Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 2001-1 Certificates: (a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 2001-1 Certificateholders and which continues unremedied for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 2001-1 Certificates; (b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate and as a result of which the interests of the Series 2001-1 Certificateholders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement; (c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are required to convey such Receivables or Participation Interests pursuant to SECTION 2.08(a) of the Agreement; (d) any Servicer Default shall occur; (e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or (f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (National City Credit Card Master Trust), Pooling and Servicing Agreement (National City Credit Card Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 20012000-1 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 20012000-1 Certificateholders and which continues unremedied for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20012000-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 20012000-1 Certificate and as a result of which the interests of the Series 20012000-1 Certificateholders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are required to convey such Receivables or Participation Interests pursuant to SECTION 2.08(a) of the Agreement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then;
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (National City Credit Card Master Trust), Pooling and Servicing Agreement (National City Credit Card Master Trust)
Additional Pay Out Events. If any one of the following ------------------------- events shall occur with respect to the Series 20011998-1 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20011998-1 Certificateholders Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Series 1998- 1 Holder;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20011998-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate Interests and as a result of which the interests of the Series 20011998-1 Certificateholders Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION -------- ------- Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Class A Invested Amount shall not be paid in full on the Scheduled Class A Expected Final Payment Date or the Class B Invested Amount shall not be paid in full on the Class B Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Investor Certificates (including the Class C Interest Holders) of Series 20011998-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Investor Certificates (including the Class C Interests) by notice then given in writing to the Seller and the Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Class C Interest Holders) of Series 20011998-1) may declare that a Pay Out Event has occurred with respect to Series 1998-1 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 1998-1 without any notice or other action on the part of the Trustee or holders of Investor Certificates and (including the Collateral Invested Amount by notice thenClass C Interest Holders) of Series 1998-1 immediately upon the occurrence of such event.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Capital One Master Trust), Pooling and Servicing Agreement (Capital One Financial Corp)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 20012002-1 CertificatesCC Certificate:
(a) failure on the part of the Seller Transferor (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller Transferor set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Holders of the Series 20012002-1 Certificateholders CC Certificate and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Transferor by the Trustee, or to the Seller Transferor and the Trustee by any Holder of the Series 20012002-1 CertificatesCC Certificate;
(b) any representation or warranty made by the Seller Transferor in the Agreement or this Supplement, or any information contained in a computer file or microfiche list the Account Schedule required to be delivered by the Seller Transferor pursuant to SECTION Section 2.01 or 2.08(f) of the Agreement Agreement, shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Transferor by the Trustee, or to the Seller Transferor and the Trustee by any Holder of a the Series 20012002-1 Certificate CC Certificateholder's Interest and as a result of which the interests of the Holders of the Series 20012002-1 Certificateholders CC Certificate are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION subsection 6.01(b) shall not be deemed to have occurred hereunder if the Seller Transferor has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller Transferor to convey Receivables in Additional Accounts or Participation Interests to the Trust Trustee within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION subsection 2.08(a) of the Agreement;
(d) any Servicer Default shall occur;; or
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount Transfer Restriction Event shall not be paid in full on the Scheduled Payment Dateoccur; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Investor Certificates of Series 20012002-1 Certificates and the Collateral Interest Holder CC evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Investor Certificates by notice then given in writing to the Transferor and the Collateral Invested Amount Servicer (and to the Trustee if given by the holders of Investor Certificates of Series 2002-CC) may declare that a Pay Out Event has occurred with respect to Series 2002-CC as of the date of such notice, and, in the case of any event described in subparagraph (c) or (e) a Pay Out Event shall occur with respect to Series 2002-CC without any notice thenor other action on the part of the Trustee or holders of Investor Certificates of Series 2002-CC immediately upon the occurrence of such event.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Capital One Master Trust), Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 20012002-1 CertificatesCC Certificate:
(a) failure on the part of the Seller Transferor (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller Transferor set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Holders of the Series 20012002-1 Certificateholders CC Certificate and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Transferor by the Trustee, or to the Seller Transferor and the Trustee by any Holder of the Series 20012002-1 CertificatesCC Certificate;
