Common use of Automatic Removal Clause in Contracts

Automatic Removal. In the event that a Receivable created on or after the Certificate Trust Termination Date is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iv) of the definition of Eligible Receivable, and either of the following two conditions is met: (A) the Lien on such Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISA, or (3) has been consented to by the Transferor; or (B) the Lien on such Receivable is not of the types described in clause (A) above, but, as a result of such breach or event, such Receivable becomes a Receivable in a Defaulted Account or the Issuer's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer free and clear of any Lien (other than Liens permitted under Section 2.5(b)); then, upon the earlier to occur of the discovery of such breach or event by the Transferor or the Servicer or receipt by the Transferor or the Servicer of written notice of such breach or event given by the Issuer, each such Receivable or, at the option of the Transferor, all such Receivables with respect to the related Account, shall be automatically removed from the Issuer on the terms and conditions set forth in Section 2.4(d)(iii).

Automatic Removal. In the event of a breach with respect to a Receivable of any representations and warranties set forth in subsection 2.04(b)(ii), or in the event that a Receivable created on or after the Certificate Trust Termination Date is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (ivd) of the definition of Eligible Receivable, and either any of the following two three conditions is met: : (A) the Lien on such Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISA, or (3) has been consented to by the Transferor; or (B) the Lien on such Receivable is not of the types described in clause (A) above, but, as a result of such breach or event, event such Receivable becomes a Receivable in a Defaulted Account is charged off as uncollectible or the Issuer's Trust’s rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer Trust free and clear of any Lien; (B) the Lien upon the subject Receivable (other than Liens permitted 1) arises in favor of the United States of America or any State or any agency or instrumentality thereof and involves taxes or liens arising under Section 2.5(b))Title IV of ERISA or (2) has been consented to by the Seller; or (C) the unsecured short-term debt rating of the Seller is not at least P-1 by Xxxxx’x and F1 by Fitch and the Lien upon the subject Receivable ranks prior to the Lien created pursuant to this Agreement; then, upon the earlier to occur of the discovery of such breach or event by the Transferor Seller or the Servicer or receipt by the Transferor or the Servicer Seller of written notice of such breach or event given by the IssuerTrustee, each such Receivable or, at the option of the Transferor, all such Receivables with respect to the related Account, shall be automatically removed from the Issuer Trust on the terms and conditions set forth in Section 2.4(d)(iiisubsection 2.04(d)(iii).

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii) or in the event that a Receivable created on or after the Certificate Trust Termination Date is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iv) of the definition of an Eligible Receivable, and either of the following two conditions is met: (A) the Lien on such upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISAthe Employee Retirement Income Security Act of 1974, or (3) has been consented to by the TRS or either Transferor; or (B) the Lien on such the subject Receivable is not of the types described in clause (A) above, but, and as a result of such breach or event, event such Receivable becomes a Receivable in a Defaulted Account Account, or the Issuerrelated Transferor's or the Trust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer Trust free and clear of any Lien (other than except Liens permitted under Section 2.5(b)pursuant to subsection 2.05(b); then, upon the earlier to occur of the discovery of such breach or event by the such Transferor or the Servicer or receipt by the Transferor Transferors or the Servicer of written notice of such breach or event given by the IssuerTrustee, each such Receivable or, at the option of the such Transferor, all such Receivables with respect to the related Account, Account shall be automatically removed from the Issuer Trust on the terms and conditions set forth below in Section 2.4(d)(iiisubsection 2.04(d)(iii).

