Actions Upon Repudiation. (a) In the event that BBD becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator for BBD exercises its right of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer shall determine whether the FDIC in such capacity will pay damages in cash as provided in such paragraph (d)(4)(ii). Upon making such determination, the Servicer shall promptly, and in any event no more than one Business Day thereafter, so notify the Indenture Trustee.
Appears in 8 contracts
Samples: Servicing Agreement (Barclays Dryrock Issuance Trust), Servicing Agreement (Barclays Dryrock Issuance Trust), Servicing Agreement (Barclays Dryrock Funding LLC)
Actions Upon Repudiation. (a) In the event that BBD becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator for BBD exercises its right of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer shall determine whether the FDIC in such capacity will pay damages in cash as provided in such paragraph (d)(4)(ii). Upon making such determination, the Servicer shall promptly, and in any event no more than one Business Day thereafter, so notify the Indenture Trustee.
Appears in 4 contracts
Samples: Servicing Agreement (Dryrock Issuance Trust), Servicing Agreement (Dryrock Issuance Trust), Servicing Agreement (Dryrock Issuance Trust)
