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 Transferor, the Servicer, the Funding Agent or any Owner of a breach of any of the covenants set forth in Sections 5.5(e) and 5.3(d), (e) or (f), the party discovering such breach shall give prompt written notice thereof to the others. As of the second Accounting Date following its discovery or receipt of notice of such breach (or, at the Servicer's election, the first Accounting Date so following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owners any Receivable materially and adversely affected by such breach and, on the related 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 Transferor, the Funding Agent or any Owner.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Transferor, Seller or the Servicer, the Funding Agent or any Owner and the Purchasers of a breach of any of the covenants set forth in Section 6.5 and Sections 5.5(e) and 5.3(d5.1 (m), (en) or (fo), the party discovering such breach shall give prompt written notice thereof to the othersAgent and the Purchasers. As of the second Accounting Date following its discovery or receipt of notice of such breach (or, at the Servicer's ’s election, the first Accounting Date so following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owners Purchasers their interests in any Receivable materially and adversely affected by such breach and, on the related 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 Transferor, the Funding Agent or any OwnerPerson.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Transferor, Seller or the Servicer, the Funding Agent or any Owner and the Purchasers of a breach of any of the covenants set forth in Section 8.5 and Sections 5.5(e) and 5.3(d7.1(m), (en) or (fo), the party discovering such breach shall give prompt written notice thereof to the othersAgent and the Purchasers. As of the second Accounting Date following its discovery or receipt of notice of such breach (or, at the Servicer's Servicer*s election, the first Accounting Date so following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owners Purchasers their interests in any Receivable materially and adversely affected by such breach and, on the related Settlement Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of so long as the Servicer fulfills its obligation to purchase any Receivable with respect to which such a breach has occurred and is continuing, such continuing shall, if such obligation is fulfilled, constitute breach will not in and of itself result in a Servicer Default or a breach under this Agreement by the sole remedy against the Servicer for such breach available to the Transferor, the Funding Agent or any OwnerServicer.

Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Transferor, Seller or the Servicer, the Funding Agent or any Owner and the Purchasers of a breach of any of the covenants set forth in Section 6.5 and Sections 5.5(e) and 5.3(d5.1 (m), (en) or (fo), the party discovering such breach shall give prompt written notice thereof to the othersAgent and the Purchasers. As of the second Accounting Date following its discovery or receipt of notice of such breach (or, at the Servicer's election, the first Accounting Date so following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owners Purchasers their interests in any Receivable materially and adversely affected by such breach and, on the related 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 Transferor, the Funding Agent or any OwnerPerson.

Purchase of Receivables Upon Breach of Covenant. Upon ----------------------------------------------- discovery by any of the Transferor, Seller or the Servicer, the Funding Agent or any Owner and the Purchasers of a breach of any of the covenants set forth in Section 6.5 and Sections 5.5(e) and 5.3(d5.1 (m), ----------- ---------------- (en) or (fo), the party discovering such breach shall give prompt written notice --- --- thereof to the othersAgent and the Purchasers. As of the second Accounting Date following its discovery or receipt of notice of such breach (or, at the Servicer's election, the first Accounting Date so following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owners Purchasers their interests in any Receivable materially and adversely affected by such breach and, on the related 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 Transferor, the Funding Agent or any OwnerPerson.