Common use of Purchase of Receivables Upon Breach Clause in Contracts

Purchase of Receivables Upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders against the Servicer with respect to a breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.

Purchase of Receivables Upon Breach. (a) The Seller, the Servicer or the Issuer Owner Trustee, as the case may be, promptly shall inform the other party and the Indenture Trustee promptlyparties to this Agreement, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of pursuant to Section 4.01 3.2, 3.5 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable3.6. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's election, the last day of the first following Collection Period following discoveryPeriod), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as determined by the Indenture Trustee (which shall include any Receivable as to which a breach of such last daySection 3.6 has occurred) at the Purchase Amount. In consideration of the purchase of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) Amount in the manner specified in Section 5.054.5. For the purposes of this Section 4.063.7, the Administrative Purchase Payment Amount shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to on the purchased Receivable. The sole remedy of the Indenture TrusteeIssuer, the Owner Trustee, the Trust Indenture Trustee, the Noteholders or the Securityholders against the Servicer Certificateholders with respect to a breach by the Servicer of its obligations under the second sentence of pursuant to Section 4.01 3.2, 3.5 or under Section 4.02, 4.04 or 4.05 3.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.063.7.

Purchase of Receivables Upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's ’s election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders against the Servicer with respect to a breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.

Purchase of Receivables Upon Breach. The Servicer or the Issuer Trustee shall inform the other party and the Indenture Trustee Depositor promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of pursuant to Section 4.01 3.2(b), 3.5 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable3.6. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery thereof by the Trustee or the receipt by the Trustee of notice of such breach, the Servicer shall be obligated to purchase any Receivable in which the interests of the Certificateholders are materially and adversely affected by such breach as of the last day of such second Collection Period (or, at the Servicer's electionoption, the last day of the first Collection Period following the discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of the purchase of any such ReceivableReceivable pursuant to the preceding sentence, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) Amount in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable4.3. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust Trustee or the Securityholders against the Servicer Certificateholders with respect to a breach by the Servicer of its obligations under the second sentence of Section 4.01 3.2(b), 3.5 or under Section 4.02, 4.04 or 4.05 3.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06Section. The Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the purchase of any Receivable pursuant to this Section.

Purchase of Receivables Upon Breach. The Servicer Upon discovery by any of the Servicer, the Seller, the Depositor, the Owner Trustee, or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of a breach of any of the covenants set forth in Sections 4.02, 4.05 or 4.06, the party discovering such breach by shall give prompt written notice to the other parties; provided, however, that the failure to give any such notice shall not affect any obligation of the Servicer of its obligations under the second sentence of this Section 4.01 4.07. On or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's election, before the last day of the first Collection Period following discovery)its discovery or receipt of notice of the breach of any covenant set forth in Sections 4.02, the Servicer shall (whether 4.05 or not such breach was known to the Servicer on the Closing Date) purchase any Receivable 4.06 that materially and adversely affected by such breach as affects the interests of such last day. In consideration of such Receivablethe Issuer, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust Certificateholders or the Securityholders against Noteholders in any Receivable, the Servicer with respect to a shall, unless such breach shall have been cured in all material respects by such date, purchase from the Issuer the Receivable affected by such breach. In consideration of the purchase of any such Receivable, the Servicer shall remit the related Purchase Amount into the Collection Account, with written notice to the Indenture Trustee of its obligations under such deposit, in the second sentence manner specified in Section 5.04. Subject to Section 7.02, it is understood and agreed that the obligation of Section 4.01 or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant any Receivable with respect to this Section 4.06which 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 Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders.

Purchase of Receivables Upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second third sentence of Section 4.01 4.01(a) or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's ’s election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders against the Servicer with respect to a breach by the Servicer of its obligations under the second third sentence of Section 4.01 4.01(a) or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.

Purchase of Receivables Upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's ’s election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders against the Servicer with respect to a breach by the (Nissan 2012-A Sale and Servicing Agreement) 35 Servicer of its obligations under the second sentence of Section 4.01 or under Section Sections 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.

Purchase of Receivables Upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second third sentence of Section 4.01 4.01(a) or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's ’s election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders against the (Nissan 2011-A Sale and Servicing Agreement) Servicer with respect to a breach by the Servicer of its obligations under the second third sentence of Section 4.01 4.01(a) or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.

Purchase of Receivables Upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's ’s election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust Trust, the Securityholders, or the Securityholders Swap Counterparty against the Servicer with respect to a breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.

