Purchase by Servicer upon Breach. The Depositor, the Servicer or the Administrator (on behalf of the Trust), as the case may be, shall inform the other parties to this Agreement, the Seller and the Indenture Trustee promptly, in writing, upon the discovery of any breach of Sections 3.2, 3.5 or 3.6. If such breach shall not have been cured by the close of business on the last day of the Collection Period which includes the 60th day after the date on which the Servicer becomes aware of, or receives written notice from the Depositor or the Administrator (on behalf of the Trust) of, such breach, and such breach materially and adversely affects the interest of the Trust in a Receivable, the Servicer shall purchase such Receivable from the Trust on the Distribution Date following such Collection Period; provided, however, that with respect to a breach of Section 3.2, the Servicer shall purchase the affected Receivable from the Trust at the end of the Collection Period in which such breach occurs. Any such breach or failure will be deemed not to have a material and adverse effect if such breach or failure has not affected the ability of the Issuer to receive and retain payment in full on such Receivable. In consideration of the purchase of a Receivable hereunder, the Servicer shall remit the Purchase Amount of such Receivable in the manner specified in Section 4.5. The sole remedy of the Trust, the Administrator, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders with respect to a breach of Sections 3.2, 3.5 or 3.6 shall be to require the Servicer to purchase Receivables pursuant to this Section 3.7. None of the Administrator, the Owner Trustee or the Indenture Trustee shall have any duty to conduct an affirmative investigation as to the occurrence of any condition requiring the purchase of any Receivable pursuant to this Section 3.7.
Purchase by Servicer upon Breach. 44 SECTION 3.8
Purchase by Servicer upon Breach. The Seller, the Servicer or the Administrative Agent, as the case may be, shall inform the other parties to this Agreement promptly upon the discovery of any breach of any representation or warranty made pursuant to Section 4.1.1 or Article VII or of any agreement made in Article VIII. Unless the breach shall have been cured by the last day of the second Settlement Period following such discovery (or, at the Servicer's election, the last day of the first following Settlement Period), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day. If the Servicer violates Section 8.3 or otherwise takes any action during any Settlement Period pursuant to Section 6.1 that impairs the rights of the Administrative Agent or the Purchaser in any Receivable, the Servicer shall purchase such Receivable as of the last day of such Settlement Period. In consideration of the purchase of any Receivable pursuant to either of the two preceding sentences, the Servicer shall remit the Purchase Amount, and such repurchased Receivable shall be transferred to the Servicer without recourse, representation or warranty of any kind. Subject to the provisions of Section 8.5, the sole remedy of the Administrative Agent and the Purchaser with respect to a breach of representations and warranties pursuant to Section 4.1.1 or Article VII or breach of an agreement contained in Article VIII shall be to require the Servicer to purchase Receivables pursuant to this Section.
Purchase by Servicer upon Breach. The Seller, the Servicer or the Trustee, as the case may be, shall inform the other parties to this Agreement promptly, in writing, upon the discovery of any breach of Section 3.2, 3.4 or 3.5. Subject to Section 3.2, unless the breach shall have been cured by the last day of the Collection Period which includes the 60th day after the date on which the Servicer becomes aware of, or receives written notice of, such breach or failure, the Servicer shall purchase from the Trustee the Receivable or Receivables, the interests of the Trust and the Certificateholders in which are materially and adversely affected by the breach or failure, on the Distribution Date immediately following such Collection Period but with effect from the first day of the Collection Period in which such Distribution Date occurs. In consideration of the purchase of a Receivable hereunder, the Servicer shall remit the Purchase Amount of such Receivable in the manner specified in Section 4.5. Except as provided in Section 8.2, the sole remedy of the Trust, the Trustee, or the Certificateholders against the Servicer with respect to a breach pursuant to Section 3.2, 3.4 or 3.5 shall be to require the Servicer to purchase Receivables pursuant to this Section 3.6.
Purchase by Servicer upon Breach. 44 SECTION 3.7. Servicing Compensation................................. 44 SECTION 3.8. Servicer's Certificate................................. 45 SECTION 3.9. Annual Statement as to Compliance...................... 45 SECTION 3.10. Annual Independent Certified Public Accountants' Reports........................................... 46 SECTION 3.11. Access to Certain Documentation and Information Regarding Receivables.............................. 46 SECTION 3.12. Reports to the Commission............................. 47 SECTION 3.13. Reports to the Rating Agency.......................... 47 Distributions; Reserve Funds; Statements to Certificateholders....... 48
Purchase by Servicer upon Breach. The Depositor, the Servicer or the Owner Trustee, as the case may be, shall inform the other parties to this Agreement, the Seller and the Indenture Trustee promptly, in writing, upon the discovery of any breach of Section 3.2, 3.5 or 3.6. If such breach shall not have been cured by the close of business on the last day of the Collection Period which includes the thirtieth (30th) day after the date on which the Servicer becomes aware of, or receives written notice from the Depositor, the Seller, or the Owner Trustee of, such breach, and such breach materially and adversely affects the interest of the Trust in a Receivable, the Servicer shall purchase such Receivable from the Trust on the Distribution Date following such Collection Period; provided, however, that, with respect to a breach of Section 3.2, the Servicer shall purchase the affected Receivable from the Trust at the end of the Collection Period in which such breach occurs. In consideration of the purchase of a
