Common use of Mandatory Repurchase Under Certain Circumstances Clause in Contracts

Mandatory Repurchase Under Certain Circumstances. The Originator agrees to repurchase from the Buyer or its assignee each Purchased Asset if at any time the Buyer shall cease to have a perfected ownership interest, or a first priority perfected security interest, in the Receivables, free and clear of any Lien (except for (x) any adverse claim with respect to a Receivable the Obligor of which is a Governmental Obligor, (y) the Lien arising in connection with this Agreement, and (z) any Permitted Liens which are in an aggregate dollar amount that is determined by the Administrative Agent, in its sole discretion, to be de minimis), within five days of notice -- ------- thereof by the Buyer. The repurchase price shall be paid by the Originator to the Buyer on such fifth day in an amount equal to the Repurchase Amount.

Mandatory Repurchase Under Certain Circumstances. The Originator agrees to repurchase from the Buyer or its assignee each Purchased Asset if at any time the Buyer shall cease to have a perfected ownership interest, or a first priority perfected security interest, in the Receivables, free and clear of any Lien (except for (x) any adverse claim with respect to a Receivable the Obligor of which is a Governmental Obligor, (y) the Lien arising in connection with this Agreement, and (z) any Permitted Liens which are in an aggregate dollar amount that is determined by the Administrative Agent, in its sole discretion, to be de minimis), within five days of notice -- ------- thereof by the Buyer. The repurchase price shall be paid by the Originator to the Buyer on such fifth day in an amount equal to the Repurchase Amount.