Common use of Purchase of Receivables Upon Breach or Extension Beyond Final Scheduled Payment Date Clause in Contracts

Purchase of Receivables Upon Breach or Extension Beyond Final Scheduled Payment Date. (a) The Servicer or the Trust shall inform the other party and a Responsible Officer of the Indenture Trustee and the Depositor promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the Servicer’s election, the last day of the first following Collection Period), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day.

Purchase of Receivables Upon Breach or Extension Beyond Final Scheduled Payment Date. (a) The Servicer or the Trust shall inform the other party and a Responsible Officer of the Indenture Trustee and the Depositor promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the Servicer’s election, the last day of the first following Collection Period), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day.

Purchase of Receivables Upon Breach or Extension Beyond Final Scheduled Payment Date. (a) The Servicer or the Trust Issuing Entity shall inform the other party and a Responsible Officer of the Indenture Trustee and the Depositor promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the Servicer’s election, the last day of the first following Collection Period), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day.