Common use of Repurchase upon Breach Clause in Contracts

Repurchase upon Breach. The Depositor, UAC, the Servicer, or the Trustee, as the case may be, shall inform the Insurer and the other parties promptly, in writing, upon the discovery of any breach of the representations and warranties contained in the Purchase Agreement. This obligation shall not constitute an obligation on the part of the Trustee to actively seek to discover any such breaches. Unless the breach shall have been cured by the second Record Date following the discovery, UAC, pursuant to its obligations under the Purchase Agreement, shall repurchase any Receivable materially and adversely affected by the breach as of such Record Date (or, at UAC's option, the first Record Date following the discovery). In consideration of the purchase of the Receivable, UAC shall remit the Purchase Amount, in the manner specified in Section 9.03. The sole remedy of the Trustee, the Trust, or the Certificateholders with respect to a breach of the representations and warranties referred to in Section 7.01 shall be to require UAC to repurchase Receivables pursuant to the Purchase Agreement and this Section 7.02.

Repurchase upon Breach. The Depositor, UAC, the Servicer, or the Trustee, as the case may be, shall inform the Insurer Surety Bond Issuer and the other parties promptly, in writing, upon the discovery of any breach of the representations and warranties contained in the Purchase Agreement. This obligation shall not constitute an obligation on the part of the Trustee to actively seek to discover any such breaches. Unless the breach shall have been cured by the second Record Date following the discovery, UAC, pursuant to its obligations under the Purchase Agreement, shall repurchase any Receivable materially and adversely affected by the breach as of such Record Date (or, at UAC's option, the first Record Date following the discovery). In consideration of the purchase of the Receivable, UAC shall remit the Purchase Amount, in the manner specified in Section 9.03. The sole remedy of the Trustee, the Trust, or the Certificateholders with respect to a breach of the representations and warranties referred to in Section 7.01 shall be to require UAC to repurchase Receivables pursuant to the Purchase Agreement and this Section 7.02.

Repurchase upon Breach. The Depositor, UAC, the Servicer, or the Trustee, as the case may be, Each party hereto shall inform the Insurer other parties hereto and the other parties Insurer promptly, in writing, upon the discovery of any breach of the representations and warranties contained in the Purchase Agreement. This obligation shall not constitute an obligation on the part of the Owner Trustee to actively seek to discover any such breaches. Unless the breach shall have been cured by the second Record Date following the discovery, UACBVAC, pursuant to its obligations under the Purchase Agreement, shall repurchase any Receivable materially and adversely affected by the breach as of such Record Date (or, at UACBVAC's option, the first Record Date following the discovery). In consideration of the purchase of the Receivable, UAC BVAC shall remit the Purchase Amount, in the manner specified in Section 9.03. The sole remedy of the Owner Trustee, the Trust, or the Certificateholders Indenture Trustee with respect to a breach of the representations and warranties referred to in Section 7.01 shall be to require UAC BVAC to repurchase Receivables pursuant to the Purchase Agreement and this Section 7.02.

Repurchase upon Breach. The Depositor, UACCTL, the Servicer, or the Trustee, as the case may be, shall inform the Insurer Surety Bond Issuer and the other parties promptly, in writing, upon the discovery of any breach of the representations and warranties contained in the Purchase Agreement. This obligation shall not constitute an obligation on the part of the Trustee to actively seek to discover any such breaches. Unless the breach shall have been cured by the second Record Date following the discovery, UACCTL, pursuant to its obligations under the Purchase Agreement, shall repurchase any Receivable materially and adversely affected by the breach as of such Record Date (or, at UACCTL's option, the first Record Date following the discovery). In consideration of the purchase of the Receivable, UAC CTL shall remit the Purchase Amount, in the manner specified in Section 9.03. The sole remedy of the Trustee, the Trust, or the Certificateholders with respect to a breach of the representations and warranties referred to in Section 7.01 shall be to require UAC CTL to repurchase Receivables pursuant to the Purchase Agreement and this Section 7.02.

Repurchase upon Breach. The Depositor, UAC, the Servicer, or the Trustee, as the case may be, shall inform the Insurer and the other parties promptly, in writing, upon the discovery of any breach of the representations and warranties contained in Section 7.01 or the representations and warranties contained in the Purchase Agreement, or upon the discovery that any Receivable has been materially and adversely affected because a court has determined that a Receivable secured by a Financed Vehicle registered in a state other than California is not perfected by a first priority perfected security interest in the Financed Vehicle in favor of the Trustee. This obligation shall not constitute an obligation on the part of the Trustee to actively seek to discover any such breaches. Unless the breach or failure to so perfect shall have been cured by the second Record Date following the discovery, UAC, pursuant to its obligations under the Purchase Agreement, BVAC shall repurchase any Receivable materially and adversely affected by the breach as of such Record Date (or, at UACthe BVAC's option, the first Record Date following the discoverydiscovery or notice). In consideration of the purchase of the Receivable, UAC BVAC shall remit the Purchase Amount, in the manner specified in Section 9.03. The sole remedy of the Trustee, the Trust, or the Certificateholders with respect to a breach of the representations and warranties referred to in Section 7.01 shall be to require UAC the BVAC to repurchase Receivables pursuant to the Purchase Agreement and this Section 7.02.