Repurchase and Reimbursement Sample Clauses

Repurchase and Reimbursement. (a) Each party to this Purchase Agreement shall give notice to the other parties promptly, in writing, upon the discovery of any breach of the Seller’s representations, warranties and covenants made pursuant to Sections 5.1, 5.2 and 5.4 hereof which has a material adverse effect on the interest of the Purchaser and the Interim Eligible Lender Trustee or its successors and assigns (including the Indenture Trustee) in the guarantee of any Trust Student Loan. In the event any such material breach is not curable by reinstatement of the applicable Guarantor’s guarantee of such Trust Student Loan, the Seller shall repurchase any affected Trust Student Loan not later than 210 days following the earlier of the date of discovery of such material breach or the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan. In the event any such material breach is curable by reinstatement of the Guarantor’s guarantee of such Trust Student Loan, unless the material breach shall have been cured within 360 days following the earlier of the date of discovery of such material breach and the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan, the Seller shall repurchase such Trust Student Loan not later than the 60th day following the end of such 360-day period. On the date of repurchase of any Trust Student Loan pursuant to this Section 6.1, the Seller shall also remit as provided in Section 2.6 of the Administration Agreement an amount equal to all non-guaranteed accrued interest amounts (including, without limitation, Interest Subsidy Payments) and forfeited Special Allowance Payments with respect to such Trust Student Loan up to the date of repurchase arising out of a breach of the Seller’s representations, warranties and covenants made pursuant to Sections 5.1, 5.2 and 5.4 hereof. In consideration of the repurchase of any such Trust Student Loan pursuant to this Section 6.1, the Seller shall remit the Purchase Amount in the manner specified in Section 2.6 of the Administration Agreement. (b) In addition (but without duplication of the obligations of such Person acting in any other capacity under the Transaction Documents), if any breach of Section 5.1, 5.2 or 5.4 hereof by the Seller does not trigger such repurchase obligation but does result in the refusal by a Guarantor to pay on a claim under a guarantee all or a portion of the accrued interest (or any obligation of the Purchaser to rep...