(b) any representation or warranty made by the Seller Transferor in the Agreement or this Supplement, or any information contained in a computer file or microfiche list the Account Schedule required to be delivered by the Seller Transferor pursuant to SECTION Section 2.01 or 2.08(f) of the Agreement Agreement, shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Transferor by the Trustee, or to the Seller Transferor and the Trustee by any Holder of a the Series 20012002-1 Certificate CC Certificateholder’s Interest and as a result of which the interests of the Holders of the Series 20012002-1 Certificateholders CC Certificate are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION subsection 6.01(b) shall not be deemed to have occurred hereunder if the Seller Transferor has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller Transferor to convey Receivables in Additional Accounts or Participation Interests to the Trust Trustee within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION subsection 2.08(a) of the Agreement;
(d) any Servicer Default shall occur;; or
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount Transfer Restriction Event shall not be paid in full on the Scheduled Payment Dateoccur; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Investor Certificates of Series 20012002-1 Certificates and the Collateral Interest Holder CC evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Investor Certificates by notice then given in writing to the Transferor and the Collateral Invested Amount Servicer (and to the Trustee if given by the holders of Investor Certificates of Series 2002-CC) may declare that a Pay Out Event has occurred with respect to Series 2002-CC as of the date of such notice, and, in the case of any event described in subparagraph (c) or (e) a Pay Out Event shall occur with respect to Series 2002-CC without any notice thenor other action on the part of the Trustee or holders of Investor Certificates of Series 2002-CC immediately upon the occurrence of such event.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Capital One Master Trust), Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 2001-1 5 Certificates:
(a) failure on the part of the a Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the such Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 2001-1 Certificateholders 5 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of the Series 2001-1 Certificates5 Holder;
(b) any representation or warranty made by the a Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the a Seller pursuant to SECTION Section 2.01 or 2.08(f2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of a the Series 2001-1 Certificate 5 Interests and as a result of which the interests of the Series 2001-1 Certificateholders 5 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the a Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Invested Amount shall not be paid in full on the Scheduled Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Investor Certificates (including the Collateral Interest Holder) of Series 2001-1 Certificates and the Collateral Interest Holder 5 evidencing more than 50% of the aggregate unpaid principal amount of Investor Certificates (including the Collateral Interest ) by notice then given in writing to the Sellers and the Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Collateral Interest Holder) of Series 2001-1 5) may declare that a Pay Out Event has occurred with respect to Series 2001-5 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 2001-5 without any notice or other action on the part of the Trustee or holders of Investor Certificates and (including the Collateral Invested Amount by notice thenInterest Holder) of Series 2001-5 immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following ------------------------- events shall occur with respect to the Series 2001-1 8 Certificates:
(a) failure on the part of the a Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the such Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 2001-1 Certificateholders 8 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of the Series 2001-1 Certificates8 Holder;
(b) any representation or warranty made by the a Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the a Seller pursuant to SECTION Section 2.01 or 2.08(f2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of a the Series 2001-1 Certificate 8 Interests and as a result of which the interests of the Series 2001-1 Certificateholders 8 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event -------- ------- pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the a Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 20011996-1 CertificatesA:
(a) failure on the part of the Seller either Transferor (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller such Transferor set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 20011996-1 Certificateholders A Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Transferors by the Trustee, or to the Seller Transferors and the Trustee by any Series 1996-A Holder and continues to materially and adversely affect the interests of the Series 20011996-1 CertificatesA Holders for such period;
(b) any representation or warranty made by the Seller either Transferor in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller such Transferor pursuant to SECTION Section 2.01 or 2.08(f2.09(f) of the Agreement Agreement, shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Transferors by the Trustee, or to the Seller Transferors and the Trustee by any Series 1996-A Holder of a Series 2001-1 Certificate and as a result of which the interests of the Series 20011996-1 Certificateholders A Holders are materially and adversely affected and continue to be materially and adversely affected for such period; providedPROVIDED, howeverHOWEVER, that a Pay Out Event pursuant to this SECTION 6.01(bSection 6.1(b) shall not be deemed to have occurred hereunder if the Seller such Transferor has accepted reassignment of the related Receivable or all of such Receivables, if applicable, during such period (or such longer period as the Trustee may specify) in accordance with the provisions of the Agreement;
