Non-Payment Report. If a Purchased Receivable remains unpaid, in part or in full, past the date that is thirty (30) Business Days after the applicable Adjusted Due Date therefor (an “Overdue Receivable”), the applicable Servicer shall report to the Buyer in a written report describing in reasonable detail the cause of such non-payment, including whether a Dispute or Insolvency Event exists with respect to the applicable Account Debtor (each a “Non-Payment Report”) and if the reason for such non-payment is not a Dispute or an Insolvency Event, the Buyer may in its sole discretion, upon at least five (5) Business Days’ prior notice to the applicable Servicer, (i) contact such Account Debtor by phone or in person to discuss the status of such Purchased Receivable and to inquire whether such payment delay or non-payment is due to a Dispute or Insolvency Event and when payment can be expected and/or (ii) take any other lawful action to collect such Purchased Receivable directly from such Account Debtor and/or (iii) terminate the appointment of the relevant Seller as Servicer with respect to such Purchased Receivable. Notwithstanding the foregoing, in the event a Purchased Receivable has not been paid in full by the date that is thirty-five (35) Business Days after the Adjusted Due Date therefor, and the applicable Servicer has not provided to the Buyer a certification that the missed payment on such Overdue Receivable is a result of an Insolvency Event or other condition with the applicable Account Debtor which has caused the applicable Account Debtor to not have the financial ability to make payment on such Purchased Receivable (a “Credit Default Certification”), together with evidence reasonably satisfactory to the Buyer that such Credit Default Certification is true and accurate, a Dispute shall be deemed to exist with respect to such Overdue Receivable. (i)
Non-Payment Report. If a Purchased Receivable remains unpaid, in part or in full, past the date that is sixty (60) days after the applicable Due Date therefor, the applicable Seller shall report to Wells in x xxitten report describing in reasonable detail the cause of such non-payment, including whether a Dispute or Insolvency Event exists with respect to the applicable Account Debtor or whether such Account Debtor is generally failing to pay its debts as they become due (each a “Non-Payment Report”); provided, that in the event Wells dexxxxxs to Seller a Repurchase Notice with respect to a Purchased Receivable pursuant to Section 3.2 or Wells hax xxxified Seller of its election to accept a Repurchase Offer from Seller with respect to a Purchased Receivable, then Seller shall not be required to deliver to Wells a Xxx-Xayment Report for such Purchased Receivable unless Seller fails to pay the Repurchase Price therefor as and when due hereunder, in which case Seller shall deliver to Wells a Xxx-Xayment Report for such Purchased Receivable on or prior to the date on which such Repurchase Price was due hereunder.
Non-Payment Report. If a Purchased Receivable remains unpaid, in part or in full, past the date that is five (5) days after the applicable Due Date therefor, the applicable Servicer shall report to the Purchaser in a written report describing in reasonable detail the cause of such non-payment, including whether a Dispute or Insolvency Event exists with respect to the applicable Account Debtor (each a “Non-Payment Report”). In the event a Purchased Receivable has not been paid in full by the date that is ten (10) days after the Due Date therefor and the reason for such non-payment is not a Dispute or an Insolvency Event, the Purchaser may in its sole discretion (i) contact such Account Debtor by phone or in person to discuss the status of such Purchased Receivable and to inquire whether such payment delay or non-payment is due to a Dispute or Insolvency Event and when payment can be expected and/or (ii) take any other lawful action to collect such Purchased Receivable directly from such Account Debtor and/or (iii) terminate the appointment of the relevant Seller as Servicer with respect to such Purchased Receivable.
