Common use of Reassignment of Receivables Clause in Contracts

Reassignment of Receivables. In the event (i) any representation or warranty contained in subsection 2.04(a)(ii), (iv), (vi), (vii), (viii),(ix), (x), (xvi) or (xvii) is not true and correct in any material respect as of the date specified therein with respect to any Receivable or the related Account and such breach has a material adverse effect on any Receivable (which determination shall be made without regard to whether funds are then available pursuant to any Series Enhancement) unless cured within sixty (60) days (or such longer period, not in excess of 120 days, as may be agreed to by the Indenture Trustee and the Servicer in writing) after the earlier to occur of the discovery thereof by the Transferor which conveyed such Receivables to the Trust or receipt by such Transferor of written notice thereof given by the Owner Trustee, the Indenture Trustee or the Servicer, (ii) any representation or warranty contained in subsection 2.04(a)(iii) is not true and correct in any material respect as of the date specified therein with respect to any Receivable and such breach has a material adverse effect on any Receivable (which determination shall be made without regard to whether funds are then available pursuant to any Series Enhancement) or (iii) it is so provided in subsection 2.07(a) with respect to any Receivables conveyed to the Trust by such Transferor, then such Transferor shall accept reassignment of all Receivables in the related Account (“Ineligible Receivables”) on the terms and conditions set forth in paragraph (b) below.

Reassignment of Receivables. In the event (i) any representation or warranty contained in subsection 2.04(a)(ii), (iv), (vi), (vii), (viii),(ix), (x), ) (xvi) or (xvii) is not true and correct in any material respect as of the date specified therein with respect to any Receivable or the related Account and such breach has a material adverse effect on any Receivable (which determination shall be made without regard to whether funds are then available pursuant to any Series Enhancement) unless cured within sixty (60) days (or such longer period, not in excess of 120 days, as may be agreed to by the Indenture Trustee and the Servicer in writing) after the earlier to occur of the discovery thereof by the Transferor which conveyed such Receivables to the Trust or receipt by such Transferor of written notice thereof given by the Owner Trustee, the Indenture Trustee or the Servicer, (ii) any representation or warranty contained in subsection 2.04(a)(iii) is not true and correct in any material respect as of the date specified therein with respect to any Receivable and such breach has a material adverse effect on any Receivable (which determination shall be made without regard to whether funds are then available pursuant to any Series Enhancement) or (iii) it is so provided in subsection 2.07(a) with respect to any Receivables conveyed to the Trust by such Transferor, then such Transferor shall accept reassignment of all Receivables in the related Account (“Ineligible Receivables”) on the terms and conditions set forth in paragraph (b) below.

Reassignment of Receivables. In the event (i) any --------------------------- representation or warranty contained in subsection 2.04(a)(ii), (iii), (iv), (vi), (vii), (viii),(ix), (x), (xvi) or (xviiviii) is not true and correct in any material respect as of the date specified therein with respect to any Receivable or the related Account and such breach has a material adverse effect on any Receivable included in the Noteholders' Collateral (which determination shall be made without regard to whether funds are then available pursuant to any Series Enhancement) unless cured within sixty (60) 60 days (or such longer period, not in excess of 120 days, as may be agreed to by the Indenture Trustee and the Servicer in writingServicer) after the earlier to occur of the discovery thereof by the each Transferor which conveyed such Receivables to the Trust or receipt by such Transferor of written notice thereof given by the Owner Trustee, the Indenture Trustee or the Servicer, or (ii) any representation or warranty contained in subsection 2.04(a)(iii) is not true and correct in any material respect as of the date specified therein with respect to any Receivable and such breach has a material adverse effect on any Receivable (which determination shall be made without regard to whether funds are then available pursuant to any Series Enhancement) or (iii) it is so provided in subsection 2.07(a) with respect to any Receivables conveyed to the Trust by such Transferor, then such Transferor shall accept reassignment of all Receivables included in the Noteholders' Collateral in the related Account (“"Ineligible Receivables”") on the terms and conditions set forth in ---------------------- paragraph (b) below.

