Common use of Repurchase upon Breach of Representation: Treatment of Repurchase Price Clause in Contracts

Repurchase upon Breach of Representation: Treatment of Repurchase Price. (a) Each of the Depositor, the Issuer, the Seller, and the Servicer shall inform the other parties to this Agreement promptly and in writing upon the discovery by it of (i) any breach of the Seller’s representations and warranties deemed to be made pursuant to Section 3.01(a), in each case without regard to any limitation set forth in such representation or warranty concerning the knowledge of any Person as to the facts stated therein or (ii) any breach of the Depositor’s representations and warranties under Section 3.02. (b) Within thirty (30) days of the earlier of either discovery by, or notice to, the Seller of any breach referred to in Section 3.03(a)(i) above, (i) the Seller shall use its best efforts to promptly cure such breach and (ii) if such breach is not cured, the Seller shall repurchase such Receivable which is the subject of such breach. Within thirty (30) days of the earlier of either discovery by, or notice to, the Depositor of any breach referred to in Section 3.03(a)(ii) above, (i) the Depositor shall use its best efforts to promptly cure such breach and (ii) if such breach is not cured, the Depositor shall repurchase such Receivable which is the subject of such breach. Any repurchase of a Receivable pursuant to the foregoing provisions of this Section 3.03, shall be accomplished by payment to the Issuer or its successors and assigns of the Repurchase Price on or before the Payment Date of the month immediately following the end of the Collection Period in which the thirty (30) day cure period referred to above has ended. (c) The sole remedy of the Issuer, the Indenture Trustee or the Noteholders with respect to a breach of a representation or warranty referred to in Section 3.01(a) or with respect to a breach of a representation or warranty contained in Section 3.02 of the Receivables Purchase Agreement, provided neither such breach has been cured pursuant to Section 3.03(b), shall be to require the Seller to purchase such Receivable pursuant to this Section 3.03 (it being understood that the indemnification covenants of the Seller hereunder and under the other Basic Documents shall still apply notwithstanding this clause (c)).

Repurchase upon Breach of Representation: Treatment of Repurchase Price. (a) Each of the Depositor, the IssuerIssuing Entity, the Loan Seller, and the Servicer shall inform the other parties to this Agreement promptly and in writing upon the discovery by it of (i) any breach of the Loan Seller’s representations and warranties deemed to be made pursuant to Section 3.01(a), in each case without regard to any limitation set forth in such representation or warranty concerning the knowledge of any Person as to the facts stated therein or (ii) any breach of the Depositor’s representations and warranties under Section 3.023.02 of this Agreement. (b) Within thirty (30) days of the earlier of either discovery by, or notice to, the Loan Seller of any breach referred to in Section 3.03(a)(i) above, above (i) the Loan Seller shall use its best efforts to promptly cure such breach and (ii) if such breach is not cured, the Loan Seller shall repurchase such Receivable which is the subject of such breach. Within thirty (30) days of the earlier of either discovery by, or notice to, the Depositor of any breach referred to in Section 3.03(a)(ii) above, (i) the Depositor shall use its best efforts to promptly cure such breach and (ii) if such breach is not cured, the Depositor shall repurchase such Receivable Loan which is the subject of such breach. Any repurchase of a Receivable Loan pursuant to the foregoing provisions of this Section 3.03, shall be accomplished by payment to the Issuer Issuing Entity or its successors and assigns of the Repurchase Price on or before the Payment Date of the month immediately following the end of the Collection Period in which the thirty (30) day cure period referred to above has ended. (c) The sole remedy of the IssuerIssuing Entity, the Indenture Trustee or the Noteholders with respect to a breach of a representation or warranty referred to in Section 3.01(a) of this Agreement or with respect to a breach of a representation or warranty contained in Section 3.02 3.02(b) of the Receivables Asset Purchase Agreement, provided neither such breach has been cured pursuant to Section 3.03(b)) of this Agreement, shall be to require the Loan Seller to purchase such Receivable Loan pursuant to subsection (b) of this Section 3.03 (it being understood that the indemnification covenants of the Loan Seller hereunder and under the other Basic Documents shall still apply notwithstanding this clause (c)).. Sale and Servicing Agreement

Repurchase upon Breach of Representation: Treatment of Repurchase Price. (a) Each of the Depositor, the Issuer, the Seller, and the Servicer shall inform the other parties to this Agreement promptly and in writing upon the discovery by it of (i) any breach of the Seller’s representations and warranties deemed to be made pursuant to Section 3.01(a), in each case without regard to any limitation set forth in such representation or warranty concerning the knowledge of any Person as to the facts stated therein or (ii) any breach of the Depositor’s representations and warranties under Section 3.02. (b) Within thirty (30) days of the earlier of either discovery by, or notice to, the Seller of any breach referred to in Section 3.03(a)(i) above, (i) the Seller shall use its best efforts to promptly cure such breach and (ii) if such breach is not cured, the Seller shall repurchase such Receivable which is the subject of such breach. Within thirty (30) days of the earlier of either discovery by, or notice to, the Depositor of any breach referred to in Section 3.03(a)(ii) above, (i) the Depositor shall use its best efforts to promptly cure such breach and (ii) if such breach is not cured, the Depositor shall repurchase such Receivable which is the subject of such breach. Any repurchase of a Receivable pursuant to the foregoing provisions of this Section 3.03, shall be accomplished by payment to the Issuer or its successors and assigns of the Repurchase Price on or before the Payment Date of the month immediately following the end of the Collection Period in which the thirty (30) day cure period referred to above has ended. (c) The sole remedy of the Issuer, the Indenture Trustee or the Noteholders with respect to a breach of a representation or warranty referred to in Section 3.01(a) or with respect to a breach of a representation or warranty contained in Section 3.02 3.2 of the Receivables Purchase Agreement, provided neither such breach has been cured pursuant to Section 3.03(b), shall be to require the Seller to purchase such Receivable pursuant to this Section 3.03 (it being understood that the indemnification covenants of the Seller hereunder and under the other Basic Documents shall still apply notwithstanding this clause (c)).

Repurchase upon Breach of Representation: Treatment of Repurchase Price. (a) Each of the Depositor, the IssuerIssuing Entity, the Loan Seller, and the Servicer shall inform the other parties to this Agreement promptly and in writing upon the discovery by it of (i) any breach of the Loan Seller’s representations and warranties deemed to be made pursuant to Section 3.01(a), in each case without regard to any limitation set forth in such representation or warranty concerning the knowledge of any Person as to the facts stated therein or (ii) any breach of the Depositor’s representations and warranties under Section 3.023.02 of this Agreement. (b) Within thirty (30) days of the earlier of either discovery by, or notice to, the Loan Seller of any breach referred to in Section 3.03(a)(i) above, above (i) the Loan Seller shall use its best efforts to promptly cure such breach and (ii) if such breach is not cured, the Loan Seller shall repurchase such Receivable which is the subject of such breach. Within thirty (30) days of the earlier of either discovery by, or notice to, the Depositor of any breach referred to in Section 3.03(a)(ii) above, (i) the Depositor shall use its best efforts to promptly cure such breach and (ii) if such breach is not cured, the Depositor shall repurchase such Receivable Loan which is the subject of such breach. Any repurchase of a Receivable Loan pursuant to the foregoing provisions of this Section 3.03, shall be accomplished by payment to the Issuer Issuing Entity or its successors and assigns of the Repurchase Price on or before the Payment Date of the month immediately following the end of the Collection Period in which the thirty (30) day cure period referred to above has ended. (c) The sole remedy of the IssuerIssuing Entity, the Indenture Trustee or the Noteholders with respect to a breach of a representation or warranty referred to in Section 3.01(a) of this Agreement or with respect to a breach of a representation or warranty contained in Section 3.02 3.02(b) of the Receivables Asset Purchase Agreement, provided neither such breach has been cured pursuant to Section 3.03(b)) of this Agreement, shall be to require the Loan Seller to purchase such Receivable Loan pursuant to subsection (b) of this Section 3.03 (it being understood that the indemnification covenants of the Loan Seller hereunder and under the other Basic Documents shall still apply notwithstanding this clause (c)).

Repurchase upon Breach of Representation: Treatment of Repurchase Price. (a) Each of the Depositor, the Issuer, the SellerSellers, and the Servicer shall inform the other parties to this Agreement promptly and in writing upon the discovery by it of (i) any breach of the any Seller’s representations and warranties deemed to be made pursuant to Section 3.01(a), in each case without regard to any limitation set forth in such representation or warranty concerning the knowledge of any Person as to the facts stated therein or (ii) any breach of the Depositor’s representations and warranties under Section 3.02. (b) Within thirty (30) days of the earlier of either discovery by, or notice to, the a Seller of any breach referred to in Section 3.03(a)(i) above, (i) the such Seller shall use its best efforts to promptly cure such breach and (ii) if such breach is not cured, the Seller shall repurchase such Receivable which is the subject of such breach. Within thirty (30) days of the earlier of either discovery by, or notice to, the Depositor of any breach referred to in Section 3.03(a)(ii) above, (i) the Depositor shall use its best efforts to promptly cure such breach and (ii) if such breach is not cured, the Depositor shall repurchase such Receivable which is the subject of such breach. Any repurchase of a Receivable pursuant to the foregoing provisions of this Section 3.03, shall be accomplished by payment to the Issuer or its successors and assigns of the Repurchase Price on or before the Payment Date of the month immediately following the end of the Collection Period in which the thirty (30) day cure period referred to above has ended. (c) The sole remedy of the Issuer, the Indenture Trustee or the Noteholders with respect to a breach of a representation or warranty referred to in Section 3.01(a) or with respect to a breach of a representation or warranty contained in Section 3.02 3.2 of the Receivables Purchase Agreement, provided neither such breach has been cured pursuant to Section 3.03(b), shall be to require the Seller to purchase such Receivable pursuant to this Section 3.03 (it being understood that the indemnification covenants of the Seller hereunder and under the other Basic Documents shall still apply notwithstanding this clause (c)).