Specified Account Designation Requirements. To the extent that the Accounts include credit card accounts of a Specific Account Designation, the Seller is a general member, licensee or customer in good standing of such Specified Account Designation Entity and is legally bound to perform the obligations of, and entitled to receive the benefits of, a general member, licensee or customer, in each case, as set forth in the applicable Specified Account Designation Requirements. To the best of the Seller's knowledge, the obligations of the other members or licensees of the applicable Specified Account Entity which may be owing to the Seller from time to time under Specified Account Designation Requirements are enforceable against each such Person in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency or other similar laws affecting the rights of creditors from time to time in effect and except as such enforceability may be limited generally by principles of equity. To the best of the Seller's knowledge, it has not violated any of the applicable Specified Account Designation Requirements in any manner which, in the reasonable opinion of the Seller, would materially and adversely affect the performance by the Seller of its material obligations under this Agreement, the applicable Series Purchase Agreement or any Related Document and it is not aware of any current or pending review of its membership or licence thereunder.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Royal Bank of Canada), Pooling and Servicing Agreement
Specified Account Designation Requirements. To the extent that the Accounts include credit card accounts Credit Card Accounts of a Specific Account Designation, the Seller is a general member, licensee or customer in good standing of such Specified Account Designation Entity and is legally bound to perform the obligations of, and entitled to receive the benefits of, a general member, licensee or customer, in each case, as set forth in the applicable Specified Account Designation Requirements. To the best of the Seller's knowledge, the obligations of the other members or licensees of the applicable Specified Account Entity which may be owing to the Seller from time to time under Specified Account Designation Requirements are enforceable against each such Person in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency or other similar laws affecting the rights of creditors from time to time in effect and except as such enforceability may be limited generally by principles of equity. To the best of the Seller's knowledge, it has not violated any of the applicable Specified Account Designation Requirements in any manner which, in the reasonable opinion of the Seller, would materially and adversely affect the performance by the Seller of its material obligations under this Agreement, the applicable Series Purchase Agreement or any Related Document and it is not aware of any current or pending review of its membership or licence thereunder.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement
