Common use of Primary Contract List Clause in Contracts

Primary Contract List. (a) On the Closing Date the Issuer shall deliver to the Trustee the Primary Contract List. (b) The Issuer may add Obligors to the Primary Contract List: (i) without the consent of the Noteholders if the Obligor to be added has an Implied Rating of BBB or higher by Standard & Poor's Corporation; and (ii) with the consent of the Required Holders, provided, that the Issuer shall notify the Noteholders, in writing, of its desire to add such Obligor and, if the Required Holders do not reject such Obligor within 30 days after notice has been sent by the Issuer, such consent shall be deemed given and the Obligor may be added to the Primary Contract List. (c) The Issuer shall review the Primary Contract List on each Determination Date and shall remove an Obligor from the Primary Contract List if: (i) all of the Receivables of such Obligor become Defaulted Receivables; or (ii) that the Implied Rating of such Obligor was BBB or higher at the time such Obligor was placed on the Primary Contract List and the Issuer has actual knowledge such Implied Rating subsequently drops below BBB, or is withdrawn, by Standard & Poor's Corporation; provided, however, that such Obligor may be subsequently added to the Primary Contract list pursuant to the provisions of clause (b) above.

Primary Contract List. (a) On the Initial Closing Date the Issuer shall deliver to the Trustee the Primary Contract List. (b) The Issuer may add Obligors to the Primary Contract List: (i) without the consent of the Noteholders if the Obligor to be added has an Implied Rating of BBB Investment Grade or higher by Standard & Poor's Corporationa Rating Agency; and (ii) with the consent of the Required Holders, provided, that the Issuer shall notify the Noteholders, in writing, of its desire to add such Obligor and, if the Required Holders do not reject such Obligor within 30 days after notice has been sent by the Issuer, such consent shall be deemed given and the Obligor may be added to the Primary Contract List. (c) The Issuer shall review the Primary Contract List on each Determination Date and shall remove an Obligor from the Primary Contract List if: (i) all of the Receivables of such Obligor become Defaulted Receivables; or (ii) that the Implied Rating of such Obligor was BBB Investment Grade or higher at the time such Obligor was placed on the Primary Contract List and the Issuer has actual knowledge such Implied Rating subsequently drops falls below BBB, Investment Grade or is withdrawn, by Standard & Poor's Corporationa Rating Agency; provided, however, that such Obligor may be subsequently added to the Primary Contract list pursuant to the provisions of clause Subsection (b) above.. 3/64971.8