(c) a failure by the Seller Transferors to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they the Transferors are required to convey such Receivables or Participation Interests pursuant to SECTION 2.08(aSection 2.09(a) of the Agreement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB)
Additional Pay Out Events. If any one of the following ------------------------- events shall occur with respect to the Series 20011999-1 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20011999-1 Certificateholders Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Series 1999-1 Holder;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20011999-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate Interests and as a result of which the interests of the Series 20011999-1 Certificateholders Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay -------- ------- Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Invested Amount shall not be paid in full on the Scheduled Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Series 2001-1 Investor Certificates and (including the Collateral Interest Holder Holder) of Series 1999-1 evidencing more than 50% of the aggregate unpaid principal amount of Investor Certificates (including the Collateral Interest ) by notice then given in writing to the Seller and the Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Collateral Interest Holder) of Series 20011999-1) may declare that a Pay Out Event has occurred with respect to Series 1999-1 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 1999-1 without any notice or other action on the part of the Trustee or holders of Investor Certificates and (including the Collateral Invested Amount by notice thenInterest Holder) of Series 1999-1 immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement Supplement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following ------------------------- events shall occur with respect to the Series 2001-1 199_-_ Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 2001-1 Certificateholders 199_-_ Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Series 199_- _ Holder;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 2001-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate 199_-_ Interests and as a result of which the interests of the Series 2001-1 Certificateholders 199_-_ Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION -------- ------- Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Class A Invested Amount shall not be paid in full on the Scheduled Class A Expected Final Payment Date or the Class B Invested Amount shall not be paid in full on the Class B Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Investor Certificates (including the Class C Interest Holders) of Series 2001-1 Certificates and the Collateral Interest Holder 199_-_ evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Investor Certificates (including the Class C Interests) by notice then given in writing to the Seller and the Collateral Invested Amount Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Class C Interest Holders) of Series 199_-_) may declare that a Pay Out Event has occurred with respect to Series 199_-_ as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 199_-_ without any notice thenor other action on the part of the Trustee or holders of Investor Certificates (including the Class C Interest Holders) of Series 199_-_ immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement Supplement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events ------------------------- shall occur with respect to the Series 20011999-1 3 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20011999-1 Certificateholders 3 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Series 1999-3 Holder;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20011999-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate 3 Interests and as a result of which the interests of the Series 20011999-1 Certificateholders 3 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event -------- ------- pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events ------------------------- shall occur with respect to the Series 20012002-1 4 Certificates:
(a) failure on the part of the a Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the such Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20012002-1 Certificateholders 4 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of the Series 20012002-1 Certificates4 Holder;
(b) any representation or warranty made by the a Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the a Seller pursuant to SECTION Section 2.01 or 2.08(f2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of a the Series 20012002-1 Certificate 4 Interests and as a result of which the interests of the Series 20012002-1 Certificateholders 4 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event -------- ------- pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the a Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 2001-1 2000-__ Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 2001-1 2000-__ Certificateholders and which continues unremedied for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 2001-1 2000-__ Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 2000-__ Certificate and as a result of which the interests of the Series 2001-1 2000-__ Certificateholders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are required to convey such Receivables or Participation Interests pursuant to SECTION 2.08(a) of the Agreement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then;
Appears in 1 contract
Samples: Series Supplement (National City Credit Card Master Trust)
Additional Pay Out Events. If any one of the following ------------------------- events shall occur with respect to the Series 20012002-1 2 Certificates:
(a) failure on the part of the a Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the such Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20012002-1 Certificateholders 2 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of the Series 20012002-1 Certificates2 Holder;
