Purchase of Contracts Upon Breach. Upon discovery by any party hereto of a breach of any of the obligations set forth in Section 3.2, 3.3, 3.4 or 3.5 which materially and adversely affects the interests of the Issuer[, the Insurer], the Indenture Trustee or the Noteholders in any Contract, the party discovering such breach shall give prompt written notice thereof to the other parties hereto; provided, that the delivery of the Servicer’s Certificate shall be deemed to constitute prompt notice by the Servicer and the Issuer of such breach; provided, further, that the failure to give such notice shall not affect any obligation of the Servicer under this Section 3.6. If the breach materially and adversely affects the interests of the Issuer[, the Insurer] or the Noteholders in such Contract, then the Servicer shall either (a) correct or cure such breach or (b) purchase such Contract from the Issuer, in either case on or before one Business Day prior to the Determination Date immediately following the end of the first full Collection Period after the date the Servicer became aware or was notified of such breach. Any such purchase by the Servicer shall be at a price equal to the Repurchase Price. In consideration for such repurchase, the Servicer shall make (or shall cause to be made) a payment to the Issuer equal to the Repurchase Price by depositing such amount into the Collection Account prior to noon, New York City time on such date of repurchase. Upon payment of such Repurchase Price by the Servicer, the Indenture Trustee, on behalf of the Indenture Secured Parties, and the Issuer shall release and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse or representation, as may be reasonably requested by the Seller to evidence such release, transfer or assignment or more effectively vest in the Servicer or its designee all of the Issuer’s and Indenture Trustee’s rights in any Contract and related Transferred Assets repurchased pursuant to this Section 3.6. It is understood and agreed that, unless the Servicer fails to purchase any Contract as described above, the obligation of the Servicer to purchase any Contract as described above shall constitute the sole remedy respecting such breach available to the Issuer[, the Insurer] and the Indenture Trustee; provided, however, that the Servicer will indemnify the Issuer[, the Insurer], the Owner Trustee, the Indenture Trustee and the Noteholders from and against all costs, expenses, losses, dam...
Purchase of Contracts Upon Breach. The Servicer or the Trustees, as the case may be, shall inform the other parties promptly, in writing, upon the discovery of any breach by the Servicer of its covenants under Section 4.04(a) with respect to Force-Placed Insurance, Section 4.06 and the proviso in Section 4.02 hereof which materially and adversely affects the Trust's interest in any Contract. The Trustees shall not be deemed to have discovered such a breach until such time as a Responsible Officer of the Trustees receives written notice of such breach. Except as otherwise specified in Section 4.02 hereof, unless the breach shall have been cured, the Servicer shall purchase such Contract, at its Purchase Price, not later than the first Determination Date which is more than 60 days after the Servicer receives written notice from the Trustees, or not later than 60 days after the Servicer otherwise becomes aware of, a breach of any of its obligations with respect to Force-Placed Insurance under Section 4.04(a) hereof or any representation or warranty of the Servicer in Section 4.06 hereof that materially and adversely affects the Trust's interest in such Contract. The Servicer shall effect such purchase by depositing, in accordance with Section 5.04 hereof, the Purchase Price of such Contract (less any Net Liquidation Proceeds deposited, or to be deposited, by the Servicer in the Collection Account with respect to such Contract pursuant to Section 5.02 hereof) in the Collection Account on the Deposit Date immediately preceding the Determination Date referred to in the preceding sentence. The effective date of such purchase shall be the last day of the Due Period preceding such Determination Date. The sole remedy of the Trust, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders against the Servicer with respect to a breach pursuant to Section 4.06 hereof or Section 4.02 hereof shall be to require the Servicer to purchase Contracts pursuant to this Section 4.07.
Purchase of Contracts Upon Breach. Servicer or Owner shall inform the other party, in writing, upon the discovery of any breach of this Article VI; provided, however, that the failure to give such notice shall not affect any obligation of either party hereunder. In the event of a breach by Servicer and unless such breach shall have been cured by the last day of the calendar month following the month in which such breach was discovered, Servicer shall purchase any Contract materially and adversely affected by such breach or any Contract relating to a breach the nature of which materially and adversely affects the interest of Owner in such Contract. In consideration of the purchase of such Contract, Servicer shall remit to Owner the amount for such Contract which, under the terms of such Contract, would be required by the Obligor to prepay in full such Contract, including the total principal balance and interest up to, but excluding, the date of purchase. The sole and exclusive remedy of Owner with respect to a breach of this Article shall be to require Servicer to purchase Contracts pursuant to this Section; provided, however, that Servicer shall indemnify Owner against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by Owner as a result of third-party claims arising out of the events or facts giving rise to such breach.
Purchase of Contracts Upon Breach. 8 Section 3.08. Servicing Fee............................................................................. 9 Section 3.09. Servicer's Certificate.................................................................... 9
Purchase of Contracts Upon Breach. The Servicer or the Collateral Agent shall inform the other such party and the Notice Parties promptly, in writing, upon the discovery (or, in the case of the Collateral Agent, upon the actual knowledge of any Collateral Agent Officer) of any material breach by the Servicer of its obligations under Section 3.04, 3.05 or 3.06. With respect to breaches pursuant to Section 3.04, 3.05 or 3.06, unless such breach shall have been cured by the last day of the first Collection Period commencing after the Servicer's receipt of written notice of such breach or the Servicer's actual knowledge of such breach,
Purchase of Contracts Upon Breach. 45 SECTION 4.08 Servicing Fee...............................................45 SECTION 4.09
Purchase of Contracts Upon Breach. 44 Section 4.08 Servicing Fee..............................................44 Section 4.09 Servicer's Certificate.....................................44 Section 4.10 Annual Statement as to Compliance..........................45 Section 4.11 Annual Report of Accountants...............................45 Section 4.12 Duties of Owner Trustee....................................46 Section 4.13 Reports to Securityholders and the Rating Agencies.........46 Section 4.14 Maintenance of Fidelity Bond and Errors and Omission Policy.....................................................46 Section 4.15 Trustees to Cooperate......................................47
Purchase of Contracts Upon Breach. 33 SECTION 6.4
Purchase of Contracts Upon Breach. Upon discovery by the Deal Agent, the Servicer, a Seller or the Borrower of a breach of any of any of the representations and warranties of the Borrower or a Seller set forth in Section 6.2 that adversely affects the interests of the Deal Agent as agent for the Secured Parties or the Secured Parties in a Contract, the party discovering such breach shall give prompt written notice to the others. Within sixty (60) Business Days of such notice being given the party who breached such representation or warranty (the "REPURCHASING PARTY"), shall repurchase such Contract from the Borrower. The Repurchasing Party will deposit an amount equal to the Contract Principal Balance, together with all accrued and unpaid interest thereon through the date of such repurchase in the Collection Account.
Purchase of Contracts Upon Breach. Upon discovery by the Deal Agent, the Servicer or the Borrower of a breach of any of the covenants of the Servicer set forth in Section 9.7 that materially and adversely affects the interests of the Deal Agent as agent for the Secured Parties, the Secured Parties or the Borrower in a Contract, the party discovering such breach shall give prompt written notice to the others. Within sixty (60) Business Days of such notice being given to the Servicer, the Servicer shall, unless such breach or impropriety shall have been cured in all material respects, purchase such Contract from the Borrower. The Servicer will deposit an amount equal to the Contract Principal Balance, together with all accrued and unpaid interest thereon through the date of such purchase in the Collection Account.
