Common use of Representations and Warranties Regarding the Contract Files Clause in Contracts

Representations and Warranties Regarding the Contract Files. The Seller and the Originator each represents and warrants to the Purchaser and the Note Insurer, as of the Closing Date with respect to the Contracts, that: (a) Bulk Transfer Laws. The transfer, assignment and conveyance of the Contracts and the Asset Files by the Seller pursuant to this Agreement is not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction. With respect to the representations and warranties set forth in this Section that are made to the best of the each of the Seller's and Originator's knowledge or as to which the Seller and the Originator have no knowledge, if it is discovered by the Purchaser, the Seller, the Originator, the Servicer, the Note Insurer, the Issuer or the Indenture Trustee that the substance of any such representation or warranty is inaccurate and such inaccuracy materially and adversely affects the value of the related Contract or the interest of the Trust Estate therein, notwithstanding the Seller's or Originator's lack of knowledge with respect to the substance of such representation and warranty being inaccurate at the time the representation or warranty was made, such inaccuracy shall be deemed a breach of the applicable representation or warranty and either the Seller or the Originator, as applicable, shall cure such breach, repurchase the related Contract at the Repurchase Price or substitute an Eligible Substitute Contract therefor pursuant to Section 3.6(b).

Representations and Warranties Regarding the Contract Files. The Seller and the Originator each represents and warrants to the Purchaser and the Note InsurerPurchaser, as of the Closing Date with respect to the Contracts, that: (a) Bulk Transfer Laws. The transfer, assignment and conveyance of the Contracts and the Asset Files by the Seller pursuant to this Agreement is not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction. With respect to the representations and warranties set forth in this Section that are made to the best of the each of the Seller's and Originator's knowledge or as to which the Seller and the Originator have no knowledge, if it is discovered by the Purchaser, the Seller, the Originator, the Servicer, the Note Insurer, the Issuer or the Indenture Trustee that the substance of any such representation or warranty is inaccurate and such inaccuracy materially and adversely affects the value of the related Contract or the interest of the Trust Estate therein, notwithstanding the Seller's or Originator's lack of knowledge with respect to the substance of such representation and warranty being inaccurate at the time the representation or warranty was made, such inaccuracy shall be deemed a breach of the applicable representation or warranty and either the Seller or the Originator, as applicable, shall cure such breach, repurchase the related Contract at the Repurchase Price or substitute an Eligible Substitute Contract therefor pursuant to Section 3.6(b).