Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reason, the Sellers shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Citibank, N.A., as Depositor of Citibank Credit Card Issuance Trust), Pooling and Servicing Agreement, Pooling and Servicing Agreement (Citibank, N.A., as Depositor of Citibank Credit Card Issuance Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Transferor or any of the Sellers Transferor violates Section 2.07(c) for any reason, the Sellers Transferor shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust Trustee and shall promptly give notice to the Trustee and the Servicer thereof. Notwithstanding any cessation of the transfer to the Trust Trustee of additional Principal Receivables, Principal Receivables transferred to the Trust Trustee prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 So long as any Series issued prior to April 1, 2001 remains Outstanding, within fifteen (15) days after receipt of such notice by the Trustee of the Appointment Dateoccurrence of such Insolvency Event or violation of Section 2.07(c), the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders and each Series Enhancer entitled thereto pursuant to the relevant Supplement describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 ninety (90) days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two (2) or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust Trustee as before such Insolvency Event or violation, and (y) to the extent provided in the relevant Supplement, the Series Enhancer with respect to such Series, to such effect, and (z) each of the Sellers holder (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder Transferor) of a Supplemental Transferor Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include by the solicitation of competitive bidsbids and on terms equivalent to the best purchase offer as determined by the Trustee. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Capital One Master Trust), Pooling and Servicing Agreement (Capital One Master Trust), Pooling and Servicing Agreement (Capital One Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Seller or any of the Sellers Seller violates Section 2.07(c2.06(a) for any reason, the Sellers Seller shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”), ") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event or violation. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event or violation and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, created or accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (iii) above is first published given from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, then the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such applicable conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Daimlerchrysler Wholesale Receivables LLC), Pooling and Servicing Agreement (Carco Auto Loan Master Trust), Pooling and Servicing Agreement (Daimlerchrysler Wholesale Receivables LLC)
Additional Rights Upon the Occurrence of Certain Events. (a) If any event set forth in Section 9.1(a) or (b) shall occur (any such event, an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event and the arrangement among the parties created hereby shall be deemed to have been dissolved, subject to the liquidation and winding up procedures described below. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 75 days from the date day notice pursuant to clause (i) above is first published from (x) published, the Trustee shall have received written instructions of Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class, ) to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before Receivables. If such Insolvency Event or violation, and (y) each vote disapproving of liquidation of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectReceivables has not been obtained, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Dillard Asset Funding Co), Pooling and Servicing Agreement (Chase Manhattan Bank Usa), Pooling and Servicing Agreement (Chase Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If the Transferor voluntarily goes into liquidation or consents to the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Transferor or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Transferor and such decree shall have remained in force undischarged or unstayed for a period of 30 days; or the Transferor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making, suspension or violation or other event described above, an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event appointment, voluntary liquidation, entering of such decree, admission, filing, making, suspension or violation occurs inability, as the case may be (the “"Appointment Date”Day"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of Trustee, the transfer to Master Servicer and the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence Credit Enhancer of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the TrustEvent. Within 15 days of the Appointment Datereceipt by the Trustee of the Transferor's notice of an Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper Newspapers that an Insolvency Event or violation has occurred and that the Trustee intends to direct the Master Servicer to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and Mortgage Loans in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless 11.02, which notice shall inform Investor Certificateholders that unless more than _____% of all Investor Certificateholders advise the Trustee shall have received instructions in writing that they wish the Trustee to instruct the Master Servicer not to sell, dispose of or otherwise liquidate the Mortgage Loans within 90 days from the date day notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation"Publication Date"), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly instruct the Master Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables Mortgage Loans in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and shall proceed to consummate the sale, liquidation or disposition of the Mortgage Loans as provided above with the highest bidder for the Mortgage Loans. The Transferor shall be permitted to bid for the Mortgage Loans. The Trustee may obtain a prior determination from any such conservator, conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 11.01 and 9.02 11.02 shall not be deemed to be mutually exclusive.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Cwabs Inc), Pooling and Servicing Agreement (Cwabs Inc), Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Additional Rights Upon the Occurrence of Certain Events. (a) If the Seller shall consent to the appointment of a conservator, receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against the Seller (an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Seller shall on the day any ---------------- of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer --------------- Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such appointment or voluntary liquidation. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the ---------- Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.2 and requesting ----------- instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published from (x) the ---------- "Publication Date"), the Trustee shall have received written instructions of ---------------- Holders of Investor Certificates evidencing more than representing Undivided Interests aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or, with respect to any (or in the case of a Series with two or having more Classes, of each than one Class, each Class of such Series) to the effect that such Investor Certificateholders the Trustee shall not instruct the Servicer to sell, dispose of, or otherwise liquidate the Receivables, the Trustee shall instruct the Servicer to proceed to sell, dispose of, or otherwise liquidate the portion of Receivables allocable to any Series that did not vote to disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in accordance with this Agreement in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables allocable to any outstanding Series, unless the holders of more than 50% of the principal amount of each Class of such Series instruct the Trustee not to sell the portion of the Receivables allocable to such Series, in which case the Trust shall continue with respect to such Series pursuant to the terms of the Agreement and the Supplement. The portion of the Receivables allocable to any Series shall be equal to the sum of (1) the product of (A) the Seller Percentage, (B) the aggregate outstanding Principal Receivables and (C) a fraction the numerator of which is the related Investor Percentage of Collections of Finance Charge Receivables and the denominator of which is the sum of all Investor Percentages with respect to Collections of Finance Charge Receivables for all Series outstanding and (2) the Investor Interest of such Series. The Seller or any of its Affiliates shall be permitted to bid for the Receivables. In addition, the Seller or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables at such matched bid price. The Trustee may obtain a prior determination from any such conservatorbankruptcy trustee, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.. ------------ ---
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Peoples Bank), Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust), Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Seller or any of the Sellers Seller violates Section 2.07(c6.03(b) for any reason, the Sellers Seller shall on the day any of such Insolvency Event or violation occurs (the “Appointment DateDay”), ) immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event or violation and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables shall continue to be a part of the Trust, and shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published the Trustee shall have received written instructions from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class, ) to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include by the solicitation of competitive bidsbids and on terms equivalent to the best purchase offer as determined by the Trustee. Neither the Seller nor any Affiliate of the Seller nor any agent of the Seller shall be permitted to purchase such Receivables in such case. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (BA Credit Card Trust), Pooling and Servicing Agreement (BA Credit Card Trust), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Additional Rights Upon the Occurrence of Certain Events. (a) If Transferor shall consent to the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against Transferor (an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables and Discount Option Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables and Discount Option Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables or Discount Option Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders Holders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published from (x) published, Trustee shall have received written instructions of Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class, ) to the effect that such Investor Certificateholders Holders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables and Discount Option Receivables transferred to the Trust as before such Insolvency Event or violationEvent, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from for any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First National Bank of Commerce), Pooling and Servicing Agreement (First National Bank of Commerce)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect any of RFC, Centurion Bank or TRS voluntarily goes into liquidation or consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to any of RFC, Centurion Bank or TRS or of or relating to all or substantially all their respective property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the Sellers premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against any of RFC, Centurion Bank or TRS; or any of RFC, Centurion Bank or TRS shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the Sellers violates Section 2.07(c) benefit of its creditors or voluntarily suspend payment of its obligations; or either Transferor shall become unable for any reasonreason to transfer Receivables to the Trust in accordance with the provisions of this Agreement (such voluntary liquidation, appointment entering of such decree, admission, filing, making, suspension or inability, a "Dissolution Event"), the Sellers Transferors or TRS shall promptly give notice of such event to the Trustee, and TRS shall on the day any of such Insolvency Event appointment, voluntary liquidation, entering of such decree, admission, filing, making, suspension or violation occurs inability, as the case may be (the “"Appointment Date”Day"), immediately cease to sell Receivables to RFC under the Receivable Purchase Agreement and the Transferors will immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trusthereunder. Within 15 days of the Appointment Datereceipt by the Trustee of the notice of a Dissolution Event, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency a Dissolution Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless , which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within instruct the Servicer to take. If after 90 days from the date day notice pursuant to clause (i) above is first published from (x) the "Publication Date"), the Trustee shall not have received written instructions of Holders of Investor Certificates evidencing more than representing Undivided Interests aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a series having more than one class of investor certificates, with respect to any Series with two or more Classes, each class of each Class, such series) to the effect that such Investor Certificateholders disapprove of the liquidation of Trustee shall not instruct the Servicer to sell, dispose of, or otherwise liquidate the Receivables and wish to continue having Principal Receivables transferred instruct the Servicer to reconstitute the Trust upon the same terms and conditions as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectset forth herein, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables as provided above with the highest bidder for the Receivables. If, however, with respect to the portion of the Receivables allocable to any outstanding Series, the holders of more than 50% of the principal amount of each class of such Series instruct the Trustee not to sell the portion of the Receivables allocable to such Series, the Trust shall continue with respect to such Series pursuant to the terms of the Agreement and the Supplement. The portion of the Receivables allocable to any Series shall be determined in the same manner as such determination would be made pursuant to Section 12.02(c). The Transferors or any of their respective Affiliates shall be permitted to bid for the Receivables. In addition the Transferors or any of their respective Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables at such matched bid price. The Trustee may obtain a prior determination from any such conservator, the conservator or receiver or liquidator that the terms and manner of any proposed proposed, sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (American Express Centurion Bank), Master Pooling and Servicing Agreement (American Express Centurion Bank)
Additional Rights Upon the Occurrence of Certain Events. (a) If any event set forth in Section 9.1(a) or (b) shall occur (any such event, an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such ---------------- Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal --------------- Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event and the arrangement among the parties created hereby shall be deemed to have been dissolved, subject to the liquidation and winding up procedures described below. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 75 days from the date day notice pursuant to clause (i) above is first published from (x) published, the Trustee shall have received written instructions of Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class, ) to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before Receivables. If such Insolvency Event or violation, and (y) each vote disapproving of liquidation of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectReceivables has not been obtained, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Chase Manhattan Bank Usa), Pooling and Servicing Agreement (Chase Manhattan Bank Usa)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonTransferor, the Sellers shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and Transferor shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days after a Responsible Officer of the Appointment DateTrustee receives notice of the Insolvency Event or otherwise learns of an Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and Trust Assets in a commercially reasonable manner and (ii) give send written notice to Investor Certificateholders the Noteholders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 If after 30 days from the date day notice pursuant to clause (i) above is first published (the "Publication Date"), the Trustee shall not have received written instructions from (x) a majority in interest of the Holders of Investor Certificates evidencing more than 50% each Class of Notes of a Series which is issued by the Trust for which an Opinion of Counsel is not delivered that such Class of Notes will be treated as debt for federal income tax purposes and a majority in interest of the aggregate unpaid principal amount holders of each Series or, with respect to any Series with two or more Classes, issuance of each Class, constituent interests in the Transferor Interest to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly not instruct the Servicer to sell, dispose of of, or otherwise liquidate the Receivables Trust Assets, the Trustee, subject to the following proviso, shall instruct the Servicer to proceed to take such preparatory actions as the Trustee may deem appropriate in order to sell, dispose of, or otherwise liquidate the Trust Assets in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids; provided, however, no such sale, disposition or liquidation, whether in whole or in part, of the Trust Assets shall be consummated until and unless the occurrence of refusal to provide the written response referred to above within the 30 days described above (a "Response"). The Trustee may obtain a prior determination from any such conservatorbankruptcy trustee, conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (PLM International Inc), Pooling and Servicing Agreement and Indenture of Trust (American Finance Group Inc /De/)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Transferors or any of the Sellers Transferors violates Section 2.07(c) for any reason, the Sellers Transferors shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days after receipt of such notice by the Trustee of the Appointment Dateoccurrence of such Insolvency Event or violation of Section 2.07(c), the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders and each Series Enhancer entitled thereto pursuant to the relevant Supplement describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, (y) to the extent provided in the relevant Supplement, any Series Enhancer with respect to such Series, and (yz) each of the Sellers Transferors (other than the Seller Transferor that is the subject of such Insolvency Event or violation), including any Additional SellerTransferor, any holder Holder of a Supplemental Certificate Interest and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include by the solicitation of competitive bidsbids and on terms equivalent to the best purchase offer as determined by the Trustee. The Transferors and Affiliates and agents of the Transferors shall not be entitled to participate as a bidder in such sale of the Receivables. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Providian Master Trust), Pooling and Servicing Agreement (Providian Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect the Seller or the Transferor voluntarily or involuntarily (i) seeks, consents to or acquiesces in the benefit or benefits of any Debtor Relief Law or becomes a party to (or is made the subject of) any proceeding provided for by any Debtor Relief Law, other than as a creditor or claimant, or (ii) goes into liquidation or any other Person shall be appointed as a bankruptcy trustee or receiver or conservator of the Sellers Seller or any of the Sellers violates Section 2.07(c) for any reasonTransferor, the Sellers shall on the day of any such Insolvency Event event described in clause (i) or violation occurs clause (ii) of this Section 9.02(a) (the “"Appointment ---------- ----------- --------------- ----------- Date”)") (x) if such event relates to the Seller, the Seller will immediately ---- cease to sell or contribute Receivables to the Transferor or the Trust under the Receivables Contribution and Sale Agreement, and promptly give notice to the Trustee of such appointment; (y) if such event relates to the Seller or the Transferor, the Transferor shall immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such event; and (z) notwithstanding any other provision of this Agreement, if such event relates to the Transferor, this Agreement and the Trust shall terminate and the Receivables shall be liquidated as provided herein unless the requisite Investor Certificateholders (and, if applicable, each Enhancement Provider) shall give the Trustee the instructions described below. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the day on which a Responsible Officer of the Trustee first receives written notice of the occurrence of the Appointment DateDate with respect to the Transferor, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders of all Series and to each Enhancement Provider describing the provisions of this Section and requesting instructions from such Holders9.02. Unless within 75 days from the day written ------------ notice pursuant to the preceding sentence is sent by the Trustee the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders written instructions of Investor Certificates evidencing Certificateholders representing Undivided Interests aggregating more than 50% of the aggregate unpaid principal amount Invested Amount of each Series or, with respect to (or if any Series with two or has more Classesthan one Class, of each ClassClass of such Series) and, if any Control Party is an Enhancement Provider, written instructions from such Enhancement Provider, in each case to the effect that the Person(s) giving such Investor Certificateholders notice disapprove of the sale, disposition or liquidation of the Receivables and wish to continue having Principal Receivables transferred Receivables, or (ii) an Opinion of Counsel addressed to the Trust as before Trustee to the effect that any such Insolvency Event sale, disposition or violation, and (y) each of the Sellers (other than the Seller that liquidation is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectprohibited by law, the Trustee shall promptly proceed after such 75 days to sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and and, to the best of its ability, on commercially reasonable terms, which shall include the solicitation of competitive bids. In the event that the Trustee shall have been instructed pursuant to the preceding sentence not to sell, dispose or liquidate any portion of the Receivables allocable to such Series, then the Trust shall continue to receive Receivables in respect of such Series pursuant to the terms of this Agreement and the related Supplements. The Trustee may obtain obtain, and shall be fully protected in relying on, a prior determination from any such conservator, bankruptcy trustee or receiver or liquidator conservator that the terms and manner of any proposed sale, disposition or liquidation hereunder are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually ------------- ---- exclusive.