Purchase of Receivables Upon Breach. The Servicer or the Issuer Owner Trustee, as the case may be, shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of pursuant to Section 4.01 or under Section 4.02, 4.04 or 4.05 5.05(a) that would materially and adversely affect affects the interest of the Trust in any ReceivableReceivable or pursuant to Section 5.02 in the case of a Receivable for which the related payment schedule has been extended or modified. Unless the breach shall have been cured by the last day second Record Date following the date of the second Collection Period following such discovery (or, at the Servicer's election, the last day of the first Collection Period following discoveryRecord Date), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last daysecond Record Date. In consideration of the purchase of such Receivable, the Servicer shall remit the Administrative Purchase Payment Repurchase Amount (as reduced by less any Outstanding Advances Liquidation Proceeds deposited, or concurrently being deposited, in the Collection Account with respect to such ReceivableReceivable pursuant to Section 5.03) to the Collection Account in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable6.06(a). The sole remedy of the Indenture Trustee, the Owner TrusteeTrustees, the Trust or the Securityholders against the Servicer with respect to a breach by the Servicer of its obligations under the second sentence of Section 4.01 pursuant to Sections 5.01, 5.04 or under Section 4.02, 4.04 or 4.05 5.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06Section.

Purchase of Receivables Upon Breach. (a) The Servicer Master Servicer, the Depositor or the Issuer Owner Trustee, as the case may be, promptly shall inform the other party and the Indenture Trustee promptlyparties to this Agreement, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of pursuant to Section 4.01 3.2, 3.4 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable3.5. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Master Servicer's election, the last day of the first following Collection Period following discoveryPeriod), the Master Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach (which shall include any Receivable as to which a breach of Section 3.5 has occurred) at the related Purchase Amount (less any Liquidation Proceeds deposited, or to be deposited, in the Collection Account with respect to such last dayReceivable pursuant to Section 3.3). In consideration of the purchase of such Receivable, the Master Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) Amount in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable4.4. The sole remedy of the Indenture TrusteeIssuer, the Owner Trustee, the Trust Indenture Trustee, the Securities Administrator, the Noteholders or the Securityholders against the Servicer Certificateholders with respect to a breach by the Servicer of its obligations under the second sentence of pursuant to Section 4.01 3.2, 3.4 or under Section 4.02, 4.04 or 4.05 3.5 shall be to require the Master Servicer to purchase Receivables pursuant to this Section 4.063.6, subject to Section 2(b)(A) of the Administrator Agreement.

Purchase of Receivables Upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's ’s election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust Trust, the Securityholders or the Securityholders Swap Counterparty against the Servicer with respect to a breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.

Purchase of Receivables Upon Breach. The Servicer or the Issuer Trustee shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of Section 4.01 pursuant to Sections 4.2, 4.4, 4.5 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable4.6. Unless the breach shall have been cured by the last day of the second Collection Period following the month in which such discovery was made (or, at the Servicer's election, the last day of the first following Collection Period following discoveryPeriod), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach breach. On each Determination Date, the Servicer will inform the Trustee as to the Receivables, if any, with respect to which the first Scheduled Payment has not been made within the earlier of (a) forty-five days after the contractual due date of such last daypayment or (b) the date on which the related Financed Vehicle is assigned for repossession. All such Receivables shall be repurchased by the Servicer on the next Distribution Date. In consideration of the purchase of any such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) Amount in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable5.4. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders against the Servicer Certificateholders with respect to a breach by the Servicer of its obligations under the second sentence of pursuant to Section 4.01 4.2, 4.4, 4.5 or under Section 4.02, 4.04 or 4.05 4.6 shall be to require the Servicer to purchase repurchase Receivables pursuant to this Section 4.064.7. The Trustee shall be under no duty or obligation to inquire or investigate as to the Servicer's compliance with Sections 4.2, 4.4, 4.5 or 4.6.

Purchase of Receivables Upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's ’s election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders against the Servicer with respect to a breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.. (Nissan 2005-C Sale and Servicing Agreement) 31

Purchase of Receivables Upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's ’s election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative (Nissan 2009-1 Sale and Servicing Agreement) 31 Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders against the Servicer with respect to a breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.

