Remedies Upon Misrepresentation Repurchase Option. SECTION 11.01. REPURCHASES OF, OR SUBSTITUTION FOR,
Remedies Upon Misrepresentation Repurchase Option. Section 6.01 Repurchases of, or Substitution for, Loans for Breach of Representations and Warranties Section 6.02 Reassignment of Repurchased or Substituted Loans
Remedies Upon Misrepresentation Repurchase Option. SECTION 11.01. REPURCHASES OF, OR SUBSTITUTION FOR, CONTRACTS FOR BREACH OF REPRESENTATIONS AND WARRANTIES. Upon a discovery by the Servicer, the Trust Depositor or the Trustees of a breach of a representation or warranty of the Originator as set forth in Section 3.01, Section 3.02, Section 3.03, Section 3.04, and Section 3.05 or as made or deemed made in any Addition Notice or any Subsequent Purchase Agreement relating to Substitute Contracts that materially adversely affects the Trust's interest in such Contract (without regard to the benefits of the Reserve Fund) (an "Ineligible Contract"), or of an inaccuracy with respect to the representations as to concentrations of the Initial Contracts made under Section 3.05, the party discovering the breach shall give prompt written notice to the other parties (and the Servicer shall, with respect to an inaccuracy concerning concentrations, select one or more Contracts, without employing adverse selection, to be the related Excess Contract for purposes of this Section), provided, that the Trustees shall have no duty or obligation to inquire or to investigate the breach by the Originator of any of such representations or warranties. The Originator shall repurchase each such Ineligible Contract or Excess Contract, at a repurchase price equal to the Transfer Deposit Amount, not later than the next succeeding Determination Date following the date the Originator becomes aware of, or receives written notice from any Trustee, the Servicer or the Trust Depositor of, any such breach or inaccuracy and which breach or inaccuracy has not otherwise been cured; provided, however, that if the Originator is able to effect a substitution for any such Ineligible Contract or Excess Contract in compliance with Section 2.04, the Originator may, in lieu of repurchasing such Contract, effect a substitution for such affected Contract with a Substitute Contract not later than the date a repurchase of such affected Contract would be required hereunder, and provided further that with respect to a breach of representation or warranty relating to the Contracts in the aggregate and not to any particular Contract the Originator may select Contracts (without adverse selection) to repurchase (or substitute for) such that had such Contracts not been included as part of the Trust Assets (and, in the case of a substitution, had such Substitute Contract been included as part of the Trust Assets instead of the selected Contract) there would have been...
Remedies Upon Misrepresentation Repurchase Option. Section 11.01. Repurchases of, or Substitution for, Contracts for Breach of Representations and Warranties...............................................88 Section 11.02. Reassignment of Repurchased or Substituted Contracts....................................89 Section 11.03. The Trust Depositor's Repurchase Option.................................................89 ARTICLE TWELVE ORIGINATOR INDEMNITIES
Remedies Upon Misrepresentation Repurchase Option. 94 Section 11.01. Repurchases of, or Substitution for, Loans for Breach of Representations and Warranties 94 Section 11.02. Reassignment of Repurchased or Substituted Loans 95 ARTICLE 12. INDEMNITIES 95 Section 12.01. Indemnification by Servicer 95 Section 12.02. Indemnification by Trust Depositor 96 Section 12.03. Survival 96 ARTICLE 13. MISCELLANEOUS 96 Section 13.01. Amendment 96 Section 13.02. [Reserved] 97 Section 13.03. Governing Law 97 Section 13.04. Notices 98 Section 13.05. Severability of Provisions 100 TABLE OF CONTENTS (continued) Page Section 13.06. Third Party Beneficiaries 101 Section 13.07. Counterparts 101 Section 13.08. Headings 101 Section 13.09. No Bankruptcy Petition; Disclaimer 101 Section 13.10. Jurisdiction 102 Section 13.11. Tax Characterization 102 Section 13.12. [Reserved] 102 Section 13.13. Limitation of Liability of Owner Trustee 102 Section 13.14. [Reserved] 102 Section 13.15. No Partnership 103 Section 13.16. Successors and Assigns 103 Section 13.17. Acts of Holders 103 Section 13.18. Duration of Agreement 103 Section 13.19. Limited Recourse 103 Section 13.20. Confidentiality 103 Section 13.21. Non-Confidentiality of Tax Treatment 104 EXHIBITS Exhibit A Form of Assignment A-1 Exhibit B Form of Closing Certificate of Trust Depositor B-1 Exhibit C Form of Closing Certificate of Servicer/Seller C-1 Exhibit F Servicer Officer’s Certificate F-1 Exhibit G List of Loans G-1 Exhibit H-1 Form of Quarterly Report H-1 Exhibit H-2 Form of Monthly Report H-2 Exhibit K Form of Annual Certification Regarding Required Loan Documents K-1 Exhibit L-1 Form of Initial Certification X-0 Xxxxxxx X-0 Form of Final Certification L-2 Exhibit M Form of Request for Release of Documents M-1 SALE AND SERVICING AGREEMENT THIS SALE AND SERVICING AGREEMENT, dated as of November 13, 2014, is by and among:
Remedies Upon Misrepresentation Repurchase Option. Section 11.01 Repurchases of, or Substitution For, Contracts for Breach of Representations and Warranties.................................................................................86 Section 11.02 Reassignment of Repurchased or Substituted Contracts..........................................87 Section 11.03 Servicer's Repurchase Option..................................................................87 Section 11.04 Conveyance of Additional Contracts............................................................87 Section 11.05 Seller's Covenant to Deliver Additional Contracts.............................................88 Section 11.06
Remedies Upon Misrepresentation Repurchase Option. Section 11.01 Repurchases of, or Substitution for, Loans for Breach of Representations and Warranties.
Remedies Upon Misrepresentation Repurchase Option