Appears in 2 contracts
Samples: Servicing Agreement (Compucom Systems Inc), Servicing Agreement (Safeguard Scientifics Inc Et Al)
Additional Rights Upon the Occurrence of Certain Events. (a) If Upon the occurrence of an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent, the Sellers Transferor shall promptly give notice of such event to the Trustee, and the Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”Day"), immediately cease to --------------- transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofhereunder. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, created shall continue to be a part of the Trust, and such Collections shall continue to be allocated and deposited in accordance with the provisions of Article IV. Within 15 days of the Appointment Datereceipt by the Trustee of the notice of an Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders and any Enhancement Provider entitled thereto describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless , which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within instruct the Servicer to take. If after 90 days from the date day notice pursuant to clause (i) above is first published from (x) the "Publication ----------- Date"), the Trustee shall not have received written instructions of Holders of ---- Investor Certificates evidencing more than aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a Series having more than one Class of Investor Certificates, with respect to each Class of such Series), each Holder of any Series with two or more Classes, of each Class, interest in the Exchangeable Transferor Certificate other than the Transferor and any other Person specified in any Supplement to the effect that such Investor Certificateholders disapprove of the liquidation of Trustee shall instruct the Servicer not to sell, dispose of, or otherwise liquidate the Receivables and wish to continue having Principal Receivables transferred instruct the Servicer to reconstitute the Trust upon the same terms and conditions as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectset forth herein, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables as provided above with the highest bidder for the Receivables. If, however, with respect to the portion of the Receivables allocable to any outstanding Series, the Holders of more than 50% of the principal amount of each Class of such Series and each Holder of any interest in the Exchangeable Transferor Certificate other than the Transferor instruct the Trustee not to sell the portion of the Receivables allocable to such Series, the Trust shall continue with respect to such Series pursuant to the terms of this Agreement and the related Supplement. If specified in the applicable Supplement, the holder of an Enhancement Invested Amount with respect to a Series shall be entitled to give instructions pursuant to this Section 9.2 as if such Enhancement Invested Amount were a Class of such Series. The portion of the Receivables allocable to any Series shall be equal to the sum of (1) the product of (A) the Transferor Percentage, (B) the Aggregate Principal Receivables and (C) a fraction the numerator of which is the related Invested Percentage with respect to Finance Charge Receivables and the denominator of which is the sum of all Invested Percentages with respect to Finance Charge Receivables of all Series outstanding and (2) the Invested Amount of such Series. The Transferor or any of its Affiliates shall be permitted to bid for the Receivables. In addition the Transferor or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables at such matched bid price. The Trustee may obtain a prior determination from any such conservator, the conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 2 contracts
Samples: Master Pooling and Servicing Agreement (Circuit City Credit Card Master Trust), Servicing Agreement (Fnanb Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonTransferor, the Sellers arrangement among the Investor Certificateholders and the Transferor shall dissolve and the Trust shall be liquidated in accordance with the following procedures. The Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables Subsequent Mortgage Loans and Additional Balances to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal ReceivablesSubsequent Mortgage Loans and Additional Balances, Principal Receivables Subsequent Mortgage Loans and Additional Balances transferred to the Trust prior to the occurrence of such Insolvency Event and Daily Investor Principal Collections in respect of such Principal Receivables and Finance Charge Receivables Daily Investor Interest Collections, whenever created, accrued in respect of such Principal Receivables, Mortgage Loans shall continue to be a part of the Trust. , and shall continue to be allocated and paid in accordance with Article V. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially Trust Balances of the Mortgage Loans as described below. The Trustee shall obtain a position listing from the Depository as of the record date established by the Trustee and make a reasonable terms and in a commercially reasonable manner and (ii) give notice attempt to solicit Investor Certificateholders describing the provisions of this Section and requesting instructions from with respect to such Holdersproposed sale. Unless within 75 days from the day the notice above is given, the Trustee shall have received written instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Percentage Interests of each Series orInvestor Certificates and the Person, with respect if any, designated by the Transferor prior to any Series with two or more Classes, of each Class, such Insolvency Event to the effect that such Investor Certificateholders and such Person, if any, disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each Balances of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectMortgage Loans, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Trust Balances of the Mortgage Loans in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. By accepting its interest in an Investor Certificate hereunder, each Investor Certificateholder hereby delegates to the Certificate Insurer its right to give such instructions to the Trustee, unless a Certificate Insurer Default has occurred and is continuing. Any attempted designation of a Person for such purposes by the Transferor prior to an Insolvency Event which does not, by its terms, include an irrevocable written delegation to the Certificate Insurer of the designee's right to give such instructions to the Trustee shall be null and void and of no force and effect (unless a Certificate Insurer Default shall have occurred and be continuing prior to any such attempted designation). Unless a Certificate Insurer Default shall have occurred and be continuing, the Certificate Insurer may make such instruction on behalf of the Investor Certificateholders and such Person, if any, designated by the Transferor prior to such Insolvency Event. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB), Pooling and Servicing Agreement (Chevy Chase Bank FSB)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs the Transferor voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator under any Debtor Relief Laws with respect to the Transferor or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any Debtor Relief Law proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Sellers Transferor; or the Transferor shall admit in writing its inability to pay its debts generally as they become due, files a petition to take advantage of any applicable Debtor Relief Laws, makes an assignment for the benefit of its creditors or voluntarily suspends payment of its obligations generally; or the Sellers violates Section 2.07(c) Transferor shall become unable for any reasonreason to transfer Receivables to the Trust in accordance with the provisions of this Agreement (such voluntary liquidation, appointment, entering of such decree, admission, filing, making, suspension or inability, a "Dissolution Event"), the Sellers Transferor shall promptly give notice of such event to the Trustee, and the Transferor shall on the day any of such Insolvency Event appointment, voluntary liquidation, entering of such decree, admission, filing, making, suspension or violation occurs inability, as the case may be (the “"Appointment Date”Day"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofhereunder. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Dissolution Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, created shall continue to be a part of the Trust, and such Collections shall continue to be allocated, deposited and held in accordance with the provisions of Article IV. Within 15 days of the Appointment Datereceipt by the Trustee of the notice of a Dissolution Event, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency a Dissolution Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders and any Enhancement Provider entitled thereto describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless , which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within instruct the Servicer to take. If after 90 days from the date day notice pursuant to clause (i) above is first published from (x) the "Publication Date"), the Trustee shall not have received written instructions of Holders of Investor Certificates evidencing more than aggregating in excess of 50% of the aggregate unpaid principal amount related Investor Amount of each Series or(or in the case of a Series having more than one class of Investor Certificates, with respect to each class of such Series) and each Holder of any Series with two or more Classes, of each Class, interest in the Exchangeable Transferor Certificate other than the Transferor to the effect that such Investor Certificateholders disapprove of the liquidation of Trustee shall instruct the Servicer not to sell, dispose of, or otherwise liquidate the Receivables and wish to continue having Principal Receivables transferred instruct the Servicer to reconstitute the Trust upon the same terms and conditions as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectset forth herein, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables as provided above with the highest bidder for the Receivables. If, however, with respect to the portion of the Receivables allocable to any outstanding Series, the Holders of more than 50% of the principal amount of each class of such Series and each Holder of any interest in the Exchangeable Transferor Certificate other than the Transferor, instruct the Trustee not to sell the portion of the Receivables allocable to such Series, the Trust shall continue with respect to such Series pursuant to the terms of the Agreement and the Supplement. If specified in the applicable Supplement, the holder of an Enhancement Investor Amount with respect to a Series shall be entitled to give instructions pursuant to this Section 9.2 as if such Enhancement Investor Amount were a class of such Series. The portion of the Receivables allocable to any Series shall be equal to the sum of (1) the product of (A) the Transferor Percentage, (B) the Aggregate Principal Receivables and (C) a fraction the numerator of which is the related Investor Percentage with respect to Finance Charge Receivables and the denominator of which is the sum of all Investor Percentages with respect to Finance Charge Receivables of all Series outstanding and (2) the Investor Amount of such Series. The Transferor or any of its Affiliates shall be permitted to bid for the Receivables. In addition the Transferor or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables at such matched bid price. The Trustee may obtain a prior determination from any such conservator, the conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Proffitts Credit Card Master Trust), Pooling and Servicing Agreement (Proffitts Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If the Transferor shall consent to the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against the Transferor (an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust Transferor and shall promptly give notice to the Trustee thereofof such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within For so long as any Series issued prior to the Amendment Closing Date remains outstanding, within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless , which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within 90 instruct the Servicer to take. If after 60 days from the date day notice pursuant to clause (i) above is first published from (x) the "Publication Date"), the Trustee shall not have received written instructions of Holders of Investor Certificates evidencing more than representing Undivided Interests aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a series having more than one class of investor certificates, with respect to any Series with two or more Classes, each class of each Class, such series) to the effect that such Investor Certificateholders disapprove of the liquidation of Trustee shall not instruct the Servicer to sell, dispose of, or otherwise liquidate the Receivables and wish to continue having Principal Receivables transferred instruct the Servicer to reconstitute the Trust upon the same terms and conditions as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectset forth herein, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables as provided above with the highest bidder for the Receivables. If, however, with respect to the portion of the Receivables allocable to any outstanding Series, the Holders of more than 50% of the principal amount of each class of such Series instruct the Trustee not to sell the portion of the Receivables allocable to such Series, the Trust shall continue with respect to such Series pursuant to the terms of the Agreement and the related Supplement. None of the Transferor, any Affiliate of the Transferor or any agent of the Transferor shall be permitted to purchase such Receivables in such case. The portion of the Receivables allocable to any Series shall be equal to the sum of (1) the product of (A) the Transferor Percentage, (B) the aggregate outstanding Principal Receivables and (C) a fraction, the numerator of which is the related Investor Percentage of Collections of Finance Charge Receivables and the denominator of which is the sum of all Investor Percentages with respect to Collections of Finance Charge Receivables for all Series outstanding and (2) the Invested Amount of such Series. The Trustee may obtain a prior determination from any such bankruptcy trustee, conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bank One Delaware National Association), Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If Transferor shall consent to the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against Transferor (an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders Holders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published from (x) published, Trustee shall have received written instructions of Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class, ) to the effect that such Investor Certificateholders Holders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violationEvent, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from for any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mellon Bank Premium Finance Master Trust), Mellon Bank Premium Finance Loan Master Trust
Additional Rights Upon the Occurrence of Certain Events. (a) If the Transferor or FNBO shall consent to the appointment of a conservator, receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court, agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against the Transferor or FNBO (an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published from (x) published, the Trustee shall have received written instructions of Holders of Investor Certificates evidencing more than 50% of each Class of the aggregate unpaid principal amount Investor Interest of each Series or, with respect to any Series with two or more Classes, of each Class, issued and outstanding to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violationEvent, the Trust shall terminate and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Bankcard Master Credit Card Trust), Pooling and Servicing Agreement (First Bankcard Master Credit Card Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs Upon the occurrence of any event described in Section 9.1(a) with respect to any of the Sellers Originator or any of the Sellers violates Section 2.07(c) for any reasonSeller (an "Insolvency Event"), the Sellers Seller shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofTrustee, the Rating Agencies, each Enhancement Provider and each Purchaser Representative of such Insolvency Event. Notwithstanding any cessation of the transfer Conveyance to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been Conveyed to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV, any Supplement and any Receivables Purchase Agreement. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to each Investor Certificateholders Certificateholder, each Purchaser Representative and Enhancement Provider, if applicable, describing the provisions of this Section 9.2 and requesting instructions from such HoldersInvestor Certificateholders, Enhancement Providers and Purchaser Representatives. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published published, the Trustee shall have received written instructions from (xA) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Certificate Series, (B) in the case of any Certificate Series or, with respect to any Series with two or more Classeswhich there is an Enhancement Invested Amount, of the applicable Enhancement Provider, and (C) each Class, Purchaser Representative to the effect that such Investor Certificateholders Certificateholders, Enhancement Provider, if applicable, and such Purchaser Representatives disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred Conveyed to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectEvent, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable termsterms and to maximize the proceeds of such disposition or other liquidation of the Receivables, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Charming Shoppes Receivables Corp), Pooling and Servicing Agreement (Charming Shoppes Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs Upon the occurrence of any event described in Section 9.1(a) with respect to any of the Sellers Originator or any of the Sellers violates Section 2.07(c) for any reasonSeller (an “Insolvency Event”), the Sellers Seller shall on the day any of such Insolvency Event or violation occurs (the “Appointment DateDay”), ) immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofTrustee, the Rating Agencies, each Enhancement Provider and each Purchaser Representative of such Insolvency Event. Notwithstanding any cessation of the transfer Conveyance to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been Conveyed to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV, any Supplement and any Receivables Purchase Agreement. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to each Investor Certificateholders Certificateholder, each Purchaser Representative and Enhancement Provider, if applicable, describing the provisions of this Section 9.2 and requesting instructions from such HoldersInvestor Certificateholders, Enhancement Providers and Purchaser Representatives. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published published, the Trustee shall have received written instructions from (xA) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Certificate Series, (B) in the case of any Certificate Series or, with respect to any Series with two or more Classeswhich there is an Enhancement Invested Amount, of the applicable Enhancement Provider, and (C) each Class, Purchaser Representative to the effect that such Investor Certificateholders Certificateholders, Enhancement Provider, if applicable, and such Purchaser Representatives disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred Conveyed to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectEvent, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable termsterms and to maximize the proceeds of such disposition or other liquidation of the Receivables, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Alliance Data Systems Corp)
Additional Rights Upon the Occurrence of Certain Events. (a) If a)If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reason, the Sellers shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days after receipt of such notice by the Trustee of the Appointment Dateoccurrence of such Insolvency Event or violation of Section 2.07(c), the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders and each Series Enhancer entitled thereto pursuant to the relevant Supplement describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, (y) to the extent provided in the relevant Supplement, any Series Enhancer with respect to such Series, and (yz) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder Holder of a Supplemental Certificate Interest and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include by the solicitation of competitive bidsbids and on terms equivalent to the best purchase offer as determined by the Trustee. The Sellers and Affiliates and agents of the Sellers shall not be entitled to participate as a bidder in such sale of the Receivables. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Providian National Bank /New/)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonCompany occurs, the Sellers Company shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such occurrence. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables interest, whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment DateTrustee's receipt of notice of the occurrence of an Insolvency Event in accordance with Section 7.1, if the Aggregate Invested Amount and all accrued and unpaid interest thereon have not been paid to the Investor Certificateholders, then the Trustee shall (i) publish a notice in a newspaper with a national circulation (an Authorized Newspaper "AUTHORIZED NEWSPAPER") that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and the other Trust Assets in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting request instructions from such Holders. Unless holders, which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within 90 instruct the Servicer to take. If after 60 days from the date day notice pursuant to clause (i) above is first published from (the "PUBLICATION DATE"), the Trustee shall not have received written instructions of (x) Holders holders of Investor Certificates evidencing more than representing undivided interests in the Trust aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a series having more than one Class of Investor Certificates, with respect to any Series with two or more Classes, each Class of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, series) selecting option (A) above and (y) each if the owners of the Sellers Exchangeable Company Interest do not include the Company (other than and following the Seller that is delivery of written notice in the subject of form referred to above by the Company to such Insolvency Event or violationowners), including any Additional Seller, any holder the owners thereof representing undivided interests in the Trust aggregating in excess of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect50% of the Company Interest, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables and the other Trust Assets in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables and the other Trust Assets as provided above with the highest bidder therefor; PROVIDED, HOWEVER, that if the allocable sale price, less all reasonable fees, expenses and other amounts due hereunder to the Trustee, its agents and counsel to the Trustee, to be realized from such sale, liquidation or disposition would be less than the Aggregate Invested Amount plus accrued and unpaid interest thereon through the Distribution Date next succeeding the date of such sale, the Trustee must receive the prior unanimous consent of all the Investor Certificateholders to such sale, liquidation or disposition. The Company or any of its Affiliates shall be permitted to bid for the Receivables and the other Trust Assets. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables and the other Trust Assets at such matched bid price. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 7.1 and 9.02 7.2 shall not be deemed cumulative. The costs and expenses incurred by the Trustee in such sale shall be reimbursable to be mutually exclusivethe Trustee as provided in Section 8.5.
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonTransferors, the Sellers Transferors shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”"), immediately cease to transfer Principal Receivables to the Trust Trustee and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust Trustee of additional Principal Receivables, Principal Receivables transferred to the Trust Trustee prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days after receipt of such notice by the Trustee of the Appointment Dateoccurrence of such Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to the Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust Trustee as before such Insolvency Event or violationEvent, and (y) each of the Sellers Transferors (other than the Seller Transferor that is the subject of such Insolvency Event or violationEvent), including any Additional SellerTransferor, any holder Holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Seller or any of the Sellers Seller violates Section 2.07(c2.6(a) for any reason, the Sellers Seller shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”), ") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event or violation and the Trust shall be deemed to have terminated, subject to the liquidation, winding up and dissolution procedures described below. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event or violation and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, created or accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the date on which the Trustee receives notice from the Seller of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (iii) above is first published given from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder Holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, then the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Receivables, or cause to be sold, disposed of or otherwise liquidated, in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, provided that if such sale, disposition or liquidation is being made solely on account of the Seller's violation of Section 2.6(a), then the Trustee shall effect such sale, disposition or liquidation, or cause such sale, disposition or liquidation to be effected, only if the net proceeds of such sale, disposition or liquidation, applied in accordance with Section 9.2(b), will be sufficient to pay accrued interest on each Series of Certificates plus the excess of the outstanding principal balance of each Series of Certificates over the unreimbursed Investor Charge-Offs for such Series. The Trustee may obtain and conclusively rely upon a prior determination from any such applicable conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Floorplan Receivables L P)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Transferor or any holder of an interest in the Sellers violates Section 2.07(c) for any reasonExchangeable Transferor Certificate, the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust, and shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred occurred, that the Trust has dissolved and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to (w) any Holder of the Exchangeable Transferor Certificate and any holder of an interest in the Exchangeable Transferor Certificate with respect to which the Insolvency Event has not occurred, (x) the Investor Certificateholders Certificateholders, (y) each Enhancement Provider, if any, and (z) any other Person entitled thereto pursuant any Supplement describing the provisions of this Section and requesting instructions from such Holders9.2. Unless the Trustee shall have received instructions within 90 75 days from the date day notice pursuant to clause (i) above is first published the Trustee shall have received written instructions from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class) and from each person described in (ii)(w), (ii)(y) and (ii)(z) to the effect that such Investor Certificateholders Persons disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectReceivables, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. In the event that, in accordance with the result of the voting procedures set forth above, the Receivables are not sold at the time of dissolution, the Trustee shall retain the Receivables (and no Receivables shall thereafter be added to the Trust) and apply Collections thereon in accordance with the provisions in Article IV. Notwithstanding the foregoing, the Trustee shall cause any remaining Receivables and Participations to be disposed of in a manner so that the Trust is liquidated on or prior to the date that is three (3) years after the Appointment Date. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Bank Corporate Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Depositor or any of the Sellers Depositor violates Section 2.07(c) for any reason, the Sellers Depositor shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections Collection in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days after receipt of such notice by the Trustee of the Appointment Dateoccurrence of such Insolvency Event or violation of Section 2.07(c), the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders and each Series Enhancer entitled thereto pursuant to the relevant Supplement describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred Transferred to the Trust as before such Insolvency Event or violation, and (y) to the extent provided in the relevant Supplement, the Series Enhancer with respect to such Series, to such effect, and (z) each of the Sellers holder (other than the Seller that is Depositor with respect to which the subject of such Insolvency Event or violation), including any Additional Seller, any holder occurred) of a Supplemental the Depositor's Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain and conclusively rely upon a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections Section 9.01 and 9.02 shall not be deemed to be mutually exclusive. References to the Depositor in this Section 9.02 include any Additional Depositor.
