Common use of Automatic Removal Clause in Contracts

Automatic Removal. With respect to Receivables or Collateral Certificates, in the event that (x)(1) any representation or warranty contained in subsection 2.04(a)(v) is not true and correct in any material respect as of the date specified therein, or in the event that a Receivable is not an Eligible Receivable or a Collateral Certificate is not an Eligible Collateral Certificate, and (2) any of the following two conditions is met: (A) as a result of such breach or event such Receivable is charged off as uncollectible or the Trust's rights in, to or under such Collateral Certificate or Receivable or its proceeds are impaired or the proceeds of such Collateral Certificate or Receivable are not available for any reason to the Trust free and clear of any Lien; or (B) the Lien upon the subject Receivable or Collateral Certificate (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 the applicable Transferor or (y) with respect to Receivables, the applicable Transferor has taken an action which causes a Receivable to be deemed to be an Ineligible Receivable in accordance with subsection 2.08(a); then, upon the earlier to occur of the discovery of such breach or event by the applicable Transferor or the Servicer or receipt by the Transferor who conveyed such Receivable or Collateral Certificate of written notice of such breach or event given by the Indenture Trustee, the applicable Collateral Agent or the Owner Trustee, then the applicable Transferor shall accept reassignment of all applicable Receivables or of the applicable Collateral Certificate on the terms and conditions set forth in paragraph (c) below.

Automatic Removal. With In the event of a breach with respect to Receivables or Collateral Certificates, in the event that (x)(1) a Receivable of any representation or warranty contained representations and warranties set forth in subsection 2.04(a)(v) is not true and correct in any material respect as of the date specified therein2.2(a)(ii), or in the event that a Receivable is not an Eligible Receivable or as a Collateral Certificate is not an result of the failure to satisfy the conditions set forth in clause (d) of the definition of Eligible Collateral CertificateReceivable, and (2) any of the following two three conditions is met: (A) as a result of such breach or event such Receivable is charged off as uncollectible or the Trust's rights of the Purchaser (or its assignee) in, to or under such Collateral Certificate or Receivable or its proceeds are impaired or the proceeds of such Collateral Certificate or Receivable are not available for any reason to the Trust Purchaser (or its assignee) free and clear of any Lien; or (B) the Lien upon the subject Receivable or Collateral Certificate (1) arises in favor of the United States of America or any state 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 the applicable Transferor Seller; or (yC) with respect the unsecured short-term debt rating of the Seller is not at least P-1 by Moodx'x xxx the Lien upon the subject Receivable ranks prior to Receivables, the applicable Transferor has taken an action which causes a Receivable Lien created pursuant to be deemed to be an Ineligible Receivable in accordance with subsection 2.08(a)this Agreement; then, upon the earlier to occur of the discovery of such breach or event by the applicable Transferor Seller or the Servicer Purchaser or receipt by the Transferor who conveyed such Receivable or Collateral Certificate Seller of written notice of such breach or event given by the Indenture TrusteePurchaser, the applicable Collateral Agent Trustee or any Purchaser Representative, each such Receivable shall -6- 10 be automatically reassigned to a Person designated by the Owner Trustee, then the applicable Transferor shall accept reassignment of all applicable Receivables or of the applicable Collateral Certificate Seller on the terms and conditions set forth in paragraph (csubsection 2.2(d)(iii) belowand shall no longer be treated as a Receivable; provided, that if such Lien does not have a material adverse effect on the collectibility of the Receivables or on the interests of the Purchaser, the Certificateholders or Receivables Purchasers of any Series or the Enhancement Provider, the Seller shall have 10 days within which to remove any such Lien.

Automatic Removal. With respect to Receivables or Collateral CertificatesFrom and after the Certificate Trust Termination Date, in the event that (x)(1) of a breach with respect to a Receivable of any representation or warranty contained representations and warranties set forth in subsection 2.04(a)(v) is not true and correct in any material respect as of the date specified therein2.04(a)(iii)(B), or in the event that a Receivable is not an Eligible Receivable or as a Collateral Certificate is not an result of the failure to satisfy the conditions set forth in clause (d) of the definition of Eligible Collateral CertificateReceivable, and (2) any of the following two three conditions is met: (A) as a result of such breach or event such Receivable is charged off as uncollectible or the TrustIssuer's rights in, to or under such Collateral Certificate or Receivable or its proceeds are impaired or the proceeds of such Collateral Certificate or Receivable are not available for any reason to the Trust Issuer free and clear of any Lien, except Liens permitted under subsection 2.05(b); or (B) the Lien upon the subject Receivable or Collateral Certificate (1) arises in favor of the United States of America or any state 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 Transferor Credit Card Originator; or (yC) with respect 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 Receivablesthis Agreement, the applicable Transferor has taken an action which causes a Receivable to be deemed to be an Ineligible Receivable in accordance with subsection 2.08(a); then, upon the earlier to occur of the discovery of such breach or event by the applicable Transferor or the Servicer or receipt by the Transferor who conveyed such Receivable or Collateral Certificate of written notice of such breach or event given by the Indenture Trustee, the applicable Collateral Agent or the Owner Trustee, then the applicable Transferor shall accept reassignment of all applicable Receivables or of the applicable Collateral Certificate Account containing such ineligible Receivable shall be automatically reassigned to Transferor on the terms and conditions set forth in paragraph (c) belowsubsection 2.04(d)(iii).

Automatic Removal. With respect to Receivables or Collateral CertificatesFrom and after the Certificate Trust Termination Date, in the event that (x)(1) of a breach with respect to a Receivable of any representation or warranty contained representations and warranties set forth in subsection 2.04(a)(v) is not true and correct in any material respect as of the date specified therein2.04(a)(iii)(B), or in the event that a Receivable is not an Eligible Receivable or as a Collateral Certificate is not an result of the failure to satisfy the conditions set forth in clause (d) of the definition of Eligible Collateral CertificateReceivable, and (2) any of the following two three conditions is met: (A) as a result of such breach or event such Receivable is charged off as uncollectible or the TrustIssuer's rights in, to or under such Collateral Certificate or Receivable or its proceeds are impaired or the proceeds of such Collateral Certificate or Receivable are not available for any reason to the Trust Issuer free and clear of any Lien, except Liens permitted under subsection 2.05(b); or (B) the Lien upon the subject Receivable or Collateral Certificate (1) arises in favor of the United States of America or any state 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 Transferor Credit Card Originator; or (yC) with respect 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 Receivablesthe Lien created pursuant to this Agreement, the applicable Transferor has taken an action which causes a Receivable to be deemed to be an Ineligible Receivable in accordance with subsection 2.08(a); then, upon the earlier to occur of the discovery of such breach or event by the applicable Transferor or the Servicer or receipt by the Transferor who conveyed such Receivable or Collateral Certificate of written notice of such breach or event given by the Indenture Trustee, the applicable Collateral Agent or the Owner Trustee, then the applicable Transferor shall accept reassignment of all applicable Receivables or of the applicable Collateral Certificate Account containing such ineligible Receivable shall be automatically reassigned to Transferor on the terms and conditions set forth in paragraph (c) belowsubsection 2.04(d)(iii).