Common use of Notice of Seller Change Events; Supplements to Monthly Reports Clause in Contracts

Notice of Seller Change Events; Supplements to Monthly Reports. Section 1.7 of the Purchase Agreement describes circumstances under which additional Sellers may be added to the Program (such event being a "Seller Change Event"). Such Section of the Purchase Agreement requires ICP to give written notice to Transferor of the occurrence of a Seller Change Event not less than 30 days prior to the occurrence thereof, and Transferor hereby agrees to give prompt written notice of its receipt of any such notice to Trustee, the Rating Agencies and each Required Person. If the notice is given to Trustee, within five Business Days after the receipt of the notice by Trustee (or such later date, as specified in the notice, on which the applicable Seller Change Event shall become effective), Servicer shall deliver to Trustee and the Rating Agencies a supplement to the Monthly Report then in effect for each outstanding Series, which supplement shall show the calculation (complete with the historical and/or pro forma receivables data necessary to do such calculation) of (A) the Required Receivables and the applicable reserve ratios (as described in each Supplement) to reflect the addition of accounts receivable originated by any Person that is being added to the Program as a Seller, and (B) the Loss Discount and the Purchase Discount for any such Person that is being added to the Program as a Seller. For purposes of all calculations hereunder and under the Purchase Agreement, the Required Receivables, such reserve ratios and (if applicable) the Loss Discount and the Purchase Discount for the relevant Person shown in such supplement shall supersede and/or supplement the calculation of such items in the then outstanding Monthly Report, effective as of the fifth Business Day following Trustee's receipt of such notice (or such later date, as specified in such notice, on which the applicable Seller Change Event shall become effective).

Notice of Seller Change Events; Supplements to Monthly Reports. Section Sections 1.7 and 1.8 of the Purchase Agreement describes describe circumstances under which (i) additional Sellers may be added to the Program and (ii) a Seller may terminate its status as Seller under the Program (each such event being a "Seller Change Event"). Such Section Those Sections of the Purchase Agreement requires ICP require Big Flower to give written notice to Transferor of the occurrence of a Seller Change Event not less than 30 days prior to the occurrence thereof, and Transferor hereby agrees to give prompt written notice of its receipt of any such notice to Trustee, Trustee and the Rating Agencies and each Required PersonAgencies. If the notice is given to Trustee, within five Business Days after the receipt of the notice by Trustee (or such later date, as specified in the notice, on which the applicable Seller Change Event shall become effective), Servicer shall deliver to Trustee and the Rating Agencies a supplement to the Monthly Report then in effect for each outstanding SeriesSeries or Purchased Interest, which supplement shall show the calculation (complete with the historical and/or pro forma receivables data necessary to do such calculation) of (A) the Required Receivables and the applicable reserve ratios (as described in each SupplementSupplement or PI Agreement) to reflect the addition of accounts receivable originated by any Person that is being added to the Program as a Seller, and the exclusion of any Receivables originated by any such Person that is terminating its status as a Seller (as applicable), and (B) the Loss Discount and the Purchase Discount Reserve Ratio for any such Person that is being added to the Program as a Seller. For purposes of all calculations hereunder and under the Purchase Agreement, the Required Receivables, such reserve ratios and (if applicable) the Loss Discount and the Purchase Discount Reserve Ratio for the relevant Person shown in such supplement shall supersede and/or supplement the calculation of such items in the then outstanding Monthly Report, effective as of the fifth Business Day following Trustee's receipt of such notice (or such later date, as specified in such notice, on which the applicable Seller Change Event shall become effective).

Notice of Seller Change Events; Supplements to Monthly Reports. Section Sections 1.7 and 1.8 of the Purchase Agreement describes describe circumstances under which (i) additional Sellers may be added to the Program Purchase Agreement and (ii) a Seller may terminate its status as Seller under the Purchase Agreement (each such event being a "Seller Change Event"). Such Section Those Sections of the Purchase Agreement requires ICP require AmeriServe to give prior written notice to Transferor of the occurrence of a Seller Change Event not less than 30 days prior to the occurrence thereofEvent, and Transferor hereby agrees to give prompt written notice of its receipt of any such notice to Trustee, Trustee and the Rating Agencies and each Required PersonAgencies. If the notice is given to Trustee, then, within five Business Days after the receipt of the notice by Trustee (or such later date, as specified in the notice, on which the applicable Seller Change Event shall become effective), Servicer shall deliver to Trustee and the Rating Agencies a supplement to the Monthly Report then in effect for each outstanding SeriesSeries or Purchased Interest, which supplement shall show the calculation (complete with the historical and/or pro forma receivables data necessary to do perform such calculation) of (A) the Required Receivables and the applicable reserve ratios (as described in each SupplementSupplement or PI Agreement) to reflect the addition of accounts receivable originated by any Person that is being added to the Program Purchase Agreement as a Seller, and the exclusion of any Receivables originated by any Person that is terminating its status as a Seller (as applicable), and (B) the Loss Discount and the Purchase Discount Reserve Ratio for any such Person that is being added to the Program Purchase Agreement as a Seller. For purposes of all calculations hereunder and under the Purchase Agreement, the Required Receivables, such reserve ratios and (if applicable) the Loss Discount and the Purchase Discount Reserve Ratio for the relevant Person shown in such supplement shall supersede and/or supplement the calculation of such items in the then outstanding Monthly Report, effective as of the fifth Business Day following Trustee's receipt of such notice (or such later date, as specified in such notice, on which the applicable Seller Change Event shall become effective).