Common use of Repurchase Upon Breach or Failure of a Condition Clause in Contracts

Repurchase Upon Breach or Failure of a Condition. The Seller, the Servicer, or the Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery by the Seller, the Servicer or an Authorized Officer of the Trustee of either any breach of the Seller's representations and warranties set forth in Section 3.1(a) or the failure of any Receivable to satisfy any of the conditions set forth in Section 3.1(b) which materially and adversely affects the Trust's interest in any Receivable. Unless the breach or failed condition shall have been cured by the last day of the Collection Period following the Collection Period in which such discovery occurred (or, at the Seller's option, the last day of the Collection Period in which such discovery occurred), the Seller shall repurchase any Receivable the Holder's interest in which was materially and adversely affected by the breach or failed condition, as of such last day. In consideration of the repurchase of a Receivable, the Seller shall remit the Repurchase Amount of such Receivable as of such last day (less any Liquidation Proceeds deposited, or to be deposited, by the Servicer in the Collection Account with respect to such Receivable pursuant to Section 4.3) in the manner specified in Section 5.

Repurchase Upon Breach or Failure of a Condition. The Seller, the Servicer, the Indenture Trustee or the Owner Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery by the Seller, the Servicer or an Authorized Officer of the Indenture Trustee or the Owner Trustee, as the case may be, of either any breach of the Seller's representations and warranties set forth in Section 3.1(aSECTION 3.1(A) or the failure of any Receivable to satisfy any of the conditions set forth in Section 3.1(bSECTION 3.1(B) which materially and adversely affects the Trust's Holders' interest in any Receivable. Unless the breach or failed condition shall have been cured by the last day of the Collection Period following the Collection Period in which such discovery occurred (or, at the Seller's option, the last day of the Collection Period in which such discovery occurred), the Seller shall repurchase any Receivable the Holder's Holders' interest in which was materially and adversely affected by the breach or failed condition, as of such last day. In consideration of the repurchase of a Receivable, the Seller shall remit the Repurchase Amount of such Receivable as of such last day (less any Liquidation Proceeds deposited, or to be deposited, by the Servicer in the Collection Account with respect to such Receivable pursuant to Section SECTION 4.3) in the manner specified in Section SECTION 5.

Repurchase Upon Breach or Failure of a Condition. The Seller------------------------------------------------ Transferor, the Servicer, or the Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery by the SellerTransferor, the Servicer or an Authorized Officer of the Trustee of either any breach of the SellerTransferor's representations and warranties set forth in Section 3.1(asubsection 2.5(b) or the failure of any Receivable to satisfy any of the conditions set forth in Section 3.1(bsubsection 2.5(c) which materially and adversely affects the Trust's interest in any Receivable. Unless the breach or failed condition shall have been cured by the last day of the Collection Monthly Period following the Collection Monthly Period in which such discovery occurred (or, at the SellerTransferor's option, the last day of the Collection Monthly Period in which such discovery occurred), the Seller Transferor shall repurchase any Receivable the HolderTrust's interest in which was materially and adversely affected by the breach or failed condition, as of such last day. In consideration of the repurchase of a Receivable, the Seller Transferor shall remit the Repurchase Amount of such Receivable Receivable, for credit as of such last day (less any Liquidation Proceeds depositedday, or to be deposited, by the Servicer in the Collection Account with respect to such Receivable pursuant to Section 4.3) in the manner specified in Section 54.

Repurchase Upon Breach or Failure of a Condition. The SellerDepositor, the Servicer, or the Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery by the SellerDepositor, the Servicer or an Authorized Officer of the Trustee of either any breach of the SellerDepositor's representations and warranties set forth in Section 3.1(asubsection 5.1(a) or the failure of any Receivable to satisfy any of the conditions set forth in Section 3.1(b) which materially and adversely affects the Trust's interest in any Receivablesubsection 5.1(b). Unless the breach or failed condition shall have been cured by the last day of the Collection Period following the Collection Period in during which such discovery occurred (or, at the SellerDepositor's option, the last day of the Collection Period in during which such discovery occurred) (such date, the "Repurchase Date"), the Seller Depositor shall repurchase any Receivable the HolderTrust's interest in which was materially and adversely affected by the breach or failed condition, as determined by the Servicer and reported in an Officer's Certificate, as of the Repurchase Date; provided that unless the Depositor has sufficient cash, distributed to it by the Issuer, to make such last dayrepurchase, the Seller shall only be required to repurchase such Receivable if the Seller concurrently repurchases such Receivable under the Purchase Agreement. In The Seller shall enforce its rights under the Sale and Servicing Agreement to have the Seller repurchase such Receivable. Subject to the preceding proviso, in consideration of the repurchase of a Receivable, the Seller Depositor shall remit the Repurchase Purchase Amount of such Receivable as of such last day (less any Liquidation Proceeds deposited, or to be deposited, by the Servicer in the Collection Account with respect to such Receivable pursuant to Section 4.3) in the manner specified in Section 5.Repurchase Date