Common use of Effect of Section 941 Rules Clause in Contracts

Effect of Section 941 Rules. Section 4.02(c) shall not be construed to require the sponsor to retain any greater economic interest in the credit risk of the financial assets than is required to comply with the FDIC Rule and other Applicable Law. Accordingly, upon the Section 941 Effective Date and thereafter, the sponsor shall be entitled to adjust the amount of credit risk that it retains, or the terms under which such credit risk is retained, to the greatest extent elected by the sponsor, so long as the sponsor’s retention shall be in compliance with then Applicable Law. Within a reasonable time after the sponsor has so adjusted the amount or terms of the credit risk it retains, the sponsor shall give notice thereof to the Indenture Trustee and the Noteholders, and each of the Seller and the Purchaser, are authorized and entitled to amend Section 4.02(c), in accordance with and to the extent the Issuer, or the Servicer on its behalf, determines necessary or appropriate, to reflect the requirements of the Section 941 Rules.

Effect of Section 941 Rules. Section 4.02(c) shall not be construed to require the sponsor to retain any greater economic interest in the credit risk of the financial assets than is required to comply with the FDIC Rule and other Applicable Law. Accordingly, upon the Section 941 Effective Date and thereafter, the sponsor shall be entitled to adjust the amount of credit risk that it retains, or the terms under which such credit risk is retained, to the greatest extent elected by the sponsor, so long as the sponsor’s retention shall be in compliance with then Applicable Law. Within a reasonable time after the sponsor has so adjusted the amount or terms of the credit risk it retains, the sponsor shall give notice thereof to the Indenture Trustee and the Noteholders, and each of the Seller and the Purchaser, with the consent of the Indenture Trustee are authorized and entitled to amend Section 4.02(c), in accordance with and to the extent the Issuer, or the Servicer on its behalf, Issuing Entity determines necessary or appropriate, to reflect the requirements of the Section 941 Rules.

Effect of Section 941 Rules. Section 4.02(c4.2(c) shall not be construed to require the sponsor to retain any greater economic interest in the credit risk of the financial assets than is required to comply with the FDIC Rule and other Applicable Law. Accordingly, upon the Section 941 Effective Date and thereafter, the sponsor shall be entitled to adjust the amount of credit risk that it retains, or the terms under which such credit risk is retained, to the greatest extent elected by the sponsor, so long as the sponsor’s retention shall be in compliance with then Applicable Law. Within a reasonable time after the sponsor has so adjusted the amount or terms of the credit risk it retains, the sponsor shall give notice thereof to the Indenture Trustee and the Noteholders, and each of the Seller and the Purchaser, with the consent of the Indenture Trustee are authorized and entitled to amend Section 4.02(c4.2(c), in accordance with and to the extent the Issuer, or the Servicer on its behalf, Issuing Entity determines necessary or appropriate, to reflect the requirements of the Section 941 Rules.

Effect of Section 941 Rules. Section 4.02(c12.02(c) shall not be construed to require the sponsor to retain any greater economic interest in the credit risk of the financial assets than is required to comply with the FDIC Rule and other Applicable Law. Accordingly, upon the Section 941 Effective Date and thereafter, the sponsor shall be entitled to adjust the amount of credit risk that it retains, or the terms under which such credit risk is retained, to the greatest extent elected by the sponsor, so long as the sponsor’s retention shall be in compliance with then Applicable Law. Within a reasonable time after the sponsor has so adjusted the amount or terms of the credit risk it retains, the sponsor shall give notice thereof to the Indenture Trustee Noteholders and the NoteholdersCertificateholders, and each of the Seller Indenture Trustee, the Depositor and the Purchaser, are CRB is authorized and entitled to amend Section 4.02(c12.02(c), in accordance with and to the extent the Issuer, or the Servicer on its behalf, issuing entity determines necessary or appropriate, to reflect the requirements of the Section 941 Rules.

Effect of Section 941 Rules. Section 4.02(c12.02(c) hereof shall not be construed to require the sponsor to retain any greater economic interest in the credit risk of the financial assets than is required to comply with the FDIC Rule and other Applicable Law. Accordingly, upon the Section 941 Effective Date and thereafter, the sponsor shall be entitled to adjust the amount of credit risk that it retains, or the terms under which such credit risk is retained, to the greatest extent elected by the sponsor, so long as the sponsor’s retention shall be in compliance with then Applicable Law. Within a reasonable time after the sponsor has so adjusted the amount or terms of the credit risk it retains, the sponsor shall give notice thereof to the Indenture Trustee Noteholders and the NoteholdersCertificateholders, and each of the Seller Indenture Trustee, the Depositor and the Purchaser, are CRB is authorized and entitled to amend Section 4.02(c12.02(c), in accordance with and to the extent the Issuer, or the Servicer on its behalf, issuing entity determines necessary or appropriate, to reflect the requirements of the Section 941 Rules.