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). (ii) Upon the occurrence of any of the conditions requiring purchase of a Receivable set forth in Section 3.1(b), the Servicer will repurchase the Receivable affected by such occurrence by depositing the Purchase Amount for such Receivable into the Collection Account on the Business Day preceding the Payment Date after the Collection Period (or, with satisfaction of the Rating Agency Condition, on such Payment Date) in which such modification is made. (iii) If the Servicer, in its sole discretion, determines that as a result of a receivables systems error or receivables systems limitation or for any other reason the Servicer is unable to service any Receivable in accordance with the Credit and Collection Policy and the terms of this Agreement, the Servicer may purchase such Receivable by depositing the Purchase Amount for such Receivable into the Collection Account on the Business Day preceding the Payment Date after the Collection Period (or, with satisfaction of the Rating Agency Condition, on such Payment Date) in which such determination is made. (iv) If Ford Credit is the Servicer, it may pay any Purchase Amounts in accordance with Section 4.3(c).

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). (ii) Upon the occurrence of any of the conditions requiring purchase of a Receivable set forth in Section 3.1(b), the Servicer will repurchase the Receivable affected by such the occurrence by depositing the Purchase Amount for such the Receivable into the Collection Account on the Business Day preceding prior to the Payment Date after the Collection Period (or, with satisfaction of the Rating Agency Condition, on such the Payment Date) in which such the modification is made. (iii) If the Servicer, in its sole discretion, determines that as a result of a receivables systems error or receivables systems limitation or for any other reason the Servicer is unable to service any Receivable in accordance with the Credit and Collection Policy and the terms of this Agreement, the Servicer may purchase such the Receivable by depositing the Purchase Amount for such the Receivable into the Collection Account on the Business Day preceding prior to the Payment Date after the Collection Period (or, with satisfaction of the Rating Agency Condition, on such the Payment Date) in which such the determination is made. (iv) If Ford Credit is the Servicer, it may pay any Purchase Amounts in accordance with Section 4.3(c).

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). (ii) Upon the occurrence of any of the conditions requiring purchase of a Receivable set forth in Section 3.1(b), the Servicer will repurchase the Receivable affected by such the occurrence by depositing the Purchase Amount for such the Receivable into the Collection Account on the Business Day preceding prior to the Payment Date after the Collection Period (or, with satisfaction of the Rating Agency Condition, on such the Payment Date) in which such the modification is made. (iii) If the Servicer, in its sole discretion, determines that as a result of a receivables systems error or receivables systems limitation or for any other reason the Servicer is unable to service any Receivable in accordance with the Credit and Collection Policy and the terms of this Agreement, the Servicer may purchase such the Receivable by depositing the Purchase Amount for such the Receivable into the Collection Account on the Business Day preceding prior to the Payment Date after the Collection Period (or, with satisfaction of the Rating Agency Condition, on such the Payment Date) in which such the determination is made. (iv) If the Servicer offers extensions to Obligors located in states and counties declared to be major disaster areas by the Federal Emergency Management Agency prior to the Closing Date, the Servicer will repurchase the Receivables of the Obligors that accept the offered extensions by depositing the Purchase Amount for such Receivables into the Collection Account on the Business Day preceding the Payment Date (or, with satisfaction of the Rating Agency Condition, on such Payment Date) after the Servicer determines such Receivables are part of the Purchased Property. (v) If Ford Credit is the Servicer, it may pay any Purchase Amounts in accordance with Section 4.3(c).

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). (ii) Upon the occurrence of any of the conditions requiring purchase of a Receivable set forth in Section 3.1(b), the Servicer will repurchase the Receivable affected by such occurrence by depositing the Purchase Amount for such Receivable into the Collection Account on the Business Day preceding the Payment Date after the Collection Period (or, with satisfaction of the Rating Agency Condition, on such Payment Date) in which such modification is made. (iii) If the Servicer, in its sole discretion, determines that as a result of a receivables systems error or receivables systems limitation or for any other reason the Servicer is unable to service any Receivable in accordance with the Credit and Collection Policy and the terms of this Agreement, the Servicer may purchase such Receivable by depositing the Purchase Amount for such Receivable into the Collection Account on the Business Day preceding the Payment Date after the Collection Period (or, with satisfaction of the Rating Agency Condition, on such Payment Date) in which such determination is made. (iv) If the Servicer offers extensions to obligors in the areas declared to be major disaster areas by the Federal Emergency Management Agency in response to the effects of Hurricane Xxxxx prior to the Closing Date, the Servicer will repurchase the Receivables of the Obligors that accept the offered extensions by depositing the Purchase Amount for such Receivables into the Collection Account on the Business Day preceding the Payment Date (or, with satisfaction of the Rating Agency Condition, on such Payment Date) after the Servicer determines such Receivables are part of the Purchased Property. (v) If Ford Credit is the Servicer, it may pay any Purchase Amounts in accordance with Section 4.3(c).