Common use of Mandatory Repurchase or Substitution Upon Breach of Certain Representations or Warranties Clause in Contracts

Mandatory Repurchase or Substitution Upon Breach of Certain Representations or Warranties. In the event that any representation or warranty of the Company in the Contract Acquisition Agreement was incorrect as of the date made and the interests of the Note Insurer or the Holders of any Notes are materially and adversely affected thereby, or if the Company is otherwise required to take action under Section 3.03 of the Contract Acquisition Agreement with respect to such a breach, the Issuer shall require the Company, pursuant to the Contract Acquisition Agreement, to eliminate or otherwise cure the circumstance or condition which has caused such breach within 30 days of discovery or notice thereof by or to the Issuer, the Company or the Servicer. If the Company fails or the Company or the Servicer is unable to cure such circumstance or condition in accordance with the Contract Acquisition Agreement, then the Issuer shall require the Company, pursuant to the Contract Acquisition Agreement, to substitute a Substitute Contract for or to repurchase at the Purchase Price, each affected Contract within the time specified in Section 3.03 of the Contract Acquisition Agreement. The proceeds of any such repurchase shall be remitted by or on behalf of the Issuer to the Servicer for deposit by the Servicer in the Collection Account pursuant to Section 3.03 of the Servicing Agreement.

Mandatory Repurchase or Substitution Upon Breach of Certain Representations or Warranties. In the event that any representation or warranty of the Company Originator in the Contract Acquisition Agreement was incorrect as of the date made and the interests of the Note Insurer or the Holders of any Notes are materially and adversely affected thereby, or if the Company Originator is otherwise required to take action under Section 3.03 of the Contract Acquisition Agreement with respect to such a breach, the Issuer shall require the CompanyOriginator, pursuant to the Contract Acquisition Agreement, to eliminate or otherwise cure the circumstance or condition which has caused such breach within 30 days of discovery or notice thereof by or to the Issuer, the Company Originator or the Servicer. If the Company Originator fails or the Company Originator or the Servicer is unable to cure such circumstance or condition in accordance with the Contract Acquisition Agreement, then the Issuer shall require the CompanyOriginator, pursuant to the Contract Acquisition Agreement, to substitute a Substitute Contract for or to repurchase at the Purchase Price, each affected Contract within the time specified in Section 3.03 of the Contract Acquisition Agreement. The proceeds of any such repurchase shall be remitted by or on behalf of the Issuer to the Servicer for deposit by the Servicer in the Collection Account pursuant to Section 3.03 of the Servicing Agreement.