business Days after receipt of notice of such Loss (such notice to contain in reasonable detail a description of such Loss and the relationship to such underlying breach), without first requiring Purchaser to proceed against any Account Party or any other Person for any security, repurchase the Purchased Asset directly affected thereby and pay Purchaser in cash an amount equal to the net present value of all unpaid remaining scheduled Payments with respect to such Purchased Asset discounted at a per annum rate of 8.28%. Upon receipt of such payment by Seller, Purchaser shall reassign the Purchased Asset, without recourse against or warranty by Purchaser, and shall promptly deliver a release regarding such Purchased Asset to Seller. (ii) If any Equipment is not insured as contemplated by the Account Documents and Seller is collecting additional amounts from an Account Party instead of requiring the Account Party to effect such insurance, upon any casualty loss with respect to such Equipment, Seller will repurchase the Purchased Asset directly affected thereby and pay Purchaser in cash an amount equal to the net present value of all unpaid remaining scheduled Payments with respect to such Purchased Asset discounted at a per annum rate of 8.28%. Upon receipt of such payment by Seller, Purchaser shall reassign the Purchased Asset, without recourse against or warranty by Purchaser, and shall promptly deliver a release regarding such Purchased Asset to Seller.

Mandatory Repurchase. (ia) In If on any day the event outstanding balance of a Loss Receivable conveyed hereunder and included at any time as an Eligible Receivable on an Investor Report is either (x) reduced as a result of any defective, rejected or returned merchandise or services, any discount, credit, dispute, warranty claim, repossessed or returned goods, charge-back, allowance, any billing adjustment, similar dilutive factor or other similar adjustment or (y) reduced or canceled as a result of a setoff or offset in respect of any claim by any Person against the Seller, any Originator Subsidiary or the Servicer (whether such claim arises out of the same or a related transaction or an unrelated transaction), the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation and the Seller shall pay to the Purchaser an amount equal to such reduction or cancellation. (b) If on any day any representation or warranty of the Seller in this Agreement was or becomes untrue with respect to a Purchased Asset, arising from Receivable (whether on or directly related to a breach by Seller after the date of any of its representations or warranties set forth in the Operative Documents, Seller will, within ten (10) Business Days after receipt of notice transfer of such Loss (Receivable to the Purchaser), the Seller shall be deemed to have received on such notice to contain in reasonable detail day a description Collection of such Loss Receivable in full and the relationship Seller shall on such day pay to such underlying breach), without first requiring the Purchaser to proceed against any Account Party or any other Person for any security, repurchase the Purchased Asset directly affected thereby and pay Purchaser in cash an amount equal to the net present value of all unpaid remaining scheduled Payments with respect to such Purchased Asset discounted at a per annum rate of 8.28%. Upon receipt outstanding balance of such payment by Seller, Purchaser shall reassign the Purchased Asset, without recourse against or warranty by Purchaser, and shall promptly deliver a release regarding such Purchased Asset to SellerReceivable. (iic) If Any payment by an Obligor in respect of any Equipment is not insured as contemplated indebtedness, obligation or liability owed by the Account Documents and Seller is collecting additional amounts from an Account Party instead of requiring the Account Party to effect such insurance, upon any casualty loss with respect to such Equipment, Seller will repurchase the Purchased Asset directly affected thereby and pay Purchaser in cash an amount equal it to the net present value Seller or any Originator Subsidiary shall, except as otherwise specified by such Obligor or otherwise required by contract or law be applied as a Collection of all unpaid remaining scheduled Payments with respect to such Purchased Asset discounted at a per annum rate of 8.28%. Upon receipt any Receivable of such payment by Seller, Purchaser shall reassign Obligor included in the Purchased Asset, without recourse against Receivables transferred hereunder (starting with the oldest such Receivable) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or warranty by Purchaser, and shall promptly deliver a release regarding other indebtedness of such Purchased Asset Obligor to the Seller.

