Automatic Removal definition
Automatic Removal means the automatic removal from the Reference Entity Appendix of an Unaffected Paired Entity;
Automatic Removal. With respect to Receivables, in the event that:
(1) any representation or warranty contained in subsection 2.04(a)(iv) is not true and correct in any material respect as of the date specified therein, or in the event that a Receivable is not an Eligible Receivable, and (2) either of the following two conditions is met: (A) as a result of such breach or event such Receivable is charged off as uncollectible or the Issuing Entity’s rights in, to or under such Receivable or its proceeds are impaired or the proceeds of such Receivable are not available for any reason to the Issuing Entity free and clear of any Lien; or (B) the Lien upon the subject Receivable arises in favor of the United States of America or any state or any agency or instrumentality thereof and involves taxes or liens arising under Title IV of ERISA or has been consented to by the Transferor; or
(ii) the Transferor has taken an action which causes a Receivable to be deemed to be an Ineligible Receivable in accordance with subsection 2.08(a); then, upon the earlier to occur of the discovery of such breach or event by the Transferor or the Servicer or receipt by the Transferor of written notice of such breach or event given by the Indenture Trustee or the Owner Trustee, then the Transferor shall accept reassignment of all applicable Receivables on the terms and conditions set forth in subsection (c) below.
Examples of Automatic Removal in a sentence
Upon satisfaction of the above conditions, on the Automatic Removal Date all the right, title and interest of the Trust in and to the Receivables arising in the Automatic Removed Accounts, all monies due and to become due and all amounts received with respect thereto and all proceeds thereof shall be deemed removed from the Trust for all purposes.
Automatic Removal Of Old Subscriber Information On Number Change, Transfer, And Disconnect Orders .
Notwithstanding the first sentence of this Section 9.9(b), in the event of Automatic Removal, the Shareholders who are to receive a majority of the Closing Merger Consideration as allocated in accordance with Annex I shall appoint and designate a new Representative.