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If after the occurrence of an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonCompany, the Sellers shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables Aggregate Invested Amount and all accrued and unpaid interest thereon have not been paid to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment DateInvestor Certificateholders, the Trustee in accordance with the written direction of the Servicer shall (i) publish a notice in an the Wall Street Journal (the “Authorized Newspaper Newspaper”) that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and Purchased Loans in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing Certificateholders, the provisions Letter of this Section Credit Agent and requesting the Administrative Agent and request instructions from such Holders. Unless Persons, which notice shall request each Certificateholder, the Letter of Credit Agent and the Administrative Agent to advise the Trustee shall have received instructions within 90 in writing that it elects one of the following options: (A) the Investor Certificateholder, the Letter of Credit Agent and the Administrative Agent wishes the Trustee not to sell, dispose of or otherwise liquidate the Purchased Loans; (B) the Investor Certificateholder, the Letter of Credit Agent and the Administrative Agent wishes the Trustee to sell, dispose of or otherwise liquidate the Purchased Loans; or (C) the Investor Certificateholder, the Letter of Credit Agent and the Administrative Agent refuses to advise the Trustee as to the specific action the Trustee should take. If after sixty (60) days from the date day notice pursuant to clause (i) above is first published (the “Publication Date”), the Trustee shall not have received written instructions selecting option (A) above from (x) Holders of except as otherwise provided in a Supplement with respect to any Series, Investor Certificates evidencing Certificateholders representing more than 50% of the aggregate unpaid principal amount Invested Amount of each Series (or, with respect to any in the case of a Series with two or having more Classesthan one Class of Investor Certificates, Investor Certificateholders representing more than 50% of the Invested Amount of each ClassClass of such Series) and, to if applicable, the effect that such Investor Certificateholders disapprove Majority Letter of Credit Banks and the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, Majority Liquidity Banks and (y) each if there are any Holders of the Sellers (Exchangeable Company Interest other than the Seller that is Company, the subject Holders of such Insolvency Event or violation), including any Additional Seller, any holder the Exchangeable Company Interest representing more than 50% of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectthe Company Interest not held by the Company, the Trustee shall promptly proceed to sell, dispose of of, or otherwise liquidate the Receivables Purchased Loans in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Trustee shall proceed to consummate the sale, liquidation or disposition of the Purchased Loans as provided above with the highest bidder for the Purchased Loans. The Company or any of its Affiliates shall be permitted to bid for the Purchased Loans. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Purchased Loans at such matched bid price. All reasonable costs and expenses incurred by the Trustee may obtain in such sale shall be reimbursable to the Trustee as provided in Section 8.05. After the appointment of the Trustee as Successor Servicer pursuant to the Servicing Agreement, the Trustee shall proceed to sell, dispose of, or otherwise liquidate the Purchased Loans in a prior determination from any such conservatorcommercially reasonable manner and on commercially reasonable terms, receiver or liquidator that which shall include the terms solicitation of competitive bids and manner of any proposed the Trustee shall proceed to consummate the sale, liquidation or disposition of the Purchased Loans as provided above with the highest bidder for the Purchased Loans. The Company or liquidation are commercially reasonableany of its Affiliates shall be permitted to bid for the Purchased Loans. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Purchased Loans at such matched bid price. The provisions of Sections 9.01 7.01 and 9.02 7.02 shall not be deemed cumulative. All reasonable costs and expenses incurred by the Trustee in such sale shall be reimbursable to be mutually exclusivethe Trustee as provided in Section 8.05.
Appears in 1 contract
Samples: Pooling Agreement (Bunge LTD)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reason, the Sellers shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment DateTrustee's receipt of notice of the occurrence of an Insolvency Event in accordance with Section 7.01, if the Trustee Aggregate Invested Amount and all accrued and unpaid interest thereon have not been paid to the Investor Certificateholders, then the Trustee, in accordance with the written directions of the Servicer shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and the other Trust Assets in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting request instructions from such Holders. Unless holders, which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within 90 instruct the Servicer to take. If after 60 days from the date day notice pursuant to clause (i) above is first published from (the "Publication Date"), the Trustee shall not have received written instructions of (x) Holders holders of Investor Certificates evidencing more than representing undivided interests in the Trust aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a series having more than one Class of Investor Certificates, with respect to any Series with two or more Classes, each Class of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, series) selecting option (A) above and (y) each if the owners of the Sellers Exchangeable Company Interest do not include the Company (other than and following the Seller that is delivery of written notice in the subject of form referred to above by the Company to such Insolvency Event or violationowners), including any Additional Seller, any holder the owners thereof representing undivided interests in the Trust aggregating in excess of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect50% of the Company Interest, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables and the other Trust Assets in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables and the other Trust Assets as provided above with the highest bidder therefor; provided, however, that if the allocable sale price, less all reasonable fees, expenses and other amounts due hereunder to the Trustee, its agents and counsel to the Trustee, to be realized from such sale, liquidation or disposition would be less than the Aggregate Invested Amount plus accrued and unpaid interest thereon through the Distribution Date next succeeding the date of such sale, the Trustee must receive the prior unanimous consent of all the Investor Certificateholders to such sale, liquidation or disposition. The Company or any of its Affiliates shall be permitted to bid for the Receivables and the other Trust Assets. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables and the other Trust Assets at such matched bid price. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 7.01 and 9.02 7.02 shall be cumulative and not be deemed to be mutually exclusive. The costs and expenses incurred by the Trustee in such sale shall be reimbursable to the Trustee as provided in Section 8.05.
Appears in 1 contract
Samples: Pooling Agreement (American Axle & Manufacturing Inc)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Transferor or any of the Sellers Transferor violates Section 2.07(c6.03(b) for any reason, the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “Appointment DateDay”), ) immediately cease to transfer Principal Receivables to the Trust Trustee and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust Trustee of additional Principal Receivables, Principal Receivables transferred to the Trust Trustee prior to the occurrence of such Insolvency Event or violation and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables shall continue to be a part of the Trust, and shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published the Trustee shall have received written instructions from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class, ) to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust Trustee as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include by the solicitation of competitive bidsbids and on terms equivalent to the best purchase offer as determined by the Trustee. Neither the Transferor nor any Affiliate of the Transferor nor any agent of the Transferor shall be permitted to purchase such Receivables in such case. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (BA Master Credit Card Trust II)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reason, the Sellers shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment DateTrustee's receipt of notice of the occurrence of an Insolvency Event in accordance with Section 7.01, if the Trustee Aggregate Invested Amount and all accrued and unpaid interest thereon have not been paid to the Investor Certificateholders, then the Trustee, in accordance with the written directions of the Servicer shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and the other Trust Assets in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting request instructions from such Holders. Unless holders, which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within 90 instruct the Servicer to take. If after 60 days from the date day notice pursuant to clause (i) above is first published from (the "Publication Date"), the Trustee shall not have received written instructions of (x) Holders holders of Investor Certificates evidencing more than representing undivided interests in the Trust aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a series having more than one Class of Investor Certificates, with respect to any Series with two or more Classes, each Class of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, series) selecting option (A) above and (y) each if the owners of the Sellers Exchangeable Company Interest do not include the Company (other than and following the Seller that is delivery of written notice in the subject of form referred to above by the Company to such Insolvency Event or violationowners), including any Additional Seller, any holder the owners thereof Pooling Agreement representing undivided interests in the Trust aggregating in excess of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect50% of the Company Interest, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables and the other Trust Assets in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables and the other Trust Assets as provided above with the highest bidder therefor; provided, however, that if the allocable sale price, less all reasonable fees, expenses and other amounts due hereunder to the Trustee, its agents and counsel to the Trustee, to be realized from such sale, liquidation or disposition would be less than the Aggregate Invested Amount plus accrued and unpaid interest thereon through the Distribution Date next succeeding the date of such sale, the Trustee must receive the prior unanimous consent of all the Investor Certificateholders to such sale, liquidation or disposition. The Company or any of its Affiliates shall be permitted to bid for the Receivables and the other Trust Assets. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables and the other Trust Assets at such matched bid price. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 7.01 and 9.02 7.02 shall be cumulative and not be deemed to be mutually exclusive. The costs and expenses incurred by the Trustee in such sale shall be reimbursable to the Trustee as provided in Section 8.05.
Appears in 1 contract
Samples: Pooling Agreement (American Axle & Manufacturing Holdings Inc)
Additional Rights Upon the Occurrence of Certain Events. (aa)If either the Transferor or Bridgestone/Firestone (i) If an Insolvency Event occurs with respect seeks, consents to or acquiesces in the benefit or benefits of any Debtor Relief Law or becomes a party to (or is made the subject of) any proceeding provided for by any Debtor Relief Law, other than as creditor or claimant, and in the event such proceeding is involuntary, the petition instituting the same is not dismissed within (90) days of its filing or (ii) goes into liquidation or any other Person shall be appointed as a bankruptcy trustee or receiver or conservator of the Sellers Transferor or any of the Sellers violates Section 2.07(c) for any reasonBridgestone/Firestone, the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs appointment (the “"Appointment Date”), ") immediately ---------------- cease to transfer Principal Receivables to the Trust and the Transferor or Bridgestone /Firestone as applicable, shall promptly give notice to the Trustee thereofof such appointment. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of any such Insolvency Event voluntary or involuntary event and all Collections in respect of such Principal Receivables and thereof, including Finance Charge Receivables Collections (other than Discount Option Receivable Collections), whenever created, created or accrued in respect of such Principal Receivables, Receivables shall continue to be a part of the Trust. Within 15 days of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event a bankruptcy trustee or violation receiver, as the case may be, of the Transferor has occurred been appointed and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables or interest therein (as described below) on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless the Trustee shall have received instructions otherwise prohibited by law or unless within 90 60 days from the date day notice pursuant to clause (i) above is first published from (x) published, the Trustee shall have received written instructions of Holders of Investor Certificates evidencing representing Undivided Interests aggregating more than 50% of the aggregate unpaid principal amount Invested Amount of each Series (or, with respect to any Series with two or having more Classesthan one class, each class of each Class, such Series) to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables or interest therein (as described below) and wish to continue having Principal receiving Receivables transferred to under the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectappointment, the Trustee shall promptly proceed to sell, dispose of of, or otherwise liquidate the Receivables Receivables, in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, bankruptcy trustee or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections Section 9.01 and this Section 9.02 shall are not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Firestone Retail Credit Corp)
Additional Rights Upon the Occurrence of Certain Events. (a) If the Originator voluntarily goes into liquidation or consents to the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Originator or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Originator and such decree shall have remained in force undischarged or unstayed for a period of 30 days; or the Originator shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making, suspension or violation or other 110 event described above, an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Originator shall on the day any of such Insolvency Event appointment, voluntary liquidation, entering of such decree, admission, filing, making, suspension or violation occurs inability, as the case may be (the “"Appointment Date”Day"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of Trustee, the transfer to Master Servicer and the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence Certificate Insurer of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the TrustEvent. Within 15 days of the Appointment Datereceipt by the Trustee of the Originator notice of an Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper Newspapers that an Insolvency Event or violation has occurred and (ii) send written notice to the Class A Certificateholders describing the provisions of this Section 9.4, which notice shall inform Owners of the Class A Certificates that unless the Certificate Insurer or (with the consent of the Certificate Insurer) more than 50% of all Owners of the Class A Certificates advise the Trustee intends in writing that they wish the Trustee to instruct the Master Servicer not to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions Mortgage Loans within 90 days from the date day notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation"Publication Date"), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly instruct the Master Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables Mortgage Loans in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and shall proceed to consummate the sale, liquidation or disposition of the Mortgage Loans as provided above with the highest bidder for the Mortgage Loans. The Originator shall be permitted to bid for the Mortgage Loans. The Trustee may obtain a prior determination from any such conservator, conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. Any such sale, disposition or liquidation will be servicing retained by the Master Servicer. The provisions of Sections 9.01 9.3 and 9.02 9.4 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Revolving Home Equity Loan Trust 1996-A)
Additional Rights Upon the Occurrence of Certain Events. (a) If Transferor shall consent to the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against Transferor (an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables and Discount Option Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables and Discount Option Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables or Discount Option Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders Holders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published from (x) published, Trustee shall have received written instructions of Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class, ) to the effect that such Investor Certificateholders Holders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables and Discount Option Receivables transferred to the Trust as before such Insolvency Event or violationEvent, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from for any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive. (b) The proceeds from the sale, disposition or liquidation of the Receivables pursuant to subsection (a) shall be treated as Collections on the Receivables and shall be allocated and deposited in accordance with the provisions of Article IV; provided, that Trustee shall determine conclusively in its sole discretion the amount of such proceeds which are allocable to Finance Charge Receivables and the amount of such proceeds which are allocable to Principal Receivables. Unless Trustee receives written instructions from Investor Holders as provided in subsection (a), on the day following the last Distribution Date in the Monthly Period during which such proceeds are distributed to the Investor Holders of each Series, the Trust shall terminate. (c) Trustee may appoint an agent or agents to assist with its responsibilities pursuant to this Article IX with respect to competitive bids.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First National Bank of Commerce)
Additional Rights Upon the Occurrence of Certain Events. (a) If any event set forth in Section 9.1(a) or (b) shall occur (any such event, an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event and the arrangement among the parties created hereby shall be deemed to have been dissolved, subject to the liquidation and winding up procedures described below. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 75 days from the date day notice pursuant to clause (i) above is first published from (x) published, the Trustee shall have received written instructions of Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class, ) to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Dillard Asset Funding Co)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Depositor or any of the Sellers Depositor violates Section 2.07(c) for any reason, the Sellers Depositor shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections Collection in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days after receipt of such notice by the Trustee of the Appointment Dateoccurrence of such Insolvency Event or violation of Section 2.07(c), the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders and each Series Enhancer entitled thereto pursuant to the relevant Supplement describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred Transferred to the Trust as before such Insolvency Event or violation, and (y) to the extent provided in the relevant Supplement, the Series Enhancer with respect to such Series, to such effect, and (z) each of the Sellers holder (other than the Seller that is Depositor with respect to which the subject of such Insolvency Event or violation), including any Additional Seller, any holder occurred) of a Supplemental the Depositor's Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain and conclusively rely upon a prior determination from -70- 76 any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections Section 9.01 and 9.02 shall not be deemed to be mutually exclusive. References to the Depositor in this Section 9.02 include any Additional Depositor.
