Common use of Periodic Removal of Expired Accounts Clause in Contracts

Periodic Removal of Expired Accounts. (a) Reassignment of Expired Accounts; Notice; Release of Liens. ---------------------------------------------------------- (i) The Trustee hereby transfers, assigns, sets-over and otherwise conveys to the Seller, without recourse, representation or warranty, on each Expired Accounts Removal Date, all right, title and interest of the Trust in and to the Receivables from Expired Accounts now existing and hereafter designated as Expired Accounts, all monies and investments due or to become due with respect thereto (including all Finance Charge Receivables and Recoveries), and all proceeds of such Receivables, and the right to receive amounts paid as Interchange with respect to such Expired Accounts, which Receivables shall have zero Receivables balances and which monies, investments, proceeds and rights to receive amounts paid shall be zero in aggregate amount. (ii) In connection with the transfer described in Section 2.8(a)(i), ----------------- the Trustee agrees to execute and deliver to the Seller such UCC termination statements with respect to the Receivables now existing and hereafter created in the Expired Accounts as the Seller may reasonably request from time to time, evidencing the release by the Trust of its Lien on the Receivables then existing and thereafter created in any such Removed Accounts, in such manner and such jurisdictions as are necessary or advisable to remove any such Lien, provided that such UCC termination statements shall be prepared by the Servicer.