Common use of Participation Interests Clause in Contracts

Participation Interests. In lieu of, or in addition to, designating Additional Accounts as required by subsection (a) above, Seller may convey to Buyer participations or trust certificates representing undivided or beneficial interests in a pool of assets primarily consisting of receivables arising under revolving credit card accounts or other revolving credit accounts owned by Seller or any of its Affiliates and collections thereon (“Participation Interests”). Seller and Buyer will enter into a supplement to this Agreement relating to the conveyance of any Participation Interest. Any conveyance of a Participation Interest under this subsection (b) shall only occur upon satisfaction of the conditions for conveyances of Participation Interests under Section 2.6(c) of the Trust Receivables Purchase Agreement.

Participation Interests. In lieu of, or in addition to, designating Additional Accounts as required by subsection (a) above, Seller may convey to Buyer participations or trust certificates representing undivided or beneficial interests in a pool of assets primarily consisting of receivables arising under revolving credit card accounts or other revolving credit accounts owned by Seller or any of its Affiliates and collections thereon (“Participation Interests”). Seller and Buyer Xxxxx will enter into a supplement to this Agreement relating to the conveyance of any Participation Interest. Any conveyance of a Participation Interest under this subsection (b) shall only occur upon satisfaction of the conditions for conveyances of Participation Interests under Section 2.6(c) of the Trust Receivables Purchase Agreement.