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

Purchase of Receivables Upon Breach of Covenant. (a) Upon discovery by the Servicer or a Responsible Officer of any of the Interested Parties or the Collateral Agent of a breach of any of the covenants set forth in Sections 2.06 and 2.07 with respect to any Receivable, the party discovering such breach shall give prompt written notice thereof to the others. As of the second Accounting Date (or, at the Servicer’s election, the first Accounting Date) following notice to or discovery by the Servicer of a breach of any covenant of the Servicer that materially and adversely affects any Receivable, unless such breach is cured in all material respects, the Servicer shall, with respect to such Receivable (an “Administrative Receivable”) purchase such Administrative Receivable from the Issuer at a price equal to the Administrative Purchase Payment. The Servicer shall pay the Administrative Purchase Payment as described in Section 2.10. 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 any Interested Party or the Collateral Agent for any such uncured breach.

Purchase of Receivables Upon Breach of Covenant. (a) Upon discovery by the Servicer or a Responsible Officer of any of the Interested Parties or the Collateral Agent of a breach of any of the covenants set forth in Sections 2.06 and 2.07 with respect to any Receivable, the party discovering such breach shall give prompt written notice thereof to the others. As of the second Accounting Date (or, at the Servicer’s 's election, the first Accounting Date) following notice to or discovery by the Servicer of a breach of any covenant of the Servicer that materially and adversely affects any Receivable, unless such breach is cured in all material respects, the Servicer shall, with respect to such Receivable (an “"Administrative Receivable”") purchase such Administrative Receivable from the Issuer at a price equal to the Administrative Purchase Payment. The Servicer shall pay the Administrative Purchase Payment as described in Section 2.10. 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 any Interested Party or the Collateral Agent for any such uncured breach.

Purchase of Receivables Upon Breach of Covenant. (a) Upon discovery by the Servicer or a Responsible Officer of any of the Interested Parties or the Collateral Agent of a breach of any of the covenants set forth in Sections 2.06 and 2.07 with respect to any Receivable, the party discovering such breach shall give prompt written notice thereof to the others. As of the second Accounting Date (or, at the Servicer’s election, the first Accounting Date) following notice to or discovery by the Servicer of a breach of any covenant of the Servicer that materially and adversely affects any Receivable, unless such breach is cured in all material respects, the Servicer shall, with respect to such Receivable (an “Administrative Receivable”) purchase such Administrative Receivable from the Issuer at a price equal to the Administrative Purchase Payment. The Servicer shall pay the Administrative Purchase Payment as described in Section 2.10. 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 any Interested Party or the Collateral Agent for any such uncured breach.

Purchase of Receivables Upon Breach of Covenant. (a) Upon discovery by the Servicer or a Responsible Officer of any of the Interested Parties or the Collateral Agent of a breach of any of the covenants set forth in Sections 2.06 and 2.07 with respect to any Receivable, the party discovering such breach shall give prompt written notice thereof to the others. As of the second Accounting Date (or, at the Servicer’s election, the first Accounting Date) following notice to or discovery by the Servicer of a breach of any covenant of the Servicer that materially and adversely affects any Receivable, unless such breach is cured in all material respects, the Servicer shall, with respect to such Receivable (an “Administrative Receivable”) purchase such Administrative Receivable from the Issuer at a price equal to the Administrative Purchase Payment. The Servicer shall pay the Administrative Purchase Payment as described in Section 2.102.11. 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 any Interested Party or the Collateral Agent for any such uncured breach.

Purchase of Receivables Upon Breach of Covenant. (a) Upon discovery by the Servicer or a Responsible Officer of any of the Interested Parties or the Collateral Agent of a breach of any of the covenants set forth in Sections 2.06 and 2.07 with respect to any Receivable, the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Accounting Date (or, at if the Servicer’s electionServicer so elects, the first Accounting Datefirst) calendar month following notice to or discovery by the Servicer of a breach of any covenant of the Servicer that materially and adversely affects any Receivable, Receivable and unless such breach is cured in all material respects, the Servicer shall, with respect to such Receivable (an “"Administrative Receivable”) "): release all claims for reimbursement of Monthly Advances made on such Administrative Receivable and purchase such Administrative Receivable from the Issuer at a price equal to the Contract Value thereof (the "Administrative Purchase Payment"). The Servicer shall pay the Administrative Purchase Payment as described in Section 2.10. 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 any Interested Party or the Collateral Agent for any such uncured breach.

Purchase of Receivables Upon Breach of Covenant. (a) Upon discovery by the Servicer or a Responsible Officer of any of the Interested Parties or the Collateral Agent of a breach of any of the covenants set forth in Sections 2.06 and 2.07 with respect to any Receivable, ------------- ---- the party discovering such breach shall give prompt written notice thereof to the others. As of the second Accounting Date (or, at the Servicer’s 's election, the first Accounting Date) following notice to or discovery by the Servicer of a breach of any covenant of the Servicer that materially and adversely affects any Receivable, unless such breach is cured in all material respects, the Servicer shall, with respect to such Receivable (an “"Administrative Receivable”") purchase ------------------------- such Administrative Receivable from the Issuer at a price equal to the Administrative Purchase Payment. The Servicer shall pay the Administrative Purchase Payment as described in Section 2.10. ------------ 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 any Interested Party or the Collateral Agent for any such uncured breach.