Effect of FDIC Receivership, Conservatorship or Liquidation of the Seller. (a) Termination in Event of Receivership, the Conservatorship or Liquidation. Consistent with 12 U.S.C. § 1821(e)(12), the Buyer may not employ as grounds for termination of this Agreement that the liabilities of the Seller exceed its assets; that the Seller has been determined to be insolvent; that any grounds for the appointment to the Seller of a receiver or conservator as set forth in 12 U.S.C. § 1821(c)(5) exist; or that the FDIC has been appointed receiver, conservator or liquidator of the Seller.
Appears in 3 contracts
Samples: Receivables Purchase Agreement (HSBC Credit Card Master Note Trust (Usa) I), Affinity Receivables Purchase Agreement (HSBC Credit Card Master Note Trust (Usa) I), Receivables Purchase Agreement (Metris Master Trust)
Effect of FDIC Receivership, Conservatorship or Liquidation of the Seller. (a) Termination in Event of Receivership, the Conservatorship or Liquidation. Consistent with 12 U.S.C. § 1821(e)(121821(e) (12), the Buyer may not employ as grounds for termination of this Agreement that the liabilities of the Seller exceed its assets; that the Seller has been determined to be insolvent; that any grounds for the appointment to the Seller of a receiver or conservator as set forth in 12 U.S.C. § 1821(c)(5) exist; or that the FDIC has been appointed receiver, conservator or liquidator of the Seller.
Appears in 1 contract
Samples: Receivables Purchase Agreement