Mandatory Repurchase. (ia) In If on any day the event outstanding balance of a Loss Receivable conveyed hereunder and included at any time as an Eligible Receivable on an Investor Report is either (x) reduced as a result of any defective, rejected or returned merchandise or services, any discount, credit, dispute, warranty claim, repossessed or returned goods, charge-back, allowance, any billing adjustment, similar dilutive factor or other similar adjustment or (y) reduced or canceled as a result of a setoff or offset in respect of any claim by any Person against the applicable Seller (whether such claim arises out of the same or a related transaction or an unrelated transaction), the applicable Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation and such Seller shall pay to the Purchaser an amount equal to such reduction or cancellation. (b) If on any day any representation or warranty of either Seller in this Agreement was or becomes untrue with respect to a Purchased Asset, arising from Receivable (whether on or directly related to a breach by Seller after the date of any of its representations or warranties set forth in the Operative Documents, Seller will, within ten (10) Business Days after receipt of notice transfer of such Loss (Receivable to the Purchaser), such notice Seller shall be deemed to contain in reasonable detail have received on such day a description Collection of such Loss Receivable in full and shall on such day pay to the relationship to such underlying breach), without first requiring Purchaser to proceed against any Account Party or any other Person for any security, repurchase the Purchased Asset directly affected thereby and pay Purchaser in cash an amount equal to the net present value of all unpaid remaining scheduled Payments with respect to such Purchased Asset discounted at a per annum rate of 8.28%. Upon receipt outstanding balance of such payment by Seller, Purchaser shall reassign the Purchased Asset, without recourse against or warranty by Purchaser, and shall promptly deliver a release regarding such Purchased Asset to SellerReceivable. (iic) If Any payment by an Obligor in respect of any Equipment is not insured indebtedness, obligation or liability owed by it to the applicable Seller shall, except as contemplated otherwise specified by such Obligor or otherwise required by contract or law be applied as a Collection of any Receivable of such Obligor included in the Account Documents Receivables transferred hereunder (starting with the oldest such Receivable) to the extent of any amounts then due and Seller is collecting additional amounts from an Account Party instead payable thereunder before being applied to any other receivable or other indebtedness of requiring the Account Party to effect such insurance, upon any casualty loss with respect Obligor to such Equipment, Seller will repurchase the Purchased Asset directly affected thereby and pay Purchaser in cash an amount equal to the net present value of all unpaid remaining scheduled Payments with respect to such Purchased Asset discounted at a per annum rate of 8.28%. Upon receipt of such payment by Seller, Purchaser shall reassign the Purchased Asset, without recourse against or warranty by Purchaser, and shall promptly deliver a release regarding such Purchased Asset to Seller.

Mandatory Repurchase. (i) In the event of Upon a Loss related to a Purchased Asset, arising from or directly related to a breach by Seller repurchase of any CCI Notes by CCI or other Holder pursuant to Article 11 of its representations or warranties set forth in the Operative DocumentsIndenture, Seller will, within ten (10) Business Days after receipt Obligor shall repurchase a portion of notice this Mirror Note equal to 100% of the aggregate principal amount of the CCI Notes so repurchased plus interest accrued on this Mirror Note to the date of such Loss repurchase by CCI, to but excluding the Repurchase Date (such notice the "Mirror Repurchase Price"); provided, however, that installments of interest on the portion of this Mirror Note whose Stated Maturity is on or prior to contain the Repurchase Date shall be payable to CCI according to the terms of this Mirror Note. If the repurchase price of the CCI Notes is paid in reasonable detail a description shares of such Loss and Common Stock pursuant to Section 11.01 of the relationship Indenture, then the Mirror Repurchase Price shall be paid by the delivery of that number of Membership Units to such underlying breach), without first requiring Purchaser to proceed against any Account Party or any other Person for any security, repurchase the Purchased Asset directly affected thereby and pay Purchaser in cash an amount CCI equal to the net present value number of all unpaid remaining scheduled Payments with respect shares of Common Stock issued by Holder to such Purchased Asset discounted at a per annum rate of 8.28%. Upon receipt of such payment by Seller, Purchaser shall reassign the Purchased Asset, without recourse against or warranty by Purchaser, and shall promptly deliver a release regarding such Purchased Asset to Seller. (ii) If any Equipment is not insured as contemplated by the Account Documents and Seller is collecting additional amounts from an Account Party instead of requiring the Account Party to effect such insurance, upon any casualty loss with respect to such Equipment, Seller will repurchase the Purchased Asset directly affected thereby and pay Purchaser CCI Notes; provided that in cash an amount the event a One-for-One Event occurs, Obligor will issue the number of Membership Units with a fair market value equal to the net present value number of all unpaid remaining scheduled Payments with shares of Common Stock issued to repurchase the CCI Notes. Whenever there is a reference, in any context, to the principal of this Mirror Note as of any time, such reference shall be deemed to include reference to the Mirror Repurchase Price payable in respect of amounts outstanding under this Mirror Note to the extent that such Purchased Asset discounted Mirror Repurchase Price is, was or would be so payable at a per annum rate of 8.28%. Upon receipt of such payment by Seller, Purchaser shall reassign the Purchased Asset, without recourse against or warranty by Purchasertime, and express mention of the Repurchase Price in any provision of this Mirror Note shall promptly deliver a release regarding not be construed as excluding the Mirror Repurchase Price in those provisions of this Mirror Note when such Purchased Asset to Sellerexpress mention is not made.