Common use of Automatic Removal Clause in Contracts

Automatic Removal. In the event of a breach with respect to a ----------------- Receivable of any representations and warranties set forth in subsection ---------- 2.4(b)(ii), or in the event that a Receivable is not an Eligible Receivable ---------- as a -33- result of the failure to satisfy the conditions set forth in clause (b) or ---------- (d) of the definition of Eligible Receivable; then, upon the earlier to --- occur of the discovery of such breach or event by the Seller or the Servicer or receipt by the Seller of written notice of such breach or event given by the Trustee, each such Receivable shall be automatically removed from the Trust on the terms and conditions set forth in subsection ---------- 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 ---------- 2.4(b)(ii), or in the event that a Receivable is not an Eligible Receivable ---------- as a -33- result of the failure to satisfy the conditions set forth in clause ------ (b) or ---------- (d) of the definition of Eligible Receivable; then, upon the earlier --- --- to --- occur of the discovery of such breach or event by the Seller or the Servicer or receipt by the Seller of written notice of such breach or event given by the Trustee, each such Receivable shall be automatically removed from the Trust on the terms and conditions set forth in subsection ---------- 2.4(d)(iii). ---------------------------------