Common use of Repurchase of Receivables; Payment of Purchase Amount Clause in Contracts

Repurchase of Receivables; Payment of Purchase Amount. The Depositor may, and if the breach has a material adverse effect on a Receivable will, repurchase the Receivable by paying the Purchase Amount on the Business Day before the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period in which the Depositor has knowledge or was notified of and confirmed the breach or, at the Depositor’s option, on the following Payment Date, unless the breach is cured in all material respects before that Payment Date. If Ford Credit is the Servicer, the Depositor may cause the Purchase Amount to be paid according to Section 4.3(c).

Repurchase of Receivables; Payment of Purchase Amount. The Depositor may, and if the breach has a material adverse effect on a the Receivable will, repurchase the Receivable described in Section 2.5(a) by paying the Purchase Amount on the Business Day before the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period in which the Depositor has knowledge or was notified of and confirmed the breach or, at the Depositor’s option, on the following Payment Date, unless the breach is cured in all material respects before that Payment Date. If Ford Credit is the Servicer, the Depositor may cause the Purchase Amount to be paid according to Section 4.3(c).