Common use of Pay Out Event Clause in Contracts

Pay Out Event. The Removal Seller reasonably believes that (i) the removal of the Receivables existing in the Removed Accounts will not, based on the facts known to the Removal 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 Removal Seller which would result in a selection of Removed Accounts that would be materially adverse to the interests of the Investor Certificateholders of any Series as of the Removal Date; and

Pay Out Event. The Removal Seller reasonably believes that (iA) the removal of the Receivables existing in the Removed Accounts will not, based on the facts known to the Removal 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 Removal Seller which would result in a selection of Removed Accounts that would be materially adverse to the interests of the Investor Certificateholders of any Series as of the Removal Date; andand (c)

Pay Out Event. The Removal Seller reasonably believes that (iA) the ------------- removal of the Receivables existing in the Removed Accounts will not, based on the facts known to the Removal 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 (iiB) no selection procedure was utilized reasonably believed by the Removal Seller which would result in a selection of Removed Accounts that would to be materially adverse to the interests of the Investor Certificateholders of any Series as of was used in selecting the Removal Date; andRemoved Accounts.