Common use of Redesignation of Ineligible Accounts Clause in Contracts

Redesignation of Ineligible Accounts. (a) On the first day of the Collection Period following the date on which the Servicer’s records indicate that an Account has become an Ineligible Account, the Depositor will be required to redesignate such Account as a Redesignated Account in the manner provided in Section 2.8(b) or (c), as applicable.