Cessation of Purchases. If an Order is obtained but subsequently is reversed or rescinded or expires, the Purchaser shall immediately cease to purchase (and the Seller shall immediately cease to sell) Receivables hereunder. Notwithstanding anything contained in Section 6.02(b), if an Involuntary Case has not been dismissed by the first Business Day following the 60 day period beginning on the day on which notice of an Involuntary Case was received by either party, whether or not an Order was obtained, the Purchaser shall not thereafter purchase Receivables from the Seller hereunder and the Seller shall not thereafter designate Additional Accounts for transfer to the Purchaser or sell Receivables hereunder.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Ally Wholesale Enterprises LLC), Pooling and Servicing Agreement (Wholesale Auto Receivables LLC), Pooling and Servicing Agreement (SWIFT Master Auto Receivables Trust)
Cessation of Purchases. If an Order is obtained but subsequently is reversed or rescinded or expires, the Purchaser shall immediately cease to purchase (and the Original Seller shall immediately cease to sell) Receivables hereunder. Notwithstanding anything contained in Section 6.02(b), if an Involuntary Case has not been dismissed by the first Business Day following the 60 day period beginning on the day on which notice of an Involuntary Case was received by either party, whether or not an Order was obtained, the Purchaser shall not thereafter purchase Receivables from the Original Seller hereunder and the Original Seller shall not thereafter designate Additional Accounts for transfer to the Purchaser or sell Receivables hereunder.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Goldman Sachs Asset Backed Securities Corp), Pooling and Servicing Agreement (Ace Securities Corp), Pooling and Servicing Agreement (Gs Mortgage Securities Corp)
