Common use of Trust Pay Out Events Clause in Contracts

Trust Pay Out Events. Each of the following events (each, a "Trust Pay Out Event") shall constitute a Pay Out Event with respect to all Series of Certificates, immediately upon the occurrence of such event, and without any notice or other action on the part of Trustee or the Investor Holders: (a) Transferor shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against Transferor; or Transferor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or Transferor shall become unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; or (b) the Trust shall become an "investment company" within the meaning of the Investment Company Act.

Trust Pay Out Events. Each If any one of the following events shall occur with respect to the Trust (each, a "Trust Pay Out EventEvents") shall constitute a Pay Out Event with respect to all Series of Certificates, immediately upon the occurrence of such event, and without any notice or other action on the part of Trustee or the Investor Holders:): (a) Transferor any of the Transferors shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to such Transferor or of or relating to all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against such Transferor; or Transferor any of the Transferors shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an any assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or Transferor shall become unable for obligations (any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; orsuch event, an "Insolvency Event"); (b) the Trust shall become subject to regulation by the Commission as an "investment company" within the meaning of the Investment Company Act; or (c) a Transfer Restriction Event shall occur; then, a Pay Out Event shall occur with respect to each Series without any notice or other action on the part of the Trustee or the Investor Certificateholders, immediately upon the occurrence of such event.

Trust Pay Out Events. Each of the following events (each, a "Trust Pay Out Event") shall constitute a Pay Out Event with respect to all Series of Certificates, immediately upon the occurrence of such event, and without any notice or other action on the part of Trustee or the Investor Holders: (a) Transferor shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against Transferor; or Transferor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or Transferor shall become unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; or or (b) the Trust shall become an "investment company" within the meaning of the Investment Company Act.

Trust Pay Out Events. Each If any one of the following events shall occur with respect to the Trust (each, a "Trust Pay Out EventEvents") shall constitute a Pay Out Event with respect to all Series of Certificates, immediately upon the occurrence of such event, and without any notice or other action on the part of Trustee or the Investor Holders:): (ai) Transferor any of the Sellers shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to such Seller or of or relating to all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against Transferorsuch Seller; or Transferor any of the Sellers shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an any assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or Transferor shall become unable for obligations (any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; orsuch event, an "Insolvency Event"); (bii) the Trust shall become subject to regulation by the Commission as an "investment company" within the meaning of the Investment Company Act; or (iii) a Transfer Restriction Event shall occur; then, a Pay Out Event shall occur with respect to each Series without any notice or other action on the part of the Trustee or the Investor Certificateholders, immediately upon the occurrence of such event.