Automatic Removal. In the event that a Receivable created on or after the Certificate Trust Termination Date is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iviii) of the definition of Eligible Receivable, and either of the following two conditions is met: (A) the Lien on such upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISA, or (3) has been consented to by the Transferor; or (B) the Lien on such the subject Receivable is not of the types described in clause (A) above, but, as a result of such breach or event, such Receivable becomes a Receivable in a Defaulted Account or the IssuerTrust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer Trust free and clear of any Lien (other than except Liens permitted under pursuant to Section 2.5(b)); then, upon the earlier to occur of the discovery of such breach or event by the Transferor or the Servicer or receipt by the Transferor or the Servicer of written notice of such breach or event given by the IssuerTrustee, each such Receivable or, at the option of the Transferor, all such Receivables with respect to the related Account, automatically shall be automatically removed from the Issuer Trust on the terms and conditions set forth in Section 2.4(d)(iii).

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii) or in the event that a Receivable created on or after the Certificate Trust Termination Date is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iv) of the definition of an Eligible Receivable, and either of the following two conditions is met: (A) the Lien on such upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISAthe Employee Retirement Income Security Act of 1974, or (3) has been consented to by the TRS or by a Transferor; or (B) the Lien on such the subject Receivable is not of the types described in clause (A) above, but, and as a result of such breach or event, event such Receivable becomes a Receivable in a Defaulted Account Account, or the Issuerrelated Transferor's or the Trust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer Trust free and clear of any Lien (other than except Liens permitted under Section 2.5(b)pursuant to subsection 2.05(b); then, upon the earlier to occur of the discovery of such breach or event by the such Transferor or the Servicer or receipt by the Transferor Transferors or the Servicer of written notice of such breach or event given by the IssuerTrustee, each such Receivable or, at the option of the such Transferor, all such Receivables with respect to the related Account, Account shall be automatically removed from the Issuer Trust on the terms and conditions set forth below in Section 2.4(d)(iiisubsection 2.04(d)(iii).

Automatic Removal. In From and after the Certificate Trust Termination Date, in the event of a breach with respect to a Receivable of any representations and warranties set forth in subsection 2.04(a)(iii)(B), or in the event that a Receivable created on or after the Certificate Trust Termination Date is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (ivd) of the definition of Eligible Receivable, and either any of the following two three conditions is met: : (A) the Lien on such Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISA, or (3) has been consented to by the Transferor; or (B) the Lien on such Receivable is not of the types described in clause (A) above, but, as a result of such breach or event, event such Receivable becomes a Receivable in a Defaulted Account is charged off as uncollectible or the Issuer's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer free and clear of any Lien (other than Lien, except Liens permitted under Section 2.5(b)subsection 2.05(b); (B) the Lien upon the subject Receivable (1) arises in favor of the United States of America or any State or any agency or instrumentality thereof and involves taxes or liens arising under Title IV of ERISA or (2) has been consented to by Transferor or the applicable Credit Card Originator; or (C) the unsecured short-term debt rating of FNBO is not at least "P-1" by Moody's and the Lien upon the subject Receivable ranxx xxxxr to the Lien created pursuant to this Agreement, then, upon the earlier to occur of the discovery of such breach or event by the Transferor or the Servicer or receipt by the Transferor or the Servicer of written notice of such breach or event given by the IssuerIndenture Trustee, each such Receivable or, at the option Receivables of the Transferor, all Account containing such Receivables with respect to the related Account, ineligible Receivable shall be automatically removed from the Issuer reassigned to Transferor on the terms and conditions set forth in Section 2.4(d)(iiisubsection 2.04(d)(iii).

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.4(b)(iii) or in the event that a Receivable created on or after the Certificate Trust Termination Date is not an Eligible Receivable as a result of the failure to satisfy satis- fy the conditions set forth in clause (iv) of the definition of an Eligible Receivable, and either of the following two conditions is met: (A) the Lien on such upon the subject Receivable (1) ranks prior to the Lien created pursuant to this AgreementAgree- ment, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISAthe Employ- ee Retirement Income Security Act of 1974, or (3) has been consented to by the Transferor; or (B) the Lien on such the subject Receivable is not of the types described de- scribed in clause (A) above, but, as a result of such breach or event, such Receivable becomes a Receivable in a Defaulted Account or the IssuerTrust's rights in, to or under such Receivable Receiv- able or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer Trust free and clear of any Lien (other than except Liens permitted under Section pur- suant to subsection 2.5(b)); then, upon the earlier to occur of the discovery of such breach or event by the Transferor or the Servicer or receipt by the Transferor or the Servicer of written notice of such breach or event given by the IssuerTrustee, each such Receivable or, at the option of the Transferor, all such Receivables with respect to the related Account, shall be automatically auto- matically removed from the Issuer Trust on the terms and conditions set forth below in Section subsection 2.4(d)(iii).

