Common use of Purchase of Contracts Upon Breach of Covenant Clause in Contracts

Purchase of Contracts Upon Breach of Covenant. The Servicer or the Trustee shall inform the other party and the Insurer promptly, in writing, upon the discovery of any breach of the representation and warranties set forth in Section 3.6 and the covenants set forth in Section 3.5. Unless the breach shall have been cured within 30 days following such discovery or receipt of notice of such breach, the Servicer shall purchase any Contract materially and adversely affected by such breach from the Trust. As consideration for the Contract, the Servicer shall remit the Repurchase Amount on the Business Day preceding the Servicer Report Date next succeeding the end of such 30-day cure period in the manner specified in Section 4.4. The sole remedy of the Trustee, the Trust, or the Certificateholders with respect to a breach pursuant to Section 3.5 (other than as specified therein) and Section 3.6 shall be to require the Servicer to purchase Contracts pursuant to this Section 3.7; provided, however, that the Servicer shall indemnify the Trustee and its officers, directors, agents and employees, the Insurer, the Trust and the Certificateholders against all costs, expenses, losses damages, claims and labilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such breach. Any successor Servicer appointed pursuant to Section 8.2 shall not be obligated to purchase Contracts pursuant to this Section 3.7 with respect to any breaches by any prior Servicer.

Purchase of Contracts Upon Breach of Covenant. The Servicer or the Trustee shall inform the other party and the Insurer promptly, in writing, upon the discovery of any breach of the representation and warranties set forth in Section 3.6 and the covenants set forth in Section 3.5. Unless the breach shall have been cured within 30 days following such discovery or receipt of notice of such breach, the Servicer shall purchase any Contract materially and adversely affected by such breach from the Trust. As consideration for the Contract, the Servicer shall remit the Repurchase Amount on the Business Day preceding the Servicer Report Date next succeeding the end of such 30-day cure period in the manner specified in Section 4.4. The sole remedy of the Trustee, the Trust, or the Certificateholders with respect to a breach pursuant to Section 3.5 (other than as specified therein) and Section 3.6 shall be to require the Servicer to purchase Contracts pursuant to this Section 3.7; provided, however, that the Servicer shall indemnify the Trustee and its officers, directors, agents and employees, the Insurer, the Trust and the Certificateholders against all costs, expenses, losses damages, claims and labilitiesliabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such breach. Any successor Servicer appointed pursuant to Section 8.2 shall not be obligated to purchase Contracts pursuant to this Section 3.7 with respect to any breaches by any prior Servicer.

Purchase of Contracts Upon Breach of Covenant. The Servicer or the Owner Trustee shall inform the other party and the Indenture Trustee and the Insurer promptly, in writing, upon the discovery of any breach of the representation and warranties set forth in Section 3.6 and 4.06 or of the covenants set forth in Section 3.54.05. Unless the breach shall have been cured within 30 days following such discovery or receipt of notice of such breach, the Servicer shall purchase any Contract materially and adversely affected by such breach from the TrustIssuer. As consideration for the Contract, the Servicer shall remit the Repurchase Amount on the Business Day preceding the Servicer Report Date next succeeding the end of such 30-day cure period in the manner specified in Section 4.45.04. The sole remedy of the Issuer, the Owner Trustee, the TrustIndenture Trustee, or the Certificateholders Securityholders with respect to a breach pursuant to Section 3.5 4.02, 4.05 (other than as specified 43 45 therein) and Section 3.6 or 4.06 shall be to require the Servicer to purchase Contracts pursuant to this Section 3.74.07; provided, however, that the Servicer shall indemnify the Trustee and its officersOwner Trustee, directors, agents and employeesthe Indenture Trustee, the Insurer, the Trust Issuer and the Certificateholders Securityholders against all costs, expenses, losses damages, claims and labilitiesliabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such breach. Any successor Servicer appointed pursuant to Section 8.2 8.02 shall not be obligated to purchase Contracts pursuant to this Section 3.7 4.07 with respect to any breaches by any prior Servicer.

Purchase of Contracts Upon Breach of Covenant. The Servicer or the Trustee Issuer shall inform the other party and the Indenture Trustee and the Insurer promptly, in writing, upon the discovery of any breach of the representation and warranties set forth in Section 3.6 and 3.06 or of the covenants set forth in Section 3.53.05. Unless the breach shall have been cured within 30 days following such discovery or receipt of notice of such breach, the Servicer shall purchase any Contract materially and adversely affected by such breach from the TrustIssuer. As consideration for the Contract, the Servicer shall remit the Repurchase Purchase Amount on the Business Day preceding the Servicer Report Date next succeeding the end of such 30-day cure period in the manner specified in Section 4.44.02(a). The sole remedy of the TrusteeIssuer, the TrustIndenture Trustee, or the Certificateholders Securityholders with respect to a breach pursuant to Section 3.5 3.02, 3.05 (other than as specified therein) and Section 3.6 or 3.06 shall be to require the Servicer to purchase Contracts pursuant to this Section 3.73.07; provided, however, that the Servicer shall indemnify the Trustee and its officersOwner Trustee, directors, agents and employeesthe Indenture Trustee, the Insurer, the Trust Issuer, the Custodian and the Certificateholders Securityholders against all costs, expenses, losses damages, claims and labilitiesliabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such breach. Any successor Servicer appointed pursuant to Section 8.2 7.02 shall not be obligated to purchase Contracts pursuant to this Section 3.7 3.07 with respect to any breaches by any prior Servicer.

