Common use of No Rescission or Cancellation Clause in Contracts

No Rescission or Cancellation. Servicer shall not permit any rescission or cancellation of a Transferred Receivable except as ordered by a court of competent jurisdiction or other Governmental Authority or in the ordinary course of its business and in accordance with the Credit and Collection Policies. Servicer shall reflect any such rescission or cancellation in its computer file of revolving credit card accounts. In addition, Servicer may waive the accrual and/or payment of certain Finance Charge Receivables in respect of certain past due Accounts, the Obligors of which have enrolled with a consumer credit counseling service. If Servicer breaches either of the covenants contained in paragraph (b) or (c) with respect to any Transferred Receivable or the related Account, and as a result of such breach Owner’s rights in, to or under any Transferred Receivable(s) in the related Account or the proceeds of such Transferred Receivable are materially impaired or such proceeds are not available for any reason to Owner free and clear of any Lien, then no later than the expiration of 60 days from the earlier to occur of the discovery of such event by Servicer, or receipt by Servicer of notice of such event given by Owner, all Transferred Receivables in the Account or Accounts to which such event relates shall be assigned to Servicer as set forth below; provided that such Transferred Receivables will not be assigned to Servicer if, on any day prior to the end of such 60-day period, (i) the relevant breach shall have been cured and the covenant shall have been complied with in all material respects and (ii) Servicer shall have delivered an Officer’s Certificate describing the nature of such breach and the manner in which such breach was cured. Servicer shall effect such assignment by paying Owner in immediately available funds prior to the related Payment Date in an amount equal to the amount of such Transferred Receivables, which deposit shall be considered a Collection with respect to such Receivables and divided between the Collection Accounts accordingly. Upon each such assignment to Servicer, Owner shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey to Servicer, without recourse, representation or warranty all right, title and interest of Owner in and to such Transferred Receivables, all moneys due or to become due and all amounts received with respect thereto and all proceeds thereof. Owner shall execute such documents and instruments of transfer or assignment and take such other actions as shall be reasonably requested by Servicer to effect the conveyance of any such Transferred Receivables pursuant to this Section.

No Rescission or Cancellation. Master Servicer shall not permit any rescission or cancellation of a Transferred Receivable except as ordered by a court of competent jurisdiction or other Governmental Authority or in the ordinary course of its business and in accordance with the Credit and Collection Policies. Master Servicer shall reflect any such rescission or cancellation in its computer file of revolving credit card accounts. In addition, Servicer may waive related to the accrual and/or payment of certain Finance Charge Receivables in respect of certain past due Accounts, the Obligors of which have enrolled with a consumer credit counseling service. If Master Servicer breaches either of the covenants contained in paragraph (b) or (c) with respect to any Transferred Receivable or the related Account, and as a result of such breach thereof, Owner’s 's rights in, to or under any Transferred Receivable(s) in the related Account or the proceeds of such Transferred Receivable are materially impaired or such proceeds are not available for any reason to Owner free and clear of any Lien, then no later than the expiration of 60 sixty (60) days from the earlier to occur of the discovery of such event by Master Servicer, or receipt by Master Servicer of notice of such event given by Owner, all Transferred Receivables in the Account or Accounts to which such event relates shall be assigned to Master Servicer as set forth below; provided that such Transferred Receivables will not be assigned to Master Servicer if, on any day prior to the end of such sixty (60-) day period, (i) the relevant breach shall have been cured and the covenant shall have been complied with in all material respects and (ii) Master Servicer shall have delivered an Officer’s 's Certificate describing the nature of such breach and the manner in which such breach was cured. Master Servicer shall effect such assignment by paying Owner in immediately available funds prior to the related Payment Date in an amount equal to the amount of such Transferred Receivables, which deposit shall be considered a Collection with respect to such Receivables and divided between the Collection Accounts accordinglyReceivables. Upon each such assignment to Master Servicer, Owner shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey to Master Servicer, without recourse, representation or warranty all right, title and interest of Owner in and to such Transferred Receivables, all moneys due or to become due and all amounts received with respect thereto and all proceeds thereof. Owner shall execute such documents and instruments of transfer or assignment and take such other actions as shall be reasonably requested by Master Servicer to effect the conveyance of any such Transferred Receivables pursuant to this Section.

