Addition of Additional Accounts. (a) REQUIRED ADDITIONS. If Purchaser is required, pursuant to Section 2.06 of the Pooling and Servicing Agreement or Section 2.06 of the Transfer and Servicing Agreement, to designate additional Eligible Accounts as Additional Accounts, Purchaser shall so notify RPA Seller. RPA Seller shall designate such Eligible Accounts as Additional Accounts and shall convey to Purchaser Receivables in such Additional Accounts, subject to the same qualifications and restrictions as are set forth in Section 2.06 of the Pooling and Servicing Agreement or Section 2.06 of the Transfer and Servicing Agreement, as applicable, with respect to Purchaser; provided, however, that the failure of RPA Seller to transfer Receivables to Purchaser as provided in this paragraph solely as a result of the unavailability of a sufficient amount of Eligible Receivables shall not constitute a breach of this Agreement; provided further, that any such failure which has not been timely cured will nevertheless result in the occurrence of a Pay Out Event with respect to each Series for which, pursuant to the Supplement therefor, a failure by Purchaser to convey Receivables in Additional Accounts to the Receivables Trust by the day on which it is required to convey such Receivables constitutes a Pay Out Event.
Appears in 1 contract
Sources: Receivables Purchase Agreement (First Bankcard Master Credit Card Trust)
Addition of Additional Accounts. (a) REQUIRED ADDITIONS. If Purchaser is required, pursuant to Section 2.06 SECTION 2.8(b) of the Pooling and Servicing Agreement or Section 2.06 SECTION 2.6 of the Transfer and Servicing Agreement, to designate additional Eligible Accounts as Additional AccountsSupplemental Accounts or to convey Participation Interests to the Receivables Trust, Purchaser shall so notify RPA Seller. RPA Seller shall designate such Eligible Accounts as Additional Supplemental Accounts and shall convey to Purchaser Receivables in such Additional AccountsSupplemental Accounts or (if it so elects) shall convey such Participation Interests to Purchaser, subject to the same qualifications and restrictions as are set forth in Section 2.06 SECTION 2.8 of the Pooling and Servicing Agreement or Section 2.06 SECTION 2.6 of the Transfer and Servicing Agreement, as applicable, with respect to Purchaser; providedPROVIDED, howeverHOWEVER, that the failure of RPA Seller to transfer Receivables or Participation Interests to Purchaser as provided in this paragraph solely as a result of the unavailability of a sufficient amount of Eligible Receivables shall not constitute a breach of this Agreement; provided furtherPROVIDED FURTHER, that any such failure which has not been timely cured will nevertheless result in the occurrence of a Pay Out an Early Amortization Event with respect to each Series for which, pursuant to the Supplement therefor, a failure by Purchaser to convey Receivables in Additional Accounts or Participation Interests to the Receivables Trust by the day on which it is required to convey such Receivables or Participation Interests constitutes a Pay Out Eventan "EARLY AMORTIZATION EVENT" (as defined in such Supplement).
Appears in 1 contract
Sources: Receivables Purchase Agreement (World Financial Network Credit Card Master Trust)