Transfer of Ineligible Receivables. In the event of a breach of ---------------------------------- any representation and warranty set forth in subsection 2.4(b), upon the ----------------- expiration of 30 days (or with the prior written consent of a Responsible Officer of the Trustee, such longer period, not to exceed 60 days, specified in such consent) of the earlier to occur of the discovery of such breach by Seller or receipt by Seller of written notice of such breach given by the Trustee or Servicer, Seller shall accept a retransfer of each Principal Receivable to which such breach relates (an "Ineligible Receivable") on the terms and conditions set --------------------- forth below; provided, however, that no such retransfer shall be required to be -------- ------- made with respect to such Ineligible Receivable if, on any day within such 30-day period (or such longer period as may be specified in the consent) the representations and warranties in subsection 2.4(b) of this Agreement with ----------------- respect to such Ineligible Receivable shall then be true and correct in all material respects with respect to such Ineligible Receivable as if such Ineligible Receivable had been transferred to the Seller or the Trust on such day. Notwithstanding anything contained in this subsection 2.4(d) to the ----------------- contrary, in the event of breach of any representation and warranty set forth in subsection 2.4(b), with respect to (x) each Receivable existing as of the ----------------- Closing Date or an Addition Date, as applicable, and (y) each new Receivable thereafter arising, having been conveyed to the Seller or the Trust free and clear of any Lien of any Person claiming through or under Seller and its Affiliates and in compliance in all material respects, with all Requirements of Law applicable to FCNB or Seller, immediately upon the earliest to occur of the discovery of such breach by Seller or receipt by Seller of written notice of such breach given by the Trustee or the Servicer, Seller shall repurchase and the Trustee shall convey, without recourse, representation or warranty, all of the Trustee's right, title and interest in each Ineligible Receivable, and the Servicer shall promptly notify Xxxxx'x of such event. Seller shall accept a retransfer of each such Ineligible Receivable and there shall be deducted from the aggregate amount of Principal Receivables used to calculate the Seller Amount the face amount of each such Ineligible Receivable. On and after the date of such...
Transfer of Ineligible Receivables. The Transferor shall sell to the Trust on each Transfer Date any and all Receivables arising in any Eligible Accounts that are Ineligible Receivables, provided that (a) on the Initial Cut-Off Date or, in the case of Receivables arising in Additional Accounts, on the related Additional Cut-Off Date, and on the applicable Transfer Date, the Account in which such Receivables arise is an Eligible Account and (b) the Incremental Subordinated Amount is adjusted in accordance with the definition of Incremental Subordinated Amount as defined in the related Series Supplement.
Transfer of Ineligible Receivables. The Transferor will transfer to the Issuer on each Transfer Date any and all Ineligible Receivables arising in connection with any Account; provided that (i) on the applicable Transfer Date, such Account is an Eligible Account and (ii) the Incremental Subordinated Amount is adjusted in accordance with the related Indenture Supplement.
Transfer of Ineligible Receivables. The Transferor may, at its sole option, transfer to the Issuer on each Transfer Date all or any portion of the Ineligible Receivables arising in connection with any Account; provided, however, that the Transferor will not transfer to the Issuer any Ineligible Receivables that are ineligible due to a failure to satisfy the condition specified in clause (a)(ii) of the definition of “Eligible Receivable”; and provided, further, that (i) on the applicable Transfer Date, such Account is an Eligible Account and (ii) the Incremental Subordinated Amount is adjusted in accordance with the related Indenture Supplement.
Transfer of Ineligible Receivables. The Transferor will transfer to the Issuer on each Transfer Date any and all Ineligible Receivables arising in connection with any Eligible Account and on the applicable Transfer Date, the Overcollateralization Amount (or any Incremental Overcollateralization Amount as specified in the related Indenture Supplement) and the Required Participation Amount shall be adjusted in accordance with the related Indenture Supplement.
Transfer of Ineligible Receivables. The Seller will transfer to the Buyer on each Transfer Date any and all Ineligible Receivables arising in connection with any Account; provided that on the applicable Transfer Date, such Account is an Eligible Account.
Transfer of Ineligible Receivables. The Seller may, at its sole option, transfer to the Buyer on each Transfer Date all or any portion of the Ineligible Receivables arising in connection with any Account; provided, however, that the Seller will not transfer to the Buyer any Ineligible Receivables that are ineligible due to a failure to satisfy the condition specified in clause (a)(ii) of the definition of "Eligible Receivable"; and provided, further that (i) on the applicable Transfer Date, such Account is an Eligible Account and (ii) the Seller indicates in its computer files that related Ineligible Receivables were transferred to Buyer on the related Transfer Date.
Transfer of Ineligible Receivables. The Transferor shall ---------------------------------- sell to the Trust on each Transfer Date any and all Receivables arising in any Eligible Accounts that are Ineligible Receivables, provided that (a) on the -------- Initial Cut-Off Date or, in the case of Receivables arising in Additional Accounts, on the related Additional Cut-Off Date, and on the applicable Transfer Date, the Account in which such Receivables arise is an Eligible Account and (b) the Incremental Subordinated Amount is adjusted in accordance with the definition of Incremental Subordinated Amount as defined in the related Series Supplement.
Transfer of Ineligible Receivables. Section 2.04 of the Master Pooling and Servicing Agreement is hereby amended by deleting the word "ouch" in the fourth sentence of subsection (d)(iii) thereof and replacing it with the word "such".
Transfer of Ineligible Receivables. (a) In the event of a breach with respect to a Receivable of any representations and warranties set forth in Section 2.04(a)(iii) or in the event that a Receivable is not an Eligible Receivable or Eligible Alternative Receivable, as applicable, as a result of the failure to satisfy the conditions set forth in clause (d) of the definition of Eligible Receivable: (i) if the Lien of the subject Receivable is not of the type otherwise described in clause (ii) below, and as a result of such breach or event such Receivable becomes a Defaulted Receivable or the Trust's rights in, to or under such Receivable or its proceeds are impaired or the proceeds of such Receivable are not available for any reason to the Trust free and clear of any Lien, then each such Receivable shall be automatically removed from the Trust on the terms and conditions set forth below; or