No Rescission or Cancellation. Master Servicer shall not permit any rescission or cancellation of a Transferred Receivable except as ordered by a court of competent jurisdiction or other Governmental Authority or in the ordinary course of its business and in accordance with the Credit and Collection Policies. Master Servicer shall reflect any such rescission or cancellation in its computer file of revolving credit card accounts. In addition, Servicer may waive related to the accrual and/or payment of certain Finance Charge Receivables in respect of certain past due Accounts, the Obligors of which have enrolled with a consumer credit counseling service. If Master Servicer breaches either of the covenants contained in paragraph (b) or (c) with respect to any Transferred Receivable or the related Account, and as a result of such breach thereof, Owner’s rights in, to or under any Transferred Receivable(s) in the related Account or the proceeds of such Transferred Receivable are materially impaired or such proceeds are not available for any reason to Owner free and clear of any Lien, then no later than the expiration of 60 sixty (60) days from the earlier to occur of the discovery of such event by Master Servicer, or receipt by Master Servicer of notice of such event given by Owner, all Transferred Receivables in the Account or Accounts to which such event relates shall be assigned to Master Servicer as set forth below; provided that such Transferred Receivables will not be assigned to Master Servicer if, on any day prior to the end of such sixty (60-) day period, (i) the relevant breach shall have been cured and the covenant shall have been complied with in all material respects and (ii) Master Servicer shall have delivered an Officer’s Certificate describing the nature of such breach and the manner in which such breach was cured. Master Servicer shall effect such assignment by paying Owner in immediately available funds prior to the related Payment Date in an amount equal to the amount of such Transferred Receivables, which deposit shall be considered a Collection with respect to such Receivables and divided between the Collection Accounts accordinglyReceivables. Upon each such assignment to Master Servicer, Owner shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey to Master Servicer, without recourse, representation or warranty all right, title and interest of Owner in and to such Servicing Agreement Transferred Receivables, all moneys due or to become due and all amounts received with respect thereto and all proceeds thereof. Owner shall execute such documents and instruments of transfer or assignment and take such other actions as shall be reasonably requested by Master Servicer to effect the conveyance of any such Transferred Receivables pursuant to this Section.

No Rescission or Cancellation. Servicer shall not permit any rescission or cancellation of a Transferred Underlying Receivable except as ordered by a court of competent jurisdiction or other Governmental Authority or in the ordinary course of its business and in accordance with the Credit and Collection Policies. Servicer shall reflect any such rescission or cancellation in its computer file of revolving credit card accounts. In addition, Servicer may waive the accrual and/or payment of certain Finance Charge Receivables in respect of certain past due Accounts, the Obligors of which have enrolled with a consumer credit counseling service. If Servicer breaches either any of the covenants contained in paragraph (b) or (c) with respect to any Transferred Underlying Receivable or the related Account, and as a result of such breach OwnerIssuer’s rights in, to or under any Transferred Receivable(sInterest(s) in the related Account or the proceeds of such Transferred Receivable Interest are materially impaired or such proceeds are not available for any reason to Owner Issuer free and clear of any Lien, then then, unless otherwise instructed by the Issuer, no later than the expiration of 60 90 days (or such longer period, not in excess of 150 days, as may be agreed to by Issuer) from the earlier to occur of the discovery of such event by Servicer, or receipt by Servicer of notice of such event given by OwnerIssuer, all Transferred Receivables Interests in the Account or Accounts to which such event relates shall be assigned to Servicer as set forth below; provided that such Transferred Receivables Interests will not be assigned to Servicer if, on any day prior to the end of such 6090-day period, (i) the relevant breach shall have been cured and the covenant shall have been complied with in all material respects and (ii) Servicer shall have delivered an Officer’s Certificate describing the nature of such breach and the manner in which such breach was curedrespects. Servicer shall effect such assignment by paying Owner Issuer in immediately available funds prior to the related Payment Date in an amount equal to the amount Outstanding Balance of the Principal Receivables and/or Principal Amounts of Participation Interests in the affected Accounts, plus the accrued Finance Charge Receivables and/or Finance Amounts in such Transferred ReceivablesAccounts on the first Payment Date following the Monthly Period in which such purchase obligation arises, which deposit shall be considered a Collection with respect to such Receivables and divided between the Collection Accounts accordinglyrelated Transferred Interests. Upon each such assignment to Servicer, Owner Issuer shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey to Servicer, without recourse, representation or warranty all right, title and interest of Owner Issuer in and to such Transferred ReceivablesInterests, all moneys due or to become due and all amounts received with respect thereto and all proceeds thereof. Owner Issuer shall execute such documents and instruments of transfer or assignment and take such other actions as shall be reasonably requested by Servicer to effect the conveyance of any such Transferred Receivables Interests pursuant to this Section.

No Rescission or Cancellation. Servicer shall not permit any rescission or cancellation of a Transferred Receivable except as ordered by a court of competent jurisdiction or other Governmental Authority or in the ordinary course of its business and in accordance with the Credit and Collection Policies. Servicer shall reflect any such rescission or cancellation in its computer file of revolving credit card accounts. In addition, Servicer may waive the accrual and/or payment of certain Finance Charge Receivables in respect of certain past due Accounts, the Obligors of which have enrolled with a consumer credit counseling serviceservice or a customer assistance payment plan of Servicer. If Servicer breaches either any of the covenants contained in paragraph (b) or (cd) with respect to any Transferred Receivable or the related Account, and as a result of such breach OwnerIssuer’s rights in, to or under any Transferred Receivable(s) in the related Account or the proceeds of such Transferred Receivable are materially impaired or such proceeds are not available for any reason to Owner free and clear of any Lienimpaired, then then, unless otherwise instructed by Issuer, no later than the expiration of 60 sixty (60) days (or such longer period, not in excess of one hundred fifty (150) days, as may be agreed to by Issuer) from the earlier to occur of the discovery of such event by Servicer, or receipt by Servicer of notice of such event given by OwnerIssuer, all Transferred Receivables in the Account or Accounts to which such event relates shall be assigned to Servicer as set forth below; provided that such Transferred Receivables will not be assigned to Servicer if, on any day prior to the end of such 60-day period or longer period, (i) the relevant breach shall have been cured and the covenant shall have been complied with in all material respects and (ii) Servicer shall have delivered an Officer’s Certificate describing the nature of such breach and the manner in which such breach was curedrespects. Servicer shall effect such assignment by paying Owner Issuer in immediately available funds prior to the related Payment Date in an amount equal to the amount Outstanding Balance of the Principal Receivables in the affected Accounts, plus accrued Finance Charge Receivables in such Transferred ReceivablesAccounts on the first Payment Date following the Monthly Period in which such purchase obligation arises, which deposit shall be considered a Collection with respect to such Receivables and divided between Receivables. The obligation of Servicer to make payments, if any, required to be made pursuant to this Section 2.6 shall be the Collection Accounts accordinglysole remedy respecting any event giving rise to such obligation available to Issuer or any assignee of its rights under this Agreement. Upon each such assignment to Servicer, Owner Issuer shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey to Servicer, without recourse, representation or warranty all right, title and interest of Owner Issuer in and to such Transferred Receivables, all moneys due or to become due and all amounts received with respect thereto and all proceeds thereof. Owner Issuer shall execute such documents and instruments of transfer or assignment and take such other actions as shall be reasonably requested by Servicer to effect the conveyance of any such Transferred Receivables pursuant to this Section.. 6 Synchrony Card Issuance Trust Servicing Agreement

No Rescission or Cancellation. Master Servicer shall not permit any rescission or cancellation of a Transferred Receivable except as ordered by a court of competent jurisdiction or other Governmental Authority or in the ordinary course of its business and in accordance with the Credit and Collection Policies. Master Servicer shall reflect any such rescission or cancellation in its computer file of revolving credit card accounts. In addition, Servicer may waive related to the accrual and/or payment of certain Finance Charge Receivables in respect of certain past due Accounts, the Obligors of which have enrolled with a consumer credit counseling service. If Master Servicer breaches either of the covenants contained in paragraph (b) or (c) with respect to any Transferred Receivable or the related Account, and as a result of such breach thereof, Owner’s rights in, to or under any Transferred Receivable(s) in the related Account or the proceeds of such Transferred Receivable are materially impaired or such proceeds are not available for any reason to Owner free and clear of any Lien, then no later than the expiration of 60 sixty (60) days from the earlier to occur of the discovery of such event by Master Servicer, or receipt by Master Servicer of notice of such event given by Owner, all Transferred Receivables in the Account or Accounts to which such event relates shall be assigned to Master Servicer as set forth below; provided that such Transferred Receivables will not be assigned to Master Servicer if, on any day prior to the end of such sixty (60-) day period, (i) the relevant breach shall have been cured and the covenant shall have been complied with in all material respects and (ii) Master Servicer shall have delivered an Officer’s Certificate describing the nature of such breach and the manner in which such breach was cured. Master Servicer shall effect such assignment by paying Owner in immediately available funds prior to the related Payment Date in an amount equal to the amount of such Transferred Receivables, which deposit shall be considered a Collection with respect to such Receivables and divided between the Collection Accounts accordinglyReceivables. Upon each such assignment to Master Servicer, Owner shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey to Master Servicer, without recourse, representation or warranty all right, title and interest of Owner in and to such Transferred Receivables, all moneys due or to become due and all amounts received with respect thereto and all proceeds thereof. Owner shall execute such documents and instruments of transfer or assignment and take such other actions as shall be reasonably requested by Servicer to effect the conveyance of any such Transferred Receivables pursuant to this Section.such

