Repurchase Obligations Sample Clauses
The Repurchase Obligations clause requires one party, typically the seller, to buy back certain assets or securities from the buyer under specified conditions. In practice, this clause outlines the circumstances that trigger the repurchase, such as a default, breach of warranty, or failure to meet agreed-upon criteria, and details the process and timing for completing the repurchase. Its core function is to protect the buyer from losses or risks associated with the purchased assets by ensuring a mechanism for reversing the transaction if certain problems arise.
Repurchase Obligations. (a) Upon obtaining actual knowledge of, or receipt of written notice by, the Indenture Trustee or the Issuer of a breach of any representation or warranty contained in Section 2.05(a) hereof (or under Section 4.02(a) of the Loan Purchase Agreement as incorporated pursuant to Section 2.05(a)(iv) of this Agreement) by the Depositor with respect to a Loan sold hereunder to the Issuer at the time such representations and warranties were made, which breach materially adversely affects the interests of the Noteholders in such Loan, the party discovering or receiving notice of such breach shall give prompt written notice thereof to the Seller, the Depositor, the Issuer and the Indenture Trustee (it being understood that the discovering party shall not be required to notify itself); provided, that the Indenture Trustee shall not be deemed to have discovered, or deemed to have notice or knowledge of, any event, including, without limitation, with respect to a breach of any of the representations and warranties set forth herein or any other Transaction Document, unless a Responsible Officer of the Indenture Trustee has actual knowledge or shall have received written notice thereof. In the case of a breach of any representation or warranty contained in Section 2.05(a)(i), (iii), (iv) or (vi) hereof, the Depositor shall immediately exercise its rights under Section 6.01 of the Loan Purchase Agreement to require the Seller to cure such breach, or if such breach is not cured during the applicable cure period, to repurchase such Loan, in each case, in accordance with and subject to Section 6.01 of the Loan Purchase Agreement. The obligations of the Depositor to require the Seller to cure or the obligations of the Depositor to repurchase the affected Loan shall constitute the sole and exclusive remedy, under this Agreement or otherwise, against the Depositor in respect of a breach by the Depositor of any representations or warranties contained in Section 2.05(a)(i), (iii), (iv) or (vi) hereof. In the case of a breach of any representation or warranty contained in Section 2.05(a)(ii) or (v) with respect to any Loan, which breach materially adversely affects the interests of the Noteholders in such Loan (any such breach, a “Direct Depositor Breach”), the Depositor shall either cure such breach in all material respects within forty-five (45) days from the date on which the Depositor is notified of, or discovered, such breach or repurchase the affected Loan at the applicable ...
Repurchase Obligations. Each of WME Holdco and ▇▇▇▇ ▇▇ may, at any time upon delivery of written notice to Grantee following a termination of Grantee’s employment or services with Employer for any reason, exercise a Repurchase Option (as defined in the applicable Operating Agreement) with respect to any or all of the vested WME Holdco Units or ▇▇▇▇ ▇▇ Units, as applicable, in accordance with, and subject to the terms and conditions of, the applicable Operating Agreement. Notwithstanding anything to the contrary in the Operating Agreements, if (X) prior to the consummation of an IPO, Grantee’s employment with Employer is terminated by Employer with Cause or by Grantee without Good Reason or, solely in the case of Class A Units or Profits Units of WME Holdco, upon a Grantee Non-Renewal, or (Y) on or following the consummation of an IPO, Grantee’s employment or services with Employer is terminated by Employer with Cause, then the consideration payable by WME Holdco or ▇▇▇▇ ▇▇, respectively, to Grantee pursuant to an exercise by WME Holdco or ▇▇▇▇ ▇▇, respectively, of the applicable Repurchase Option with respect to Grantee’s vested Class A Units or Profits Units or ▇▇▇▇ ▇▇ Units shall, (a) prior to an IPO, be 50% of the fair market value of such vested Class A Units or Profits Units as determined by the Executive Committee of WME Holdco in accordance with the Operating Agreement of WME Holdco, and in the case of ▇▇▇▇ ▇▇ Units, be 50% of the Fair Market Value (as defined in the EOC Parent LLC Agreement) of the corresponding Profits Units and (b) as of and following an IPO, 50% of the fair market value of the Units in EOC Parent corresponding to the vested Class A Units or Profits Units or ▇▇▇▇ ▇▇ Units, as applicable (as determined by the Governing Body). For clarity, notwithstanding anything to the contrary contained in the Prior Agreements, if (a) prior to the consummation of an IPO, Grantee’s employment with Employer is terminated for any reason other than described in subsection (X) of the immediately preceding paragraph, or (b) on or following the consummation of an IPO, Grantee’s employment or services with Employer is terminated for any reason other than by the Employer with Cause, then the consideration payable by WME Holdco or ▇▇▇▇ ▇▇, respectively, to Grantee pursuant to an exercise by WME Holdco or ▇▇▇▇ ▇▇, respectively, of the applicable Repurchase Option shall be (A) prior to an IPO, with respect to Grantee’s vested Class A Units or Profits Units, the fair market value o...
