Common use of Reassignment upon Breach Clause in Contracts

Reassignment upon Breach. The representations and warranties in Section 2.4(a) and (b) survive the sale and assignment of the Sold Receivables and the Related Security to the Issuer. Upon discovery by the Depositor, the Owner Trustee, the Indenture Trustee or the Servicer of a material breach of any of these representations and warranties, the party discovering such breach will give prompt notice to the other parties. If any breach by the Depositor of a representation or warranty in Section 2.4(a) or (b) has a material adverse effect on a Sold Receivable, then the Depositor will accept reassignment of such Sold Receivable on or before the first day of the first Collection Period that begins more than 60 days after the earlier to occur of the discovery of any such breach by the Depositor, or receipt by the Depositor of notice of such breach from the Owner Trustee, the Indenture Trustee or the Servicer unless, by the first day of such Collection Period, the representations and warranties in Section 2.4(a) and (b) are then true and correct in all material respects and any material adverse effect on such Sold Receivable caused by the breach has been cured. Notice of the reassignment of a Sold Receivable pursuant to this Section 2.4(c) will be contained in the Monthly Investor Report for the Collection Period in which such reassignment occurs.

Reassignment upon Breach. The representations and warranties in Section 2.4(a) and (b2.3(a) survive the sale and assignment of the Sold Receivables and the Related Security to the Issuer. Upon discovery by the Depositor, the Owner Trustee, the Indenture Trustee or the Servicer of a material breach of any of these representations and warranties, the party discovering such breach will give prompt notice to the other parties. If any breach by the Depositor of a representation or warranty in Section 2.4(a) or (b2.3(a) has a material adverse effect on a the Sold ReceivableReceivables, then the Issuer or the Indenture Trustee, by notice to the Depositor, may require the Depositor will to accept reassignment of such all the Sold Receivable Receivables on or before the first day of the first Collection Period that begins more than 60 days after the earlier to occur of the discovery of any such breach by the Depositor, or receipt by the Depositor of notice of such breach from the Owner Trustee, the Indenture Trustee or the Servicer unless, by the first day of such Collection Period, Period the representations and warranties in Section 2.4(a) and (b2.3(a) are then true and correct in all material respects and any material adverse effect on such the Sold Receivable Receivables caused by the such breach has been cured. Notice of the reassignment of a the Sold Receivable Assets pursuant to this Section 2.4(c2.3(b) will be contained in the Monthly Investor Report for the Collection Period in which such reassignment occurs.