Appears in 1 contract
Samples: Asset Backed Securities Corp
Additional Rights Upon the Occurrence of Certain Events. (a) If the Transferor voluntarily goes into liquidation or consents to the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Transferor or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Transferor and such decree shall have remained in force undischarged or unstayed for a period of 30 days; or the Transferor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an Insolvency Event occurs with respect to any assignment for the benefit of the Sellers its creditors or any voluntarily suspend payment of the Sellers violates Section 2.07(c) for any reasonits obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making, suspension or violation or other event described above, an "INSOLVENCY EVENT"), the Sellers Transferor shall on the day any of such Insolvency Event appointment, voluntary liquidation, entering of such decree, admission, filing, making, suspension or violation occurs inability, as the case may be (the “Appointment Date”"APPOINTMENT DAY"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of Trustee, the transfer to Servicer and the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence Credit Enhancer of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the TrustEvent. Within 15 days of the Appointment Datereceipt by the Trustee of the Transferor's notice of an Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper Newspapers that an Insolvency Event or violation has occurred and that the Trustee intends to direct the Servicer to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and Mortgage Loans in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless 11.02, which notice shall inform Investor Certificateholders that unless (Holders of Investor Certificates evidencing Voting Rights aggregating not less than 51%) advise the Trustee shall have received instructions in writing that they wish the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Mortgage Loans within 90 days from the date day notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation"PUBLICATION DATE"), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables Mortgage Loans in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and shall proceed to consummate the sale, liquidation or disposition of the Mortgage Loans as provided above with the highest bidder for the Mortgage Loans. The Transferor shall be permitted to bid for the Mortgage Loans. The Trustee may obtain a prior determination from any such conservator, conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 11.01 and 9.02 11.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Greenpoint Mortgage Securities (Greenpoint Mortgage Securities Inc/)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency a Liquidation Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonDepositor, the Sellers Depositor shall on the day any such Insolvency Liquidation Event or violation occurs (the “"Appointment Date”), ") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the TrustLiquidation Event. Within 15 fifteen (15) days of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency a Liquidation Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give written notice to Investor Certificateholders describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 thirty (30) days from the date notice pursuant to clause (iii) above is first published given from (x) Holders Certificateholders pursuant to a Consent of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each ClassCertificateholders, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject occurrence of such Insolvency Liquidation Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, then the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Receivables, or cause to be sold, disposed of or otherwise liquidated, in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain and conclusively rely upon a prior determination from any such applicable conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections Section 9.01 hereof and this Section 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If the Transferor voluntarily goes into liquidation or consents to the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Transferor or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Transferor and such decree shall have remained in force undischarged or unstayed for a period of 30 days; or the Transferor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making, suspension or violation or other event described above, an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event appointment, voluntary liquidation, entering of such decree, admission, filing, making, suspension or violation occurs inability, as the case may be (the “"Appointment Date”Day"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of Trustee, the transfer to Servicer and the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence Credit Enhancer of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the TrustEvent. Within 15 days of the Appointment Datereceipt by the Trustee of the Transferor's notice of an Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper Newspapers that an Insolvency Event or violation has occurred and that the Trustee intends to direct the Servicer to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and Mortgage Loans in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless 11.02, which notice shall inform Investor Certificateholders that unless (Holders of Investor Certificates evidencing Voting Rights aggregating not less than 51%) advise the Trustee shall have received instructions in writing that they wish the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Mortgage Loans within 90 days from the date day notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation"Publication Date"), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables Mortgage Loans in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and shall proceed to consummate the sale, liquidation or disposition of the Mortgage Loans as provided above with the highest bidder for the Mortgage Loans. The Transferor shall be permitted to bid for the Mortgage Loans. The Trustee may obtain a prior determination from any such conservator, conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 11.01 and 9.02 11.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Securities Inc/)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonCompany occurs, the Sellers Company shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such occurrence. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables interest, whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of receipt by a Responsible Officer of the Appointment DateTrustee of written notice of the occurrence of an Insolvency Event in accordance with Section 7.1, if the Aggregate Invested Amount and all accrued and unpaid interest thereon have not been paid to the Investor Certificateholders, then the Trustee shall (i) publish a notice in a newspaper with a national circulation (an Authorized Newspaper "AUTHORIZED NEWSPAPER") that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and the other Trust Assets in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting 82 request instructions from such Holders. Unless holders, which notice shall request each Investor Certificateholder to advise the Trustee shall have received instructions within 90 in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee not to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets, or (B) the Investor Certificateholder wishes the Trustee to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee to take. If after 60 days from the date day notice pursuant to clause (i) above is first published from (the "PUBLICATION DATE") the Trustee shall not have received written instructions of (x) Holders holders of Investor Certificates evidencing more than representing undivided interests in the Trust aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a series having more than one Class of Investor Certificates, with respect to any Series with two or more Classes, each Class of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, series) selecting option (A) above and (y) each if the owners of the Sellers Exchangeable Company Interest do not include the Company (other than and following the Seller that is delivery of written notice in the subject of form referred to above by the Company to such Insolvency Event or violationowners), including any Additional Seller, any holder the owners thereof representing undivided interests in the Trust aggregating in excess of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect50% of the Company Interest, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables and the other Trust Assets in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables and the other Trust Assets as provided above with the highest bidder therefor; PROVIDED, HOWEVER, that if the allocable sale price, less all reasonable fees, expenses and other amounts due hereunder to the Trustee, its agents and counsel to the Trustee, to be realized from such sale, liquidation or disposition would be less than the Aggregate Invested Amount plus accrued and unpaid interest thereon through the Distribution Date next succeeding the date of such sale, the Trustee must receive the prior unanimous consent of all the Investor Certificateholders to such sale, liquidation or disposition. The Company or any of its Affiliates shall be permitted to bid for the Receivables and the other Trust Assets. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables and the other Trust Assets at such matched bid price. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 7.1 and 9.02 7.2 shall not be deemed cumulative. The costs and expenses incurred by the Trustee in such sale shall be reimbursable to be mutually exclusive.the Trustee as provided in Section 8.5. 83
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If the Transferor voluntarily goes into liquidation or consents to the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Transferor or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Transferor and such decree shall have remained in force undischarged or unstayed for a period of 30 days; or the Transferor shall admit in writing its 107 inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making, suspension or violation or other event described above, an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event appointment, voluntary liquidation, entering of such decree, admission, filing, making, suspension or violation occurs inability, as the case may be (the “"Appointment Date”Day"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of Trustee, the transfer to Servicer and the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence Credit Enhancer of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue will immediately cease transferring Additional Balances to be a part of the Trust. Within 15 days of the Appointment Datereceipt by the Trustee of the Transferor's notice of an Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper Newspapers that an Insolvency Event or violation has occurred and that the Trustee intends to direct the Servicer to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and Mortgage Loans in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless 11.02, which notice shall inform Investor Certificateholders that unless Holders of Investor Certificates evidencing Voting Rights aggregating not less than 51% advise the Trustee shall have received instructions in writing that they wish the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Mortgage Loans within 90 days from the date day notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation"Publication Date"), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables Mortgage Loans in a commercially reasonable manner and on commercially reasonable termsterms subject to the prior written consent of the Credit Enhancer, which shall include the solicitation of competitive bids, and shall proceed to consummate the sale, liquidation or disposition of the Mortgage Loans as provided above with the highest bidder for the Mortgage Loans. The Transferor shall be permitted to bid for the Mortgage Loans. The Trustee may obtain a prior determination from any such conservator, conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 11.01 and 9.02 11.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to the Transferor (excluding any of the Sellers Supplemental Certificate), or any of the Sellers violates an event set forth in Section 2.07(c9.1(d) for any reasonshall occur, the Sellers Transferor shall on the day any such Insolvency Event or violation event occurs (the “"Appointment Date”"), immediately cease to transfer Principal Receiv- ables, or interests in Principal Receivables represented xx xny Participa- tion Interests to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal ReceivablesReceivables or any Participation Interests, Principal Receivables or any Participation Interests transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Participation Interests, and Finance Charge Receivables whenever created, created accrued in respect of such Principal ReceivablesReceiv- ables, shall continue to be a part of the Trust. Upon thx Xxxointment Date, this Agreement and the Trust shall be deemed to have terminated, subject to the liquidation, winding up and dissolution procedures described below. Within 15 days of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred occurred, that the Trust has terminated, and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables and any Participation Interests on commercially reasonable terms and in a commercially reasonable manner (a "Disposition") and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to effectuate a Disposition, or (B) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within 90 instruct the Servicer to take or (C) the Investor Certificateholder wishes the Servicer to effect a Disposition. If after 75 days from the date day notice pursuant to clause (i) above is first published (the "Publication Date"), the Trustee shall not have received the written instruction described in clause (A) above from (x) Holders of Investor Certificates evidencing more than representing Undivided Interests aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series (or, in the case of a Series having more than one Class, each Class of such Series) and the holders of any Supplemental Certificates or any other inter- est in the Exchangeable Transferor Certificate other than the Transferor as provided in Section 6.3(b) (for each Series, a "Holders' Majority"), the Trustee shall instruct the Servicer to effectuate a Disposition, and the Servicer shall proceed to consummate a Disposition. If, however, with respect to the portion of the Receivables allocable to any outstanding Series, a Holders' Majority instruct the Trustee not to effectuate a Disposition of the portion of the Receivables allocable to such Series, the Trust shall be reconstituted and continue with respect to such Series pursuant to the terms of this Agreement and the applicable Supplement (as amended in connection with two or more Classessuch reconstitution); provided, however, that in the event of each Classan Insolvency Event, the Trust shall not be reconstituted unless the Trustee shall have first received an Opinion of Counsel to the effect that such Investor Certificateholders disapprove of the liquidation Trust, as reconstituted, shall not be subject to Federal or any applicable state income tax on its income. The portion of the Receivables and wish allocable to continue having any Series shall be equal to the sum of (1) the product of (A) the Transferor Percentage, (B) the aggregate outstanding Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (yC) each a fraction the numerator of the Sellers (other than the Seller that which is the subject related Investor Percentage of Collections of Finance Charge Receivables and the denominator of which is the sum of all Investor Percentages with respect to Collections of Finance Charge Receivables for all Series outstanding and (2) the Invested Amount of such Insolvency Event Series. The Transferor or violation), including any Additional Seller, any holder of a Supplemental Certificate and any its Affiliates shall be permitted assignee or successor under Section 7.02, to such effectbid for the Receivables. In addition, the Transferor or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables at such matched bid price. The Trustee shall then use its reasonable efforts to promptly sell, dispose of or otherwise liquidate the Receivables and any Participation Interests in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusiveexclu- sive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Pier 1 Imports Inc/De)
Additional Rights Upon the Occurrence of Certain Events. (a) If any event set forth in subsection 9.1(a) or (b) shall occur (any such event, an “Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent”), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “Appointment DateDay”), ) immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event and the arrangement among the parties created hereby shall be deemed to have been dissolved, subject to the liquidation and winding-up procedures described below. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 75 days from the date day notice pursuant to clause (i) above is first published the Trustee shall have received written instructions from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class, ) to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include by the solicitation of competitive bidsbids and on terms equivalent to the best purchase offer as determined by the Trustee. None of the Transferor, any Affiliate of the Transferor or any agent of the Transferor shall be permitted to purchase such Receivables in such case. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 Section 9.1 and 9.02 this Section 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If after the occurrence of an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonCompany, the Sellers shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables Aggregate Invested Amount and all accrued and unpaid interest thereon have not been paid to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment DateInvestor Certificateholders, the Trustee in accordance with the written direction of the Servicer shall (i) publish a notice in an Authorized Newspaper the Wall Street Journal (the "AUTHORIZED NEWSPAPER") that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and Purchased Loans in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing Certificateholders, the provisions Letter of this Section Credit Agent and requesting the Administrative Agent and request instructions from such Holders. Unless Persons, which notice shall request each Certificateholder, the Letter of Credit Agent and the Administrative Agent to advise the Trustee shall have received instructions within 90 in writing that it elects one of the following options: (A) the Investor Certificateholder, the Letter of Credit Agent and the Administrative Agent wishes the Trustee not to sell, dispose of or otherwise liquidate the Purchased Loans; (B) the Investor Certificateholder, the Letter of Credit Agent and the Administrative Agent wishes the Trustee to sell, dispose of or otherwise liquidate the Purchased Loans; or (C) the Investor Certificateholder, the Letter of Credit Agent and the Administrative Agent refuses to advise the Trustee as to the specific action the Trustee should take. If after 60 days from the date day notice pursuant to clause (i) above is first published (the "PUBLICATION DATE"), the Trustee shall not have received written instructions selecting option (A) above from (x) Holders of except as otherwise provided in a Supplement with respect to any Series, Investor Certificates evidencing Certificateholders representing more than 50% of the aggregate unpaid principal amount Invested Amount of each Series (or, with respect to any in the case of a Series with two or having more Classesthan one Class of Investor Certificates, Investor Certificateholders representing more than 38 50% of the Invested Amount of each ClassClass of such Series) and, to if applicable, the effect that such Investor Certificateholders disapprove Majority Letter of Credit Banks and the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, Majority Liquidity Banks and (y) each if there are any Holders of the Sellers (Exchangeable Company Interest other than the Seller that is Company, the subject Holders of such Insolvency Event or violation), including any Additional Seller, any holder the Exchangeable Company Interest representing more than 50% of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectthe Company Interest not held by the Company, the Trustee shall promptly proceed to sell, dispose of of, or otherwise liquidate the Receivables Purchased Loans in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Trustee shall proceed to consummate the sale, liquidation or disposition of the Purchased Loans as provided above with the highest bidder for the Purchased Loans. The Company or any of its Affiliates shall be permitted to bid for the Purchased Loans. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Purchased Loans at such matched bid price. All reasonable costs and expenses incurred by the Trustee may obtain in such sale shall be reimbursable to the Trustee as provided in SECTION 8.05. After the appointment of the Trustee as Successor Servicer pursuant to the Servicing Agreement, the Trustee shall proceed to sell, dispose of, or otherwise liquidate the Purchased Loans in a prior determination from any such conservatorcommercially reasonable manner and on commercially reasonable terms, receiver or liquidator that which shall include the terms solicitation of competitive bids and manner of any proposed the Trustee shall proceed to consummate the sale, liquidation or disposition of the Purchased Loans as provided above with the highest bidder for the Purchased Loans. The Company or liquidation are commercially reasonableany of its Affiliates shall be permitted to bid for the Purchased Loans. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Purchased Loans at such matched bid price. The provisions of Sections 9.01 SECTIONS 7.01 and 9.02 7.02 shall not be deemed cumulative. All reasonable costs and expenses incurred by the Trustee in such sale shall be reimbursable to be mutually exclusivethe Trustee as provided in SECTION 8.05.
Appears in 1 contract
Samples: Servicing Agreement (Bunge LTD)
Additional Rights Upon the Occurrence of Certain Events. (aUpon the occurrence of any event described in Section 9.1(a) If an Insolvency Event occurs with respect to any of the Sellers Originator or any of the Sellers violates Section 2.07(c) for any reasonTransferor (an "Insolvency Event"), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust and shall promptly give written notice to the Trustee thereofand the Rating Agencies of such Insolvency Event. Notwithstanding any cessation of the transfer Conveyance to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been Conveyed to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV and any Supplement. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to each Investor Certificateholders Certificateholder describing the provisions of this Section 9.2 and requesting instructions from such HoldersInvestor Certificateholders. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published published, the Trustee shall have received written instructions from the Requisite Certificateholders (x) Holders of determined without giving effect to Investor Certificates evidencing more than 50% for such Series held by the Transferor or any of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Classits Affiliates) for all Series, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred Conveyed to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectEvent, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable termsterms and to maximize the proceeds of such disposition or other liquidation of the Receivables, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.. The proceeds from the sale, disposition or liquidation of the Receivables pursuant to Section (a) above shall be treated as Collections on the Receivables and shall be allocated and deposited in accordance with the provisions of Article IV and any Supplement; provided that the Trustee shall determine conclusively in its sole discretion the amount of such proceeds which are allocable to Finance Charge Receivables and the amount of such proceeds which are allocable to Principal Receivables. Unless the Trustee receives written instructions from Investor Certificateholders as provided in Section 9.2(a) above, on the day following the last Distribution Date in the Due Period during which such proceeds are distributed to the Investor Certificateholders of each Series, the Trust shall terminate. The Trustee may appoint an agent or agents to assist with its responsibilities pursuant to this Article IX with respect to competitive bids. SERVICER DEFAULTS
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonCompany occurs, the Sellers Company shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such occurrence. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables interest, whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of receipt by a Responsible Officer of the Appointment DateTrustee of written notice of the occurrence of an Insolvency Event in accordance with Section 7.1, if the Aggregate Invested Amount and all accrued and unpaid interest thereon have not been paid to the Investor Certificateholders, then the Trustee shall (i) publish a notice in a newspaper with a national circulation (an Authorized Newspaper "AUTHORIZED NEWSPAPER") that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and the other Trust Assets in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting request instructions from such Holders. Unless holders, which notice shall request each Investor Certificateholder to advise the Trustee shall have received instructions within 90 in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee not to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets, or (B) the Investor Certificateholder wishes the Trustee to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee to take. If after 60 days from the date day notice pursuant to clause (i) above is first published from (the "PUBLICATION DATE"), the Trustee shall not have received written instructions of (x) Holders holders of Investor Certificates evidencing more than representing undivided interests in the Trust aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a series having more than one Class of Investor Certificates, with respect to any Series with two or more Classes, each Class of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, series) selecting option (A) above and (y) each if the owners of the Sellers Exchangeable Company Interest do not include the Company (other than and following the Seller that is delivery of written notice in the subject of form referred to above by the Company to such Insolvency Event or violationowners), including any Additional Seller, any holder the owners thereof representing undivided interests in the Trust aggregating in excess of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect50% of the Company Interest, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables and the other Trust Assets in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables and the other Trust Assets as provided above with the highest bidder therefor; PROVIDED, HOWEVER, that if the allocable sale price, less all reasonable fees, expenses and other amounts due hereunder to the Trustee, its agents and counsel to the Trustee, to be realized from such sale, liquidation or disposition would be less than the Aggregate Invested Amount plus accrued and unpaid interest thereon through the Distribution Date next succeeding the date of such sale, the Trustee must receive the prior unanimous consent of all the Investor Certificateholders to such sale, liquidation or disposition. The Company or any of its Affiliates shall be permitted to bid for the Receivables and the other Trust Assets. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables and the other Trust Assets at such matched bid price. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 7.1 and 9.02 7.2 shall not be deemed cumulative. The costs and expenses incurred by the Trustee in such sale shall be reimbursable to be mutually exclusivethe Trustee as provided in Section 8.5.