Repurchase Obligations. The Manufacturer Program will provide that the Repurchase Obligations are unconditional and irrevocable obligations of the Supplier, subject only to the fulfilment of:
(a) any applicable procedures or requirements, including any minimum or maximum holding periods set out in the Vehicle Purchasing Agreement and required to be followed by German Fleetco (or its agents, if any) in relation to the Repurchase Obligations; and
(b) any applicable provisions or eligibility criteria set out in the Vehicle Purchasing Agreement requiring Relevant Vehicles to meet specified condition standards or eligibility criteria in relation to the Repurchase Obligations. Without limiting the generality of the foregoing, no Manufacturer Program may provide that the obligations of the Supplier thereunder are conditional upon German FleetCo, German OpCo or any other person, individually or in aggregate, purchasing any minimum number of Vehicles or meeting any other minimum threshold level over or within any period or the solvency of German FleetCo, German OpCo or any other Affiliate of German FleetCo. The Repurchase Obligations shall not lapse under any circumstances in the case of an insolvency of German OpCo.
Repurchase Obligations. Upon discovery by any party to this Agreement of a breach of any representation or warranty in Sections 4.1 or 4.2 of this Article IV which materially and adversely affects the value of a Purchased Receivable or the interests of the Purchaser therein (herein a "Rejected Receivable"), the party discovering such breach shall give prompt written notice to the other parties to this Agreement. Thereafter, on the next Purchase Date, the Net Value of the Rejected Receivables shall be deducted from the amount otherwise payable to the Seller pursuant to Section 2.3 and deposited in the Collection Account in satisfaction of the Rejected Receivable Amount and, provided the full Net Value of such Rejected Receivables is deposited in the Collection Account, such Rejected Receivables shall then be considered to have been repurchased by the Seller. In the event that the full Net Value of such Rejected Receivables is not deposited in the Collection Account pursuant to the foregoing sentence, the Purchaser shall deduct any such deficiency from the Excess Collection Amount or make demand upon the Seller to pay any such deficiency to the Purchaser for deposit to the Collection Account. Upon full payment of the amounts set forth above to the Collection Account, the Seller will be deemed to have repurchased such Rejected Receivable.
Repurchase Obligations. (a) Each of the representations and warranties made by the Seller herein shall survive the purchase by FAIC II of the Mortgage Loans and shall continue in full force and effect, notwithstanding any restrictive or qualified endorsement on the Mortgage Notes and notwithstanding subsequent termination of this Agreement, the Trust Agreement or the Indenture. The Seller's representations and warranties shall not be impaired by any review or examination of Mortgage Loan Documents or other documents evidencing or relating to the Mortgage Loans or any failure on the part of FAIC II to review or examine such documents and shall inure to the benefit of the Issuer and the Indenture Trustee (as the assignees of FAIC II) for the benefit of the Bondholders and the Bond Insurer. With respect to the representations and warranties contained herein that are made to the best of the Seller's knowledge or as to which the Seller has no knowledge, if it is discovered by either the Seller, FAIC II, or the Indenture Trustee that the substance of any such representation and warranty is inaccurate and such inaccuracy materially and adversely affects the value of the related Mortgage Loan, then notwithstanding the Seller's lack of knowledge with respect to the substance of such representation and warranty being inaccurate at the time the representation and warranty was made, the Seller shall take action in accordance with the following paragraph in respect of such Mortgage Loan.
(b) Upon discovery or receipt of notice by the Seller, FAIC II or the Indenture Trustee of any missing or materially defective document in any Mortgage File, a breach of any of the representations and warranties set forth in Section 4 hereof or in Exhibit B hereto, or a default in the performance of any of the covenants or other obligations of the Seller under this Agreement, that in any of the foregoing cases materially and adversely affects the value of any Mortgage Loan or the interest therein of FAIC II, the Issuer, the Indenture Trustee, the Bondholders or the Bond Insurer, the party discovering or receiving notice of the missing or materially defective document, breach, or default shall give prompt written notice to the other parties and to the Underwriters. Upon its discovery or its receipt of notice of any such missing or materially defective documentation or any such breach of a representation and warranty or covenant, the Seller shall, within 60 days after such discovery or receipt of such notice, e...