Purchase of Receivables Upon Breach. The Servicer or the Issuer Trustee, as the case may be, shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery by the Servicer or an Authorized Officer of the Trustee, as the case may be, of any breach by the Servicer of its obligations under the second sentence of Section 4.01 or covenants under Section 4.026.5. Except as otherwise specified in Section 6.2, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless unless the breach shall have been cured by the last day of the second Collection Period following the Collection Period during which such discovery breach was discovered (or, at the Servicer's election, the last day of the first Collection Period following discoveryduring which such breach was discovered), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach breach, as determined by the Servicer and reported in an Officer's Certificate as of such last daydate. For this purpose, any breach of the covenant set forth in Section 6.5(iii) shall be deemed to materially and adversely affect the interest of the Trust in a Receivable. In consideration of the purchase of such Receivable, the Servicer shall remit the Administrative Purchase Payment Amount (as reduced less any Liquidation Proceeds deposited, or to be deposited, by any Outstanding Advances the Servicer in the Collection Account with respect to such ReceivableReceivable pursuant to Section 6.3) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable7.4. The sole remedy of the Indenture Trust, the Trustee, the Owner Trustee, the Trust or the Securityholders Certificateholders against the Servicer with respect to a breach by the Servicer of its obligations under the second sentence of covenants in Section 4.01 or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.6.5

Purchase of Receivables Upon Breach. The Servicer Servicer, the Trustee or the Issuer Certificate Insurer shall inform the other party and the Indenture Trustee parties promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under Section 4.5 or 4.6; provided, that the second sentence Trustee shall have no duty to inquire concerning, or to investigate, the breach of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivableof such obligations. Unless the breach shall have been cured by the last day of the second Collection Period following the Collection Period during which the Servicer becomes aware of, or receives written notice of such discovery breach, the Servicer shall purchase as of such day (or, at the Servicer's electionoption, as of the last day of the first Collection Period following discovery), the Servicer shall (whether or not month in which such breach was known to the Servicer on the Closing Datediscovered) purchase any Receivable materially and adversely affected by such breach as and any Receivable in which the interest of the Trust or of the Certificate Insurer is materially and adversely affected by such last daybreach. In consideration of the purchase of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances Amount with respect to such Receivable) Receivable in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable5.3. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders against the Servicer Certificateholders with respect to a breach by the Servicer of its obligations under the second sentence of pursuant to Section 4.01 4.5 or under Section 4.02, 4.04 or 4.05 4.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.064.7. The Servicer shall notify the Certificate Insurer of any purchase of a Receivable pursuant to this Section 4.7.

Purchase of Receivables Upon Breach. The Servicer Servicer, the Trustee or the Issuer Certificate Insurer shall inform the other party and the Indenture Trustee parties promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under Section 4.5 or 4.6; provided, that the second sentence Trustee shall have no duty to inquire concerning, or to investigate, the breach of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivableof such obligations. Unless the breach shall have been cured by the last day of the second Collection Period following the Collection Period during which the Seller becomes aware of, or receives written notice of such discovery breach, the Servicer shall purchase as of such day (or, at the Servicer's electionoption, as of the last day of the first Collection Period following discovery), the Servicer shall (whether or not month in which such breach was known to the Servicer on the Closing Datediscovered) purchase any Receivable materially and adversely affected by such breach as and any Receivable in which the interest of the Trust or of the Certificate Insurer is materially and adversely affected by such last daybreach. In consideration of the purchase of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances Amount with respect to such Receivable) Receivable in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable5.3. The sole remedy of the Indenture Trustee, the Owner TrusteeTrust, the Trust Certificateholders or the Securityholders against the Servicer Certificate Insurer with respect to a breach by the Servicer of its obligations under the second sentence of pursuant to Section 4.01 4.5 or under Section 4.02, 4.04 or 4.05 4.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.064.7. The Servicer shall notify the Certificate Insurer of any purchase of a Receivable pursuant to this Section 4.7.

Purchase of Receivables Upon Breach. The Servicer or the Issuer Owner Trustee shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders against the Servicer with respect to a breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.

Purchase of Receivables Upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's ’s election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders or the Swap Counterparty] against the Servicer with respect to a breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.

Purchase of Receivables Upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in (Nissan 2004-C Sale and Servicing Agreement) the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders against the Servicer with respect to a breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.

Purchase of Receivables Upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Servicer's ’s election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust Trust, the Securityholders [or the Securityholders [Swap Counterparty][Cap Provider]] against the Servicer with respect to a breach by the Servicer of its obligations under the second sentence of Section 4.01 or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06.