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Transferor or any holder of an interest in the Sellers violates Section 2.07(c) for any reasonExchangeable Transferor Certificate, the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust, and shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to (w) any Holder of the Exchangeable Transferor Certificate and any holder of an interest in the Exchangeable Transferor Certificate with respect to which the Insolvency Event has not occurred, (x) the Investor Certificateholders Certificateholders, (y) each Enhancement Provider, if any, and (z) any other Person entitled thereto pursuant any Supplement describing the provisions of this Section and requesting instructions from such Holders9.2. Unless the Trustee shall have received instructions within 90 75 days from the date day notice pursuant to clause (i) above is first published the Trustee shall have received written instructions from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class) and from each person described in (ii)(w), (ii)(y) and (ii)(z) to the effect that such Investor Certificateholders Persons disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectReceivables, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. In the event that, in accordance with the result of the voting procedures set forth above, the Receivables are not sold at the time of dissolution, the Trustee shall retain the Receivables (and no Receivables shall thereafter be added to the Trust) and apply Collections thereon in accordance with the provisions in Article IV. Notwithstanding the foregoing, the Trustee shall cause any remaining Receivables to be disposed of in a manner so that the Trust is liquidated on or prior to the date that is three (3) years after the Appointment Date. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Bank Corporate Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If Effective as of the 1990 Trust Termination Date, if an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonSeller, the Sellers Seller shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”), ") immediately cease to transfer Principal Receivables Dealer Notes to the Master Trust and shall promptly give notice to the Master Trust Trustee thereofof such Insolvency Event. Notwithstanding any cessation of the transfer to the Master Trust of additional Principal ReceivablesDealer Notes, Principal Receivables Dealer Notes transferred to the Master Trust prior to the occurrence of such Insolvency Event and Collections collections in respect of such Principal Receivables and Finance Charge Receivables Dealer Notes whenever created, created or accrued in respect of such Principal ReceivablesDealer Notes, shall continue to be a part of the Master Trust. Upon the Appointment Date, the Master Trust shall terminate, subject to the liquidation, winding-up and dissolution procedures described below, and provided that the rights and obligations of the parties to this agreement shall not terminate during such liquidation, winding-up and dissolution. Within 15 days of the Appointment Date, the Master Trust Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Master Trust Trustee intends to sell, dispose of or otherwise liquidate the Receivables Dealer Notes on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section 9.02 and requesting instructions from such Holdersholders. Unless the Master Trust Trustee shall have received instructions instruction within 90 days from the date notice pursuant to clause (iii) above is first published given from (x) Holders holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Series Invested Amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables Dealer Notes and wish to continue having Principal Receivables transferred reconstitute the Master Trust pursuant to the Trust as before such Insolvency Event or violation, terms of this Agreement and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, then the Master Trust Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Dealer Notes in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Master Trust Trustee may obtain a prior determination from any such applicable conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Navistar Financial Securities Corp)
Additional Rights Upon the Occurrence of Certain Events. (a) ------------------------------------------------------- If Seller voluntarily seeks, consents to or acquiesces in the benefit or benefits of any Debtor Relief Law or becomes a party to (or is made the subject of) any proceeding provided for by any Debtor Relief Law, other than as a creditor or claimant, and, in the event such proceeding is involuntary, (1) within 10 business days after Seller has knowledge of such proceeding or the filing thereof either (x) the petition instituting same has not been dismissed or (y) an Insolvency Event occurs order has not been entered by the court having jurisdiction which allows continued transfer to the Trust of Principal Receivables, with respect no adverse effect to any the Trust or the investor Certificateholders or (2) an order as contemplated in (1)(x) above having previously been entered, is no longer in effect other than by reason of the Sellers or any termination of the Sellers violates Section 2.07(c) for any reasonsuch proceeding (each, the Sellers an "Insolvency Event"), Seller shall on the day any date of such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust. Within 15 days of the Appointment DateInsolvency Event, the Trustee shall (i) publish a notice in an the Authorized Newspaper Newspapers that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within If after 90 days from the date day notice pursuant to clause (i) above is first published from (x) the "Publication Date"), the Trustee shall not have received written instructions of Holders of Investor Certificates evidencing more than representing Undivided Interests aggregating in excess of 50% of the aggregate unpaid principal amount Investor Amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly not instruct the Servicer to sell, dispose of of, or otherwise liquidate the Receivables, the Trustee, subject to the following proviso, shall proceed to take such preparatory actions as the Trustee may deem appropriate in order to sell, dispose of, or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids; provided, however, no such sale, disposition or liquidation, whether in whole or in part, of the Receivables shall be consummated until and unless the occurrence of refusal to provide the written response referred to above (a "Response"). The Trustee may obtain a prior determination from any such conservator, conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Spiegel Credit Corp Iii)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Seller or any of the Sellers Seller violates Section 2.07(c2.6(a) for any reason, the Sellers Seller shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”), ") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event or violation and the Trust shall be deemed to have terminated, subject to the liquidation, winding up and dissolution procedures described below. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event or violation and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, created or accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the date on which the Trustee receives notice from the Seller of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (iii) above is first published given from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid outstanding principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the such sale, disposition or liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder Holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, then the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Receivables, or cause to be sold, disposed of or otherwise liquidated, in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, provided that if such sale, disposition or liquidation is being made solely on account of the Seller's violation of Section 2.6(a), then the Trustee shall effect such sale, disposition or liquidation, or cause such sale, disposition or liquidation to be effected, only if the net proceeds of such sale, disposition or liquidation, applied in accordance with Section 9.2(b), shall be sufficient to pay accrued and unpaid interest on each Series of Certificates plus the excess of the outstanding principal balance of each Series of Certificates over the unreimbursed investor charge-offs, if applicable, for such Series. The Trustee may obtain and conclusively rely upon a prior determination from any such applicable conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CDF Funding, Inc.)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Seller or any of the Sellers Seller violates Section 2.07(c2.05(a) for any reason, the Sellers Seller shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”), ") immediately cease to transfer Principal Receivables to the Trust and shall promptly give written notice to the Trustee thereofof such Insolvency Event or violation. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event or violation and Collections in respect of 66 such Principal Receivables and Finance Charge Receivables whenever created, created or accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of its receipt of written notice of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within wi-thin 90 days from the date notice pursuant to clause (iii) above is first published given from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder Holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, then, unless prohibited from acting by applicable law, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Receivables, or cause to be sold, disposed of or otherwise liquidated, in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids; provided that if such sale, disposition or liquidation is being made solely on account of the Seller's violation of Section 2.05(a), then the Trustee shall effect such sale, disposition or liquidation, to be effected, only if the net proceeds of such sale, disposition or liquidation, applied in accordance with Section 9.02(b), will be sufficient to pay accrued interest on each Series of Certificates plus the excess of the outstanding principal balance of each Series of Certificates over the unreimbursed Investor Charge-Offs for such Series. The Trustee may obtain and conclusively rely upon a prior determination from any such applicable conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Federal Mogul Corp)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers Transferor violates Section 2.07(c6.03(b) for any reason, the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event or violation and Collections in respect of such Principal Receivables and Receivables, Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, and Recoveries with respect to such Principal Receivables and Finance Charge Receivables shall continue to be a part of the Trust, and shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables Trust Assets on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published the Trustee shall have received written instructions from (x) Holders of Investor Certificates (including for purposes of this Section 9.02 any Investor Certificates owned by either of the Original Transferors or the Transferor as to which no Insolvency Event has occurred) evidencing more than 50% of the aggregate unpaid principal amount Certificateholders Ownership Interests of each Series issued and outstanding (or, with respect to if any such Series with has two or more ClassesClasses of Investor Certificates, each such Class) and written instructions from the Holder of each Class, the Transferor Certificate (if no Insolvency Event has occurred as to it) to the effect that such Investor Certificateholders Holders disapprove of the liquidation of the Receivables Trust Assets and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Trust Assets in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (A I Receivables Corp)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reason, the Sellers shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to after the occurrence of such an Insolvency Event Event, the Aggregate Invested Amount and Collections in respect of such Principal Receivables all accrued and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue unpaid interest thereon have not been paid to be a part of the Trust. Within 15 days of the Appointment DateInvestor Certificateholders, the Trustee in accordance with the written direction of the Master Servicer shall (i) publish a notice in a newspaper with a national circulation (an "Authorized Newspaper Newspaper") that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting request instructions from such Holders. Unless holders, which notice shall request each Certificateholder to advise the Trustee shall have in writing that it elects one of the following options: (A) the Certificateholder wishes the Trustee not to sell, dispose of or otherwise liquidate the Receivables; (B) the Certificateholder wishes the Trustee to sell, dispose of or otherwise liquidate the Receivables; or (C) the Certificateholder refuses to advise the Trustee as to the specific action the Trustee should take. If the Trustee has received instructions within 90 days from the date notice pursuant to clause written instruction selecting option (iB) above is first published from (x) Holders of Investor Certificates evidencing Certificateholders representing more than 50% of the aggregate unpaid principal amount Invested Amount of each Series or, with respect to any in the case of a Series with two or having more Classesthan one Class of Investor Certificates, Investor Certificateholders representing more than 50% of the Invested Amount of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject Class of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectSeries, the Trustee shall promptly be permitted to engage an investment bank and shall proceed to sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Trustee shall proceed to consummate the sale, liquidation or disposition of the Receivables as provided above with the highest bidder for the Receivables. The Trustee may obtain a prior determination shall rely and shall be protected in acting or refraining from acting upon any advice from any such conservator, receiver or liquidator that investment bank hired pursuant to the terms and manner of any proposed sale, disposition or liquidation are commercially reasonablethis Section 7.02(b) to the extent provided in Section 8.01. The provisions Company or any of Sections 9.01 its Affiliates shall be permitted to bid for the Receivables. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables at such matched bid price. All reasonable costs and expenses incurred by the Trustee in such sale (including commercially reasonable fees payable to the investment bank) shall be reimbursable to the Trustee as provided in Section 8.05. The rights arising under this Section 7.02(a) shall in no way limit the right of Investor Certificateholders to direct the Trustee to sell Receivables pursuant to the terms of Section 9.02 shall after the occurrence of an Insolvency Event if the Trustee does not be deemed receive authorization to be mutually exclusivesell dispose or otherwise liquidate the Receivables in accordance with the terms of this Section 7.02.
Appears in 1 contract
Samples: Pooling Agreement (Ingram Micro Inc)
Additional Rights Upon the Occurrence of Certain Events. (a) If the Transferor shall consent to the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against the Transferor (an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reason"INSOLVENCY EVENT"), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “Appointment Date”), "APPOINTMENT DAY") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders Holders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published from (x) published, the Trustee shall have received written instructions of Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class, ) to the effect that such Investor Certificateholders Holders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectEvent, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from for any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Premium Finance Loan Owner Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonSellers, the Sellers shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days after receipt of such notice by the Trustee of the Appointment Dateoccurrence of such Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to the Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above 76 is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violationEvent, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violationEvent), including any Additional Seller, any holder Holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.. The proceeds from the sale, disposition or liquidation of the Receivables pursuant to paragraph (a) ("Insolvency Proceeds") shall be immediately deposited in the Collection Account. The Trustee shall determine conclusively the amount of the Insolvency Proceeds which are deemed to be Finance Charge Receivables and Principal Receivables. The Insolvency Proceeds shall be allocated and distributed to Investor Certificateholders in accordance with Article IV and the terms of each Supplement and the Trust shall terminate immediately thereafter. The Trustee may appoint an agent or agents to assist with its responsibilities pursuant to this Article IX with respect to competitive bids. [END OF ARTICLE IX] 77 ARTICLE X
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fleet Bank National Association /Ri/)
Additional Rights Upon the Occurrence of Certain Events. (a) If the Transferor goes into liquidation or consents to the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Transferor or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Transferor and such decree shall have remained in force undischarged or unstayed for a period of 30 days; or the Transferor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making, suspension or violation or other event described above, an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event appointment, liquidation, entering of such decree, admission, filing, making, suspension or violation occurs inability, as the case may be (the “"Appointment Date”Day"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of Trustee, the transfer to Servicer and the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence Credit Enhancer of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the TrustEvent. Within 15 days of the Appointment Datereceipt by the Trustee of the Transferor's notice of an Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper Newspapers that an Insolvency Event or violation has occurred and that the Trustee intends to direct the Servicer to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and Mortgage Loans in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee 11.02, which notice shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of inform Investor Certificates evidencing Certificateholders that unless more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such all Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, advise the Trustee shall promptly in writing that they wish the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.otherwise
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc One Abs Corp)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Transferor or any of the Sellers Transferor violates Section 2.07(c) for any reason, the Sellers Transferor shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust Trustee and shall promptly give notice to the Trustee and the Servicer thereof. Notwithstanding any cessation of the transfer to the Trust Trustee of additional Principal Receivables, Principal Receivables transferred to the Trust Trustee prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 So long as any Series issued prior to April 1, 2001 remains Outstanding, within fifteen (15) days after receipt of such notice by the Trustee of the Appointment Dateoccurrence of such Insolvency Event or violation of Section 2.07(c), the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders and each Series Enhancer entitled thereto pursuant to the relevant Supplement describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 ninety (90) days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two (2) or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust Trustee as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.,
Appears in 1 contract
Samples: Pooling and Servicing Agreement
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonSeller, the Sellers arrangement among the Certificateholders and the Seller shall dissolve and the Trust shall be liquidated in accordance with the following procedures. The Seller shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables Additional Balances to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal ReceivablesAdditional Balances, Principal Receivables Additional Balances transferred to the Trust prior to the occurrence of such Insolvency insolvency Event and Daily Principal Collections in respect of such Principal Receivables and Finance Charge Receivables Daily Interest Collections, whenever created, accrued in respect of such Principal Receivables, the Mortgage Loans shall continue to be a part of the Trust. , and shall continue to be allocated and paid in accordance with Article V. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially Trust Balances of the Mortgage Loans as described below. The Trustee shall obtain a position listing from the Depository as of the record date established by the Trustee and make a reasonable terms and in a commercially reasonable manner and (ii) give notice attempt to Investor solicit Certificateholders describing the provisions of this Section and requesting instructions from with respect to such Holdersproposed sale. Unless within 75 days from the day the notice above is given, the Trustee shall have received written instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% 501 of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, Investor Interest to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each Balances of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectMortgage Loans, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Trust Balances of the Mortgage Loans in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Capital One Bank or any of the Sellers Capital One Bank violates Section 2.07(c) for any reason, the Sellers Capital One Bank shall on the day any such Insolvency Event or violation occurs (the “"Appointment ----------- Date”"), immediately cease to transfer Principal Receivables to the Trust ---- and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 So long as any Series issued prior to April 1, 2001 remains outstanding, within fifteen (15) days after receipt of such notice by the Trustee of the Appointment Dateoccurrence of such Insolvency Event or violation of Section 2.07(c), the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders and each Series Enhancer entitled thereto pursuant to the relevant Supplement describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 ninety (90) days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two (2) or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) to the extent provided in the relevant Supplement, the Series Enhancer with respect to such Series, to such effect, and (z) each of the Sellers holder (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder Banks) of a Supplemental Seller Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include by the solicitation of competitive bidsbids and on terms equivalent to the best purchase offer as determined by the Trustee. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers event specified in Section 9.01(viii) or any of the Sellers violates Section 2.07(c9.02(iii) for any reasonshall occur (a "Dissolution Event"), the Sellers Transferor shall on the day any of such Insolvency Dissolution Event or violation occurs (the “"Appointment Date”), ") immediately cease to transfer Principal Receivables Advances to the Trust and shall promptly within 5 days of such Appointment Date give notice to the Trustee thereofof such Dissolution Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal ReceivablesAdvances, Principal Receivables Advances transferred to the Trust prior to the occurrence of such Insolvency Dissolution Event and Gross Collections in respect of such Principal Receivables and Finance Charge Receivables Advances whenever created, and amounts accrued in respect of such Principal ReceivablesAdvances, shall continue to be a part of the Trust. Within 15 days of the day on which a Responsible Officer of the Trustee first receives written notice of the occurrence of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper Newspapers that an Insolvency a Dissolution Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables Advances on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Holder of the Variable Funding Certificate and the Investor Certificateholders describing the provisions of this Section 9.03 and requesting instructions from such Holders. Unless within 60 days from the day written notice pursuant to clause (ii) above is first sent, the Trustee shall have received written instructions within 90 days from the date notice pursuant to clause (i) above is first published from (xa) the Holder of the Variable Funding Certificate and (b) with respect to each outstanding Series, the Holders of Investor Certificates evidencing representing Undivided Interests aggregating more than 5051% of the aggregate unpaid principal amount Certificates of each Series or, with respect to any Series with two or more Classes, of each Classsuch Series, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables Advances and wish to continue having Principal Receivables transferred to receiving Advances under the Trust as before such Insolvency Event appointment, or violationunless the Trustee shall have received an Opinion of Counsel addressed to the Trustee to the effect that any such sale, and (y) each of the Sellers (other than the Seller that disposition or liquidation is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectprohibited by law, the Trustee shall promptly proceed to sell, dispose of of, or otherwise liquidate the Receivables Advances in a commercially reasonable manner and and, to the best of its ability, on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.commercially
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Funding Inc)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect any of RFC, Centurion Bank, FSB or TRS voluntarily goes into liquidation or consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to any of RFC, Centurion Bank, FSB or TRS or of or relating to all or substantially all their respective property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the Sellers premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against any of RFC, Centurion Bank, FSB or TRS; or any of RFC, Centurion Bank, FSB or TRS shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the Sellers violates Section 2.07(c) benefit of its creditors or voluntarily suspend payment of its obligations; or any Transferor shall become unable for any reasonreason to transfer Receivables to the Trust in accordance with the provisions of this Agreement (such voluntary liquidation, appointment entering of such decree, admission, filing, making, suspension or inability, a "Dissolution Event"), the Sellers Transferors or TRS shall promptly give notice of such event to the Trustee, and TRS shall on the day any of such Insolvency Event appointment, voluntary liquidation, entering of such decree, admission, filing, making, suspension or violation occurs inability, as the case may be (the “"Appointment Date”Day"), immediately cease to sell Receivables to RFC under the Receivable Purchase Agreement and the Transferors will immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofhereunder. Notwithstanding So long as any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust Series issued prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever createdApril 16, accrued in respect of such Principal Receivables2004 remains outstanding, shall continue to be a part of the Trust. Within within 15 days of the Appointment Datereceipt by the Trustee of the notice of a Dissolution Event, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency a Dissolution Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless , which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within instruct the Servicer to take. If after 90 days from the date day notice pursuant to clause (i) above is first published from (x) the "Publication Date"), the Trustee shall not have received written instructions of Holders of Investor Certificates evidencing representing Undivided Interests aggregating in excess of 50% of the related Invested Amount of each Series (or in the case of a series having more than one class of investor certificates, each class of such series) to the effect that the Trustee shall not instruct the Servicer to sell, dispose of, or otherwise liquidate the Receivables and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions as set forth herein, the Trustee shall instruct the Servicer to proceed to use its best efforts to sell, dispose of, or otherwise liquidate the Receivables, which efforts shall include the solicitation of competitive bids and the Servicer shall proceed to use its best efforts to consummate the sale, liquidation or disposition of the Receivables as provided above on terms equivalent to the best purchase offer for the Receivables. If, however, with respect to the portion of the Receivables allocable to any outstanding Series, the holders of more than 50% of the aggregate unpaid principal amount of each class of such Series orinstruct the Trustee not to sell the portion of the Receivables allocable to such Series, the Trust shall continue with respect to any such Series with two or more Classes, of each Class, pursuant to the effect that such Investor Certificateholders disapprove terms of the liquidation Agreement and the Supplement. The portion of the Receivables allocable to any Series shall be determined in the same manner as such determination would be made pursuant to Section 12.02(c). The Transferors or any of their respective Affiliates shall be permitted to bid for the Receivables. In addition the Transferors or any of their respective Affiliates shall have the right to match any bid by a third person and wish be granted the right to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate purchase the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsat such matched bid price. The Trustee may obtain a prior determination from any such conservator, the conservator or receiver or liquidator that the terms and manner of any proposed proposed, sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Express Credit Account Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If Upon the occurrence of an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent, the Sellers Transferor shall promptly give notice of such event to the Trustee, and the Transferor shall on the day any of such Insolvency Event or violation occurs (the “Appointment DateDay”), ) immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to Trustee hereunder on behalf of the Trustee thereofTrust. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, created shall continue to be a part of the Trust, and such Collections shall continue to be allocated and deposited in accordance with the provisions of Article IV. Within 15 days of the Appointment Datereceipt by the Trustee of the notice of an Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders and any Enhancement Provider entitled thereto describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless , which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within instruct the Servicer to take. If after 90 days from the date day notice pursuant to clause (i) above is first published from (x) the “Publication Date”), the Trustee shall not have received written instructions of Holders of Investor Certificates evidencing more than aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a Series having more than one Class of Investor Certificates, with respect to each Class of such Series), each Holder of any Series with two or more Classes, of each Class, interest in the Exchangeable Transferor Certificate other than the Transferor and any other Person specified in any Supplement to the effect that such Investor Certificateholders disapprove of the liquidation of Trustee shall instruct the Servicer not to sell, dispose of, or otherwise liquidate the Receivables and wish to continue having Principal Receivables transferred instruct the Servicer to reconstitute the Trust upon the same terms and conditions as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectset forth herein, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables as provided above with the highest bidder for the Receivables. If, however, with respect to the portion of the Receivables allocable to any outstanding Series, the Holders of more than 50% of the principal amount of each Class of such Series and each Holder of any interest in the Exchangeable Transferor Certificate other than the Transferor instruct the Trustee not to sell the portion of the Receivables allocable to such Series, the Trust shall continue with respect to such Series pursuant to the terms of this Agreement and the related Supplement. If specified in the applicable Supplement, the holder of an Enhancement Invested Amount with respect to a Series shall be entitled to give instructions pursuant to this Section 9.2 as if such Enhancement Invested Amount were a Class of such Series. The portion of the Receivables allocable to any Series shall be equal to the sum of (1) the product of (A) the Transferor Percentage, (B) the Aggregate Principal Receivables and (C) a fraction the numerator of which is the related Invested Percentage with respect to Finance Charge Receivables and the denominator of which is the sum of all Invested Percentages with respect to Finance Charge Receivables of all Series outstanding and (2) the Invested Amount of such Series. The Transferor or any of its Affiliates shall be permitted to bid for the Receivables. In addition the Transferor or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables at such matched bid price. The Trustee may obtain a prior determination from any such conservator, the conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Master Pooling and Servicing Agreement (Circuit City Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonSeller, the Sellers Seller shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge and Administrative Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless (x) the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than Trustee shall have received instructions in accordance with any Supplement that the Seller that is the subject of Trustee shall not proceed with such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectliquidation, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Household Affinity Funding Corp)
Additional Rights Upon the Occurrence of Certain Events. (a) If the Transferor shall consent to the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against the Transferor (an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless , which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within 90 instruct the Servicer to take. If after 60 days from the date day notice pursuant to clause (i) above is first published from (x) the "Publication Date"), the Trustee shall not have received written instructions of Holders of Investor Certificates evidencing more than representing Undivided Interests aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a series having more than one class of investor certificates, with respect to any Series with two or more Classes, each class of each Class, such series) to the effect that such Investor Certificateholders disapprove of the liquidation of Trustee shall not instruct the Servicer to sell, dispose of, or otherwise liquidate the Receivables and wish to continue having Principal Receivables transferred instruct the Servicer to reconstitute the Trust upon the same terms and conditions as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectset forth herein, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables as provided above with the highest bidder for the Receivables. If, however, with respect to the portion of the Receivables allocable to any outstanding Series, the holders of more than 50% of the principal amount of each class of such Series instruct the Trustee not to sell the portion of the Receivables allocable to such Series, the Trust shall continue with respect to such Series pursuant to the terms of the Agreement and the Supplement. The portion of the Receivables allocable to any Series shall be equal to the sum of (1) the product of (A) the Transferor Percentage, (B) the aggregate outstanding Principal Receivables and (C) a fraction the numerator of which is the related Investor Percentage of Collections of Finance Charge Receivables and the denominator of which is the sum of all Investor Percentages with respect to Collections of Finance Charge Receivables for all Series outstanding and (2) the Invested Amount of such Series. The Transferor or any of its Affiliates shall be permitted to bid for the Receivables. In addition the Transferor or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables at such matched bid price. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect the Transferor voluntarily (i) seeks, consents to or acquiesces in the benefit or benefits of any Debtor Relief Law or becomes a party to (or is made the subject of) any proceeding provided for by any Debtor Relief Law, other than as creditor or claimant, and in the event such proceeding is involuntary, the petition instituting the same is not dismissed within 60 days of its filing or (ii) goes into liquidation or any other Person shall be appointed as a bankruptcy trustee or receiver or conservator of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonTransferor, the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs event (the “"Appointment Date”), ") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event voluntary or involuntary event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the day on which a Responsible Officer of the Trustee first receives written notice of the occurrence of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper Newspapers that an Insolvency Event a receiver or violation conservator of the Transferor has been appointed or that a voluntary liquidation of the Transferor has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Holder of the Variable Funding Certificate and the Investor Certificateholders describing the provisions of this Section 9.03 and requesting instructions from such Holders. Unless within 60 days from the day written notice pursuant to clause (ii) above is first sent the Trustee shall have received written instructions within 90 days from of the date notice pursuant to clause (i) above is first published from (x) Holder of the Variable Funding Certificate and Holders of Investor Certificates evidencing representing Undivided Interests aggregating more than 50% of the aggregate unpaid principal amount Invested Amount of each Series orand in the case of a Series having more than one Class, with respect to any Series with two or more Classes, than 50` of the Invested Amount of each ClassClass of such Series, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal receiving Receivables transferred to under the Trust as before such Insolvency Event appointment, or violationunless the Trustee shall have received an Opinion of Counsel addressed to the Trustee to the effect that any such sale, and (y) each of the Sellers (other than the Seller that disposition or liquidation is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectprohibited by law, the Trustee shall promptly proceed to sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and and, to the best of its ability, on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain obtain, and shall be fully protected in relying on, a prior determination from any such conservator, bankruptcy trustee or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation hereunder are commercially reasonable. The provisions of Sections 9.01 Section 9.01, 9.02 and 9.02 9.03 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If (x) the Transferor shall consent to the appointment of a bankruptcy trustee or receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a bankruptcy trustee or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against the Transferor or Metris (an "Insolvency Event"), on the day of such Insolvency Event (the "Appointment Day") or (y) the Retained Percentage shall at any time be equal to or less than 2% (a "Trigger Event"), the following actions shall be taken and processes begun: (i) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonshall have occurred, the Sellers Transferor shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give written notice to the Trustee thereofof such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections receivables accrued in respect of such Principal Receivables and Finance Charge Receivables (other than Discount Option Receivables), whenever created, accrued in respect of such Principal ReceivablesReceivables that have been transferred to the Trust, shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within (ii) If an Insolvency Event or a Trigger Event shall have occurred this Agreement and the Trust shall be deemed to have terminated, subject to the liquidation, winding-up and dissolution procedures described below; provided, however, that within 15 days of the Appointment Datedate of written notice to the Trustee, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation a Trigger Event has occurred occurred, that the Trust has terminated, and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables this Agreement in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids (a "Disposition"), and (ii) send written notice to the Investor Securityholders describing the provisions of this Section 9.2 and requesting each Investor Securityholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Securityholder wishes the Trustee to instruct the Servicer not to effectuate a Disposition, or (B) the Investor Securityholder refuses to advise the Trustee as to the specific action the Trustee shall instruct the Servicer to take or (C) the Investor Securityholder wishes the Servicer to effect a Disposition. If after 90 days from the day notice pursuant to clause (i) above is first published (the "Publication Date"), the Trustee shall not have received the written instruction described in clause (A) above from Holders of Investor Securities representing Undivided Interests aggregating in excess of 50% of the related Invested Amount of each Series (or, in the case of a Series having more than one Class, each Class of such Series) and the holders of any Supplemental Securities or any other interest in the Exchangeable Transferor Security other than the Transferor as provided in Section 6.3(b) for each Series, a "Holders' Majority"), the Trustee shall instruct the Servicer to effectuate a Disposition, and the Servicer shall proceed to consummate a Disposition. If, however, with respect to the portion of the Receivables allocable to any outstanding Series, a Holders' Majority instruct the Trustee not to effectuate a Disposition of the portion of the Receivables allocable to such Series, the Trust shall be reconstituted and continue with respect to such Series pursuant to the terms of this Agreement and the applicable Supplement (as amended in connection with such reconstitution). The portion of the Receivables allocable to any Series shall be equal to the sum of (1) the product of (A) the Transferor Percentage, (B) the aggregate outstanding Principal Receivables and (C) a fraction the numerator of which is the related Investor Percentage of Finance Charge Collections and the denominator of which is the sum of all Investor Percentages with respect to Finance Charge Collections for all Series outstanding and (2) the Invested Amount of such Series. The Transferor or any of its Affiliates shall be permitted to bid for the Receivables. In addition, the Transferor or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables at such matched bid price. The Trustee may obtain a prior determination from any such conservatorbankruptcy trustee, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation Distribution are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.. (b) The proceeds from the Disposition pursuant to subsection (a) above shall be treated as Collections on the Receivables and shall be allocated and deposited in accordance with the provisions of Article IV; provided, however, that the proceeds from a Disposition with respect to any Series shall be applied solely to make payments to such Series; provided further, that the Trustee shall determine conclusively in its sole discretion the amount of such proceeds that are allocable to Finance Charge Collections and the amount of such proceeds that are allocable to Collections of Principal Receivables. Unless the Trustee receives written instructions from Investor Securityholders of one or more Series to continue the Trust with respect to such Series as provided in subsection 9.2(a) above, on the day following the last Distribution Date in the Monthly Period during which such proceeds are distributed to the Investor Securityholders of each Series, the Trust shall terminate. (c) The Trustee may appoint an agent or agents to assist with its responsibilities pursuant to this Article IX with respect to competitive bids. [End of Article IX]
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Metris Receivables Inc)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Seller or any of the Sellers Seller violates Section 2.07(c2.6(a) for any reason, the Sellers Seller shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”), ") immediately cease ---------------- to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event or violation and the Trust shall be deemed to have terminated, subject to the liquidation, winding up and dissolution procedures described below. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event or violation and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, created or accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the date on which the Trustee receives notice from the Seller of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (iii) above is first published given from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder Holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, then the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Receivables, or cause to be sold, disposed of or otherwise liquidated, in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, provided that if such sale, disposition or liquidation is being made solely on account of the Seller's violation of Section 2.6(a), then the Trustee shall effect such sale, disposition or liquidation, or cause such sale, disposition or liquidation to be effected, only if the net proceeds of such sale, disposition or liquidation, applied in accordance with Section 9.2(b), will be sufficient to pay accrued interest on each Series of Certificates plus the excess of the outstanding principal balance of each Series of Certificates over the unreimbursed Investor Charge-Offs for such Series. The Trustee may obtain and conclusively rely upon a prior determination from any such applicable conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Floorplan Receivables L P)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect JCPR voluntarily seeks, consents to or acquiesces in the benefit or benefits of any of Debtor Relief Law or becomes a party to (or is made the Sellers subject of) any proceeding provided for by any Debtor Relief Law, other than as a creditor or any of claimant, and, in the Sellers violates Section 2.07(c) for any reasonevent such proceeding is involuntary, the Sellers petition instituting same is not dismissed within 90 days after its filing (a "Bankruptcy Event"), JCPR shall on the day any date of such Insolvency Bankruptcy Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Bankruptcy Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust. Within 15 days of the Appointment DateBankruptcy Event, the Trustee shall (i) publish a notice in an the Authorized Newspaper Newspapers that an Insolvency a Bankruptcy Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless , which notice shall request each Investor Certificateholder to advise the Trustee shall have received instructions within in writing that it elects one of the following options: (i) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables, or (ii) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables, (iii) the Investor Certificateholder refuses to advise the Trustee as to whether or not the Trustee should instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables. If after 90 days from the date day notice pursuant to clause (i) above is first published from (x) the "Publication Date"), the Trustee shall not have received written instructions of Holders of Investor Certificates evidencing more than representing Undivided Interests aggregating in excess of 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, Aggregate Investor Amount to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly not instruct the Servicer to sell, dispose of of, or otherwise liquidate the Receivables, the Trustee, subject to the following proviso, shall proceed to sell, dispose of, or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids; provided, however, no such sale, disposition or liquidation, whether in whole or in part, of the Receivables shall be consummated until and unless the Trustee shall have first received written instructions as aforementioned, other written response or affirmative refusal to provide a written response (in each case, a "Response") from Holders of Aggregate Investor Certificates representing Undivided Interests aggregating in excess of 50% of the Aggregate Investor Amount. The Trustee may obtain a prior determination from any such conservator, conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (JCP Receivables Inc)
Additional Rights Upon the Occurrence of Certain Events. (a) If the Seller shall consent to the appointment of a conservator, receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against the Seller (an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Seller shall on the day any ---------------- of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer --------------- Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such appointment or voluntary liquidation. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the ---------- Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.2 and requesting ----------- instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published from (x) the "Publication Date"), the ---------- ---------------- Trustee shall have received written instructions of Holders of Investor Certificates evidencing more than representing Undivided Interests aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or, with respect to any (or in the case of a Series with two or having more Classes, of each than one Class, each Class of such Series) to the effect that such Investor Certificateholders the Trustee shall not instruct the Servicer to sell, dispose of, or otherwise liquidate the Receivables, the Trustee shall instruct the Servicer to proceed to sell, dispose of, or otherwise liquidate the portion of Receivables allocable to any Series that did not vote to disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in accordance with this Agreement in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables allocable to any outstanding Series, unless the holders of more than 50% of the principal amount of each Class of such Series instruct the Trustee not to sell the portion of the Receivables allocable to such Series, in which case the Trust shall continue with respect to such Series pursuant to the terms of the Agreement and the Supplement. The portion of the Receivables allocable to any Series shall be equal to the sum of (1) the product of (A) the Seller Percentage, (B) the aggregate outstanding Principal Receivables and (C) a fraction the numerator of which is the related Investor Percentage of Collections of Finance Charge Receivables and the denominator of which is the sum of all Investor Percentages with respect to Collections of Finance Charge Receivables for all Series outstanding and (2) the Investor Interest of such Series. The Seller or any of its Affiliates shall be permitted to bid for the Receivables. In addition, the Seller or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables at such matched bid price. The Trustee may obtain a prior determination from any such conservatorbankruptcy trustee, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.are
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect the Transferor (i) voluntarily or involuntarily seeks, consents to any or acquiesces in the benefit or benefits of the Sellers Bankruptcy Code or becomes a party to (or is made the subject of) any proceeding provided for by the Bankruptcy Code, other than as creditor or claimant, and in the event such proceeding is involuntary, the petition instituting the same is not dismissed within 90 days of its filing or (ii) goes into liquidation or any other Person shall be appointed as a bankruptcy trustee or receiver or conservator of the Sellers violates Section 2.07(c) for any reasonTransferor, then the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs event (the “"Appointment Date”), ") immediately cease to transfer Principal Receivables to the Trust Trustee and shall promptly give notice to the Trustee thereofof such event. Notwithstanding any cessation of the transfer to the Trust Trustee of additional Principal Receivables, Principal Receivables transferred to the Trust Trustee prior to the occurrence of such Insolvency Event voluntary or involuntary event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the TrustTrust Assets. Within 15 days of the day on which a Responsible Officer of the Trustee first receives written notice of the occurrence of the Appointment Date, the Trustee shall (ix) publish a notice in an Authorized Newspaper that an Insolvency Event (i) the Transferor has sought, consented or violation acquiesced in the benefit of the Bankruptcy Code or has occurred become a party to (or made the subject of) a proceeding as described in clause (i) of this Section 9.3(a) or (ii) a bankruptcy trustee, receiver or conservator of the Transferor has been appointed or that a voluntary liquidation of the Transferor has occurred, and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (iiy) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.3 and requesting instructions from such Holders. Unless within 60 days from the day written notice pursuant to clause (y) above is first sent, the Trustee shall have received written instructions within 90 days from of the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing representing Undivided Interests aggregating more than 50% of the aggregate unpaid principal amount Invested Amount of each Series orand in the case of a Series having more than one Class, with respect to any Series with two or more Classes, than 50% of the Invested Amount of each ClassClass of such Series, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal receiving Receivables transferred to under the Trust as before such Insolvency Event appointment, or violationunless the Trustee shall have received an Opinion of Counsel addressed to the Trustee to the effect that any such sale, and (y) each of the Sellers (other than the Seller that disposition or liquidation is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectprohibited by law, the Trustee shall promptly proceed to sell, dispose of of, or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and on commercially reasonable termsmanner, which shall include the solicitation of competitive bids. The Trustee may obtain obtain, and shall be fully protected in relying on, a prior determination from any such conservator, bankruptcy trustee or receiver or liquidator conservator that the terms and manner of any proposed sale, disposition or liquidation hereunder are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.3 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Stone Container Corp)
Additional Rights Upon the Occurrence of Certain Events. (a) If the Transferor shall consent to the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against the Transferor (an “Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent”), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “Appointment DateDay”), ) immediately cease to transfer Principal Receivables to the Trust Transferor and shall promptly give notice to the Trustee thereofof such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within For so long as any Series issued prior to the Amendment Closing Date remains outstanding, within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless , which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within 90 instruct the Servicer to take. If after 60 days from the date day notice pursuant to clause (i) above is first published from (x) the “Publication Date”), the Trustee shall not have received written instructions of Holders of Investor Certificates evidencing more than representing Undivided Interests aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a series having more than one class of investor certificates, with respect to any Series with two or more Classes, each class of each Class, such series) to the effect that such Investor Certificateholders disapprove of the liquidation of Trustee shall not instruct the Servicer to sell, dispose of, or otherwise liquidate the Receivables and wish to continue having Principal Receivables transferred instruct the Servicer to reconstitute the Trust upon the same terms and conditions as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectset forth herein, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables as provided above with the highest bidder for the Receivables. If, however, with respect to the portion of the Receivables allocable to any outstanding Series, the Holders of more than 50% of the principal amount of each class of such Series instruct the Trustee not to sell the portion of the Receivables allocable to such Series, the Trust shall continue with respect to such Series pursuant to the terms of this Agreement and the related Supplement. None of the Transferor, any Affiliate of the Transferor or any agent of the Transferor shall be permitted to purchase such Receivables in such case. The portion of the Receivables allocable to any Series shall be equal to the sum of (1) the product of (x) the Transferor Percentage, (y) the aggregate outstanding Principal Receivables and (z) a fraction, the numerator of which is the related Investor Percentage of Collections of Finance Charge Receivables and the denominator of which is the sum of all Investor Percentages with respect to Collections of Finance Charge Receivables for all Series outstanding and (2) the Invested Amount of such Series. The Trustee may obtain a prior determination from any such bankruptcy trustee, conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections Section 9.01 and this Section 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a1) If after the occurrence of an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonCompany, the Sellers shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables Aggregate Invested Amount and all accrued and unpaid interest thereon have not been paid to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment DateInvestor Certificateholders, the Trustee in accordance with the written direction of the Servicer shall (i) publish a notice in an the Wall Street Journal (the “Authorized Newspaper Newspaper”) that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and Purchased Loans in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing Certificateholders, the provisions Letter of this Section Credit Agent and requesting the Administrative Agent and request instructions from such Holders. Unless Persons, which notice shall request each Certificateholder, the Letter of Credit Agent and the Administrative Agent to advise the Trustee shall have received instructions within 90 in writing that it elects one of the following options: (A) the Investor Certificateholder, the Letter of Credit Agent and the Administrative Agent wishes the Trustee not to sell, dispose of or otherwise liquidate the Purchased Loans; (B) the Investor Certificateholder, the Letter of Credit Agent and the Administrative Agent wishes the Trustee to sell, dispose of or otherwise liquidate the Purchased Loans; or (C) the Investor Certificateholder, the Letter of Credit Agent and the Administrative Agent refuses to advise the Trustee as to the specific action the Trustee should take. If after sixty (60) days from the date day notice pursuant to clause (i) above is first published (the “Publication Date”), the Trustee shall not have received written instructions selecting option (A) above from (x) Holders except as otherwise provided in a Supplement with respect to any Series, Investor Certificateholders representing more than 39 50% of the Invested Amount of each Series (or, in the case of a Series having more than one Class of Investor Certificates evidencing Certificates, Investor Certificateholders representing more than 50% of the aggregate unpaid principal amount Invested Amount of each Series orClass of such Series) and, with respect to any Series with two or more Classesif applicable, the Majority Letter of each Class, to Credit Banks and the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, Majority Liquidity Banks and (y) each if there are any Holders of the Sellers (Exchangeable Company Interest other than the Seller that is Company, the subject Holders of such Insolvency Event or violation), including any Additional Seller, any holder the Exchangeable Company Interest representing more than 50% of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectthe Company Interest not held by the Company, the Trustee shall promptly proceed to sell, dispose of of, or otherwise liquidate the Receivables Purchased Loans in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Trustee shall proceed to consummate the sale, liquidation or disposition of the Purchased Loans as provided above with the highest bidder for the Purchased Loans. The Company or any of its Affiliates shall be permitted to bid for the Purchased Loans. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Purchased Loans at such matched bid price. All reasonable costs and expenses incurred by the Trustee may obtain in such sale shall be reimbursable to the Trustee as provided in Section 8.05. After the appointment of the Trustee as Successor Servicer pursuant to the Servicing Agreement, the Trustee shall proceed to sell, dispose of, or otherwise liquidate the Purchased Loans in a prior determination from any such conservatorcommercially reasonable manner and on commercially reasonable terms, receiver or liquidator that which shall include the terms solicitation of competitive bids and manner of any proposed the Trustee shall proceed to consummate the sale, liquidation or disposition of the Purchased Loans as provided above with the highest bidder for the Purchased Loans. The Company or liquidation are commercially reasonableany of its Affiliates shall be permitted to bid for the Purchased Loans. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Purchased Loans at such matched bid price. The provisions of Sections 9.01 7.01 and 9.02 7.02 shall not be deemed cumulative. All reasonable costs and expenses incurred by the Trustee in such sale shall be reimbursable to be mutually exclusivethe Trustee as provided in Section 8.05.
Appears in 1 contract
Samples: Pooling Agreement (Bungeltd)
Additional Rights Upon the Occurrence of Certain Events. (a) If Following the occurrence of an Early Amortization Event described in Section 8.01(d) or (e) (such event, an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and Transferor shall promptly give notice to the Securitization Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the TrustEvent. Within 15 days of the Appointment Datereceipt by the Securitization Trustee of the notice, the Securitization Trustee may and, upon receipt of a notice from Investor Certificateholders evidencing more than 51% of the aggregate Percentage Interest of the Class A Certificates or 51% of the aggregate Percentage Interests of the Class A Certificates and the Class B Certificates (voting together as a single class), shall (i) publish a notice in an Authorized Newspaper Newspapers that an Insolvency Event or violation has occurred and that the Securitization Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms 1997-A SUBI Interest, the 1997-A SUBI Certificate and the other property of the 1997-A Securitization Trust in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from manner. Following such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectpublication, the Securitization Trustee shall promptly shall, unless otherwise prohibited by applicable law from any such action, sell, dispose of of, or otherwise liquidate the Receivables 1997-A SUBI Interest, the 1997-A SUBI Certificate and the other property of the 1997-A Securitization Trust, in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and shall proceed to consummate the sale, liquidation or disposition thereof as provided above with the highest bidder; PROVIDED, HOWEVER, that such sale, disposition or other liquidation shall not be made without the consent of all Holders of Investor Certificates if a net loss would be realized. The Transferor and the Servicer shall be permitted to bid for the 1997-A Securitization Trust property. The Securitization Trustee may obtain a prior determination from any such the conservator, receiver receiver, or liquidator trustee in bankruptcy of the Transferor that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 8.01 and 9.02 8.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Securitization Trust Agreement (Toyota Auto Lease Trust 1997-A)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reason, the Sellers shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citibank South Dakota N A)
Additional Rights Upon the Occurrence of Certain Events. (a) If the Seller voluntarily goes into liquidation or consents to the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Seller or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Seller and such decree shall have remained in force undischarged or unstayed for a period of 30 days; or the Seller shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making, suspension or violation, an "Insolvency Event occurs with respect Event" and as used in Section 11.01(g) above such Events shall relate to any of Subservicer and not to the Sellers or any of the Sellers violates Section 2.07(c) for any reasonSeller), the Sellers shall Seller shall, on the day any of such Insolvency Event appointment, voluntary liquidation, entering of such decree, admission, filing, making, suspension or violation occurs inability, as the case may be (the “"Appointment Date”Day"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of and the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence Credit Enhancer of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the TrustEvent. Within 15 days of the Appointment Date, receipt by the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.Credit Enhancer
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HFC Revolving Corp)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs the Transferor voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator under any Debtor Relief Laws with respect to the Transferor or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any Debtor Relief Law proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Sellers Transferor; or the Transferor shall admit in writing its inability to pay its debts generally as they become due, files a petition to take advantage of any applicable Debtor Relief Laws, makes an assignment for the benefit of its creditors or voluntarily suspends payment of its obligations generally; or the Sellers violates Section 2.07(c) Transferor shall become unable for any reasonreason to transfer Receivables to the Trust in accordance with the provisions of this Agreement (such voluntary liquidation, appointment, entering of such decree, admission, filing, making, suspension or inability, a "Dissolution Event"), the Sellers Transferor shall promptly give notice of such event to the Trustee, and the Transferor shall on the day any of such Insolvency Event appointment, voluntary liquidation, entering of such decree, admission, filing, making, suspension or violation occurs inability, as the case may be (the “"Appointment Date”Day"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofhereunder. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Dissolution Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, created shall continue to be a part of the Trust, and such Collections shall continue to be allocated, deposited and held in accordance with the provisions 'of Article IV. Within 15 days of the Appointment Datereceipt by the Trustee of the notice of a Dissolution Event, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency a Dissolution Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders and any Enhancement Provider entitled thereto describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless , which notice shall request each Investor Certificateholder to advise the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% in writing that it elects one of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to following options: (A) the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, Certificateholder wishes the Trustee shall promptly to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include to instruct the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that Servicer to reconstitute the Trust upon the same terms and manner of any proposed saleconditions set forth herein, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.(B) the
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Proffitts Credit Corp)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonoccurs, the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall may (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.02 and -60- requesting instructions from such Holders. Unless the Trustee shall have received instructions Unless, within 90 days from the date day notice pursuant to clause (i) above is first published published, the Trustee shall have received written instructions from (x) Holders of Investor Certificates evidencing more than 50% of each Class of the aggregate unpaid principal amount Investor Interest of each Series or, with respect to any Series with two or more Classes, of each Class, issued and outstanding to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violationEvent, the Trust shall terminate and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and terminate the Trust. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator of the Transferor that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Dillard Asset Funding Co)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Seller or any of the Sellers Seller violates Section 2.07(c2.06(a) for any reason, the Sellers Seller shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”), ") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event or violation. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event or violation and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, created or accrued in respect of such Principal Receivables, Receivables shall continue to be a part of the Trust. Within 15 days of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (iii) above is first published given from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, then the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such applicable conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Daimlerchrysler Wholesale Receivables LLC)
Additional Rights Upon the Occurrence of Certain Events. (a) If the Transferor voluntarily goes into liquidation or consents to the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Transferor or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Transferor and such decree shall have remained in force undischarged or unstayed for a period of 30 days; or the Transferor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making, suspension or violation or other event described above, an "Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent"), the Sellers Transferor shall on the day any of such Insolvency Event appointment, voluntary liquidation, entering of such decree, admission, filing, making, suspension or violation occurs inability, as the case may be (the “"Appointment Date”Day"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of Trustee, the transfer to Master Servicer and the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence Credit Enhancer of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the TrustEvent. Within 15 days of the Appointment Datereceipt by the Trustee of the Transferor's notice of an Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper Newspapers that an Insolvency Event or violation has occurred and that the Trustee intends to direct the Master Servicer to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and Mortgage Loans in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless 11.02, which notice shall inform Investor Certificateholders that unless at least 51% of all Investor Certificateholders advise the Trustee shall have received instructions in writing that they wish the Trustee to instruct the Master Servicer not to sell, dispose of or otherwise liquidate the Mortgage Loans within 90 days from the date day notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation"Publication Date"), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly instruct the Master Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables Mortgage Loans in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and shall proceed to consummate the sale, liquidation or disposition of the Mortgage Loans as provided above with the highest bidder for the Mortgage Loans. The Transferor shall be permitted to bid for the Mortgage Loans. The Trustee may obtain a prior determination from any such conservator, conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 11.01 and 9.02 11.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If any event set forth in Section 9.1(a) or (b) shall occur (any such event, an “Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent”), the Sellers Transferor shall on the day any of such Insolvency Event or violation occurs (the “Appointment DateDay”), ) immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event and the arrangement among the parties created hereby shall be deemed to have been dissolved, subject to the liquidation and winding up procedures described below. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect thereto shall continue to be allocated and paid in accordance with Article IV. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 75 days from the date day notice pursuant to clause (i) above is first published the Trustee shall have received written instructions from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Investor Interest of each Series issued and outstanding (or, with respect to if any such Series with has two or more Classes, of each Class, ) to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include by the solicitation of competitive bidsbids and on terms equivalent to the best purchase offer as determined by the Trustee. None of the Transferor, any Affiliate of the Transferor or any agent of the Transferor shall be permitted to purchase such Receivables in such case. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect the Seller or the Transferor voluntarily or involuntarily (i) seeks, consents to or acquiesces in the benefit or benefits of any Debtor Relief Law or becomes a party to (or is made the subject of) any proceeding provided for by any Debtor Relief Law, other than as a creditor or claimant, or (ii) goes into liquidation or any other Person shall be appointed as a bankruptcy trustee or receiver or conservator of the Sellers Seller or any of the Sellers violates Section 2.07(c) for any reasonTransferor, the Sellers shall on the day of any such Insolvency Event event described in clause (i) or violation occurs clause (ii) of this Section 9.02(a) (the “---------- ----------- --------------- "Appointment Date”)") (x) if such event relates to the Seller, the Seller will ---------------- immediately cease to sell or contribute Receivables to the Transferor or the Trust under the Receivables Contribution and Sale Agreement, and promptly give notice to the Trustee of such appointment; (y) if such event relates to the Seller or the Transferor, the Transferor shall immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such event; and (z) notwithstanding any other provision of this Agreement, if such event relates to the Transferor, this Agreement and the Trust shall terminate and the Receivables shall be liquidated as provided herein unless the requisite Investor Certificateholders (and, if applicable, each Enhancement Provider) shall give the Trustee the instructions described below. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the day on which a Responsible Officer of the Trustee first receives written notice of the occurrence of the Appointment DateDate with respect to the Transferor, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders of all Series and to each Enhancement Provider describing the provisions of this Section and requesting instructions from such Holders9.02. Unless within 75 days from the ------------ day written notice pursuant to the preceding sentence is sent by the Trustee the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders written instructions of Investor Certificates evidencing Certificateholders representing Undivided Interests aggregating more than 50% of the aggregate unpaid principal amount Invested Amount of each Series or, with respect to (or if any Series with two or has more Classesthan one Class, of each ClassClass of such Series) and, if any Control Party is an Enhancement Provider, written instructions from such Enhancement Provider, in each case to the effect that the Person(s) giving such Investor Certificateholders notice disapprove of the sale, disposition or liquidation of the Receivables and wish to continue having Principal Receivables transferred Receivables, or (ii) an Opinion of Counsel addressed to the Trust as before Trustee to the effect that any such Insolvency Event sale, disposition or violation, and (y) each of the Sellers (other than the Seller that liquidation is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectprohibited by law, the Trustee shall promptly proceed after such 75 days to sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and and, to the best of its ability, on commercially reasonable terms, which shall include the solicitation of competitive bids. In the event that the Trustee shall have been instructed pursuant to the preceding sentence not to sell, dispose or liquidate any portion of the Receivables allocable to such Series, then the Trust shall continue to receive Receivables in respect of such Series pursuant to the terms of this Agreement and the related Supplements. The Trustee may obtain obtain, and shall be fully protected in relying on, a prior determination from any such conservator, bankruptcy trustee or receiver or liquidator conservator that the terms and manner of any proposed sale, disposition or liquidation hereunder are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be ------------- ---- deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Compucom Systems Inc)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Seller or any of the Sellers Seller violates Section 2.07(c2.6(a) for any reason, the Sellers Seller shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”), ") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Insolvency Event or violation and the Trust shall be deemed to have terminated, subject to the liquidation, winding up and dissolution procedures described below. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event or violation and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, created or accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the date on which the Trustee receives notice from the Seller of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (iii) above is first published given from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the such sale, disposition or liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violationReceivables, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder Holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, then the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Receivables, or cause to be sold, disposed of or otherwise liquidated, in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, provided that if such sale, disposition or liquidation is being made solely on account of the Seller's violation of Section 2.6(a), then the Trustee shall effect such sale, disposition or liquidation, or cause such sale, disposition or liquidation to be effected, only if the net proceeds of such sale, disposition or liquidation, applied in accordance with Section 9.2(b), shall be sufficient to pay accrued interest on each Series of Certificates plus the excess of the outstanding principal balance of each Series of Certificates over the unreimbursed Investor Charge-Offs for such Series. The Trustee may obtain and conclusively rely upon a prior determination from any such applicable conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Distribution Financial Services Floorplan Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Seller or any of the Sellers violates Section 2.07(c) for any reasona Transfer Event occurs, the Sellers shall on the day any such of the Insolvency Event or violation occurs (Transfer Event, the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and Seller shall promptly give notice to the Trustee Collateral Agent thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days after a Responsible Officer of the Appointment DateCollateral Agent receives notice of the Insolvency Event or Transfer Event, the Trustee Collateral Agent shall (i) publish a notice in an Authorized Newspaper that an the Insolvency Event or violation Transfer Event, as the case may be, has occurred and that the Trustee Collateral Agent intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and Trust Assets in a commercially reasonable manner and on commercially reasonable terms and (ii) give send written notice to Investor Certificateholders the Noteholders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 If after 30 days from the date day notice pursuant to clause (i) above is first published (the "Publication Date"), the Collateral Agent shall not have received written instructions from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, Controlling Party to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee Collateral Agent shall promptly not sell, dispose of of, or otherwise liquidate the Receivables Trust Assets, the Collateral Agent, subject to the following proviso, shall, or shall instruct the Servicer to, proceed to take such preparatory actions as the Collateral Agent may deem appropriate in order to sell, dispose of, or otherwise liquidate the Trust Assets in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee Collateral Agent may obtain a prior determination from any such conservatorbankruptcy trustee, conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Agency and Servicing Agreement (Newcourt Receivables Corp)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonCompany occurs, the Sellers Company shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such occurrence. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables interest, whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment DateTrustee's receipt of notice of the occurrence of an Insolvency Event in accordance with Section 7.1, if the Aggregate Invested Amount and all accrued and unpaid interest thereon have not been paid to the Investor Certificateholders, then the Trustee shall (i) publish a notice in a newspaper with a national circulation (an Authorized Newspaper "AUTHORIZED NEWSPAPER") that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and the other Trust Assets in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting request instructions from such Holders. Unless holders, which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within 90 instruct the Servicer to take. If after 60 days from the date day notice pursuant to clause (i) above is first published from (the "PUBLICATION DATE"), the Trustee shall not have received written instructions of (x) Holders holders of Investor Certificates evidencing more than representing undivided interests in the Trust aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a series having more than one Class of Investor Certificates, with respect to any Series with two or more Classes, each Class of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, series) selecting option (A) above and (y) each if the owners of the Sellers Exchangeable Company Interest do not include the Company (other than and following the Seller that is delivery of written notice in the subject of form referred to above by the Company to such Insolvency Event or violationowners), including any Additional Seller, any holder the owners thereof representing undivided interests in the Trust aggregating in excess of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect50% of the Company Interest, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables and the other Trust Assets in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables and the other Trust Assets as provided above with the highest bidder therefor; PROVIDED, HOWEVER, that if the allocable sale price, less all reasonable fees, expenses and other amounts due hereunder to the Trustee, its agents and counsel to the Trustee, to be realized from such sale, liquidation or disposition would be less than the Aggregate Invested Amount plus accrued and unpaid interest thereon through the Distribution Date next succeeding the date of such sale, the Trustee must receive the prior unanimous consent of all the Investor Certificateholders to such sale, liquidation or disposition. The Company or any of its Affiliates shall be permitted to bid for the Receivables and the other Trust Assets. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables and the other Trust Assets at such matched bid price. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 7.1 and 9.02 7.2 shall be cumulative and not be deemed to be mutually exclusive. The costs and expenses incurred by the Trustee in such sale shall be reimbursable to the Trustee as provided in Section 8.5.