No Rescission or Cancellation. Servicer shall not permit any rescission or cancellation of a Transferred Receivable except as ordered by a court of competent jurisdiction or other Governmental Authority or in the ordinary course of its business and in accordance with the Credit and Collection Policies. Servicer shall reflect any such rescission or cancellation in its computer file of revolving credit card accounts. In addition, Servicer may waive the accrual and/or payment of certain Finance Charge Receivables in respect of certain past due Accounts, the Obligors of which have enrolled with a consumer credit counseling serviceservice or a customer assistance payment plan of Servicer. If Servicer breaches either any of the covenants contained in paragraph (b) or (cd) with respect to any Transferred Receivable or the related Account, and as a result of such breach OwnerIssuer’s rights in, to or under any Transferred Receivable(s) in the related Account or the proceeds of such Transferred Receivable are materially impaired or such proceeds are not available for any reason to Owner free and clear of any Lienimpaired, then then, unless otherwise instructed by Issuer, no later than the expiration of 60 sixty (60) days (or such longer period, not in excess of one hundred fifty (150) days, as may be agreed to by Issuer) from the earlier to occur of the discovery of such event by Servicer, or receipt by Servicer of notice of such event given by OwnerIssuer, all Transferred Receivables in the Account or Accounts to which such event relates shall be assigned to Servicer as set forth below; provided that such Transferred Receivables will not be assigned to Servicer if, on any day prior to the end of such 60-day period or longer period, (i) the relevant breach shall have been cured and the covenant shall have been complied with in all material respects and (ii) Servicer shall have delivered an Officer’s Certificate describing the nature of such breach and the manner in which such breach was curedrespects. Servicer shall effect such assignment by paying Owner Issuer in immediately available funds prior to the related Payment Date in an amount equal to the amount Outstanding Balance of the Principal Receivables in the affected Accounts, plus accrued Finance Charge Receivables in such Transferred ReceivablesAccounts on the first Payment Date following the Monthly Period in which such purchase obligation arises, which deposit shall be considered a Collection with respect to such Receivables and divided between Receivables. The obligation of Servicer to make payments, if any, required to be made pursuant to this Section 2.6 shall be the Collection Accounts accordinglysole remedy respecting any event giving rise to such obligation available to Issuer or any assignee of its rights under this Agreement. Upon each such assignment to Servicer, Owner Issuer shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey to Servicer, without recourse, representation or warranty all right, title and interest of Owner Issuer in and to such Transferred Receivables, all moneys due or to become due and all amounts received with respect thereto and all proceeds thereof. Owner Issuer shall execute such documents and instruments of transfer or assignment and take such other actions as shall be reasonably requested by Servicer to effect the conveyance of any such Transferred Receivables pursuant to this Section.

No Rescission or Cancellation. Master Servicer shall not permit any rescission or cancellation of a Transferred Receivable except as ordered by a court of competent jurisdiction or other Governmental Authority or in the ordinary course of its business and in accordance with the Credit and Collection Policies. Master Servicer shall reflect any such rescission or cancellation in its computer file of revolving credit card accounts. In addition, Servicer may waive related to the accrual and/or payment of certain Finance Charge Receivables in respect of certain past due Accounts, the Obligors of which have enrolled with a consumer credit counseling service. If Master Servicer breaches either of the covenants contained in paragraph (b) or (c) with respect to any Transferred Receivable or the related Account, and as a result of such breach thereof, Owner’s rights in, to or under any Transferred Receivable(s) in the related Account or the proceeds of such Transferred Receivable are materially impaired or such proceeds are not available for any reason to Owner free and clear of any Lien, then no later than the expiration of 60 sixty (60) days from the earlier to occur of the discovery of such event by Master Servicer, or receipt by Master Servicer of notice of such event given by Owner, all Transferred Receivables in the Account or Accounts to which such event relates shall be assigned to Master Servicer as set forth below; provided that such Transferred Receivables will not be assigned to Master Servicer if, on any day prior to the end of such sixty (60-) day period, (i) the relevant breach shall have been cured and the covenant shall have been complied with in all material respects and (ii) Master Servicer shall have delivered an Officer’s Certificate describing the nature of such breach and the manner in which such breach was cured. Master Servicer shall effect such assignment by paying Owner in immediately available funds prior to the related Payment Date in an amount equal to the amount of such Transferred Receivables, which deposit shall be considered a Collection with respect to such Receivables and divided between the Collection Accounts accordinglyTransferred Receivables. Upon each such assignment to Master Servicer, Owner shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey to Master Servicer, without recourse, representation or warranty all right, title and interest of Owner in and to such Transferred Receivables, all moneys due or to become due and all amounts received with respect thereto and all proceeds thereof. Owner shall execute such documents and instruments of transfer or assignment and take such other actions as shall be reasonably requested by Master Servicer to effect the conveyance of any such Transferred Receivables pursuant to this Section.