Repurchase of Certain Receivables. (a) On each day during a Settlement Period, each Seller shall in respect of the SCC Receivable Pool and Lease Receivable Pool be deemed to have immediately repurchased from the Collateral Agent on behalf of the Purchasers any Receivables that become Aged Receivables on such day, and the Collateral Agent on behalf of the Purchasers shall convey (without any further action on any of their part required to accomplish such conveyance) to such Seller such Aged Receivables on such day and prior to such Aged Receivables being written off as uncollectible, it being understood and agreed that (i) the repurchase thereof shall be settled on the first Settlement Date to occur after the end of such Settlement Period in accordance with the following provisions of this Section, (ii) a Seller shall repurchase, and the Collateral Agent on behalf of the Purchasers shall so convey to such Seller, related Aged Receivables pursuant to this Section only to the extent that the aggregate Unpaid Balance of all of the Aged Receivables relating to the SCC Receivable Pool or Lease Receivable Pool, as applicable, repurchased by the Sellers during any Settlement Period would not exceed 8.0% of the aggregate initial Unpaid Balance of Receivables relating to such Receivable Pool transferred to the Purchasers pursuant to this Agreement during the related Settlement Period, and (iii) unless the Seller has paid the related repurchase price pursuant to clause (b)(ii)(B) below in cash by deposit to a Lock-Box Account on the applicable Settlement Date, no such repurchase or reconveyance shall occur if any Event of Termination, Unmatured Event of Termination, Specified Unmatured Event, Non-Reinvestment Event or Collection Control Event has occurred and is continuing or after the expiration of any applicable grace period, if any, would result therefrom.
(b) The repurchase price applicable to each conveyance payable on the Settlement Date in respect of any Settlement Period shall be comprised of (i) the Funding Advance Rate for such Aged Receivables times the aggregate Unpaid Balance of such Aged Receivables plus (ii) the remaining Unpaid Balance of such Aged Receivables after application of clause (i) above. The amount in clause (i) shall be paid by the Seller (A) first, as a setoff against any RPA Deferred Purchase Prices payable to such Seller (and to which such Seller otherwise would have been entitled) and (B) second, at the Seller’s option (subject to clause (a)(iii) above), in cash by depo...
Repurchase of Certain Receivables. (a) The Seller shall, upon not less than five Business Days' notice from the Agent, repurchase (for cash at the repurchase price specified in Section 10.02(b), on the date specified in such notice) the interest created by each Eligible Asset in any and all Pool Receivables which are Disputed Items, whether now or in the future.
(b) The repurchase price for any interest in any Pool Receivable to be repurchased pursuant to subsection (a) of this Section 10.02 shall be an amount equal to the percentage ownership interest (as of the date of such repurchase) created by the relevant Eligible Asset in the Outstanding Balance of such Pool Receivable. The proceeds of such repurchase shall be deemed to be a Collection of such Pool Receivable attributable to such Eligible Asset, and the amount of such Collection shall be paid by the Seller to the Agent's Account to be applied as provided in Section 2.06 or 2.07, as applicable, at the time of repurchase. Any such repurchase shall be made without recourse or warranty, express or implied.