Automatic Removal. In the event that a Receivable created on or after the Certificate Trust Termination Date is not an ----------------- Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iv) of the definition of Eligible Receivable, and either of the following two conditions is met: (A) the Lien on such Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISA, or (3) has been consented to by the Transferor; or (B) the Lien on such Receivable is not of the types described in clause (A) above, but, as a result of such breach or event, such Receivable becomes a Receivable in a Defaulted Account or the IssuerTrust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer Trust free and clear of any Lien (other than Liens permitted under Section 2.5(b)); then, upon the earlier to occur of the discovery of such breach or event by the Transferor or the Servicer or receipt by the Transferor or the Servicer of written notice of such breach or event given by the IssuerTrustee, each such Receivable or, at the option of the Transferor, all such Receivables with respect to the related Account, shall be automatically removed from the Issuer Trust on the terms and conditions set forth in Section 2.4(d)(iii).

Automatic Removal. In the event that If a breach exists with respect to a Receivable created on of any representations and warranties set forth in subsection 2.04(a)(i), or after the Certificate Trust Termination Date if a Receivable is not an Eligible Receivable as due to a result breach of the failure to satisfy the conditions set forth in clause (ivd) of the definition of Eligible Receivable, and either any of the following two conditions is metoccurs: (A) the Lien on such Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISA, or (3) has been consented to by the Transferor; or (B) the Lien on such Receivable is not of the types described in clause (A) above, but, as a result of such breach or event, such Receivable becomes a Receivable in a Defaulted Account or the IssuerTrust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer Trust free and clear of any Lien; (B) a Lien upon the Receivable arises in favor of the United States of America or any State or any agency or instrumentality thereof and involves taxes or liens arising under Title IV of ERISA or has been consented to by the Transferor, DNB or Mercantile; or (other than Liens permitted under Section 2.5(b))C) the unsecured short-term debt of Dillard's is not rated at least P-1 by Xxxxx'x and a Lien upon the subject Receivable ranks prior to the Lien created pursuant to this Agreement; then, upon the earlier to occur of the discovery of such breach or event by the Transferor or the Servicer or receipt by the Transferor or the Servicer of written notice of such breach or event given by the Issuer, each such Receivable or, at Trustee or the option of the TransferorMaster Servicer, all such Receivables with respect to in the related Account, Account shall become Ineligible Receivables and shall be automatically removed from the Issuer on the terms and conditions set forth in Section 2.4(d)(iiiTrust pursuant to subsection 2.04(c)(iii).

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in Section 9(b)(iii), or in the event that a Receivable created on or after the Certificate Trust Termination Date is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iv) of the definition of an Eligible Receivable, and either of the following two conditions is met: (Ai) the Lien on such upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISAthe Employee Retirement Income Security Act of 1974, or (3) has been consented to by the TransferorSellers; or (Bii) the Lien on such the subject Receivable is not of the types described in clause (Ai) above, but, and as a result of such breach or event, event such Receivable becomes a Receivable in a Defaulted Account or RFC's or the IssuerTrust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer Trust free and clear of any Lien (other than except Liens permitted under pursuant to Section 2.5(b)12(b); then, upon the earlier to occur of the discovery of such breach or event by the Transferor or Seller, the Servicer or RFC or receipt by the Transferor or the Servicer Seller of written notice of such breach or event given by the IssuerTrustee, each such Receivable or, at the option of the TransferorRFC, all such Receivables with respect to the related Account, Account shall be automatically removed from the Issuer Trust and repurchased by the Seller on the terms and conditions set forth below in Section 2.4(d)(iii11(c).