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonTransferor, the Sellers arrangement among the Investor Certificateholders and the Transferor shall dissolve and the Trust shall be liquidated in accordance with the following procedures. The Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables Subsequent Mortgage Loans and Additional Balances to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal ReceivablesSubsequent Mortgage Loans and Additional Balances, Principal Receivables Subsequent Mortgage Loans and Additional Balances transferred to the Trust prior to the occurrence of such Insolvency Event and Daily Investor Principal Collections in respect of such Principal Receivables and Finance Charge Receivables Daily Investor Interest Collections, whenever created, accrued in respect of such Principal Receivables, the Mortgage Loans shall continue to be a part of the Trust. , and shall continue to be allocated and paid in accordance with Article V. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially Trust Balances of the Mortgage Loans as described below. The Trustee shall obtain a position listing from the Depository as of the record date established by the Trustee and make a reasonable terms and in a commercially reasonable manner and (ii) give notice attempt to solicit Investor Certificateholders describing the provisions of this Section and requesting instructions from with respect to such Holdersproposed sale. Unless within 75 days from the day the notice above is given, the Trustee shall have received written instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount Percentage Interests of each Series orInvestor Certificates and the Person, with respect if any, designated by the Transferor prior to any Series with two or more Classes, of each Class, such Insolvency Event to the effect that such Investor Certificateholders and such Person, if any, disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each Balances of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectMortgage Loans, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Trust Balances of the Mortgage Loans in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. By accepting its interest in an Investor Certificate hereunder, each Investor Certificateholder hereby delegates to the Certificate Insurer its right to give such instructions to the Trustee, unless a Certificate Insurer Default has occurred and is continuing. Any attempted designation of a Person for such purposes by the Transferor prior to an Insolvency Event which does not, by its terms, include an irrevocable written delegation to the Certificate Insurer of the designee's right to give such instructions to the Trustee shall be null and void and of no force and effect (unless a Certificate Insurer Default shall have occurred and be continuing prior to any such attempted designation). Unless a Certificate Insurer Default shall have occurred and be continuing, the Certificate Insurer may make such instruction on behalf of the Investor Certificateholders and such Person, if any, designated by the Transferor prior to such Insolvency Event. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capitol Revolving Home Equity Loan Trust 1996-1)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency a Liquidation Event occurs with respect to any of or the Sellers or any of the Sellers Depositor violates Section 2.07(c2.06(a) hereof for any reasonreason (and such violation becomes an "Early Amortization Event" under subclause (iii) of Section 9.01(d) hereof), the Sellers BCRC shall on the day any such Insolvency Liquidation Event or Early Amortization Event occurs because of such violation occurs (the “"Appointment Date”), ") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such Liquidation Event or Early Amortization Event occurring because of such violation. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Liquidation Event or Early Amortization Event occurring because of such violation and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, created or accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 Furthermore, within fifteen (15) days of the Appointment Datedate of an event specified in Section 9.01(b) or Section 9.01(c) hereof with respect to the Depositor or an Early Amortization Event occurring due to the Depositor violating Section 2.06(a) hereof for any reason, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency such event or Early Amortization Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on 'SS' 9.02 commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Registered Certificateholders and the Holder of the Variable Funding Certificate describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 ninety (90) days from the date notice pursuant to clause (iii) above is first published given from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violationReceivables, and (y) each the Holder of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Variable Funding Certificate and any permitted assignee or successor under Section 7.02, to such effect, then the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Receivables, or cause to be sold, disposed of or otherwise liquidated, in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids; provided that if such sale, disposition or liquidation is being made solely on account of the Depositor's violation of Section 2.06(a) hereof, then the Trustee shall effect such sale, disposition or liquidation, to be effected only if the net proceeds of such sale, disposition or liquidation, applied in accordance with subsection (b) of this Section 9.02, will be sufficient to pay accrued interest on each Series of Certificates plus the outstanding principal balance of each Series of Certificates. The Trustee may obtain and conclusively rely upon a prior determination from any such applicable conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections Section 9.01 hereof and this Section 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bombardier Receivables Master Trust I)
Additional Rights Upon the Occurrence of Certain Events. (a) If Upon the occurrence of an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonEvent, the Sellers Transferor shall promptly give notice of such event to the Trustee, and the Transferor shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofhereunder. Notwithstanding any cessation of the transfer to the Trust Trustee of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, created shall continue to be a part of the Trust, and such Collections shall continue to be allocated and deposited in accordance with the provisions of Article IV. Within 15 days of the Appointment Datereceipt by the Trustee of the notice of an Insolvency Event, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders and any Enhancement Provider entitled thereto describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless , which notice shall request each Investor Certificateholder to advise the Trustee in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables, or (C) the Investor Certificateholder refuses to advise the Trustee as to the specific action the Trustee shall have received instructions within instruct the Servicer to take. If after 90 days from the date day notice pursuant to clause (i) above is first published from (x) the "Publication Date"), the Trustee shall not have received written instructions of Holders of Investor Certificates evidencing more than aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a Series having more than one Class of Investor Certificates, with respect to each Class of such Series), each Holder of any Series with two or more Classes, of each Class, interest in the Exchangeable Transferor Certificate other than the Transferor and any other Person specified in any Supplement to the effect that such Investor Certificateholders disapprove of the liquidation of Trustee shall instruct the Servicer not to sell, dispose of, or otherwise liquidate the Receivables and wish to continue having Principal Receivables transferred instruct the Servicer to reconstitute the Trust upon the same terms and conditions as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectset forth herein, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables as provided above with the highest bidder for the Receivables. If, however, with respect to the portion of the Receivables allocable to any outstanding Series, the Holders of more than 50% of the principal amount of each Class of such Series and each Holder of any interest in the Exchangeable Transferor Certificate other than the Transferor instruct the Trustee not to sell the portion of the Receivables allocable to such Series, the Trust shall continue with respect to such Series pursuant to the terms of this Agreement and the related Supplement. If specified in the applicable Supplement, the holder of an Enhancement Invested Amount with respect to a Series shall be entitled to give instructions pursuant to this Section 9.2 as if such Enhancement Invested Amount were a Class of such Series. The portion of the Receivables allocable to any Series shall be equal to the sum of (1) the product of (A) the Transferor Percentage, (B) the Aggregate Principal Receivables and (C) a fraction the numerator of which is the related Invested Percentage with respect to Finance Charge Receivables and the denominator of which is the sum of all Invested Percentages with respect to Finance Charge Receivables of all Series outstanding and (2) the Invested Amount of such Series. The Transferor or any of its Affiliates shall be permitted to bid for the Receivables. In addition the Transferor or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables at such matched bid price. The Trustee may obtain a prior determination from any such conservator, the conservator or receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.
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Samples: Pooling and Servicing Agreement (Fnanb Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonCompany occurs, the Sellers Company shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereofof such occurrence. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables interest, whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment DateTrustee's receipt of notice of the occurrence of an Insolvency Event in accordance with Section 7.1, if the Aggregate Invested Amount and all accrued and unpaid interest thereon have not been paid to the Investor Certificateholders, then the Trustee shall (i) publish a notice in a newspaper with a national circulation (an "Authorized Newspaper Newspaper") that an Insolvency Event or violation has occurred and that the Trustee Servicer, on behalf of the Trustee, intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and the other Trust Assets in a commercially reasonable manner and (ii) give send written notice to the Investor Certificateholders describing the provisions of this Section and requesting request instructions from such Holders. Unless holders, which notice shall request each Investor Certificateholder to advise the Trustee shall have received instructions within 90 in writing that it elects one of the following options: (A) the Investor Certificateholder wishes the Trustee to instruct the Servicer not to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets, or (B) the Investor Certificateholder wishes the Trustee to instruct the Servicer to sell, dispose of or otherwise liquidate the Receivables and the other Trust Assets and to instruct the Servicer to reconstitute the Trust upon the same terms and conditions set forth herein. If after 60 days from the date day notice pursuant to clause (i) above is first published from (the "Publication Date"), the Trustee shall not have received written instructions of (x) Holders holders of Investor Certificates evidencing more than representing undivided interests in the Trust aggregating in excess of 50% of the aggregate unpaid principal amount related Invested Amount of each Series or(or in the case of a series having more than one Class of Investor Certificates, with respect to any Series with two or more Classes, each Class of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, series) selecting option (A) above and (y) each if the owners of the Sellers Exchangeable Company Interest do not include the Company (other than and following the Seller that is delivery of written notice in the subject of form referred to above by the Company to such Insolvency Event or violationowners), including any Additional Seller, any holder the owners thereof representing undivided interests in the Trust aggregating in excess of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect50% of the Company Interest, the Trustee shall promptly instruct the Servicer to proceed to sell, dispose of of, or otherwise liquidate the Receivables and the other Trust Assets in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and the Servicer shall proceed to consummate the sale, liquidation or disposition of the Receivables and the other Trust Assets as provided above with the highest bidder therefor; provided, however, that if the allocable sale price, less all reasonable fees, expenses and other amounts due hereunder to the Trustee, its agents and counsel to the Trustee, to be realized from such sale, liquidation or disposition would be less than the Aggregate Invested Amount plus accrued and unpaid interest thereon through the Distribution Date next succeeding the date of such sale, the Trustee must receive the prior unanimous consent of all the Investor Certificateholders to such sale, liquidation or disposition. The Trustee Company or any of its Affiliates shall be permitted to bid for the Receivables and the other Trust Assets. In addition, the Company or any of its Affiliates shall have the right to match any bid by a third person and be granted the right to purchase the Receivables and the other Trust Assets at such matched bid price. The Servicer, on behalf of the Trustee, may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 7.1 and 9.02 7.2 shall be cumulative and not be deemed to be mutually exclusive. The costs and expenses incurred by the Trustee in such sale shall be reimbursable to the Trustee as provided in Section 8.5.
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If So long as Series 1995-1 is outstanding, if an Insolvency Event occurs with respect to any of the Sellers or any of the Sellers violates Section 2.07(c) for any reasonoccurs, the Sellers shall Seller shall, on the day any such Insolvency Event or violation occurs (the “Appointment Date”"APPOINTMENT DATE"), immediately cease to transfer Principal Receivables to the Trust and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables Receivables, and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Upon the Appointment Date the Trust shall dissolve and terminate, subject to the liquidation, winding up and dissolution procedures described below. Within 15 days of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable reasonably manner and (ii) give notice to Investor Certificateholders and each Series Enhancer or other Person entitled thereto pursuant to the relevant Supplement describing the provisions of this Section and requesting instructions from such Holders. Unless the Trustee shall have received instructions instructions, within 90 days from the date notice pursuant to clause (i) above is first published published, from (xA) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class; (B) to the extent provided in the relevant Supplement, the Series Enhancer with respect to such Series; and (C) the Seller, Holder of a Supplemental Certificate or Holder of any other interest in the Seller Interest not causing such Insolvency Event (including any permitted assignee or successor under Section 7.02), to the effect that such Investor Certificateholders Persons disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each to reconstitute the Trust pursuant to the terms of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectthis Agreement, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (National City Credit Card Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If after the occurrence of an Insolvency Event occurs with respect to the Trust, the Company, any Originator or the Servicer Guarantor, the Aggregate Invested Amount and all accrued and unpaid amounts due in respect thereon have not been paid to the Investor Certificateholders, the Company as beneficial owner of the Sellers or any Receivables acknowledges that the Trustee may in pursuance of the Sellers violates Section 2.07(c) for any reason, security interest granted hereunder and in accordance with the Sellers written direction of the Liquidation Servicer shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and shall promptly give send written notice to the Investor Certificateholders and request instructions from such holders, which notice shall request each Certificateholder to advise the Trustee thereof. Notwithstanding any cessation in writing that it elects one of the transfer following options: (A) the Certificateholder wishes the Liquidation Servicer not to so sell, dispose of or otherwise liquidate the Trust of additional Principal Receivables, Principal Receivables transferred to ; (B) the Trust prior to Certificateholder wishes the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 days of the Appointment Date, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends Liquidation Servicer to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and Receivables; or (iiC) give the Certificateholder refuses to advise the Trustee as to the specific action the Liquidation Servicer should take. If after 60 days from the day notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from such Holders. Unless is first given, the Trustee shall not have received written instructions within 90 days from the date notice pursuant to clause selecting option (iA) above is first published from (x) Holders of Investor Certificates evidencing Certificateholders representing more than 50% of the aggregate unpaid principal amount Invested Amount of each Series (or, with respect to any in the case of a Series with two or having more Classesthan one Class of Investor Certificates, Investor Certificateholders representing more than 50% of the Invested Amount of each Class, to the effect that Class of such Investor Certificateholders disapprove Series) and (z) if there are any Holders of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (Exchangeable Company Interest other than the Seller that is Company, the subject Holders of such Insolvency Event or violation), including any Additional Seller, any holder the Exchangeable Company Interest representing more than 50% of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectthe Company Interest not held by the Company, the Trustee shall promptly proceed to direct the Liquidation Servicer to so sell, dispose of of, or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bidsbids and the Trustee shall cause the Liquidation Servicer to consummate the sale, liquidation or disposition of the Receivables as provided above with the highest bidder for the Receivables; provided, however that neither Huntsman International nor any of its Affiliates shall participate in any bidding for the Receivables. The Trustee may obtain a prior determination from Company hereby expressly waives any rights of redemption or rights to receive notice of any such conservator, receiver or liquidator that sale except as may be required by law. All reasonable costs and expenses incurred by the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 Liquidation Servicer in such sale shall not be deemed reimbursable to be mutually exclusivethe Liquidation Servicer as provided in Section 8.05.
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Seller or any of the Sellers Issuer violates Section 2.07(csubsection 2.6(b) for any reason, the Sellers Seller shall on the day any of such Insolvency Event or violation occurs (the “"Appointment Date”), Day") immediately cease to transfer Principal Receivables to the Trust Issuer and shall promptly give notice to the Trustee thereof. Notwithstanding any cessation of the transfer to the Trust Issuer of additional Principal Receivables, Principal Receivables transferred to the Trust Issuer prior to the occurrence of such Insolvency Event or violation and Collections in respect of such Principal Receivables and Receivables, Finance Charge Receivables Receivables, whenever created, accrued in respect of such Principal Receivables, and Recoveries with respect to such Principal Receivables and Finance Charge Receivables shall continue to be a part of the TrustTrust Estate, and shall continue to be allocated and paid in accordance with Article 5. Within 15 days of the Appointment DateDay, the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables Trust Estate on commercially reasonable terms and in a commercially reasonable manner and (ii) give send written notice to Investor Certificateholders the Noteholders describing the provisions of this Section 9.2 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 days from the date day notice pursuant to clause (i) above is first published the Trustee shall have received written instructions from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, a Note Majority to the effect that such Investor Certificateholders Holders disapprove of the liquidation of the Receivables Trust Estate and wish to continue having Principal Receivables transferred to the Trust Issuer as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly sell, dispose of or otherwise liquidate the Receivables Trust Estate in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 9.1 and 9.02 9.2 shall not be deemed to be mutually exclusive.. 77
Appears in 1 contract
Additional Rights Upon the Occurrence of Certain Events. (a) If an Insolvency Event occurs with respect to any of the Sellers Transferor or any of the Sellers Transferor violates Section 2.07(c) for any reason, the Sellers Transferor shall on the day any such Insolvency Event or violation occurs (the “"Appointment Date”"), immediately cease to transfer Principal Receivables to the Trust Trustee and shall promptly give notice to the Trustee and the Servicer thereof. Notwithstanding any cessation of the transfer to the Trust Trustee of additional Principal Receivables, Principal Receivables transferred to the Trust Trustee prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the Trust. Within 15 So long as any Series issued prior to April 1, 2001 remains Outstanding, within fifteen (15) days after receipt of such notice by the Trustee of the Appointment Dateoccurrence of such Insolvency Event or violation of Section 2.07(c), the Trustee shall (i) publish a notice in an Authorized Newspaper that an Insolvency Event or violation has occurred and that the Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms and in a commercially reasonable manner and (ii) give notice to Investor Certificateholders and each Series Enhancer entitled thereto pursuant to the relevant Supplement describing the provisions of this Section 9.02 and requesting instructions from such Holders. Unless the Trustee shall have received instructions within 90 ninety (90) days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two (2) or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust Trustee as before such Insolvency Event or violation, and (y) to the extent provided in the relevant Supplement, the Series Enhancer with respect to such Series, to such effect, and (z) each of the Sellers holder (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder Transferor) of a Supplemental Transferor Certificate and any permitted assignee or successor under Section 7.02, to such effect, the Trustee shall promptly use its best efforts to sell, dispose of or otherwise liquidate the Receivables in a commercially reasonable manner and on commercially reasonable terms, which shall include by the solicitation of competitive bidsbids and on terms equivalent to the best purchase offer as determined by the Trustee. The Trustee may obtain a prior determination from any such conservator, receiver or liquidator that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 and 9.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capital One Master Trust)
Additional Rights Upon the Occurrence of Certain Events. (a) If Following the occurrence of an Insolvency Early Amortization Event occurs with respect to any described in clause (d) or (e) of the Sellers or any definition of the Sellers violates Section 2.07(c) for any reason"Early Amortization Event" (such event, an "Insolvency Event"), the Sellers shall on the day any such Insolvency Event or violation occurs (the “Appointment Date”), immediately cease to transfer Principal Receivables to the Trust and Transferor shall promptly give notice to the 1997-A Securitization Trustee thereof. Notwithstanding any cessation of the transfer to the Trust of additional Principal Receivables, Principal Receivables transferred to the Trust prior to the occurrence of such Insolvency Event and Collections in respect of such Principal Receivables and Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, shall continue to be a part of the TrustEvent. Within 15 days of the Appointment Datereceipt by the 1997-A Securitization Trustee of the notice, the 1997-A Securitization Trustee may and, upon receipt of a notice from Investor Certificateholders evidencing more than 51% of the aggregate Percentage Interest of the Class A Certificates or 51% of the aggregate Percentage Interests of the Class A Certificates and the Class B Certificates (voting together as a single class), shall (i) publish a notice in an Authorized Newspaper Newspapers that an Insolvency Event or violation has occurred and that the 1997-A Securitization Trustee intends to sell, dispose of or otherwise liquidate the Receivables on commercially reasonable terms 1997-A SUBI, the 1997-A SUBI Certificate and the other property of the 1997-A Securitization Trust in a commercially reasonable manner and (ii) give notice to Investor Certificateholders describing the provisions of this Section and requesting instructions from manner. Following such Holders. Unless the Trustee shall have received instructions within 90 days from the date notice pursuant to clause (i) above is first published from (x) Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of each Series or, with respect to any Series with two or more Classes, of each Class, to the effect that such Investor Certificateholders disapprove of the liquidation of the Receivables and wish to continue having Principal Receivables transferred to the Trust as before such Insolvency Event or violation, and (y) each of the Sellers (other than the Seller that is the subject of such Insolvency Event or violation), including any Additional Seller, any holder of a Supplemental Certificate and any permitted assignee or successor under Section 7.02, to such effectpublication, the 1997-A Securitization Trustee shall promptly shall, unless otherwise prohibited by applicable law from any such action, sell, dispose of of, or otherwise liquidate the Receivables 1997-A SUBI, the 1997-A SUBI Certificate and the other property of the 1997-A Securitization Trust, in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids, and shall proceed to consummate the sale, liquidation or disposition thereof as provided above with the highest bidder; PROVIDED, HOWEVER, that such sale, disposition or other liquidation shall not be made without the consent of all Holders of Investor Certificates if a net loss would be realized. The Transferor and the Servicer shall be permitted to bid for the 1997-A Securitization Trust property. The 1997-A Securitization Trustee may obtain a prior determination from any such the conservator, receiver receiver, or liquidator trustee in bankruptcy of the Transferor that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. The provisions of Sections 9.01 8.01 and 9.02 8.02 shall not be deemed to be mutually exclusive.
Appears in 1 contract
Samples: Securitization Trust Agreement (Toyota Auto Lease Trust 1997-A)