Common use of Securityholders Clause in Contracts

Securityholders. If, at any time, the institution holding the Payment Reserve Account ceases to be a Qualified Institution, the Trustee shall within 10 Business Days establish a new Payment Reserve Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Payment Reserve Account. From the date such new Payment Reserve Account is established, it shall be the "Payment Reserve Account."

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (Metris Master Trust), Pooling and Servicing Agreement (Fingerhut Receivables Inc), Pooling and Servicing Agreement (Federated Department Stores Inc /De/)

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