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

Repurchases of Contracts for Breach of Representations and Warranties. The Seller hereby agrees, for the benefit of the Issuer and the Depositor, that it shall repurchase a Contract (together with all related Contract Assets), at its Repurchase Price, as of the end of the second Due Period after the Seller becomes aware, or should have become aware, or receives written notice from the Depositor, either of the Trustees or the Servicer of any breach of a representation or warranty of the Seller set forth in ARTICLE III of this Agreement that materially adversely affects the Depositor's or the Issuer's interest in such Contract or collectibility of the Contract (without regard to the benefits of the Reserve Fund) and which breach has not been cured by depositing such Repurchase Price in the Collection Account on the related Distribution Date 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.