Common use of Ineligible Assets Clause in Contracts

Ineligible Assets. The Seller shall promptly, and in any event not later than the next Guarantor Payment Date, notify the Purchaser, the Servicer and Cash Manager (in each case if other than the Seller) and the Bond Trustee after determining that any Purchased Asset did not meet the Eligibility Criteria on the applicable Purchase Date for such Purchased Asset.