Common use of PURCHASES BY THE SERVICER Clause in Contracts

PURCHASES BY THE SERVICER. The Seller, the Servicer or the Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery (which, in the case of the Trustee, shall occur only upon the actual knowledge of an Authorized Officer of the Trustee) of any breach by the Servicer of its covenants under Section 3.6. Unless the breach shall have been cured by the last day of the Collection Period which includes the 60th day after the date on which the Servicer becomes aware of, or receives written notice of, such breach, the Servicer shall purchase the Receivable or Receivables from the Trust, without recourse, representation or warranty, other than that the Trustee, on behalf of the Trust, has not imposed any liens on the Receivable or Receivables to be repurchased materially and adversely affected thereby on the related Deposit Date; PROVIDED, HOWEVER, that in the case of a breach of the covenant contained in Section 3.6(iii), the Servicer shall be obligated to purchase the affected Receivable or Receivables on the Deposit Date related to the Collection Period during which the Servicer becomes aware of, or receives written notice of, such breach (which in all cases shall be deemed to have a material adverse effect on the Certificateholders). If the Servicer grants an Optional Payment Deferral pursuant to Section 3.2(c) and such deferral causes the term of the applicable Receivable to extend beyond the last day of the Collection Period immediately preceding the Final Scheduled Distribution Date, the Servicer shall be obligated to purchase the applicable Receivable on the Deposit Date related to the Collection Period during which the Servicer grants such Optional Payment Deferral. Such purchase shall occur as of the last day of the related Collection Period. In consideration of the purchase of a Receivable hereunder, the Servicer shall remit the Purchase Amount of such Receivable in the manner specified in Section 4.3. Except as provided in Section 8.2, the sole remedy of the Trust, the Trustee, or the Certificateholders against the Servicer with respect to a breach pursuant to Section 3.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 3.7.

PURCHASES BY THE SERVICER. The Seller, the Servicer Servicer, ------------------------- the Indenture Trustee or the Owner Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery (which, in the case of the either Trustee, shall occur only upon the actual knowledge of an Authorized Officer of the such Trustee) of any breach by the Servicer of its covenants under Section 3.6. Unless the breach shall have been cured by the last day of the Collection Period which includes the 60th 30th day after the date on which the Servicer becomes aware of, or receives written notice of, such breach, the Servicer shall purchase from the Trust the Receivable or Receivables from the TrustReceivables, without recourse, representation or warranty, other than that the Owner Trustee, on behalf of the Trust, Trust materially and adversely affected thereby on the last day of such Collection Period has not imposed any liens on the Receivable or Receivables to be repurchased materially and adversely affected thereby on from the related Deposit DateTrust; PROVIDEDprovided, HOWEVERhowever, that in the -------- ------- case of a breach of the covenant contained in Section 3.6(iii), the Servicer shall be obligated to purchase the affected Receivable or Receivables on the Deposit Date related to last day of the Collection Period during which the Servicer becomes aware of, or receives written notice of, such breach (which in all cases shall be deemed to have a material adverse effect on the CertificateholdersSecurityholders). If the Servicer amends or modifies a Receivable pursuant to Section 3.2(a), grants an Optional Payment Deferral pursuant to Section 3.2(c) or a Credit Deferral pursuant to Section 3.2(b) and such amendment, modification or deferral causes the term of the applicable Receivable to extend beyond the last day of the Collection Period immediately preceding the Final Scheduled Distribution DateDate for the Class B Notes, the Servicer shall be obligated to purchase the applicable Receivable on the Deposit Date related to last day of the Collection Period during which the Servicer amends or modifies such Receivable or grants such Optional Payment Deferral or Credit Deferral. Such purchase shall occur as of the last day of the related Collection Period. In consideration of the purchase of a Receivable hereunder, the Servicer shall remit the Purchase Repurchase Amount of such Receivable in the manner specified in Section 4.34.3 on the related Deposit Date. Except as provided in Section 8.26.2, the sole remedy of the Trust, the any Trustee, or the Certificateholders Securityholders against the Servicer with respect to a breach pursuant to Section 3.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 3.7.

PURCHASES BY THE SERVICER. The Seller, the Servicer Servicer, the Indenture Trustee or the Owner Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery (which, in the case of the either Trustee, shall occur only upon the actual knowledge of an Authorized Officer of the such Trustee) of any breach by the Servicer of its covenants under Section 3.6. Unless the breach shall have been cured by the last day of the Collection Period which includes the 60th day after the date on which the Servicer becomes aware of, or receives written notice of, such breach, the Servicer shall purchase the Receivable or Receivables from the Trust, without recourse, representation or warranty, other than that the Owner Trustee, on behalf of the Trust, Trust has not imposed any liens on the Receivable or Receivables to be repurchased materially and adversely affected thereby on the related Deposit Datelast day of such Collection Period; PROVIDED, HOWEVER, that in the case of a breach of the covenant contained in Section 3.6(iii), the Servicer shall be obligated to purchase the affected Receivable or Receivables on the Deposit Date related to last day of the Collection Period during which the Servicer becomes aware of, or receives written notice of, such breach (which in all cases shall be deemed to have a material adverse effect on the CertificateholdersSecurityholders). If the Servicer grants an Optional Payment Deferral pursuant to Section 3.2(c) and such deferral causes the term of the applicable Receivable to extend beyond the last day of the Collection Period immediately preceding the Final Scheduled Distribution DateDate for the Class B Notes, the Servicer shall be obligated to purchase the applicable Receivable on the Deposit Date related to last day of the Collection Period during which the Servicer grants such Optional Payment Deferral. Such purchase shall occur as of the last day of the related Collection Period. In consideration of the purchase of a Receivable hereunder, the Servicer shall remit the Purchase Amount of such Receivable in the manner specified in Section 4.3. Except as provided in Section 8.2, the sole remedy of the Trust, the Trustee, or the Certificateholders against the Servicer with respect to a breach pursuant to Section 3.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 3.7.such