(b) any representation or warranty made by the a Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the a Seller pursuant to SECTION Section 2.01 or 2.08(f2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of a the Series 20012002-1 Certificate 2 Interests and as a result of which the interests of the Series 20012002-1 Certificateholders 2 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay -------- ------- Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the a Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following ------------------------- events shall occur with respect to the Series 20012000-1 5 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20012000-1 Certificateholders 5 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Series 2000-5 Holder;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20012000-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate 5 Interests and as a result of which the interests of the Series 20012000-1 Certificateholders 5 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION Section 6.01(b) -------- ------- shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Invested Amount shall not be paid in full on the Scheduled Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Series 2001-1 Investor Certificates and (including the Collateral Interest Holder Holder) of Series 2000-5 evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Investor Certificates (including the Collateral Interest ) by notice then given in writing to the Seller and the Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Collateral Invested Amount by Interest Holder) of Series 2000-5) may declare that a Pay Out Event has occurred with respect to Series 2000-5 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 2000-5 without any notice thenor other action on the part of the Trustee or holders of Investor Certificates (including the Collateral Interest Holder) of Series 2000-5 immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 20012002-1 CC Certificates:
(a) failure on the part of the Seller Transferor (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller Transferor set forth in the Agreement or this Supplement (including the covenants of the Transferor contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20012002-1 Certificateholders CC Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Transferor by the Trustee, or to the Seller Transferor and the Trustee by any Holder of the Series 20012002-1 CertificatesCC Holder;
(b) any representation or warranty made by the Seller Transferor in the Agreement or this Supplement, or any information contained in a computer file or microfiche list the Account Schedule required to be delivered by the Seller Transferor pursuant to SECTION Section 2.01 or 2.08(f) of the Agreement Agreement, shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Transferor by the Trustee, or to the Seller Transferor and the Trustee by any Holder of a the Series 20012002-1 Certificate CC Certificateholder's Interest and as a result of which the interests of the Series 20012002-1 Certificateholders CC Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION subsection 6.01(b) shall not be deemed to have occurred hereunder if the Seller Transferor has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller Transferor to convey Receivables in Additional Accounts or Participation Interests to the Trust Trustee within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION subsection 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;; or
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount Transfer Restriction Event shall not be paid in full on the Scheduled Payment Dateoccur; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Investor Certificates of Series 20012002-1 Certificates and the Collateral Interest Holder CC evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Investor Certificates by notice then given in writing to the Transferor and the Collateral Invested Amount Servicer (and to the Trustee if given by the holders of Investor Certificates of Series 2002-CC) may declare that a Pay Out Event has occurred with respect to Series 2002-CC as of the date of such notice, and, in the case of any event described in subparagraph (c) or (e) a Pay Out Event shall occur with respect to Series 2002-CC without any notice thenor other action on the part of the Trustee or holders of Investor Certificates of Series 2002-CC immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 20012000-1 4 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20012000-1 Certificateholders 4 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Series 2000-4 Holder;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20012000-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate 4 Interests and as a result of which the interests of the Series 20012000-1 Certificateholders 4 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following ------------------------- events shall occur with respect to the Series 20012000-1 2 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20012000-1 Certificateholders 2 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Series 2000-2 Holder;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20012000-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate 2 Interests and as a result of which the interests of the Series 20012000-1 Certificateholders 2 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event -------- ------- pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Invested Amount shall not be paid in full on the Scheduled Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Series 2001-1 Investor Certificates and (including the Collateral Interest Holder Holder) of Series 2000-2 evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Investor Certificates (including the Collateral Interest) by notice then given in writing to the Seller and the Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Collateral Invested Amount by Interest Holder) of Series 2000-2) may declare that a Pay Out Event has occurred with respect to Series 2000-2 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 2000-2 without any notice thenor other action on the part of the Trustee or holders of Investor Certificates (including the Collateral Interest Holder) of Series 2000-2 immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Supplement to Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the ------------------------- following events shall occur with respect to the Series 2001-1 7 Certificates:
(a) failure on the part of the a Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the such Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 2001-1 Certificateholders 7 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of the Series 2001-1 Certificates7 Holder;
(b) any representation or warranty made by the a Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the a Seller pursuant to SECTION Section 2.01 or 2.08(f2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of a the Series 2001-1 Certificate 7 Interests and as a result of which the interests of the Series 2001-1 Certificateholders 7 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay -------- -------- Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the a Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 2001-1 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 2001-1 Certificateholders Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Series 2001-1 Holder;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 2001-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate Interests and as a result of which the interests of the Series 2001-1 Certificateholders Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Invested Amount shall not be paid in full on the Scheduled Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Investor Certificates (including the Collateral Interest Holder) of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Investor Certificates (including the Collateral Interest ) by notice then given in writing to the Seller and the Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Collateral Interest Holder) of Series 2001-1) may declare that a Pay Out Event has occurred with respect to Series 2001-1 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 2001-1 without any notice or other action on the part of the Trustee or holders of Investor Certificates and (including the Collateral Invested Amount by notice thenInterest Holder) of Series 2001-1 immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following ------------------------- events shall occur with respect to the Series 20011999-1 2 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20011999-1 Certificateholders 2 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Series 1999-2 Holder;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20011999-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate 2 Interests and as a result of which the interests of the Series 20011999-1 Certificateholders 2 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a -------- ------- Pay Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Invested Amount shall not be paid in full on the Scheduled Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Series 2001-1 Investor Certificates and (including the Collateral Interest Holder Holder) of Series 1999-2 evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Investor Certificates (including the Collateral Interest ) by notice then given in writing to the Seller and the Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Collateral Invested Amount by Interest Holder) of Series 1999-2) may declare that a Pay Out Event has occurred with respect to Series 1999-2 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 1999-2 without any notice thenor other action on the part of the Trustee or holders of Investor Certificates (including the Collateral Interest Holder) of Series 1999-2 immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 20012005-1 CertificatesCC Certificate:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform in any material respects any other covenants or agreements of the Seller set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 20012005-1 CC Certificateholders and which continues unremedied for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20012005-1 CertificatesCC Certificate, and continues to materially and adversely affect the interests of the Series 2005-CC Certificateholders for such period;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION Section 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a the Series 20012005-1 CC Certificate and as a result of which the interests of the Series 20012005-1 CC Certificateholders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable or all of such Receivables, if applicable, during such period (or such longer period as the Trustee may specify) in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the Agreement;; or
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to occur which would have a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full material adverse effect on the Scheduled Payment DateSeries 2005-CC Certificateholders; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of the Series 20012005-1 Certificates and the Collateral Interest Holder CC Certificate evidencing more not less than 50% of the aggregate unpaid principal amount of the Series 20012005-1 Certificates CC Certificate by notice then given in writing to the Seller and the Collateral Invested Amount Servicer (and to the Trustee, if given by the Series 2005-CC Certificateholders) may declare that a Pay Out Event has occurred with respect to Series 2005-CC as of the date of such notice, and, in the case of any event described in subparagraph (c) a Pay Out Event shall occur with respect to Series 2005-CC without any notice thenor other action on the part of the Trustee or the Series 2005-CC Certificateholders immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (National City Bank /)
Additional Pay Out Events. If any one of the following ------------------------- events shall occur with respect to the Series 20012002-1 3 Certificates:
(a) failure on the part of the a Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the such Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20012002-1 Certificateholders 3 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of the Series 20012002-1 Certificates3 Holder;
(b) any representation or warranty made by the a Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the a Seller pursuant to SECTION Section 2.01 or 2.08(f2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of a the Series 20012002-1 Certificate 3 Interests and as a result of which the interests of the Series 20012002-1 Certificateholders 3 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay -------- ------- Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the a Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 2001-1 4 Certificates:
(a) failure on the part of the a Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the such Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 2001-1 Certificateholders 4 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Sellers bythe Trustee, or to the Seller Sellers and the Trustee by any Holder of the Series 2001-1 Certificates4 Holder;
(b) any representation or warranty made by the a Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the a Seller pursuant to SECTION Section 2.01 or 2.08(f2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of a the Series 2001-1 Certificate 4 Interests and as a result of which the interests of the Series 2001-1 Certificateholders 4 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the a Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 2001-1 6 Certificates:
(a) failure on the part of the a Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the such Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 2001-1 Certificateholders 6 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of the Series 2001-1 Certificates6 Holder;
(b) any representation or warranty made by the a Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the a Seller pursuant to SECTION Section 2.01 or 2.08(f2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of a the Series 2001-1 Certificate 6 Interests and as a result of which the interests of the Series 2001-1 Certificateholders 6 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the a Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Invested Amount shall not be paid in full on the Scheduled Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Investor Certificates (including the Collateral Interest Holder) of Series 2001-1 Certificates and the Collateral Interest Holder 6 evidencing more than 50% of the aggregate unpaid principal amount of Investor Certificates (including the Collateral Interest ) by notice then given in writing to the Sellers and the Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Collateral Interest Holder) of Series 2001-1 6) may declare that a Pay Out Event has occurred with respect to Series 2001-6 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 2001-6 without any notice or other action on the part of the Trustee or holders of Investor Certificates and (including the Collateral Invested Amount by notice thenInterest Holder) of Series 2001-6 immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 20011996-1 Certificates:
C: (a) failure on the part of the Seller either Transferor (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller such Transferor set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 20011996-1 Certificateholders C Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Transferors by the Trustee, or to the Seller Transferors and the Trustee by any Series 1996-C Holder and continues to materially and adversely affect the interests of the Series 20011996-1 Certificates;
C Holders for such period; (b) any representation or warranty made by the Seller either Transferor in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller such Transferor pursuant to SECTION Section 2.01 or 2.08(f2.09(f) of the Agreement Agreement, shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Transferors by the Trustee, or to the Seller Transferors and the Trustee by any Series 1996-C Holder of a Series 2001-1 Certificate and as a result of which the interests of the Series 20011996-1 Certificateholders C Holders are materially and adversely affected and continue to be materially and adversely affected for such period; providedPROVIDED, howeverHOWEVER, that a Pay Out Event pursuant to this SECTION 6.01(bSection 6.1(b) shall not be deemed to have occurred hereunder if the Seller such Transferor has accepted reassignment of the related Receivable or all of such Receivables, if applicable, during such period (or such longer period as the Trustee may specify) in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are required to convey such Receivables or Participation Interests pursuant to SECTION 2.08(a) of the Agreement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB)
Additional Pay Out Events. If any one of the ------------------------- following events shall occur with respect to the Series 20012000-1 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20012000-1 Certificateholders Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Series 2000-1 Holder;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20012000-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate Interests and as a result of which the interests of the Series 20012000-1 Certificateholders Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay -------- ------- Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Invested Amount shall not be paid in full on the Scheduled Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Series 2001-1 Investor Certificates and (including the Collateral Interest Holder Holder) of Series 2000-1 evidencing more than 50% of the aggregate unpaid principal amount of Investor Certificates (including the Collateral Interest ) by notice then given in writing to the Seller and the Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Collateral Interest Holder) of Series 20012000-1) may declare that a Pay Out Event has occurred with respect to Series 2000-1 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 2000-1 without any notice or other action on the part of the Trustee or holders of Investor Certificates and (including the Collateral Invested Amount by notice thenInterest Holder) of Series 2000-1 immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the ------------------------- following events shall occur with respect to the Series 20012000-1 3 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20012000-1 Certificateholders 3 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Series 2000-3 Holder;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20012000-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate 3 Interests and as a result of which the interests of the Series 20012000-1 Certificateholders 3 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay -------- ------- Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Invested Amount shall not be paid in full on the Scheduled Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Series 2001-1 Investor Certificates and (including the Collateral Interest Holder Holder) of Series 2000-3 evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Investor Certificates (including the Collateral Interest ) by notice then given in writing to the Seller and the Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Collateral Invested Amount by Interest Holder) of Series 2000-3) may declare that a Pay Out Event has occurred with respect to Series 2000-3 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 2000-3 without any notice thenor other action on the part of the Trustee or holders of Investor Certificates (including the Collateral Interest Holder) of Series 2000-3 immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 2001-1 3 Certificates:
(a) failure on the part of the a Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the such Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 2001-1 Certificateholders 3 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of the Series 2001-1 Certificates3 Holder;
(b) any representation or warranty made by the a Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the a Seller pursuant to SECTION Section 2.01 or 2.08(f2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of a the Series 2001-1 Certificate 3 Interests and as a result of which the interests of the Series 2001-1 Certificateholders 3 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the a Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Invested Amount shall not be paid in full on the Scheduled Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Investor Certificates (including the Collateral Interest Holder) of Series 2001-1 Certificates and the Collateral Interest Holder 3 evidencing more than 50% of the aggregate unpaid principal amount of Investor Certificates (including the Collateral Interest ) by notice then given in writing to the Sellers and the Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Collateral Interest Holder) of Series 2001-1 3) may declare that a Pay Out Event has occurred with respect to Series 2001-3 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 2001-3 without any notice or other action on the part of the Trustee or holders of Investor Certificates and (including the Collateral Invested Amount by notice thenInterest Holder) of Series 2001-3 immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement Supplement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 20012002-1 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 20012002-1 Certificateholders and which continues unremedied for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20012002-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 20012002-1 Certificate and as a result of which the interests of the Series 20012002-1 Certificateholders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are required to convey such Receivables or Participation Interests pursuant to SECTION 2.08(a) of the Agreement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 20012002-1 Certificates and the Collateral Interest Holder (so long as the Collateral Interest is no longer held by National City Bank, as Collateral Interest Holder) evidencing more than 50% of the aggregate unpaid principal amount of Series 20012002-1 Certificates and the Collateral Invested Amount by notice thenthen given in writing to the Seller and the Servicer (and to the Trustee, if given by the Series 2002-1 Certificateholders and the Collateral Interest Holder (so long as the Collateral Interest is no longer held by National City Bank, as Collateral Interest Holder)) may declare that a Pay Out Event has occurred with respect to Series 2002-1 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e) or (f), a Pay Out Event shall occur with respect to Series 2002-1 without any notice or other action on the part of the Trustee or the Series 2002-1 Certificateholders immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (National City Credit Card Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 2001-1 2 Certificates:
(a) failure on the part of the a Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the such Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 2001-1 Certificateholders 2 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of the Series 2001-1 Certificates2 Holder;
(b) any representation or warranty made by the a Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the a Seller pursuant to SECTION Section 2.01 or 2.08(f2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Sellers by the Trustee, or to the Seller Sellers and the Trustee by any Holder of a the Series 2001-1 Certificate 2 Interests and as a result of which the interests of the Series 2001-1 Certificateholders 2 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the a Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Invested Amount shall not be paid in full on the Scheduled Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Investor Certificates (including the Collateral Interest Holder) of Series 2001-1 Certificates and the Collateral Interest Holder 2 evidencing more than 50% of the aggregate unpaid principal amount of Investor Certificates (including the Collateral Interest ) by notice then given in writing to the Sellers and the Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Collateral Interest Holder) of Series 2001-1 2) may declare that a Pay Out Event has occurred with respect to Series 2001-2 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 2001-2 without any notice or other action on the part of the Trustee or holders of Investor Certificates and (including the Collateral Invested Amount by notice thenInterest Holder) of Series 2001-2 immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 20011998-1 CertificatesA:
(a) failure on the part of the Seller either Transferor (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller such Transferor set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 20011998-1 Certificateholders A Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Transferors by the Trustee, or to the Seller Transferors and the Trustee by any Series 1998-A Holder and continues to materially and adversely affect the interests of the Series 20011998-1 CertificatesA Holders for such period;
