Common use of Redesignation of Accounts Clause in Contracts

Redesignation of Accounts. (a) On each date on which Accounts, including any amounts then held by the Issuer or thereafter received by the Issuer with respect to such Accounts, are redesignated pursuant to Section 2.7 or 2.8 of the Sale and Servicing Agreement, the Buyer will be deemed to offer to the Seller automatically and without notice to or action by or on behalf of the Buyer, the right to redesignate and thereby remove Accounts from the operation of this Agreement pursuant this Section 2.6.

Redesignation of Accounts. (a) On each date on which Accounts, including any amounts then held by the Issuer or thereafter received by the Issuer with respect to such Accounts, are redesignated pursuant to Section 2.7 2.08 or 2.8 2.09 of the Sale Transfer and Servicing Agreement, the Buyer will be deemed to offer to the Seller automatically and without notice to or action by or on behalf of the Buyer, the right to redesignate and thereby remove Accounts from the operation of this Agreement pursuant this in the manner prescribed in Section 2.62.07(b).