Common use of Referral to Dispute Resolution Clause in Contracts

Referral to Dispute Resolution. If the Issuer, the Owner Trustee, the Indenture Trustee (acting as Requesting Party on behalf of the Issuer and only at the direction of the Noteholders), a Note Owner or a Noteholder (the “Requesting Party”) requests that the Depositor and/or the Seller repurchase a Receivable due to an alleged breach of a representation and warranty in Section 3.02 of this Agreement or in Section 3.03 of the Receivables Purchase Agreement (each, a “Repurchase Request”), and the Repurchase Request has not been resolved within 180 days of the receipt of notice of the Repurchase Request by the Depositor or the Seller, the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration; provided, however, that if the Indenture Trustee is the Requesting Party, the directing Noteholder shall determine the referral to such mediation or arbitration. The Requesting Party must start the mediation or arbitration proceeding according to the ADR Rules of the ADR Organization within 90 days after the end of the 180-

Referral to Dispute Resolution. If the Issuer, the Owner Trustee, the Indenture Trustee (acting as Requesting Party on behalf of the Issuer and only at the direction of the Noteholders), a Note Owner or a Noteholder (the “Requesting Party”) requests that the Depositor and/or the Seller repurchase a Receivable due to an alleged breach of a representation and warranty in Section 3.02 of this Agreement or in Section 3.03 of the Receivables Purchase Agreement (each, a “Repurchase Request”), and the Repurchase Request has not been resolved within 180 days of the receipt of notice of the Repurchase Request by the Depositor or the Seller, the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration; provided, however, that if the Indenture Trustee is the Requesting Party, the directing Noteholder shall determine the referral to such mediation or arbitration. The Requesting Party must start the mediation or arbitration proceeding according to the ADR Rules of the ADR Organization within 90 days after the end of the 180-180-day period. The Depositor and the Seller agree to participate in the dispute resolution method selected by the Requesting Party. For the avoidance of doubt, the Indenture Trustee shall be under no obligation under any other Basic Document or otherwise to monitor repurchase activity or to independently determine which Repurchase Requests remain unresolved after 180 days.

Referral to Dispute Resolution. If the Issuer, the Owner Trustee, the Indenture Trustee (acting as Requesting Party on behalf of the Issuer and only at the direction of the Noteholders), a Note Owner or a Noteholder (the “Requesting Party”) requests that the Depositor and/or the Seller repurchase a Receivable due to an alleged breach of a representation and warranty in Section 3.02 of this Agreement or in Section 3.03 of the Receivables Purchase Agreement (each, a “Repurchase Request”), and the Repurchase Request has not been resolved within 180 days of the receipt of notice of the Repurchase Request by the Depositor or the Seller, the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration; provided, however, that if the Indenture Trustee is the Requesting Party, the directing Noteholder shall determine the referral to such mediation or arbitration. The Requesting Party must start the mediation or arbitration proceeding according to the ADR Rules of the ADR Organization within 90 days after the end of the 180-180-day