Reassignment of Receivables. In the event (i) any representation or warranty of a Seller contained in subsection 2.04(a)(ii), (iviii), (viiv), (vii), (viii),(ixviii), (x), (xviix) or (xviix) is not true and correct in any material respect as of the date specified therein with respect to any Receivable transferred to the Trust by such Seller or an Account owned by such Seller and as a result of such breach any Receivables in the related Account become Defaulted Receivables or the Trust's rights in, to or under such Receivables or the proceeds of such Receivables are impaired or such proceeds are not available for any reason to the Trust free and such breach has a material adverse effect on clear of any Receivable (which determination shall be made without regard to whether funds are then available pursuant to any Series Enhancement) Lien, unless cured within sixty (60) 60 days (or such longer period, not in excess of 120 150 days, as may be agreed to by the Indenture Trustee and the Servicer in writingTrustee) after the earlier to occur of the discovery thereof by the Transferor which conveyed such Receivables to the Trust Seller or receipt by such Transferor Seller of written notice thereof given by the Owner Trustee, the Indenture Trustee or the Servicer, (ii) any representation or warranty contained in subsection 2.04(a)(iii) is not true and correct in any material respect as of the date specified therein with respect to any Receivable and such breach has a material adverse effect on any Receivable (which determination shall be made without regard to whether funds are then available pursuant to any Series Enhancement) or (iii) it is so provided in subsection 2.07(a) with respect to any Receivables conveyed transferred to the Trust by such TransferorSeller, then such Transferor Seller shall accept reassignment of all Receivables in the related Account (“"Ineligible Receivables”") on the terms and conditions set forth in paragraph (b) below.; provided, however, that such Receivables will not be deemed to be Ineligible Receivables and will not be reassigned to such Seller if, on any day prior to the end of

Reassignment of Receivables. In the event (i) any representation or warranty of the Seller contained in subsection Section 2.04(a)(ii), (iii), (iv), (vi), (vii), (viii),(ixviii), (x), (xviix) or (xviix) is not true and correct in any material respect as of the date specified therein with respect to any Receivable transferred to the Trust by the Seller or any Account owned by the Seller and as a result of such breach any Receivables in the related Account become Defaulted Receivables or the Trust's rights in, to or under such Receivables or the proceeds of such Receivables are impaired or such proceeds are not available for any reason to the Trust free and such breach has a material adverse effect on clear of any Receivable (which determination shall be made without regard to whether funds are then available pursuant to any Series Enhancement) Lien, unless cured within sixty (60) 60 days (or such longer period, not in excess of 120 150 days, as may be agreed to by the Indenture Trustee and the Servicer in writingTrustee) after the earlier to occur of the discovery thereof by the Transferor which conveyed such Receivables to the Trust Seller or receipt by such Transferor the Seller or a designee of written the Seller of notice thereof given by the Owner Trustee, the Indenture Trustee or the Servicer, (ii) any representation or warranty contained in subsection 2.04(a)(iii) is not true and correct in any material respect as of the date specified therein with respect to any Receivable and such breach has a material adverse effect on any Receivable (which determination shall be made without regard to whether funds are then available pursuant to any Series Enhancement) or (iii) it is so provided in subsection Section 2.07(a) with respect to any Receivables conveyed transferred to the Trust by such Transferorthe Seller, then such Transferor the Seller shall accept reassignment of all Receivables in the related Account (“Ineligible Receivables”"INELIGIBLE RECEIVABLES") on the terms and conditions set forth in paragraph (b) below; provided, however, that such Receivables will not be deemed to be Ineligible Receivables and will not be reassigned to the Seller if, on any day prior to the end of such 60-day or longer period, (A) either (1) in the case of an event described in clause (i) above the relevant representation and warranty shall be true and correct in all material respects as if made on such day or (2) in the case of an event described in clause (ii) above the circumstances causing such Receivable to become an Ineligible Receivable shall no longer exist and (B) the Seller shall have delivered to the Trustee an Officer's Certificate describing the nature of such breach and the manner in which the relevant representation and warranty became true and correct.