Common use of Repurchases of Contracts for Breach of Representations and Warranties Clause in Contracts

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. Upon a discovery by the Servicer, the Depositor or the Trustees Trustee 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 IssuerCertificateholder'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; parties PROVIDED, that the Trustees Trustee 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 the Trustee or the Servicer of such breach, the Depositor in accordance with this SECTION 7.059.06, 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 9.06 is in no way to be satisfied with monies in the Reserve Fund.