REPURCHASE OF CONTRACTS Sample Clauses

REPURCHASE OF CONTRACTS. Upon the occurrence of a Triggering Event, Seller may elect to repurchase any Contract within the time specified in this Article 5. The purchase price for the Contract to be repurchased shall be the payoff amount on the Contract plus all accrued and unpaid interest thereon, less one-half of the unearned discount on the Contract at the date of exchange. In addition, Seller shall reimburse Purchaser for any and all expenses incurred by Purchaser with respect to such Contract. Upon the receipt by Purchaser of the repurchase price together with any expenses as set forth in this Section 5.5, Purchaser shall promptly deliver to Seller the Contract to be repurchased, the Contract File related to the repurchased Contract and all other documents in the possession of Purchaser related to the repurchased Contract.

REPURCHASE OF CONTRACTS. (a) Upon discovery by the Seller of a breach of any of the representations and warranties set forth in Exhibit B, the Seller shall give prompt written notice thereof to the other party. If the Seller does not correct or cure such breach on or before the 15th day following the earlier of discovery of such breach by Seller or receipt of notice of such breach, then the Seller shall repurchase such Contract on the Repurchase Date next succeeding such 15th day following receipt of such notice (or, if such 15th day following receipt of such notice occurs on a Repurchase Date, on such Repurchase Date). (b) Seller shall repurchase from Buyer on each Repurchase Date (without regard to whether the full amount of the Repurchase Price for any Transaction is payable on such Repurchase Date) each Contract that is a Defaulted Contract as of such Repurchase Date. Any such repurchase made in respect of a Transaction effected prior to the scheduled Repurchase Date shall reduce the Repurchase Price payable on such Repurchase Date by the amount paid in respect of such repurchase. (c) In addition to the foregoing, Seller hereby indemnifies and holds harmless Buyer for any loss, liability, expense (including attorney fees) or damage suffered or incurred by Buyer arising from or in any way related directly to a breach by Seller of any representation or warranty of Seller in this Agreement.

REPURCHASE OF CONTRACTS or Substitution of Contracts for -------------------------------------------------------- Breach of Representations and Warranties. ---------------------------------------- a. The Originator shall repurchase a Contract, at its Repurchase Price, not later than the first Determination Date that is 90 or more days after the day on which the Originator, the Servicer, the Seller or the Trustee first discovers or should have discovered a breach of a representation or warranty of the Originator set forth in Sections 2.02(n), 3.02, 3.03 or 3.05 of this Agreement that materially adversely affects the Trust's or the Certificateholders' interest in such Contract and which breach has not been cured; provided, however, that (i) in the event that a party other than the Originator first becomes aware of such breach, such discovering party shall notify the Originator in writing within five Business Days of the date of such discovery and (ii) with respect to any Contract incorrectly described on the List of Contracts with respect to unpaid principal balance, which the Originator would otherwise be required to repurchase pursuant to this Section, the Originator may, in lieu of repurchasing such Contract, deliver to the Seller for deposit in the Certificate Account no later than the first Determination Date that is 90 or more days from the date of such discovery cash in an amount sufficient to cure such deficiency or discrepancy. Any such cash so deposited shall be distributed to Certificateholders on the immediately following Remittance Date as a collection of principal or interest on such Contract, according to the nature of the deficiency or discrepancy. Notwithstanding any other provision of this Agreement, the obligation of the Originator under this Section shall not terminate upon a Service Transfer pursuant to Article VII. Notwithstanding the foregoing, the Originator shall repurchase any Land-and-Home Contract, at such Contract's Repurchase Price, or substitute for it an Eligible Substitute Contract as described in Section 3.06(b), if the Seller has failed to deliver the related Land-and-Home Contract File to the Trustee within 30 days of the Closing Date. b. On or prior to the date that is the second anniversary of the Closing Date, the Originator, at its election, may substitute one or more Eligible Substitute Contracts for any Contracts that it is obligated to repurchase pursuant to Section 3.06(a) (such Contracts being referred to as the "Replaced Contracts") upo...

REPURCHASE OF CONTRACTS. If any representation or warranty of the Seller contained in Section 3.2(b) shall be breached or shall fail to be true, and such breach or failure shall not have been cured by the close of business on the last day of the Collection Period which includes the thirtieth (30th) day after the date on which the Seller becomes aware of, or receives written notice from the Purchaser, the Indenture Trustee, the Owner Trustee, the Noteholders or the Certificateholders of, such breach or failure, and such breach or failure materially and adversely affects the interest of the Purchaser or the Trust in a Contract, the Seller shall repurchase such Contract from the Purchaser or the Trust on the Payment Date immediately following such Collection Period. In consideration of the repurchase of a Contract hereunder, the Seller shall remit the Purchase Amount of such Contract to the Purchaser or the Trust, as applicable. The sole remedy of the Purchaser, the Trust, the Indenture Trustee, the Owner Trustee, the Noteholders and the Certificateholders with respect to a breach or failure to be true of the representations and warranties made by the Seller pursuant to Section 3.2(b) shall be to require the Seller to repurchase Contracts pursuant to this Section 6.2.

