Payment Upon Breach Sample Clauses

Payment Upon Breach. (a) The Seller, the Servicer, or the Trust Collateral Agent, as the case may be, shall inform the other parties to this Agreement promptly in writing (which, in the case of the Servicer, can be included in the applicable Servicer’s Certificate), upon the discovery (which, in the case of the Trust Collateral Agent shall mean actual knowledge of a Responsible Officer of the Trust Collateral Agent or receipt of written notice of such breach or failure): (i) of any breach of the Seller’s representations and warranties pursuant to Sections 3.01(i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (x) and (xiii) hereof without regard to any limitation set forth therein concerning the knowledge of the Seller as to the facts stated therein; or (ii) with respect to each date by which a review is required to be performed pursuant to Section 3.03(d) hereof, that the aggregate number of Incomplete Contracts exceeds the number of Permitted Incomplete Contracts for such date.
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Payment Upon Breach. (a) The Seller, the Servicer, or the Trust Collateral Agent, as the case may be, shall inform the other parties to this Agreement promptly in writing, upon the discovery (which, in the case of the Trust Collateral Agent shall mean actual knowledge of a Responsible Officer of the Trust Collateral Agent or receipt of written notice of such breach or failure): (i) of any breach of the Seller’s representations and warranties pursuant to Sections 3.01(i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (x) and (xiii) hereof without regard to any limitation set forth therein concerning the knowledge of the Seller as to the facts stated therein; or (ii) with respect to each date by which a review is required to be performed pursuant to Section 3.03(d) hereof, that the aggregate number of Incomplete Contracts exceeds the number of Permitted Incomplete Contracts for such date.
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Payment Upon Breach. (a) The Seller, the Servicer, or the Trust Collateral Agent, as the case may be, shall inform the other parties to this Agreement promptly in writing (which, in the case of the Servicer, can be included in the applicable Servicer’s Certificate), upon the discovery (which, in the case of the Trust Collateral Agent shall mean actual knowledge of a Responsible Officer of the Trust Collateral Agent or receipt of written notice of such breach or failure) of any breach of the Seller’s representations and warranties pursuant to Sections 3.01(i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (x) and (xiii) hereof without regard to any limitation set forth therein concerning the knowledge of the Seller as to the facts stated therein.
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Payment Upon Breach. 37 SECTION 3.03. Custody of Dealer Agreements, Purchase Agreements and Contract Files. 39 ARTICLE IV ADMINISTRATION AND SERVICING OF LOANS AND CONTRACTS 41 SECTION 4.01. Appointment; Duties of Servicer. 41 SECTION 4.02. Collection and Application of Payments on the Loans and Contracts; Extensions and Amendments. 43 SECTION 4.03. Realization Upon Contracts. 43 SECTION 4.04. [Reserved]. 44 SECTION 4.05. Maintenance of Security Interests in Financed Vehicles. 44 SECTION 4.06. Covenants of Servicer. 44 SECTION 4.07. Payments in Respect of Loans or Contracts Upon Breach. 48 SECTION 4.08. Servicer Fee. 49 SECTION 4.09. Servicer’s Certificate. 49 SECTION 4.10. Annual Statement as to Compliance; Notice of Default. 51 SECTION 4.11. Annual Independent Certified Public Accountants’ Report. 52 SECTION 4.12. Access to Certain Documentation and Information Regarding Loans and Contracts. 53 SECTION 4.13. Servicer Expenses. 53 SECTION 4.14. Servicer Not to Resign as Servicer. 53 SECTION 4.15. The Backup Servicer. 54 SECTION 4.16. [Reserved]. 54 SECTION 4.17. Obligations in Respect of the Servicer. 55 SECTION 4.18. Dealer Collections Purchase. 55 TABLE OF CONTENTS (continued) Page ARTICLE V TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS 55 SECTION 5.01. Establishment of Accounts of the Trust. 55 SECTION 5.02. Collections; Allocation. 59 SECTION 5.03. Certain Reimbursements to the Servicer. 59 SECTION 5.04. Additional Deposits. 59 SECTION 5.05. Reserve Account. 60 SECTION 5.06. Reserved. 61 SECTION 5.07. Reserved. 61 SECTION 5.08. Transfers and Distributions. 61 SECTION 5.09. Distributions from the Note Distribution Account. 63 SECTION 5.10. Certificate Distribution Account. 65 SECTION 5.11. Statements to Certificateholders and Noteholders. 66 ARTICLE VI THE SELLER AND THE ISSUER 67 SECTION 6.01. Representations and Warranties of the Seller. 67 SECTION 6.02. Limitation on Liability of Seller and Others. 71 SECTION 6.03. Seller May Own Notes. 71 SECTION 6.04. Additional Covenants of the Seller. 71 SECTION 6.05. Indemnities of the Issuer. 72 ARTICLE VII THE SERVICER 73 SECTION 7.01. Representations of Servicer. 73 SECTION 7.02. Indemnities of Servicer. 76 SECTION 7.03. Merger or Consolidation of, or Assumption of the Obligations of, Servicer. 78 SECTION 7.04. Limitation on Liability of Servicer and Others. 78 SECTION 7.05. Delegation of Duties. 79 SECTION 7.06. Certification Upon Satisfaction. 79 ARTICLE VIII DEFAULT 79 SECTION 8.01. Servicer ...
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Payment Upon Breach. 33 Section 3.03. Custody of Dealer Agreements, Purchase Agreements and Contract Files. 33 ARTICLE IV. ADMINISTRATION AND SERVICING OF LOANS AND CONTRACTS 37 Section 4.01. Appointment; Duties of Servicer. 37 Section 4.02. Collection and Application of Payments on the Loans and Contracts; Extensions and Amendments. 39 Section 4.03. Realization Upon Contracts. 39 Section 4.04. [Reserved]. 39 Section 4.05. Maintenance of Security Interests in Financed Vehicles. 39
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Payment Upon Breach. (a) The Seller, the Servicer, or the Trust Collateral Agent, as the case may be, shall inform the other parties to this Agreement promptly in writing, upon the discovery (which, in the case of the Trust Collateral Agent shall mean actual knowledge of a Responsible Officer of the Trust Collateral Agent or receipt of written notice of such breach or failure): (i) of any breach of the Seller’s representations and warranties pursuant to Section 3.01 hereof without regard to any limitation set forth therein concerning the knowledge of the Seller as to the facts stated therein; or (ii) with respect to each date by which a review is required to be performed pursuant to Section 3.03(d) hereof, that the aggregate number of Incomplete Contracts exceeds the number of Permitted Incomplete Contracts for such date.
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Related to Payment Upon Breach