Purchase of Contracts Upon Breach of Covenant. The Servicer or the Trustee Issuer shall inform the other party and the Indenture Trustee and the Insurer promptly, in writing, upon the discovery of any breach of the representation and warranties set forth in Section 3.6 and 3.06 or of the covenants set forth in Section 3.5Sections 3.02 or 3.05. Unless the breach shall have been cured within 30 days following such discovery or receipt of notice of such breach, the Servicer shall purchase any Contract materially and adversely affected by such breach from the TrustIssuer. As consideration for the Contract, the Servicer shall remit the Repurchase Purchase Amount on the Business Day preceding the Servicer Report Date next succeeding the end of such 30-day cure period in the manner specified in Section 4.44.02(a). The sole remedy of the TrusteeIssuer, the TrustIndenture Trustee, or the Certificateholders Securityholders with respect to a breach pursuant of to Section 3.5 (other than as specified therein) and Section 3.6 3.02, 3.05 or 3.06 shall be to require the Servicer to purchase Contracts pursuant to this Section 3.73.07; provided, however, that the Servicer shall indemnify the Trustee and its officersOwner Trustee, directors, agents and employeesthe Indenture Trustee, the Insurer, the Trust Issuer, the Custodian and the Certificateholders Securityholders against all costs, expenses, losses damages, claims and labilitiesliabilities, 43 including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such breach. Any successor Servicer appointed pursuant to Section 8.2 7.02 shall not be obligated to purchase Contracts pursuant to this Section 3.7 3.07 with respect to any breaches by any prior Servicer.

Purchase of Contracts Upon Breach of Covenant. The Servicer or the Trustee shall inform the other party and the Insurer promptly, in writing, upon the discovery of any breach of the representation and warranties set forth in Section 3.6 and the covenants set forth in Section 3.5. Unless the breach shall have been cured within 30 days following such discovery or receipt of notice of such breach, the Servicer shall purchase any Contract materially 41 46 and adversely affected by such breach from the Trust. As consideration for the Contract, the Servicer shall remit the Repurchase Amount on the Business Day preceding the Servicer Report Date next succeeding the end of such 30-day cure period in the manner specified in Section 4.4. The sole remedy of the Trustee, the Trust, or the Certificateholders with respect to a breach pursuant to Section 3.5 (other than as specified therein) and Section 3.6 shall be to require the Servicer to purchase Contracts pursuant to this Section 3.7; provided, however, that the Servicer shall indemnify the Trustee and its officers, directors, agents and employees, the Insurer, the Trust and the Certificateholders against all costs, expenses, losses damages, claims and labilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such breach. Any successor Servicer appointed pursuant to Section 8.2 shall not be obligated to purchase Contracts pursuant to this Section 3.7 with respect to any breaches by any prior Servicer.

Purchase of Contracts Upon Breach of Covenant. The Servicer or the Trustee shall inform the other party and the Insurer promptly, in writing, upon the discovery of any breach of the representation and warranties set forth in Section 3.6 and or of the covenants set forth in Section 3.5. Unless the breach shall have been cured within 30 days following such discovery or receipt of notice of such breach, the Servicer shall purchase any Contract materially and adversely affected by such breach from the Trust. As consideration for the Contract, the Servicer shall remit the Repurchase Amount on the Business Day preceding the Servicer Report Date next succeeding the end of such 30-day cure period in the manner specified in Section 4.4. The sole remedy of the Trustee, the Trust, or the Certificateholders with respect to a breach pursuant to Section 3.5 (other than as specified therein) and Section 3.6 shall be to require the Servicer to purchase Contracts pursuant to this Section 3.7; provided, however, that the Servicer shall indemnify the Trustee and its officers, directors, agents and employees, the Insurer, the Trust and the Certificateholders against all costs, expenses, losses damages, claims and labilitiesliabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such breach. Any successor Servicer appointed pursuant to Section 8.2 shall not be obligated to purchase Contracts pursuant to this Section 3.7 with respect to any breaches by any prior Servicer.

Purchase of Contracts Upon Breach of Covenant. The Servicer or the Trustee shall inform the other party and the Insurer promptly, in writing, upon the discovery of any breach of the representation and warranties set forth in Section 3.6 and or of the covenants set forth in Section 3.5. Unless the breach shall have been cured within 30 days following such discovery or receipt of notice of such breach, the Servicer shall purchase any Contract materially and adversely affected by such breach from the Trust. As consideration for the Contract, the Servicer shall remit the Repurchase Amount on the Business Day preceding the Servicer Report Date next succeeding the end of such 30-day cure period in the manner specified in Section 4.4. The sole remedy of the Trustee, the Trust, or the Certificateholders with respect to a breach pursuant to Section 3.5 (other than as specified therein) and Section 3.6 shall be to require the Servicer to 39 purchase Contracts pursuant to this Section 3.7; provided, however, that the Servicer shall indemnify the Trustee and its officers, directors, agents and employees, the Insurer, the Trust and the Certificateholders against all costs, expenses, losses damages, claims and labilitiesliabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to such breach. Any successor Servicer appointed pursuant to Section 8.2 shall not be obligated to purchase Contracts pursuant to this Section 3.7 with respect to any breaches by any prior Servicer.