Trust Pay Out Events Clause Samples

Trust Pay Out Events. If any one of the following events shall occur with respect to the Trust ("Trust Pay Out Events"): (i) any Transferor or any of the Account Owners shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to such Transferor or Account Owner or of or relating to all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against such Transferor or Account Owner; or any Transferor or Account Owner shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make any assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (any such event, an "Insolvency Event"); (ii) the Trust shall become subject to regulation by the Commission as an "investment company" within the meaning of the Investment Company Act; or (iii) a Transfer Restriction Event shall occur; then, a Trust Pay Out Event shall occur with respect to each Series without any notice or other action on the part of the Trustee or the Investor Certificateholders, immediately upon the occurrence of such event.

Trust Pay Out Events. If any one of the following events (a "Trust Pay Out Event") shall occur: (a) the Transferor shall consent or take any corporate action in relation to the appointment of a receiver, administrator, administrative receiver, liquidator, trustee or similar officer of it or relating to all or substantially all of its revenues and assets; (b) proceedings shall be initiated against the Transferor under any applicable liquidation, insolvency, composition, re-organisation or similar laws for its winding up, dissolution, administration or re-organisation (except for a solvent re-organisation) and such proceedings are not discharged within 60 days or a receiver, administrator, administrative receiver, liquidator, trustee or similar officer of it or relating to all or substantially all of its revenues and assets is legally and validly appointed and such appointment is not discharged within 14 days; (c) a duly authorised officer of the Transferor shall admit in writing that the Transferor is unable to pay its debts as they fall due within the meaning of Section 123(1) of the Insolvency Act 1986 or the Transferor makes a general assignment for the benefit of or a composition with its creditors or voluntarily suspends payment of its obligations with a view to the general readjustment or rescheduling of its indebtedness; (d) the Transferor shall become unable for any reason to transfer Receivables arising on Designated Accounts to the Receivables Trust in the manner contemplated in the Receivables Securitisation Deed for a continuous period of 30 days; (e) the Transferor ceases to be resident for tax purposes in the United Kingdom or otherwise ceases to be within the charge to United Kingdom corporation tax; or (f) a change in law or its interpretation or administration results in the Receivables Trustee becoming liable to make any material payment on account of Tax (including VAT) (other than stamp duty payable in the United Kingdom in respect of the transfer of Receivables pursuant to the Receivables Securitisation Deed) and, within 30 days of such liability arising, the Receivables Trustee (at the cost of the Beneficiaries) is not able to arrange the substitution of a company incorporated in another jurisdiction approved by the Beneficiaries as Receivables Trustee under this Deed, then: (1) in the case of any Trust Pay Out Event an Investor Pay Out Event will occur in respect of the relevant Related Debt and/or Series, (2) in addition, in the case of a Trust Pay Out Ev...

Trust Pay Out Events. SECTION 9.1 Trust Pay Out Events.................................... SECTION 9.2 Additional Rights Upon the Occurrence of Certain Events......................................

Trust Pay Out Events. If any one of the following events (each a Trust Pay Out Event) shall occur: (a) the Transferor shall consent or take any corporate action in relation to the appointment of a receiver, administrator, administrative receiver, liquidator, trustee or similar officer of it or relating to all or substantially all of its revenues and assets; (b) proceedings shall be initiated against the Transferor under any applicable liquidation, insolvency, composition, re-organisation (except for a solvent reorganisation) or similar laws for its winding up, dissolution, administration, bank insolvency, bank administration or re-organisation (except for a solvent re-organisation) and such proceedings are not discharged within 60 days or a receiver, administrator, administrative receiver, liquidator, trustee or similar officer of it or relating to all or substantially all of its revenues and assets is legally and validly appointed and such appointment is not discharged within 14 days; (c) a duly authorised officer of the Transferor shall admit in writing that the Transferor is unable to pay its debts as they fall due within the meaning of Section 123(1) of the Insolvency Act 1986 or the Transferor makes a general assignment for the benefit of or a composition with its creditors or voluntarily suspends payment of its obligations with a view to the general readjustment or rescheduling of its indebtedness; (d) the Transferor shall become unable for any reason to transfer Receivables arising on Designated Accounts to the Delamare Cards Receivables Trust in the manner contemplated in the RSD for a continuous period of 30 days; (e) the Transferor ceases to be resident for tax purposes in the United Kingdom or otherwise ceases to be within the charge to United Kingdom corporation tax, provided such event would have a Material Adverse Effect; or (f) a change in law or its interpretation or administration results in the Receivables Trustee becoming liable to make any payment on account of tax that will adversely affect the then current ratings of any Associated Debt then outstanding; then: (i) in the case of a Trust Pay Out Event under paragraph (a), (b) or (c) (any such event an Insolvency Event) above, a Series Pay Out Event will occur in respect of each Trust Series and each Beneficiary within such Trust Series and the Transferor Beneficiary (and the provisions of Clause 6.2 (Series Pay Out Events) and 6.3 (Additional Rights Upon the Occurrence of Certain Events) will become applica...

Trust Pay Out Events. If any one of the following events shall occur with respect to the Trust ("Trust Pay Out Events"):