  • Actions Upon Breach Should any Second Priority Representative or any Second Priority Debt Party, contrary to this Agreement, in any way take, attempt to take or threaten to take any action with respect to the Shared Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement) or fail to take any action required by this Agreement, any Senior Representative or other Senior Secured Party (in its or their own name or in the name of the Borrower or any other Grantor) or the Borrower may obtain relief against such Second Priority Representative or such Second Priority Debt Party by injunction, specific performance or other appropriate equitable relief. Each Second Priority Representative, on behalf of itself and each Second Priority Debt Party under its Second Priority Facility, hereby (i) agrees that the Senior Secured Parties’ damages from the actions of the Second Priority Representatives or any Second Priority Debt Party may at that time be difficult to ascertain and may be irreparable and waives any defense that the Borrower, any other Grantor or the Senior Secured Parties cannot demonstrate damage or be made whole by the awarding of damages and (ii) irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in any action that may be brought by any Senior Representative or any other Senior Secured Party.

  • Purchase by Servicer upon Breach The Depositor, the Servicer or the Administrator (on behalf of the Trust), as the case may be, shall inform the other parties to this Agreement, the Seller and the Indenture Trustee promptly, in writing, upon the discovery of any breach of Sections 3.2, 3.5 or 3.6. If such breach shall not have been cured by the close of business on the last day of the Collection Period which includes the 60th day after the date on which the Servicer becomes aware of, or receives written notice from the Depositor or the Administrator (on behalf of the Trust) of, such breach, and such breach materially and adversely affects the interest of the Trust in a Receivable, the Servicer shall purchase such Receivable from the Trust on the Distribution Date following such Collection Period; provided, however, that with respect to a breach of Section 3.2, the Servicer shall purchase the affected Receivable from the Trust at the end of the Collection Period in which such breach occurs. Any such breach or failure will be deemed not to have a material and adverse effect if such breach or failure has not affected the ability of the Issuer to receive and retain payment in full on such Receivable. In consideration of the purchase of a Receivable hereunder, the Servicer shall remit the Purchase Amount of such Receivable in the manner specified in Section 4.5. The sole remedy of the Trust, the Administrator, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders with respect to a breach of Sections 3.2, 3.5 or 3.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 3.7. None of the Administrator, the Owner Trustee or the Indenture Trustee shall have any duty to conduct an affirmative investigation as to the occurrence of any condition requiring the purchase of any Receivable pursuant to this Section 3.7.

  • Payment Upon Termination In the event that the City or Consultant terminates this Agreement pursuant to Section 8, the City shall compensate the Consultant for all outstanding costs and reimbursable expenses incurred for work satisfactorily completed as of the date of written notice of termination. Consultant shall maintain adequate logs and timesheets in order to verify costs incurred to that date. The City shall have no obligation to compensate Consultant for work not verified by logs or timesheets.

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