Repurchases of Contracts for Breach of Representations and Warranties. Seller hereby agrees, for the benefit of the Issuer, the Indenture Trustee and the Trust Depositor, that it shall repurchase a Contract (together with all related Contract Assets), at its Repurchase Price, not later than two Business Days prior to the first Distribution Date after the last day of the calendar month in which the Seller becomes aware or receives written notice from Trust Depositor, either of the Trustees or the Servicer of any breach of a representation or warranty of Seller set forth in Article III of this Agreement that materially adversely affects Trust Depositor’s or the Trust’s interest in such Contract (without regard to the benefits of the Reserve Fund) and which breach has not been cured; provided, however, that with respect to any Contract described on the List of Contracts with respect to an incorrect unpaid Principal Balance which Seller would otherwise be required to repurchase pursuant to this Section 5.01 and Section 7.08 of the Sale and Servicing Agreement, Seller may, in lieu of repurchasing such Contract, deposit in the Collection Account not later than one Business Day prior to such Distribution Date cash in an amount sufficient to cure any deficiency or discrepancy; and provided further that with respect to a breach of a representation or warranty relating to the Contracts in the aggregate and not to any particular Contract, Seller may select Contracts (without adverse selection) to repurchase such that had such Contracts not been reconveyed by Trust Depositor and included as part of the Trust there would have been no breach of such representation or warranty; provided further that the failure to maintain perfection of the security interest in the Motorcycle securing a Contract in accordance with the Sale and Servicing Agreement, shall be deemed to be a breach materially and adversely affecting the Trust’s interest in the Contracts or in the related Contract Assets. Notwithstanding any other provision of this Agreement, the obligation of Seller under this Section 5.01 and under Section 7.08 of the Sale and Servicing Agreement shall not terminate upon a Service Transfer pursuant to Article VIII of the Sale and Servicing Agreement.
Repurchases of Contracts for Breach of Representations and Warranties a. Subject to Section 3.06, the Company shall repurchase a Contract, at its Repurchase Price, not later than 90 days after the day on which the Company, the Servicer or the Trustee first discovers or should have discovered a breach of a representation or warranty of the Company set forth in Sections 3.02, 3.03 or 3.04 of this Agreement or in the Officer's Certificate delivered pursuant to Section 2.02(j) of this Agreement that materially adversely affects the Trust's, the Certificateholders' or the Class C Certificateholder's interest in such Contract and which breach has not been cured; provided, however, that (i) in the event that a party other than the Company first becomes aware of such breach, such discovering party shall notify the Company in writing within 5 Business Days of the date of such discovery and (ii) with respect to any Contract incorrectly described on the List of Contracts with respect to Cut-off Date Principal Balance, which the Company would otherwise be required to repurchase pursuant to this Section, the Company may, in lieu of repurchasing such Contract, deposit in the Certificate Account within 90 days from the date of such discovery cash in an amount sufficient to cure such deficiency or discrepancy. Any such cash so deposited shall be distributed to Certificateholders and the Class C Certificateholder on the immediately following Payment Date as a collection of principal or interest on such Contract, according to the nature of the deficiency or discrepancy. Notwithstanding any other provision of this Agreement, the obligation of the Company under this Section shall not terminate upon a Service Transfer pursuant to Article VII.
Repurchases of Contracts for Breach of Representations and Warranties. SECTION 5.02. SELLER’S REPURCHASE OPTION ARTICLE VI INDEMNITIES
Repurchases of Contracts for Breach of Representations and Warranties. Upon a discovery by the Servicer, the Depositor or the Trustees of a breach of a representation or warranty of the Depositor as set forth in SECTION 3.01(a) or of the Seller as set forth in EXHIBIT J hereto that materially adversely affects the Issuer's interest in or collectibility of such Contract (without regard to the benefits of the Reserve Fund), the party discovering the breach shall give prompt written notice to the other parties; PROVIDED, that the Trustees shall have no duty or obligation to inquire or to investigate the breach by the Depositor or the Seller of any of such representations or warranties. Unless the breach shall have been cured by the last day of the Due Period following the Due Period in which the Depositor becomes aware, or should have become aware, or receives written notice from a Trustee or the Servicer of such breach, the Depositor in accordance with this SECTION 7.05, shall repurchase such Contract as of the last day of such Due Period at its Repurchase Price, by depositing such Repurchase Price in the Collection Account on the related Distribution Date. The repurchase obligation described in this SECTION 7.05 is in no way to be satisfied with monies in the Reserve Fund.
Repurchases of Contracts for Breach of Representations and Warranties. The Seller hereby agrees, for the benefit of the Issuer and the Depositor, that it shall repurchase a Contract (together with all related Contract Assets), at its Repurchase Price, as of the end of the second Due Period after the Seller becomes aware, or should have become aware, or receives written notice from the Depositor, either of the Trustees or the Servicer of any breach of a representation or warranty of the Seller set forth in ARTICLE III of this Agreement that materially adversely affects the Depositor's or the Issuer's interest in such Contract or collectibility of the Contract (without regard to the benefits of the Reserve Fund) and which breach has not been cured by depositing such Repurchase Price in the Collection Account on the related Distribution Date unless the breach shall have been cured by the last day of the Due Period following the Due Period in which the Depositor becomes aware, or should have become aware, or receives written notice from a Trustee or the Servicer of such breach.
Repurchases of Contracts for Breach of Representations and Warranties. 9 Section 5.02. Seller's Repurchase Option. 9 ARTICLE VI INDEMNITIES 9 Section 6.01. Seller Indemnification. 9
Repurchases of Contracts for Breach of Representations and Warranties