(b) any representation or warranty made by the Seller either Transferor in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller such Transferor pursuant to SECTION Section 2.01 or 2.08(f2.09(f) of the Agreement Agreement, shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller Transferors by the Trustee, or to the Seller Transferors and the Trustee by any Series 1998-A Holder of a Series 2001-1 Certificate and as a result of which the interests of the Series 20011998-1 Certificateholders A Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION 6.01(bSection 6.1(b) shall not be deemed to have occurred hereunder if the Seller such Transferor has accepted reassignment of the related Receivable or all of such Receivables, if applicable, during such period (or such longer period as the Trustee may specify) in accordance with the provisions of the Agreement;
(c) a failure by the Seller Transferors to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they the Transferors are required to convey such Receivables or Participation Interests pursuant to SECTION 2.08(aSection 2.09(a) of the Agreement;
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of Series 2001-1 Certificates and the Collateral Interest Holder evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Certificates and the Collateral Invested Amount by notice then
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB)
Additional Pay Out Events. If any one of the following events shall occur with respect to the Series 20012005-1 CertificatesCC Certificate:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 20012005-1 CC Certificateholders and which continues unremedied for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20012005-1 CertificatesCC Certificate;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION Section 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a the Series 20012005-1 CC Certificate and as a result of which the interests of the Series 20012005-1 CC Certificateholders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the Agreement;; or
(d) any Servicer Default shall occur;
(e) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periods; or
(f) the Invested Amount shall not be paid in full on the Scheduled Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders of the Series 20012005-1 Certificates and the Collateral Interest Holder CC Certificate evidencing more than 50% of the aggregate unpaid principal amount of the Series 20012005-1 Certificates CC Certificate by notice then given in writing to the Seller and the Collateral Invested Amount Servicer (and to the Trustee, if given by the Series 2005-CC Certificateholders) may declare that a Pay Out Event has occurred with respect to Series 2005-CC as of the date of such notice, and, in the case of any event described in subparagraph (c) a Pay Out Event shall occur with respect to Series 2005-CC without any notice thenor other action on the part of the Trustee or the Series 2005-CC Certificateholders immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (National City Credit Card Master Trust)
Additional Pay Out Events. If any one of the following ------------------------- events shall occur with respect to the Series 20011998-1 4 Certificates:
(a) failure on the part of the Seller (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Seller set forth in the Agreement or this Supplement (including the covenants of the Seller contained in Article IX of this Supplement), which failure has a material adverse effect on the Series 20011998-1 Certificateholders 4 Holders and which continues unremedied for a period of sixty 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Series 1998- 4 Holder;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of the Series 20011998-1 Certificates;
(b) any representation or warranty made by the Seller in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Seller pursuant to SECTION 2.01 or 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Trustee, or to the Seller and the Trustee by any Holder of a Series 2001-1 Certificate 4 Interests and as a result of which the interests of the Series 20011998-1 Certificateholders 4 Holders are materially and adversely affected and continue to be materially and adversely affected for such period; provided, however, that a Pay Out Event pursuant to this SECTION -------- ------- Section 6.01(b) shall not be deemed to have occurred hereunder if the Seller has accepted reassignment of the related Receivable Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement;
(c) a failure by the Seller to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are it is required to convey such Receivables or Participation Interests pursuant to SECTION Section 2.08(a) of the AgreementAgreement or Section 9.02 of this Supplement;
(d) any Servicer Default shall occur;
(e) a Transfer Restriction Event shall occur;
(f) the average Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average Base Rate for such periodsthree Monthly Periods; or
(fg) the Class A Invested Amount shall not be paid in full on the Scheduled Class A Expected Final Payment Date or the Class B Invested Amount shall not be paid in full on the Class B Expected Final Payment Date; then, in the case of any event described in subparagraph (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Holders holders of Investor Certificates (including the Class C Interest Holders) of Series 20011998-1 Certificates and the Collateral Interest Holder 4 evidencing more than 50% of the aggregate unpaid principal amount of Series 2001-1 Investor Certificates (including the Class C Interests) by notice then given in writing to the Seller and the Collateral Invested Amount Servicer (and to the Trustee if given by the holders of Investor Certificates (including the Class C Interest Holders) of Series 1998-4) may declare that a Pay Out Event has occurred with respect to Series 1998-4 as of the date of such notice, and, in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay Out Event shall occur with respect to Series 1998-4 without any notice thenor other action on the part of the Trustee or holders of Investor Certificates (including the Class C Interest Holders) of Series 1998-4 immediately upon the occurrence of such event.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
