Repurchase Events Sample Clauses

Repurchase Events. The Seller hereby covenants and agrees that if the Seller discovers or is notified by a Requesting Party with a Repurchase Request regarding a breach of any of the Seller’s representations and warranties contained in Section 3.02(b) at the time such representations and warranties were made, the Seller will investigate the Receivable to confirm the breach and determine if the breach materially and adversely affects the interests of the Issuer or the Noteholders and triggers a repurchase event (“Repurchase Event”). Upon discovery by any party hereto of a Repurchase Event, the party discovering such breach shall give prompt written notice thereof to the other parties hereto; provided, that delivery of a Servicer’s Certificate shall be deemed to constitute prompt written notice thereof to the other party; provided, further, that the failure to give such notice shall not affect any obligation of the Seller under this Section 7.02. Following a Repurchase Event, the Seller shall either (a) correct or cure such breach or (b) purchase any Receivable materially and adversely affected by such breach from the Issuer, in either case on or before the Payment Date following the end of the Collection Period which includes the 60th day (or, if the Seller elects, an earlier Payment Date) after the date that the Seller became aware of or was notified and confirmed such breach. Any such breach or failure will be deemed not to materially and adversely affect the Noteholders or the Issuer if such breach or failure does not affect the ability of the Issuer or the Noteholders to receive and retain timely payment in full on such Receivable. Any such purchase by the Seller shall be at a price equal to the Purchased Amount. In consideration for such repurchase, the Seller shall make (or shall cause to be made) a payment to the Issuer equal to the Purchased Amount by depositing such amount into the Collection Account on the Business Day preceding the Payment Date of repurchase (or, if the Seller elects, an earlier Payment Date). Upon payment of such Purchased Amount by the Seller, the Issuer and the Indenture Trustee shall release and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse or representation, as shall be reasonably necessary to vest in the Seller or its designee any Receivable repurchased pursuant hereto. It is understood and agreed that the right to cause the Seller to purchase any Receivable as described above sha...

Repurchase Events. By its execution of the Further Transfer Agreements to which it is a party, the Seller shall acknowledge the assignment by Ally Auto of such of its right, title and interest in, to and under this Agreement and the First Step Receivables Assignment to the Issuing Entity as shall be provided in the Further Transfer Agreements. The Seller hereby covenants and agrees with Ally Auto for the benefit of Ally Auto and the Interested Parties that in the event of a breach of any of the Seller’s representations and warranties contained in Section 3.01 hereof with respect to any Receivable (a “Repurchase Event”), the Seller will repurchase such Receivable from the Issuing Entity (if the Issuing Entity is then the Owner of such Receivable) on the date and for the amount specified in the Further Transfer Agreements, without further notice from Ally Auto hereunder. Upon the occurrence of a Repurchase Event with respect to a Receivable for which Ally Auto is the Owner, the Seller agrees to repurchase such Receivable from Ally Auto for an amount and upon the same terms as the Seller would be obligated to repurchase such Receivable from the Issuing Entity if the Issuing Entity was then the Owner thereof, and upon payment of such amount, the Seller shall have such rights with respect to such Receivable as if the Seller had purchased such Receivable from the Issuing Entity as the Owner thereof. It is understood and agreed that the obligation of the Seller to repurchase any Receivable as to which a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Seller for such breach available to Ally Auto or any Interested Party.

Repurchase Events. CNHICA hereby covenants and agrees with CNHCR for the benefit of CNHCR, the Indenture Trustee, the Noteholders, the Trust, the Trustee and the Certificateholders that the occurrence of a breach of any of CNHICA’s representations and warranties contained in Section 3.2(b) shall constitute events obligating CNHICA to repurchase any Receivable materially and adversely affected by any such breach (“Repurchase Events”) at the Purchase Amount from CNHCR or from the Trust. Except as set forth in Section 5.5, the repurchase obligation of CNHICA shall constitute the sole remedy of CNHCR, the Indenture Trustee, the Noteholders, the Trust, the Trustee or the Certificateholders against CNHICA with respect to any Repurchase Event or any other breach pursuant to Section 3.2(b) hereof. Section 4.6 and Section 9.1(a) of the Sale and Servicing Agreement are hereby incorporated by reference as if they were set forth herein, and CNHICA agrees to purchase or repurchase any Receivable which these sections require it, or permit the Servicer to cause it, to purchase or repurchase.

Repurchase Events. The Seller hereby covenants and agrees with the Purchaser for the benefit of the Purchaser, the Trust, the Indenture Trustee and the holders of the Securities, that the occurrence of a breach of any of the Seller's representations and warranties contained in Section 3.2(b) shall constitute events obligating the Seller to repurchase Receivables hereunder ("Repurchase Events") and pursuant to Section 3.02 of the Sale and Servicing Agreement, at the amount of the Warranty Purchase Payment from the Purchaser or, as described in Section 6.4 below, from the Trust. The repurchase obligation of the Seller shall constitute the sole remedy of the holders of the Securities, the Trust, the Indenture Trustee and the Purchaser against the Seller with respect to any Repurchase Event.

Repurchase Events. World Omni agrees to repurchase Receivables materially and adversely affected by a breach of the representations and warranties set forth in Section 3.01 of the Sale and Servicing Agreement, all in the manner set forth in Section 3.02 of such agreement (each, a “Repurchase Event”), and in that connection agrees to execute the Sale and Servicing Agreement. This repurchase obligation of World Omni shall constitute the sole remedy of WOAR, the Trust, the Indenture Trustee, the Noteholders, the Owner Trustee or the Certificateholders against World Omni with respect to any Repurchase Event.

