Common use of Repurchase of Receivables Clause in Contracts

Repurchase of Receivables. Upon discovery or notice of any breach by the Assignor of the representation and warranty set forth in Section 5(f) above and such breach materially and adversely affects the value of any Receivable or the interest of the Assignee therein (it being understood that any such defect or breach shall be deemed to have materially and adversely affected the value of the related Receivable or the interest of the Assignee therein if the Assignee incurs a loss as a result of such defect or breach), the Assignee promptly shall request that the Assignor cure such breach and, if such breach is curable and the Assignor shall have timely commenced such cure but, notwithstanding its due and diligent efforts, the breach shall not be capable of cure within sixty days of the earlier of either discovery by or notice to the Assignor of such breach, the Assignor shall, upon receipt of written consent by the Assignee, have up to two additional thirty day periods to effectuate the cure (up to an aggregate total of 120 days) so long as it is acting in good faith to effectuate such cure. If such cure is not effectuated after 120 days (or within sixty or ninety days, if the applicable extension was not granted by the Assignee), the affected Receivable shall, at the Assignee's option, be repurchased by the Assignor at a price equal to the Repurchase Amount (as such term is defined in the Sale and Servicing Agreement) with respect to the affected Receivable. It is understood and agreed that the obligations of the Assignor set forth in this Section 6 to repurchase a Receivable constitute the sole remedies available to the Assignee and its permitted assigns respecting a breach of the representations and warranties contained in Section 5(f).

Repurchase of Receivables. Upon discovery or notice of any breach by the Assignor of the representation and warranty set forth in Section 5(f) above and such breach materially and adversely affects the value of any Receivable or the interest of the Assignee therein (it being understood that any such defect or breach shall be deemed to have materially and adversely affected the value of the related Receivable or the interest of the Assignee therein if the Assignee incurs a loss as a result of such defect or breach), the Assignee promptly shall request that the Assignor cure such breach and, if such breach is curable and the Assignor shall have timely commenced such cure but, but notwithstanding its due and diligent efforts, the breach shall not be capable of cure within sixty (60) days of the earlier of either discovery by or notice to the Assignor of such breach, the Assignor shall, upon receipt of written consent by the Assignee, have up to two additional thirty (30) day periods period to effectuate the cure (up to an aggregate total of 120 days) so long as it is acting in good faith to effectuate such cure. If such cure is not effectuated after 120 days (or within sixty (60) or ninety (90) days, if the applicable extension was not granted by the Assignee), the affected Assignee may enforce the Assignor's obligation hereunder to purchase such Receivable shall, at from the Assignee's option, be repurchased by the Assignor at a price equal to the Repurchase Amount (as such term is defined in the Sale and Servicing Agreement) with respect to the affected Receivable. It is understood and agreed that the obligations of the Assignor set forth in this Section 6 to repurchase a Receivable constitute the sole remedies available to the Assignee and its permitted assigns respecting a breach of the representations and warranties contained in Section 5(f).

Repurchase of Receivables. Upon discovery or notice of any breach by the Assignor of the representation and warranty set forth in Section 5(f) above and such breach any representation, warranty, or covenant under this Agreement that materially and adversely affects the value of any Receivable theretofore transferred to the Assignee or the interest of the Assignee therein (it being understood that any such defect or breach shall be deemed to have materially and adversely affected the value of the related Receivable or the interest of the Assignee therein if the Assignee incurs a loss as a result of such defect or breach), the Assignee promptly shall request that the Assignor cure such breach and, if the Assignor does not cure such breach is curable and the Assignor shall have timely commenced such cure but, notwithstanding its due and diligent efforts, the breach shall not be capable of cure in all material respects within sixty (60) days from the date on which it is notified of the earlier of either discovery by or notice to the Assignor of such breach, the Assignor shall, upon receipt of written consent by Assignee may enforce the Assignor's obligation hereunder to purchase such Receivable from the Assignee. The Assignor hereby irrevocably appoints the Indenture Trustee as its attorney-in-fact to exercise the Assignor's remedies against HNB in the event that HNB, have up to two additional thirty day periods to effectuate as Seller, breaches any of its representations or warranties made in Section 3.01(b) of the cure (up to an aggregate total of 120 days) so long Purchase and Servicing Agreement or any Assignment pursuant thereto. Except as it is acting in good faith to effectuate such cure. If such cure is not effectuated after 120 days (or within sixty or ninety days, if the applicable extension was not granted by the Assignee)specifically set forth herein, the affected Receivable shallAssignee shall have no responsibility to enforce any provision of this Agreement, at the Assignee's optionto oversee compliance hereof, be repurchased by the Assignor at a price equal or to the Repurchase Amount (as such term is defined in the Sale and Servicing Agreement) with respect to the affected Receivable. It is understood and agreed that the obligations take notice of the Assignor set forth in this Section 6 to repurchase a Receivable constitute the sole remedies available to the Assignee and its permitted assigns respecting a any breach of the representations and warranties contained in Section 5(f)or default thereof.

