Common use of Purchase Amount Clause in Contracts

Purchase Amount. (i) If a Responsible Person of the Servicer has actual knowledge, or receives notice from the Depositor, the Issuer, the Owner Trustee or the Indenture Trustee, of a breach of the covenants set forth in Sections 3.1(c) or (d) and such breach is not cured in all material respects by the end of the second full Collection Period (or, at the Servicer’s option, the first full Collection Period) after the Responsible Person obtained actual knowledge or was notified of such breach, the Servicer will purchase each Receivable materially and adversely affected by such breach by depositing the Purchase Amount for such Receivable into the Collection Account on the Business Day preceding the Payment Date after such Collection Period (or, with satisfaction of the Rating Agency Condition, on such Payment Date).

Purchase Amount. (i) If a Responsible Person of the Servicer has actual knowledge, or receives notice from the Depositor, the Issuer, the Owner Trustee or the Indenture Trustee, of a breach of the covenants set forth in Sections 3.1(c) or (d) and such the breach is not cured in all material respects by the end of the second full Collection Period (or, at the Servicer’s option, the first full Collection Period) after the Responsible Person obtained actual knowledge or was notified of such the breach, the Servicer will purchase each Receivable materially and adversely affected by such the breach by depositing the Purchase Amount for such the Receivable into the Collection Account on the Business Day preceding prior to the Payment Date after such the Collection Period (or, with satisfaction of the Rating Agency Condition, on such the Payment Date).