PURCHASES BY THE SERVICER. The Seller, the Servicer or the Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery (which, in the case of the Trustee, shall occur only upon the actual knowledge of an Authorized Officer of the Trustee) of any breach by the Servicer of its covenants under Section 3.6. Unless the breach shall have been cured by the last day of the Collection Period which includes the 60th day after the date on which the Servicer becomes aware of, or receives written notice of, such breach, the Servicer shall purchase the Receivable or Receivables from the Trust, without recourse, representation or warranty, other than that the Trustee, on behalf of the Trust, has not imposed any liens on the Receivable or Receivables to be repurchased materially and adversely affected thereby on the related Deposit Date; PROVIDEDprovided, HOWEVERhowever, that in the case of a breach of the covenant contained in Section 3.6(iii), the Servicer shall be obligated to purchase the affected Receivable or Receivables on the Deposit Date related to the Collection Period during which the Servicer becomes aware of, or receives written notice of, such breach (which in all cases shall be deemed to have a material adverse effect on the Certificateholders). If the Servicer grants an Optional Payment Deferral pursuant to Section 3.2(c) and such deferral causes the term of the applicable Receivable to extend beyond the last day of the Collection Period immediately preceding the Final Scheduled Distribution Date, the Servicer shall be obligated to purchase the applicable Receivable on the Deposit Date related to the Collection Period during which the Servicer grants such Optional Payment Deferral. Such purchase shall occur as of the last day of the related Collection Period. In consideration of the purchase of a Receivable hereunder, the Servicer shall remit the Purchase Amount of such Receivable in the manner specified in Section 4.3. Except as provided in Section 8.2, the sole remedy of the Trust, the Trustee, or the Certificateholders against the Servicer with respect to a breach pursuant to Section 3.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 3.7.

PURCHASES BY THE SERVICER. The Seller, the Servicer or the Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery (which, in the case of the Trustee, shall occur only upon the actual knowledge of an Authorized Officer of the Trustee) of any breach by the Servicer of its covenants under Section 3.6. Unless the breach shall have been cured by the last day of the Collection Period which includes the 60th day after the date on which the Servicer becomes aware of, or receives written notice of, such breach, the Servicer shall purchase the Receivable or Receivables from the Trust, without recourse, representation or warranty, other than that the Trustee, on behalf of the Trust, has not imposed any liens on the Receivable or Receivables to be repurchased materially and adversely affected thereby on the related Deposit Date; PROVIDEDprovided, HOWEVERhowever, that in the case of a breach of the covenant contained in Section 3.6(iii), the Servicer shall be obligated to purchase the affected Receivable or Receivables on the Deposit Date related to the Collection Period during which the Servicer becomes aware of, or receives written notice of, such breach (which in all cases shall be deemed to have a material adverse effect on the Certificateholders). If the Servicer grants an Optional Payment Deferral pursuant to Section 3.2(c) and such deferral causes the term of the applicable Receivable to extend beyond the last day of the Collection Period immediately preceding the Final Scheduled Distribution Date, the Servicer shall be obligated to purchase the applicable Receivable on the Deposit Date related to the Collection Period during which the Servicer grants such Optional Payment Deferral. Such purchase shall occur as of the last day of the related Collection Period. In consideration of the purchase of a Receivable hereunder, the Servicer shall remit the Purchase Amount of such Receivable in the manner specified in Section 4.3. Except as provided in Section 8.2, the sole remedy of the Trust, the Trustee, or the Certificateholders against the Servicer with respect to a breach pursuant to Section 3.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 3.7.

PURCHASES BY THE SERVICER. The Seller, the Servicer or the Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery (which, in the case of the Trustee, shall occur only upon the actual knowledge of an Authorized Officer of the Trustee) of any breach by the Servicer of its covenants under Section 3.6. Unless the breach shall have been cured by the last day of the Collection Period which includes the 60th day after the date on which the Servicer becomes aware of, or receives written notice of, such breach, the Servicer shall purchase the Receivable or Receivables from the Trust, without recourse, representation or warranty, other than that the Trustee, on behalf of the Trust, has not imposed any liens on the Receivable or Receivables to be repurchased materially and adversely affected thereby on the related Deposit Datelast day of such Collection Period; PROVIDED, HOWEVER, that in the case of a breach of the covenant contained in Section 3.6(iii), the Servicer shall be obligated to purchase the affected Receivable or Receivables on the Deposit Date related to last day of the Collection Period during which the Servicer becomes aware of, or receives written notice of, such breach (which in all cases shall be deemed to have a material adverse effect on the Certificateholders). If the Servicer grants an Optional Payment Deferral pursuant to Section 3.2(c) and such deferral causes the term of the applicable Receivable to extend beyond the last day of the Collection Period immediately preceding the Final Scheduled Distribution Date, the Servicer shall be obligated to purchase the applicable Receivable on the Deposit Date related to last day of the Collection Period during which the Servicer grants such Optional Payment Deferral. Such purchase shall occur as of the last day of the related Collection Period. In consideration of the purchase of a Receivable hereunder, the Servicer shall remit the Purchase Amount of such Receivable in the manner specified in Section 4.34.3 on the related Deposit Date. Except as provided in Section 8.2, the sole remedy of the Trust, the Trustee, or the Certificateholders against the Servicer with respect to a breach pursuant to Section 3.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 3.7.