REPURCHASE OF CONTRACTS. If Dealer is required to repurchase any contract pursuant to paragraph 6 hereof, Dealer shall on demand pay to American in cash, the gross unpaid balance remaining on the contract, less unearned finance charges. If for any reason Dealer fails to purchase any such contract and there has been a default thereunder, American may repossess any collateral covered and sell it at public or private sale without notice to Dealer, and Dealer will be liable for and shall pay to American any deficiency balance.

REPURCHASE OF CONTRACTS. Drive-It shall repurchase any assigned Contract in accordance with Sections 10 and 11 hereof upon oral or written notice by Upgrade to repurchase such assigned Contract if: a. Upgrade determines there is a breach or alleged breach of any of Drive-It’s representations and warranties (including, without limitation, those made on behalf of or with respect to any Dealership or Original Seller) with respect to the Contract, the Vehicle or the Contract assignment; b. Drive-It fails to perform any of its obligations under this Agreement (including, without limitation, obligations to ensure any Original Seller performs or takes any actions); c. The Customer refuses to make payment on the Contract based in whole or in part upon assertion of a claim or defense against, or arising from, the alleged acts or omissions of, Drive-It or a Dealership; d. The Customer attempts to rescind the Contract or the Contract is rescinded by operation of law or otherwise; or e. The Customer fails to pay the first payment due under the relevant Contract (not including payment at Contract inception) when it is due. Upgrade has no duty to repossess the Vehicle or return the Vehicle to Drive-It or the Original Seller as a condition precedent to the repurchase of a Contract by Drive-It, or share with Drive-It any information related to the status of the Customer’s account or the location of the Vehicle. Should Section 9(a) be triggered due to any discrepancy between the Vehicle, its accessories, packages, or options as described in the Contract and their actual state at the time of repossession or when Upgrade becomes aware, resulting in a disparity between the value of the Vehicle at the time of sale and its actual value at the time of repossession, Upgrade may, at its sole discretion, elect to require Drive-It to pay Upgrade the difference in value instead of demanding repurchase of the Vehicle.

REPURCHASE OF CONTRACTS. Dealer shall repurchase any assigned Contract in accordance with Sections 10 and 11 hereof upon oral or written notice by Drive-It to repurchase such assigned Contract if: a. Drive-It determines there is a breach or alleged breach of any of Dealer’s representations and warranties with respect to the Contract, the Vehicle or the Contract assignment; b. Dealer fails to perform any of its obligations under this Agreement; c. The Customer refuses to make payment on the Contract based in whole or in part upon assertion of a claim or defense against, or arising from, the alleged acts or omissions of, Dealer; or d. The Customer attempts to rescind the Contract or the Contract is rescinded by operation of law or otherwise; or e. The Customer fails to pay the first payment due under the relevant Contract (not including payment at Contract inception) when it is due. Drive-It has no duty to repossess the Vehicle or return the Vehicle to Dealer as a condition precedent to the repurchase of a Contract by Dealer, or share with Dealer any information related to the status of the Customer’s account or the location of the Vehicle. Should Section 9(a) be triggered due to any discrepancy between the Vehicle, its accessories, packages, or options as described in the Contract and their actual state at the time of repossession or when Drive-It becomes aware, resulting in a disparity between the value of the Vehicle at the time of sale and its actual value at the time of repossession, Drive-It may, at its sole discretion, elect to require Dealer to pay Drive-It the difference in value instead of demanding repurchase of the Vehicle.

REPURCHASE OF CONTRACTS. Dealer will repurchase any obligation purchased by PCI under this Agreement if any of the foregoing warranties or representations shall be materially false misleading or untrue with respect to such obligation or any related contract. In any case of repurchase by Dealer of an obligation under this Section 3, Dealer agrees upon demand to pay to PCI the purchase price paid by PCI therefor and all interest due but not paid there under less PCI’s actual collections thereon, together with any costs. Expenses and attorney fees expended in attempts to enforce the terms of any related contract. All obligations repurchased by Dealer hereunder shall be reassigned to Dealer, without recourse to PCI, and without warranties, express or implied, and shall be delivered to Dealer against payment to PCI. PCI shall not be bound to exhaust its recourse against any security on any obligor before being entitled to payment by Dealer. Dealer waives all notice which Dealer may be entitled to receive and waives all set-offs and counterclaims.

REPURCHASE OF CONTRACTS. APX will take such actions as may be necessary to exercise, at the Closing, subject to the payment by Buyer of the repurchase amounts set forth in Sections 2.2(f) and 2.2(g), APX’s rights to acquire all rights, title and interest in the Assets to be Acquired (as defined in each of the RBS Agreement, the Riverwoods II Agreement and the Riverwoods III Agreement) (collectively, the “Account Repurchases”).

REPURCHASE OF CONTRACTS. Upon discovery by Seller of a breach of any of the representations and warranties set forth in Commercial Exhibit B or Residential Exhibit B, as the case may be, Seller shall give prompt written notice thereof to Buyer. If Seller does not correct or cure such breach on or before the 15th day following the earlier of discovery of such breach by Seller or receipt of notice of such breach, then Seller shall repurchase such Contract on the Repurchase Date next succeeding such 15th day following receipt of such notice (or, if such 15th day following receipt of such notice occurs on a Repurchase Date, on such Repurchase Date). The provisions of this Section shall not be deemed to limit, or affect the time periods provided for in, any other provision of this Agreement respecting margin maintenance or otherwise.