Common use of Pay Out Event Clause in Contracts

Pay Out Event. The Seller reasonably believes that (i) the addition of the Receivables arising in the Additional Accounts will not, based on the facts known to the Seller, then or thereafter cause a Pay Out Event to occur with respect to any Series and (ii) no selection procedure was utilized by the Seller which would result in the selection of Additional Accounts (from among the available Eligible Accounts owned by the Seller) that would be materially adverse to the interests of the Investor Certificateholders of any Series as of the Addition Date;

Pay Out Event. The Seller reasonably believes that (iA) the addition of the Receivables arising in the Additional Accounts will not, based on the facts known to the Seller, then or thereafter cause a Pay Out Event to occur with respect to any Series and (iiB) no selection procedure was utilized by the Seller which would result in the selection of Additional Accounts (from among the available Eligible Accounts owned by the Sellereach applicable Account Originator) that would be materially adverse to the interests of the Investor Certificateholders of any Series as of the Addition Date;; (e)

Pay Out Event. The Seller reasonably believes that (i) the addition ------------- of the Receivables arising in the Additional Accounts will not, based on the facts known to the Seller, then cause a Pay Out Event or thereafter cause any event that, after giving of notice or the lapse of time, would constitute a Pay Out Event to occur with respect to any Series and (ii) no selection procedure was utilized by the Seller which would result in the selection of Additional Accounts (from among the available Eligible Accounts owned by the Seller) that would be materially adverse to the interests of the Investor Certificateholders of any Series as of the Addition Date;Series.