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in Section 9(b)(iii), or in the event that a Receivable created on or after the Certificate Trust Termination Date is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iv) of the definition of an Eligible Receivable, and either of the following two conditions is met: (Ai) the Lien on such upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISAthe Employee Retirement Income Security Act of 1974, or (3) has been consented to by the TransferorSellers; or (Bii) the Lien on such the subject Receivable is not of the types described in clause (Ai) above, but, and as a result of such breach or event, event such Receivable becomes a Receivable in a Defaulted Account or the IssuerPurchaser's or the Trust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer Trust free and clear of any Lien (other than except Liens permitted under pursuant to Section 2.5(b)12(b); then, upon the earlier to occur of the discovery of such breach or event by the Transferor Seller, the Servicer or the Servicer Purchaser or receipt by the Transferor or the Servicer Seller of written notice of such breach or event given by the IssuerTrustee, each such Receivable or, at the option of the TransferorPurchaser, all such Receivables with respect to the related Account, Account shall be automatically removed from the Issuer Trust and repurchased by the Seller on the terms and conditions set forth below in Section 2.4(d)(iii11(c).

Automatic Removal. In From and after the Certificate Trust Termination Date, in the event of a breach with respect to a Receivable of any representations and warranties set forth in subsection 2.04(a)(iii)(B), or in the event that a Receivable created on or after the Certificate Trust Termination Date is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (ivd) of the definition of Eligible Receivable, and either any of the following two three conditions is met: : (A) the Lien on such Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISA, or (3) has been consented to by the Transferor; or (B) the Lien on such Receivable is not of the types described in clause (A) above, but, as a result of such breach or event, event such Receivable becomes a Receivable in a Defaulted Account is charged off as uncollectible or the Issuer's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer free and clear of any Lien (other than Lien, except Liens permitted under Section 2.5(b)subsection 2.05(b); (B) the Lien upon the subject Receivable (1) arises in favor of the United States of America or any State or any agency or instrumentality thereof and involves taxes or liens arising under Title IV of ERISA or (2) has been consented to by Transferor or the applicable Credit Card Originator; or (C) the unsecured short-term debt rating of FNBO is not at least "P-1" by Moody's and the Lien upon the subject Receivable ranks prixx xx xhe Lien created pursuant to this Agreement, then, upon the earlier to occur of the discovery of such breach or event by the Transferor or the Servicer or receipt by the Transferor or the Servicer of written notice of such breach or event given by the IssuerIndenture Trustee, each such Receivable or, at the option Receivables of the Transferor, all Account containing such Receivables with respect to the related Account, ineligible Receivable shall be automatically removed from the Issuer reassigned to Transferor on the terms and conditions set forth in Section 2.4(d)(iiisubsection 2.04(d)(iii).

Automatic Removal. In the event that a Receivable created on or after the Certificate Trust Termination Date is ----------------- not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iv) of the definition of Eligible Receivable, and either of the following two conditions is met: (A) the Lien on such Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of ERISA, or (3) has been consented to by the Transferor; or (B) the Lien on such Receivable is not of the types described in clause (A) above, but, as a result of such breach or event, such Receivable becomes a Receivable in a Defaulted Account or the IssuerTrust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Issuer Trust free and clear of any Lien (other than Liens permitted under Section 2.5(b)); then, upon the earlier to occur of the discovery of such breach or event by the Transferor or the Servicer or receipt by the Transferor or the Servicer of written notice of such breach or event given by the IssuerTrustee, each such Receivable or, at the option of the Transferor, all such Receivables with respect to the related Account, shall be automatically removed from the Issuer Trust on the terms and conditions set forth in Section 2.4(d)(iii).