Common use of Removal of Nonconforming Pledged Property Clause in Contracts

Removal of Nonconforming Pledged Property. Upon discovery by an Obligor, the Trustee, the Servicer or any Series Support Provider of a breach of any of the representations or warranties of the Transferor set forth in the related Transfer Agreement Supplement with respect to any Contract (such breach, a "Transferor Breach"), the related Equipment or the related Contract File, as the case may be, the party discovering such breach shall give prompt written notice to the other parties. Except as specifically provided herein, the Trustee has no obligation to review or monitor the Pledged Property for compliance with such representations and warranties. As of the last day of the calendar month in which such breach was discovered or, if later, the last day of the calendar month in which the Servicer received the notice thereof (or, at the Servicer's and such Obligor's election, any earlier date), the Servicer, unless such breach shall have been waived or cured in all material respects prior to such time, shall cause the Transferor to remove such Contract and the related Pledged Property from the related Series Trust Estate. In consideration for the removal of such Pledged Property, the Transferor shall, no later than the Determination Date prior to the Settlement Date next following such date, pay the Prepayment Amount to the Servicer for deposit into the applicable Facility Account. Without limiting the foregoing in any way, in the event of a breach of any representation or warranty of the Transferor contained in any Transfer Agreement Supplement that materially and adversely affects any Contract or the related Contract File, unless the breach shall have been cured on or before the last day of the calendar month in which such breach was discovered or, if later, the last day of the calendar month in which the Servicer received the notice thereof, the Servicer shall enforce the obligation of the Transferor under the Master Transfer Agreement to repurchase such Contract.

Removal of Nonconforming Pledged Property. Upon discovery by an Obligor, the Trustee, Trustee or the Servicer or any Series Support Provider of a breach of any of the representations or warranties of the Transferor Originator set forth in the related Transfer Master Sale Agreement or Sale Agreement Supplement with respect to any Contract (such breach, a "Transferor Breach")Contract, the related Equipment or the related Contract File, as the case may be, the party discovering such breach shall give prompt written notice to the other parties. Except as specifically provided herein, the Trustee has no obligation to review or monitor the Pledged Property for compliance with such representations and warranties. As of the last day of the calendar month in which such breach was discovered or, if later, the last day of the calendar month in which the Servicer received the notice thereof (or, at the Servicer's and such Obligor's election, any earlier date), the Servicer, unless such breach shall have been waived or cured in all material respects prior to such time, shall cause notify the Transferor to appropriate Obligor of such breach and the appropriate Obligor shall remove such Contract and the related Pledged Property from the related Series Trust Estate. In consideration for the removal of such Pledged Property, the Transferor appropriate Obligor shall, no later than the Determination Date prior to the Settlement Payment Date next following such date, pay the Prepayment Amount to the Servicer for deposit into the applicable Facility appropriate Series Account. Without limiting the foregoing in any way, in the event of a breach of any representation or warranty of the Transferor Originator contained in any Transfer Master Agreement or Sale Agreement Supplement that materially and adversely affects any Contract or the related Contract File, unless the breach shall have been cured on or before the last day of the calendar month in which such breach was discovered or, if later, the last day of the calendar month in which the Servicer received the notice thereof, the Servicer shall enforce notify the obligation related Obligor of such breach and the Transferor under the Master Transfer Agreement to repurchase related Obligor shall remove such Contract.

Removal of Nonconforming Pledged Property. Upon discovery by an Obligor, the Trustee, Trustee or the Servicer or any Series Support Provider of a breach of any of the representations or warranties of the Transferor Originator set forth in the related Transfer Master Sale Agreement or Sale Agreement Supplement with respect to any Contract (such breach, a "Transferor Breach")Contract, the related Equipment or the related Contract File, as the case may be, the party discovering such breach shall give prompt written notice to the other parties. Except as specifically provided herein, the Trustee has no obligation to review or monitor the Pledged Property for compliance with such representations and warranties. As of the last day of the calendar month in which such breach was discovered or, if later, the last day of the calendar month in which the Servicer received the notice thereof (or, at the Servicer's and such Obligor's election, any earlier date), the Servicer, unless such breach shall have been waived or cured in all material respects prior to such time, shall cause notify the Transferor to appropriate Obligor of such breach and the appropriate Obligor shall remove such Contract and the related Pledged Property from the related Series Trust Estate. In consideration for the removal of such Pledged Property, the Transferor appropriate Obligor shall, no later than the Determination Date prior to the Settlement Payment Date next following such date, pay the Prepayment Amount to the Servicer for deposit into the applicable Facility appropriate Series Account. Without limiting the foregoing in any way, in the event of a breach of any representation or warranty of the Transferor Originator contained in any Transfer Master Agreement or Sale Agreement Supplement that materially and adversely affects any Contract or the related Contract File, unless the breach shall have been cured on or before the last day of the calendar month in which such breach was discovered or, if later, the last day of the calendar month in which the Servicer received the notice thereof, the Servicer shall enforce notify the obligation related Obligor of such breach and the Transferor under the Master Transfer Agreement to repurchase related Obligor shall remove such Contract.. 44 51