Common use of Referral to Dispute Resolution Clause in Contracts

Referral to Dispute Resolution. If any Requesting Party makes a Repurchase Request, and the Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the receipt of notice of the Repurchase Request by the Depositor or the Seller, the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration; provided, however, that if the Indenture Trustee is the Requesting Party, the directing Noteholder or Note Owner shall determine the referral to such mediation or arbitration. The Requesting Party must start the mediation or arbitration proceeding according to the ADR Rules of the ADR Organization within 90 days after the end of such 180-day period. The Depositor and the Seller agree to participate in the dispute resolution method selected by the Requesting Party. For the avoidance of doubt, the Indenture Trustee shall be under no obligation under any other Basic Document or otherwise to monitor repurchase activity or to independently determine which Repurchase Requests remain unresolved after 180 days.