Pay Out Events Sample Clauses
Pay Out Events. If any one of the following events shall occur with respect to the Series 2023-3 Certificates:
(a) the occurrence of an Insolvency Event relating to the Transferor or other holder of the Original Transferor Certificate;
(b) the Trust becomes an investment company within the meaning of the Investment Company Act;
(c) failure on the part of the Transferor (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Transferor set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 2023-3 Certificateholders and which continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to the Transferor and the Trustee by any Holder of the Series 2023-3 Certificates;
(d) any representation or warranty made by the Transferor in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Transferor pursuant to Section 2.01 or subsection 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to such Transferor and the Trustee by any Holder of the Series 2023-3 Certificates and as a result of which the interests of the Series 2023-3 Certificateholders are materially and adversely affected for such period; provided, however, that a Pay-Out Event pursuant to this subsection 6.01(d) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period (or such longer period not to exceed an additional 60 days as the Trustee may specify) in accordance with the provisions of the Agreement;
(e) a failure by the Transferor to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which it is required to convey such Receivables or Pa...
Pay Out Events. If any one of the following events shall occur with respect to any Series:
(a) an Account Owner shall consent to the appointment of a conservator, receiver, trustee or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to an Account Owner or of or relating to all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver, trustee or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against an Account Owner; or an Account Owner shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make any assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; provided that an Insolvency Event shall be a Pay Out Event with respect to an Account Owner only if, at the time such Insolvency Event occurs, Receivables transferred by an Account Owner are then included in the Trust;
(b) the Transferor (or any Additional Transferor) shall consent to the appointment of a conservator, receiver, trustee or liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Transferor or relating to all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver, trustee or liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Transferor; or the Transferor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency, bankruptcy or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (any such event described in this clause (b) or in clause (a) above, an “Insolvency Event”);
(c) the Trust shall become an “investment company” within the meaning of the Investment Company Act;...
Pay Out Events. If any one of the following ---------------------------- events shall occur with respect to the Series 1997-2 Certificates:
Pay Out Events. The occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Series 1998-1 Certificateholders, be deemed to be a Pay Out Event solely with respect to Series 1998-1:
Pay Out Events. If any one of the following events -------------- shall occur:
(a) the Seller shall consent to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Seller; or the Seller shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or the Seller shall become unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; or
(b) the Trust shall become subject to regulation by the Securities and Exchange Commission as an "investment company" within the meaning of the Investment Company Act; then a Pay Out Event with respect to all Series of Certificates (each, a "Trust ----- Pay Out Event") shall occur without any notice or other action on the part of ------------- the Trustee or the Investor Certificateholders immediately upon the occurrence of such event and notice of such Trust Pay Out Event shall be sent by the Servicer to the Rating Agencies.
Pay Out Events. If any one of the following events shall occur with respect to the Series 1998-2 Securities:
Pay Out Events. If any one of the following ---------------------------- events shall occur with respect to the Investor Certificates:
Pay Out Events. If any one of the following events (each, a “Trust Pay Out Event”) shall occur:
(a) the Seller shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Seller or all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Seller; or the Seller shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (any such event, an “Insolvency Event”);
(b) the Seller shall become unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; or
(c) the Trust shall become subject to regulation by the Securities and Exchange Commission as an “investment company” within the meaning of the Investment Company Act; then a Pay Out Event with respect to all Series of Certificates shall occur without any notice or other action on the part of the Trustee or the Investor Certificateholders immediately upon the occurrence of such event.
Pay Out Events. If any one of the following events shall -------------- occur during either the Revolving Period or the Controlled Amortization Period with respect to any Series of the Investor Certificates:
(a) Seller or FCNB shall (A) become insolvent, (B) fail to pay its debts generally as they become due, (C) voluntarily seek, consent to, or acquiesce in the benefit or benefits of any Debtor Relief Law, (D) become a party to (or be made the subject of) any proceeding provided for by any Debtor Relief Law, other than as a creditor or claimant, and, in the event such proceeding is involuntary, (1) within 10 Business Days after Seller or FCNB has knowledge of such proceeding or the filing thereof either (a) the petition instituting same has not been dismissed or (b) an order has not been entered by the court having jurisdiction which allows continued transfer to the Trust of Principal Receivables with no adverse effect to the Trust or the Investor Certificateholders or (2) an order as contemplated in (1)(b) above having previously been entered, is no longer in effect other than by reason of the termination of such proceeding, or (E) become unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; or
(b) the Trust or Seller shall become an "investment company" within the meaning of the Investment Company Act of 1940, as amended; in the case of any event described in subparagraphs (a) or (b), a Trust Pay Out Event shall occur without any notice or other action on the part of the Trustee or the Investor Certificateholders, immediately upon the occurrence of such event.
Pay Out Events. If any one of the events specified in Section 9.1 of the Agreement or any of the following events shall occur during either the Revolving Period or the Accumulation Period with respect to the Series 1997-2 Certificates: