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

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor or any party under the Further Transfer Agreements of a breach of any of the covenants set forth in Sections 2.05 and 2.06, the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s election, the last day of the first Monthly Period following such discovery or notice), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor XXXX or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 2.05 3.05 and 2.063.06(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s election, the last day of the first Monthly Period following such discovery or notice), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor XXXX or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor Ally Auto or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor Ally Auto or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor XXXX or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s 's election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment, and shall be entitled to receive the Released Administrative Amount, if any. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor XXXX or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor or any party under the Further Transfer Agreements of a breach of any of the covenants set forth in Sections 2.05 and 2.06, the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s election, the last day of the first Monthly Period following such discovery or notice), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase PaymentPayment [and shall be entitled to receive the Released Administrative Amount, if any]. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor Servicer or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07, the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period Accounting Date following its discovering discovery or receiving receipt of notice of such breach (or, at the Servicer’s 's election, the last day of the first Monthly Period following such discovery or noticeAccounting Date so following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor Seller or any Interested Party. Each of the Owner Trustee and the Indenture Trustee shall have no affirmative duty to conduct any investigation as to the occurrence of any event requiring the repurchase of any Receivable pursuant to this Section 3.08.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor CXXX or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment, and shall be entitled to receive the Released Administrative Amount, if any. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor CXXX or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor CXXX or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor CXXX or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor CARI or any party under the Further Transfer Agreements and Servicing Agreemexxx of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s 's election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment, and shall be entitled to receive the Released Administrative Amount, if any. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor CARI or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor CARI or any party under the Further Transfer and Servicing Agreements of xx a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s 's election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment, and shall be entitled to receive the Released Administrative Amount, if any. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor CARI or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor CARI or any party under the Further Transfer Agreements and Servicing Agreemxxxx of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s 's election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment, and shall be entitled to receive the Released Administrative Amount, if any. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor CARI or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor XXXX or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s election, the last day of the first Monthly Period following such discovery or notice), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment[, and shall be entitled to receive the Released Administrative Amount, if any]. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor XXXX or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor XXXX or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment[, and shall be entitled to receive the Released Administrative Amount, if any]. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor XXXX or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor CARI or any party under the Further Transfer and Servicing Agreements of xx a breach of any of the covenants set forth in Sections 2.05 and 2.06SECTIONS 3.06 AND 3.07(A), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s 's election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment, and shall be entitled to receive the Released Administrative Amount, if any. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor CARI or any Interested Party.. ARTICLE 1.2 ARTICLE 1.3

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor XXXX or any party under the Further Second Step Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s 's election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment, and shall be entitled to receive the Released Administrative Amount, if any. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor XXXX or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, Seller or the Servicer, the Depositor or any party under Agent and the Further Transfer Agreements Purchasers of a breach of any of the covenants set forth in Section 6.5 and Sections 2.05 and 2.065.1 (m), (n) or (o), the party discovering such breach shall give prompt written notice thereof to the othersAgent and the Purchasers. As of the last day of the second Monthly Period Accounting Date following its discovering discovery or receiving receipt of notice of such breach (or, at the Servicer’s election, the last day of the first Monthly Period following such discovery or noticeAccounting Date so following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof Purchasers their interests in any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Settlement Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor or any Interested PartyPerson.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor or CARI xx any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s 's election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment, and shall be entitled to receive the Released Administrative Amount, if any. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor or CARI xx any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor CARI or any party under the Further Transfer Agreements of and Servicing Agreementx xx a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s 's election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment, and shall be entitled to receive the Released Administrative Amount, if any. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor CARI or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor CXXX or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment[, and shall be entitled to receive the Released Administrative Amount, if any]. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor CXXX or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, the Depositor XXXX or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 2.05 3.06 and 2.063.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s election, the last day of the first Monthly Period following such discovery or noticeso following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor XXXX or any Interested Party.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the SellerTransferor, the Servicer, the Depositor Funding Agent or any party under the Further Transfer Agreements Owner of a breach of any of the covenants set forth in Sections 2.05 5.5(e) and 2.065.3(d), (e) or (f), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period Accounting Date following its discovering discovery or receiving receipt of notice of such breach (or, at the Servicer’s 's election, the last day of the first Monthly Period following such discovery or noticeAccounting Date so following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof Owners any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Settlement Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor Transferor, the Funding Agent or any Interested PartyOwner.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, Seller or the Servicer, the Depositor or any party under Agent and the Further Transfer Agreements Purchasers of a breach of any of the covenants set forth in Section 6.5 and Sections 2.05 and 2.065.1 (m), (n) or (o), the party discovering such breach shall give prompt written notice thereof to the othersAgent and the Purchasers. As of the last day of the second Monthly Period Accounting Date following its discovering discovery or receiving receipt of notice of such breach (or, at the Servicer’s 's election, the last day of the first Monthly Period following such discovery or noticeAccounting Date so following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof Purchasers their interests in any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related Distribution Settlement Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to the Depositor or any Interested PartyPerson.