Repurchase of Receivables. Upon discovery or notice of any breach by the Assignor of the representation and warranty set forth in Section 5(f) above and such breach any representation, warranty, or covenant under this Agreement that materially and adversely affects the value of any Receivable or the interest of the Assignee therein (it being understood that any such defect or breach shall be deemed to have materially and adversely affected the value of the related Receivable or the interest of the Assignee therein if the Assignee incurs a loss as a result of such defect or breach), the Assignee promptly shall request that the Assignor cure such breach and, if the Assignor does not cure such breach is curable and the Assignor shall have timely commenced such cure but, notwithstanding its due and diligent efforts, the breach shall not be capable of cure in all material respects within sixty (60) days from the date on which it is notified of the earlier of either discovery by or notice to the Assignor of such breach, the Assignor shall, upon receipt of written consent by Assignee may enforce the Assignor's obligation hereunder to purchase such Receivable from the Assignee, have up . The Assignor hereby irrevocably appoints the Indenture Trustee as its attorney-in-fact to two additional thirty day periods to effectuate exercise the cure (up to an aggregate total of 120 days) so long as it is acting in good faith to effectuate such cure. If such cure is not effectuated after 120 days (or within sixty or ninety days, if the applicable extension was not granted by the Assignee), the affected Receivable shall, at the AssigneeAssignor's option, be repurchased by the Assignor at a price equal to the Repurchase Amount (as such term is defined remedies against HNB in the Sale event that HNB, as Seller, breaches any of its representations or warranties made in Section 3.01(b) of the Purchase and Servicing Agreement) with respect to the affected Receivable. It is understood and agreed that the obligations of the Assignor Except as specifically set forth in this Section 6 to repurchase a Receivable constitute the sole remedies available to herein, the Assignee and its permitted assigns respecting a shall have no responsibility to enforce any provision of this Agreement, to oversee compliance hereof, or to take notice of any breach of the representations and warranties contained in Section 5(f)or default thereof.

Repurchase of Receivables. Upon discovery or notice of any breach by the Assignor of the representation and warranty set forth in Section 5(f) above and such breach any representation, warranty, or covenant under this Agreement that materially and adversely affects the value of any Receivable or the interest of the Assignee therein (it being understood that any such defect or breach shall be deemed to have materially and adversely affected the value of the related Receivable or the interest of the Assignee therein if the Assignee incurs a loss as a result of such defect or breach), the Assignee promptly shall request that the Assignor cure such breach and, if the Assignor does not cure such breach is curable and the Assignor shall have timely commenced such cure but, notwithstanding its due and diligent efforts, the breach shall not be capable of cure in all material respects within sixty (60) days from the date on which it is notified of the earlier of either discovery by or notice to the Assignor of such breach, the Assignor shall, upon receipt of written consent by Assignee may enforce the Assignor's obligation hereunder to purchase such Receivable from the Assignee, have up . The Assignor hereby irrevocably appoints [Assignee or insert name of trustee for Securitization] as its attorney-in-fact to two additional thirty day periods to effectuate exercise the cure (up to an aggregate total of 120 days) so long as it is acting in good faith to effectuate such cure. If such cure is not effectuated after 120 days (or within sixty or ninety days, if the applicable extension was not granted by the Assignee), the affected Receivable shall, at the AssigneeAssignor's option, be repurchased by the Assignor at a price equal to the Repurchase Amount (as such term is defined remedies against HNB in the Sale event that HNB, as Seller, breaches any of its representations or warranties made in Section 3.01(b) of the Purchase and Servicing Agreement) with respect to the affected Receivable. It is understood and agreed that the obligations of the Assignor Except as specifically set forth in this Section 6 to repurchase a Receivable constitute the sole remedies available to herein, the Assignee and its permitted assigns respecting a shall have no responsibility to enforce any provision of this Agreement, to oversee compliance hereof, or to take notice of any breach of the representations and warranties contained in Section 5(f)or default thereof.