Removal of Ineligible Accounts. (a) On any date on which an Account becomes an Ineligible Account (which date shall be deemed to be the Removal Commencement Date) the Seller shall commence removal of the Receivables of such Ineligible Account in the manner prescribed in Section 2.08(b).
(b) With respect to each Account that becomes an Ineligible Account, the Seller (or the Servicer on its behalf) shall take the following actions and make the following determinations:
(i) furnish to the Trust, the Trustee, any Agent and any Enhancement Providers a Removal Notice specifying the Removal Commencement Date and the Ineligible Accounts to be treated as Designated Accounts;
(ii) determine on the Removal Commencement Date with respect to such Designated Accounts the Designated Balance with respect to each such Designated Account and amend Schedule 1 by delivering to the Trust and the Trustee a computer file or microfiche or written list containing a true and complete list of the Removed Accounts specifying for each such Account, as of the Removal Commencement Date, its account number, the aggregate amount of Receivables outstanding in such Account and the Designated Balance;
(iii) from and after such Removal Commencement Date, cease to transfer to the Trust any and all Receivables arising in such Designated Accounts;
(iv) from and after such Removal Commencement Date, allocate Collections of Principal Receivables in respect of each Designated Account, first to the oldest outstanding principal balance of such Designated Account, until the Removal Date with respect thereto; and
(v) on each Business Day from and after such Removal Commencement Date to and until the related Removal Date, allocate (A) to the Trust (to be further allocated pursuant to the terms of this Agreement), Defaulted Receivables and Collections of Non-Principal Receivables in respect of each Designated Account, based on the ratio of the aggregate amount of Principal Receivables in all Designated Accounts sold to the Trust on such Business Day to the total aggregate amount of Principal Receivables in all such Designated Accounts on such Business Day and (B) to the Seller, the remainder of the Defaulted Receivables and Collections of Non-Principal Receivables in all such Designated Accounts on such Business Day.
(c) Subject to Section 2.07(b), on the Removal Date with respect to any such Designated Account, the Seller shall cease to allocate any Collections therefrom in accordance with Section 2.07(b) and such Designated Account s...
Removal of Ineligible Accounts. If at any time an Account shall be deemed a Randomly Selected Account as described in Section 2.9 of the Trust Sale and Servicing Agreement, the Purchaser shall give notice thereof to GMAC at the time it gives notice to the parties identified in such Section 2.9. From and after the Removal Commencement Date with respect to a Randomly Selected Account pursuant to such Section 2.9, GMAC shall not transfer Receivables with respect to such Randomly Selected Account to the Purchaser. The Schedule of Accounts shall be amended to reflect such designation as of the Removal Commencement Date and to reflect such Account becoming a Removed Account as of the Removal Date. At any time after such removal, at the written request of GMAC, the Purchaser shall assign to GMAC, without recourse, representation or warranty, effective as of the Removal Date, all of the Purchaser’s right, title and interest in, to and under the Receivables in such Account and related Collateral Security.
Removal of Ineligible Accounts. 4 SECTION 2.06. Custody of Documentation..............................................5
Removal of Ineligible Accounts. 12 SECTION 2.9 Transfer of Ineligible Receivables...................................14
Removal of Ineligible Accounts. 12 SECTION 2.08. Sale of Ineligible Receivables........................... 13 ARTICLE III Administration and Servicing of Receivables
Removal of Ineligible Accounts. 4 Section 2.06 Custody of Documentation....................................................................4 ARTICLE III ADMINISTRATION AND SERVICING OF RECEIVABLES...........................................................5 Section 3.01 Appointment of Servicer and Acceptance of Appointment.......................................5 Section 3.02 Rights and Duties of the Servicer...........................................................5 Section 3.03 Servicing Compensation; Payment of Certain Expenses by the Servicer.........................7 Section 3.04 Representations, Warranties and Covenants of the Servicer...................................7 Section 3.05 Servicer's Accounting and Reports..........................................................10 Section 3.06 Pre-Closing Collections....................................................................11 Section 3.07 Collections Received by the Original Seller................................................11 ARTICLE IV
Removal of Ineligible Accounts. On any date on which an Account becomes an Ineligible Account (which date will be deemed the Removal Commencement Date for such Account), the Transferor will commence the removal of the Account from the Trust by taking each of the actions specified in clauses (i) through (ix) of Section 2.6(b) for the Ineligible Account.
Removal of Ineligible Accounts. (a) On the fifth ------------------------------- Business Day after any date on which an Account becomes an Ineligible Account (such fifth Business Day shall be deemed to be the Removal Commencement Date) the Transferor shall commence removal of the Receivable of such Ineligible Account in the manner prescribed in Section 2.08(b).
(b) With respect to each Account that becomes an Ineligible Account, the Transferor (or the Master Servicer on its behalf) shall take the following actions and make the following determinations:
(i) furnish to the Trustee, any Agent and any Enhancement Providers a Removal Notice specifying the Removal Commencement Date and the Ineligible Accounts to be removed;
(ii) from and after such Removal Commencement Date, cease to transfer to the Trust any and all Receivables arising in such Removal Accounts; and
(iii) within five Business Days after the Removal Commencement Date, amend Schedule 1 by delivering to the Trustee a computer file or microfiche or written list containing a true and complete list of the Removal Accounts specifying for each such Account, as of the Removal Commencement Date, its account number, the aggregate amount of Receivables outstanding in such Account and the Designated Balance.
(c) On the Removal Commencement Date with respect to any such Account to be removed, all Collections in respect of such Account thereafter shall be allocated in accordance with the terms set forth in Section 2.07(c) and such Account shall be deemed a Removal Account. After the Removal Commencement Date and upon the written request of the Master Servicer, the Trustee shall deliver to the Transferor a Reassignment.
Removal of Ineligible Accounts. (a) On any date on which an Account becomes an ineligible Account (which shall be deemed the Removal Commencement Date with respect to such Account), the Seller shall commence removal of the Receivables of such ineligible Account in the manner prescribed in Section 2.07(b).
(b) With respect to each Account that becomes an Ineligible Account, the Seller (or the Servicer on its behalf) shall take the following actions and make the following determinations:
Removal of Ineligible Accounts. If at any time an Account shall be deemed a Selected Account as described in Section 2.9 of the Trust Sale and Servicing Agreement, the Purchaser shall give notice thereof to the Seller at the time it gives notice to the parties identified in such Section 2.9. From and after the Removal Commencement Date with respect to a deemed Selected Account pursuant to such Section 2.9, the Seller shall not transfer Receivables with respect to such deemed Selected Account to the Purchaser. The Schedule of Accounts shall be amended to reflect such designation as of the Removal Commencement Date and to reflect such Account becoming a Removed Account as of the Removal Date. At any time after such removal, at the written request of the Seller, the Purchaser shall assign to the Seller, without recourse, representation or warranty, effective as of the Removal Date, all of the Purchaser's right, title and interest in, to and under the Receivables in such Account and related Collateral Security.
