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).
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. (a) On or prior to the tenth Business Day following the date on which an Account becomes an Ineligible Account (which date 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 2.8(b).
Removal of Ineligible Accounts. 4 SECTION 2.06. Custody of Documentation..............................................5
Removal of Ineligible Accounts. (a) On or prior to ------------------------------ the fifth Business Day following any date on which an Account becomes an Ineligible Account (such fifth Business Day, the "Removal Commencement Date"), ------------------------- the Seller shall commence removal of the Receivables of such Ineligible Account in the manner prescribed in subsection (b) of this Section 2.07.
Removal of Ineligible Accounts. 14 Section 2.08. Sale of Ineligible Receivables.............................................................16
Removal of Ineligible Accounts. (a) On or before the fifth Business Day after the date on which an Account becomes an Ineligible Account (which Business Day shall be deemed to be the Removal Commencement Date with respect to such Account) such Account shall be deemed a Randomly Selected Account. Within five Business Days after the Removal Commencement Date with respect to any Account that became a Randomly Selected Account pursuant to this Section 2.9, the Depositor shall furnish a Removal Notice to the Owner Trustee stating that the Removal Commencement Date for such Ineligible Account has occurred and specifying for each such Randomly Selected Account as of the Removal Commencement Date its account number and the Removal Balance. The Schedule of Accounts shall be amended to reflect such designation as of the Removal Commencement Date.
Removal of Ineligible Accounts. 12 SECTION 2.9 Transfer of Ineligible Receivables.......................................14
Removal of Ineligible Accounts. (a) On or before the tenth Business Day after the last day of the calendar month in which an Account becomes an Ineligible Account, the Depositor (or the Servicer on its behalf) shall furnish a Removal Notice to the Owner Trustee identifying each such Ineligible Account as a Randomly Selected Account (and each such Ineligible Account shall as of the date of such notice be deemed a Randomly Selected Account) and specifying the Removal Commencement Date for such Ineligible Account (which shall not be later than the date of such notice) and specifying for each such Randomly Selected Account as of the Removal Commencement Date its account number and the Removal Balance. The Schedule of Accounts shall be amended to reflect such designation as of the Removal Commencement Date.
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 for the removal of Eligible Accounts in Section 2.7(b); provided, however, if an Account becomes an Ineligible Account other than as a result of the failure to satisfy (i) clause (b) of the definition of Eligible Account as a result of a failure to satisfy clause (b) of the definition of Eligible Dealer or (ii) clause (d) of the definition of Eligible Account, the Transferor shall have the right to remove Ineligible Accounts from the Trust and (i) repurchase the then existing Receivables in such Accounts in the manner prescribed in Section 2.8(b) or (ii) reassign the existing Receivables in such Accounts in the manner prescribed in Section 2.8(c).
