Common use of Purchase of Ineligible Receivables Clause in Contracts

Purchase of Ineligible Receivables. (a) If the representation and warranty of the initial Servicer contained in Section 2.10(d) was not true and correct with respect to any Contract and related Receivable as of the Cut-Off Date in any material respect that materially and adversely impacts such Contract and the related Receivable (any such Receivable, an “Ineligible Receivable”), the initial Servicer shall, at the request of the Trustee, purchase such Ineligible Receivable within ten (10) Business Days after demand thereof (a “Purchase Event”) from the Receivables Trust for an amount (the “Purchase Amount”) equal to the then Outstanding Receivables Balance of such Ineligible Receivable at the time of such purchase (any such payment, a “Purchase Payment”). (b) The initial Servicer and the Receivables Trust agree that after payment of the Purchase Amount for an Ineligible Receivable as provided in clause (a) above, such Ineligible Receivable shall no longer constitute a Receivable for purposes of the Transaction Documents. (c) Except as expressly set forth herein, the initial Servicer shall not have any right under this Agreement, by implication or otherwise, to purchase from the Receivables Trust any Receivables. (d) The obligation of the initial Servicer to purchase an Ineligible Receivable pursuant to this Section 2.03 will survive the termination of this Agreement or the earlier resignation or removal of the initial Servicer.

Purchase of Ineligible Receivables. (a) If the representation and warranty of the initial Servicer contained in Section 2.10(d) was not true and correct with respect to any Contract and related Receivable as of the Cut-Off Date (or, solely with respect to clause (a) of the definition of Eligible Receivable, as of the Closing Date) in any material respect that materially and adversely impacts such Contract and the related Receivable (any such Receivable, an “Ineligible Receivable”), the initial Servicer shall, at the request of the Trustee, purchase such Ineligible Receivable within ten (10) Business Days after demand thereof (a “Purchase Event”) from the Receivables Trust for an amount (the “Purchase Amount”) equal to the then Outstanding Receivables Balance of such Ineligible Receivable at the time of such purchase (any such payment, a “Purchase Payment”). (b) The initial Servicer and the Receivables Trust agree that after payment of the Purchase Amount for an Ineligible Receivable as provided in clause (a) above, such Ineligible Receivable shall no longer constitute a Receivable for purposes of the Transaction Documents. (c) Except as expressly set forth herein, the initial Servicer shall not have any right under this Agreement, by implication or otherwise, to purchase from the Receivables Trust any Receivables. (d) The obligation of the initial Servicer to purchase an Ineligible Receivable pursuant to this Section 2.03 will survive the termination of this Agreement or the earlier resignation or removal of the initial Servicer.

Purchase of Ineligible Receivables. (a) If the representation and warranty of the initial Servicer contained in Section 2.10(d) was not true and correct with respect to any Contract and related Receivable as of the Cut-Off Date in any material respect that materially and adversely impacts such Contract and the related Receivable (a “Purchase Event” and any such Receivable, an “Ineligible Receivable”), the initial Servicer shall, at the request of the Trustee, purchase such Ineligible Receivable within ten (10) Business Days after demand thereof (a “Purchase Event”) from the Receivables Trust for an amount (the “Purchase Amount”) equal to the then Outstanding Receivables Balance of such Ineligible Receivable at the time of such purchase (any such payment, payment a “Purchase Payment”). (b) The initial Servicer and the Receivables Trust agree that after payment of the Purchase Amount for an Ineligible Receivable as provided in clause (a) above, such Ineligible Receivable shall no longer constitute a Receivable for purposes of the Transaction Documents. (c) Except as expressly set forth herein, the initial Servicer shall not have any right under this Agreement, by implication or otherwise, to purchase from the Receivables Trust any Receivables. (d) The obligation of the initial Servicer to purchase an Ineligible Receivable pursuant to this Section 2.03 will survive the termination of this Agreement or the earlier resignation or removal of the initial Servicer.

Purchase of Ineligible Receivables. (a) If the representation and warranty of the initial Servicer contained in Section 2.10(d) was not true and correct with respect to any Contract and related Receivable as of the Cut-Off Date in any material respect that materially and adversely impacts such Contract and the related Receivable (a “Purchase Event” and any such Receivable, an “Ineligible Receivable”), the initial Servicer shall, at the request of the Trustee, purchase such Ineligible Receivable within with ten (10) Business Days after demand thereof (a “Purchase Event”) from the Receivables Trust for an amount (the “Purchase Amount”) equal to the then Outstanding Receivables Balance of such Ineligible Receivable at the time of such purchase (any such payment, payment a “Purchase Payment”). (b) The initial Servicer and the Receivables Trust agree that after payment of the Purchase Amount for an Ineligible Receivable as provided in clause (a) above, such Ineligible Receivable shall no longer constitute a Receivable for purposes of the Transaction Documents. (c) Except as expressly set forth herein, the initial Servicer shall not have any right under this Agreement, by implication or otherwise, to purchase from the Receivables Trust any Receivables. (d) The obligation of the initial Servicer to purchase an Ineligible Receivable pursuant to this Section 2.03 will survive the termination of this Agreement or the earlier resignation or removal of the initial Servicer.

Purchase of Ineligible Receivables. (a) If the representation and warranty of the initial Servicer contained in Section 2.10(d) was not true and correct with respect to any Contract and related Receivable (other than a 2018-PV1 Ineligible Receivable) as of the applicable Cut-Off Date in any material respect that materially and adversely impacts such Contract and the related Receivable (any such Receivable, an “Ineligible Receivable”), the initial Servicer shall, at the request of the TrusteeAdministrative Agent, purchase such Ineligible Receivable within ten (10) Business Days after demand thereof (a “Purchase Event”) from the Receivables Trust for an amount (the “Purchase Amount”) equal to the then Outstanding Receivables Principal Balance of such Ineligible Receivable plus accrued and unpaid interest thereon at the time of such purchase (any such paymentamount, a the “Purchase PaymentRepurchase Price”), and such amount shall be remitted by the initial Servicer to the Collection Account and be treated by the initial Servicer as a Collection on such Receivable for purposes of the Transaction Documents; provided, if during such ten (10) Business Day period the Servicer takes all necessary actions such that the Receivable is no longer an Ineligible Receivable and reimburses the Receivables Trust for all lost Collections resulting from the failure of such representation and warranty to be true, then the initial Servicer shall not be required to purchase such Receivable. (b) The initial Servicer and the Receivables Trust agree that after payment of the Purchase Amount Repurchase Price for an Ineligible Receivable as provided in clause (a) above, such Ineligible Receivable shall no longer constitute a Receivable for purposes of the Transaction Documents. (c) Except as expressly set forth hereinin the Transaction Documents, the initial Servicer shall not have any right under this Agreement, by implication or otherwise, to purchase from the Receivables Trust any Receivables. (d) The obligation of the initial Servicer to purchase an Ineligible Receivable pursuant to this Section 2.03 will survive the termination of this Agreement or the earlier resignation or removal of the initial Servicer.