Common use of Termination of Upgrade Programs; Credits Related to Upgrade Programs Clause in Contracts

Termination of Upgrade Programs; Credits Related to Upgrade Programs. (a) To the extent any Upgrade Offer has not been terminated and an Obligor satisfies all of the terms and conditions of such Upgrade Offer in respect of a Receivable, and (i) the Marketing Agent fails to make, or to cause the related Originator to make, the required Upgrade Payment into the Collection Account as set forth in Section 4.3(g) and (ii) the Parent Support Provider fails to make any required Upgrade Payments as set forth in Section 1 of the Parent Support Agreement, the Servicer and the Marketing Agent shall terminate all Upgrade Offers within ten (10) Business Days after the date the Parent Support Provider received notice from the Indenture Trustee that an Upgrade Payment was due under Section 1 of the Parent Support Agreement.

Appears in 21 contracts

Samples: Transfer and Servicing Agreement (Verizon Owner Trust 2020-C), Transfer and Servicing Agreement (Verizon Owner Trust 2020-B), Transfer and Servicing Agreement (Verizon Owner Trust 2020-A)

AutoNDA by SimpleDocs

Termination of Upgrade Programs; Credits Related to Upgrade Programs. (a) To the extent any Upgrade Offer has not been terminated and an Obligor satisfies all of the terms and conditions of such Upgrade Offer in respect of a Receivable, and (i) the Marketing Agent fails to make, or to cause the related Originator to make, the required Upgrade Payment into the Collection Account as set forth in Section 4.3(g) ), and (ii) the Parent Support Provider fails to make any required Upgrade Payments as set forth in Section 1 of the Parent Support Agreement, the Servicer and the Marketing Agent shall terminate all Upgrade Offers within ten (10) Business Days after the date the Parent Support Provider received notice from the Indenture Trustee Master Collateral Agent or Paying Agent that an Upgrade Payment was due under Section 1 of the Parent Support Agreement.

Appears in 5 contracts

Samples: Transfer and Servicing Agreement (Verizon Master Trust), Transfer and Servicing Agreement (Verizon Master Trust), Transfer and Servicing Agreement (Verizon Master Trust)

Termination of Upgrade Programs; Credits Related to Upgrade Programs. (a) To the extent any Upgrade Offer has not been terminated and an Obligor satisfies all of the terms and conditions of such Upgrade Offer in respect of a ReceivableReceivable , and (i) the Marketing Agent fails to make, or to cause the related Originator to make, the required Upgrade Payment into the Collection Account as set forth in Section 4.3(g) and (ii) the Parent Support Provider fails to make any required Upgrade Payments as set forth in Section 1 of the Parent Support Agreement, the Servicer and the Marketing Agent shall terminate all Upgrade Offers within [ten (10) )] Business Days after the date the Parent Support Provider received notice from the Indenture Trustee that an Upgrade Payment was due under Section 1 of the Parent Support Agreement.

Appears in 2 contracts

Samples: Transfer and Servicing Agreement (Verizon ABS LLC), Transfer and Servicing Agreement (Verizon ABS LLC)

AutoNDA by SimpleDocs

Termination of Upgrade Programs; Credits Related to Upgrade Programs. (a) To the extent any Upgrade Offer has not been terminated and an Obligor satisfies all of the terms and conditions of such Upgrade Offer in respect of a ReceivableOffer, and (i) the Marketing Agent fails to make, or to cause the related Originator to make, the required Upgrade Payment into the Collection Account as set forth in Section 4.3(g) and (ii) the Parent Support Provider fails to make any required Upgrade Payments as set forth in Section 1 of the Parent Support Agreement, the Servicer and the Marketing Agent shall terminate all Upgrade Offers within [ten (10) )] Business Days after the date the Parent Support Provider received notice from the Indenture Trustee that an Upgrade Payment was due under Section 1 of the Parent Support Agreement.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (Verizon ABS LLC)

Time is Money Join Law Insider Premium to draft better contracts faster.