Repurchase Obligations. Upon discovery by any party to this Agreement of a breach of any representation or warranty in Sections 4.1 or 4.2 of this Article IV which materially and adversely affects the value of a Purchased Receivable or the interests of the Purchaser therein (herein a “Rejected Receivable”), the party discovering such breach shall give prompt written notice to the other parties to this Agreement. Thereafter, on the next Purchase Date, the Net Value of the Rejected Receivables shall be deducted from the Purchase Price of the Eligible Receivables pursuant to Section 2. To the extent the amount of that Advance Amount is insufficient, Purchaser shall make demand upon the Seller to pay any such deficiency to the Purchaser within three (3) Business Days of receipt of notice from Purchaser. Upon payment of the amount due by the Seller to the Purchaser under this Section 4.4, the subject Purchased Receivable will be reconveyed to the Seller without recourse.
Repurchase Obligations. If on any day the Agent determines that the Seller has extended the maturity of any Contract relating to a Purchased Receivable or that a Purchased Receivable was not an Eligible Receivable on the Purchase Date, the Seller agrees to pay to the Agent for the account of the Investors the amount of the outstanding balance of such Receivable in full, and the subject Purchased Receivable shall thereupon be deemed reconveyed to the Seller. Any amounts received by the Agent pursuant to this Section 5.5 with respect to a Purchased Receivable shall be applied to reduce the Investment.
Repurchase Obligations. 7.1 In the event ▇▇▇▇ ▇▇▇▇▇, M.D.’s employment with the Company is terminated under that certain Employment Agreement of even date herewith by and between ▇▇▇▇ ▇▇▇▇▇, M.D. and the Company (the “Employment Agreement”) on any ground articulated in Sections 6(b)(i) (but only if such employment is terminated due to ▇▇▇▇ ▇▇▇▇▇, M.D.’s failure to devote at least 20 hours per week of his business time and attention to the business of OMP as an employee thereof), 6(b)(ii), 6(b)(iii), 6(b)(iv) or 6(b)(vi) of such Employment Agreement, then the Company may, in its sole discretion, elect to repurchase any shares of Common Stock held by Obagi at the then fair market value per share of such stock if the Company also repurchases any and all Series B Preferred Stock of the Company held by Obagi at a price per share equal to the original price per share paid by Obagi for such shares plus an amount equal to any accrued and unpaid dividends associated with each such share, and in such event Obagi agrees to so sell such Common Stock and Series B Preferred Stock to the Company. The amount to be paid by the Company for each share of Common Stock and Series B Preferred Stock shall be adjusted to give effect to any stock splits, reverse stock splits or recapitalizations effecting such shares.
7.2 The fair market value of Obagi’s Common Stock for the purposes of Section 7.1 shall be determined as follows: each of Obagi and the Company shall promptly pick a third party independent appraisal firm of national recognition and each such appraisal firm shall promptly value the Common Stock to be so repurchased. If the aggregate valuations of such stock by such two appraisal firms are within ten percent (10%) of each other, the value of such stock shall be the average of such appraisal valuations. If such valuations are not within ten percent (10%) of each other, then such two appraisal firms shall promptly choose a third appraisal firm of national recognition and such third appraisal firm shall promptly determine the aggregate valuation of such stock, such valuation to be binding on the parties. The Company shall bear the costs of such appraisals.
Repurchase Obligations. Upon discovery by any party to this Agreement of a breach of any representation or warranty in this Article IV which materially and adversely affects the value of a Purchased Receivable or the interests of the Purchaser therein (herein a "Rejected Receivable"), the party discovering such breach shall give prompt written notice to the other parties to this Agreement. Thereafter, on the next Purchase Date, the Net Value of the Rejected Receivables shall be deducted from the amount otherwise payable to the Seller pursuant to Section 2.3. In the event that the full Net Value of such Rejected Receivables is not deposited in the Collection Account pursuant to the foregoing sentence, the Purchaser shall deduct any such deficiency from the Excess Collection Amount and/or make demand upon the Seller to pay any such deficiency to the Purchaser for deposit to the Collection Account.
Repurchase Obligations. 27 Section 9.2