Repurchase Events. 16 SECTION 5.05 Indemnification......................................................................... 16 SECTION 5.06

Repurchase Events. The Seller hereby covenants and agrees with the Depositor for the benefit of the Depositor, the Indenture Trustee, the Issuer, the Owner Trustee, the Certificateholders and the Noteholders that the occurrence of a breach of any of the Seller's representations and warranties contained in Section 3.02(b) that materially and adversely affects the interests of the Issuer, the Indenture Trustee, the Owner Trustee, the Certificateholders or the Noteholders in any Receivable, without regard to any limitation set forth in such representation or warranty concerning the knowledge of the Seller as to the facts stated therein, shall constitute an event obligating the Seller to repurchase the Receivables to which such failure or breach is applicable (each, a "Repurchase Event"), at the Purchase Amount, from the Depositor, unless any such failure or breach shall have been cured by the last day of the first Collection Period commencing after the discovery or notice thereof by or to the Seller or the Servicer.

Repurchase Events. By its execution of the Further Transfer and Administration Agreements to which it is a party, Ally Financial shall acknowledge the assignment by XXXX of such of its right, title and interest in, to and under this Agreement and the First Step Secured Notes Assignment to the Issuing Entity as shall be provided in the Further Transfer and Administration Agreements. Ally Financial hereby covenants and agrees with XXXX for the benefit of XXXX and the Interested Parties that in the event of a breach of any of Ally Financial’s representations and warranties contained in Section 4.01 hereof with respect to any COLT 20__-SN_ Secured Note or (ii) the representation and warranty in Section 4.01(g) hereof with respect to any COLT 20__-SN_ Secured Note (without giving effect to the words “[t]o the best of Ally Financial’s knowledge” therein in determining whether such a breach occurred) (a “Repurchase Event”), Ally Financial shall repurchase such COLT 20__-SN_ Secured Note from the Issuing Entity (if the Issuing Entity is then the Owner of such COLT 20__-SN_ Secured Note) on the date and for the amount specified in the Further Transfer and Administration Agreements, without further notice from XXXX hereunder. Upon the occurrence of a Repurchase Event with respect to a COLT 20__-SN_ Secured Note for which XXXX is the Owner, Ally Financial agrees to repurchase such COLT 20__-SN_ Secured Note from XXXX for an amount and upon the same terms as Ally Financial would be obligated to repurchase such COLT 20__-SN_ Secured Note from the Issuing Entity if the Issuing Entity was then the Owner thereof, and upon payment of such amount, Ally Financial shall have such rights with respect to such COLT 20__-SN_ Secured Note as if Ally Financial had purchased such COLT 20__-SN_ Secured Note from the Issuing Entity as the Owner thereof. It is understood and agreed that the obligation of Ally Financial to repurchase any COLT 20__-SN_ Secured Note as to which a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against Ally Financial for such breach available to XXXX or any Interested Party.

Repurchase Events. 15 Section 7.03. Depositor Assignment of Repurchased Receivables..............16

Repurchase Events. (a) The Seller and the Trust, as applicable, shall inform the Servicer, the Transferor (if the Transferor is not the Servicer), the Note Insurer, the Indenture Trustee and the Swap Counterparty promptly, in writing, upon (i) the discovery of any event, that if it continues uncured will, with the lapse of time and/or the giving of notice, constitute an Eligibility Repurchase Event or a Custodian File Repurchase Event and (ii) the occurrence of the day that is 10 days prior to the First Title Delivery Date of each Receivable for which no Certificate of Title has been delivered to the Custodian or its agent (unless notice of such occurrence has been delivered by the Servicer pursuant to Section 2.07 of the Servicing Agreement). Except as specifically provided in the Servicing Agreement or Indenture, the Indenture Trustee has no obligation to review or monitor the Contributed Property for compliance with representations and warranties, delivery requirements or payments. Upon the occurrence of a Repurchase Event, the Trust shall assign to the Seller the related Receivable and the other related items of Contributed Property and the Seller shall accept such assignment from the Trust and the Seller shall deposit (or cause the deposit of) the Repurchase Price for such Receivable into the Collection Account within five (5) Business Days following the occurrence of such Repurchase Event. The Issuer shall be entitled to enforce the obligations of the Purchaser, the Seller, the Transferor and the applicable Dealer under this Agreement, the Transfer and Assignment Agreement and the applicable Dealer Agreements, respectively, to remit the Repurchase Price for deposit into the Collection Account. The Indenture Trustee and the Note Insurer are authorized by the parties hereto to take action on behalf of the Issuer to enforce the obligations of the Seller to repurchase Receivables under this Agreement, the Transferor to repurchase Receivables under the Transfer and Assignment Agreement and to enforce the obligation of a Dealer to repurchase such Receivable under the applicable Dealer Agreement. (b) The (i) obligation of the Seller to repurchase Receivables and to deposit (or cause the deposit of) the Repurchase Price for such Receivables pursuant to Section 7.02 of this Agreement, (ii) the obligation of the Transferor to repurchase Receivables and to deposit (or cause the deposit of) the Repurchase Price for such Receivables pursuant to Section 7.02 of the Transfer and Assi...