Common use of Automatic Removal Clause in Contracts

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii) or in the event that a Receivable is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iv) of the definition of an Eligible Receivable, and either of the following two conditions is met: (A) the Lien upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of the Employee Retirement Income Security Act of 1974, or (3) has been consented to by TRS or either Transferor; or (B) the Lien on the subject Receivable is not of the types described in clause (A) above, and as a result of such breach or event such Receivable becomes a Receivable in a Defaulted Account, or the related Transferor's or the Trust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Trust free and clear of any Lien except Liens permitted pursuant to subsection 2.05(b); then, upon the earlier to occur of the discovery of such breach or event by such Transferor or the Servicer or receipt by the Transferors or the Servicer of written notice of such breach or event given by the Trustee, each such Receivable or, at the option of such Transferor, all such Receivables with respect to the related Account shall be automatically removed from the Trust on the terms and conditions set forth below in subsection 2.04(d)(iii).

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii) or in the event that a Receivable is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iviii) of the definition of an Eligible Receivable, and either of the following two conditions is met: (A) the Lien upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of the Employee Retirement Income Security Act of 1974ERISA, or (3) has been consented to by TRS or either the Transferor; or (B) the Lien on the subject Receivable is not of the types described in clause (A) above, and but, as a result of such breach or event event, such Receivable becomes a Receivable in a Defaulted Account, or the related Transferor's Account or the Trust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Trust free and clear of any Lien except Liens permitted pursuant to subsection 2.05(bSection 2.5(b); then, upon the earlier to occur of the discovery of such breach or event by such the Transferor or the Servicer or receipt by the Transferors Transferor or the Servicer of written notice of such breach or event given by the Trustee, each such Receivable or, at the option of such the Transferor, all such Receivables with respect to the related Account Account, automatically shall be automatically removed from the Trust on the terms and conditions set forth below in subsection 2.04(d)(iiiSection 2.4(d)(iii).

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii2.4(b)(iii) or in the event that a Receivable is not an Eligible Receivable as a result of the failure to satisfy satis- fy the conditions set forth in clause (iv) of the definition of an Eligible Receivable, and either of the following two conditions is met: (A) the Lien upon the subject Receivable (1) ranks prior to the Lien created pursuant to this AgreementAgree- ment, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of the Employee Employ- ee Retirement Income Security Act of 1974, or (3) has been consented to by TRS or either the Transferor; or (B) the Lien on the subject Receivable is not of the types described de- scribed in clause (A) above, and but, as a result of such breach or event event, such Receivable becomes a Receivable in a Defaulted Account, or the related Transferor's Account or the Trust's rights in, to or under such Receivable Receiv- able or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Trust free and clear of any Lien except Liens permitted pursuant pur- suant to subsection 2.05(b2.5(b); then, upon the earlier to occur of the discovery of such breach or event by such the Transferor or the Servicer or receipt by the Transferors Transferor or the Servicer of written notice of such breach or event given by the Trustee, each such Receivable or, at the option of such the Transferor, all such Receivables with respect to the related Account Account, shall be automatically auto- matically removed from the Trust on the terms and conditions set forth below in subsection 2.04(d)(iii2.4(d)(iii).

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii) Section 9(b)(iii), or in the event that a Receivable is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iv) of the definition of an Eligible Receivable, and either of the following two conditions is met: (Ai) the Lien upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of the Employee Retirement Income Security Act of 1974, or (3) has been consented to by TRS or either Transferorthe Sellers; or (Bii) the Lien on the subject Receivable is not of the types described in clause (Ai) above, and as a result of such breach or event such Receivable becomes a Receivable in a Defaulted Account, Account or the related TransferorRFC's or the Trust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Trust free and clear of any Lien except Liens permitted pursuant to subsection 2.05(bSection 12(b); then, upon the earlier to occur of the discovery of such breach or event by such Transferor or the Seller, the Servicer or RFC or receipt by the Transferors or the Servicer Seller of written notice of such breach or event given by the Trustee, each such Receivable or, at the option of such TransferorRFC, all such Receivables with respect to the related Account shall be automatically removed from the Trust and repurchased by the Seller on the terms and conditions set forth below in subsection 2.04(d)(iiiSection 11(c).

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii) Section 9(b)(iii), or in the event that a Receivable is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iv) of the definition of an Eligible Receivable, and either of the following two conditions is met: (Ai) the Lien upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of the Employee Retirement Income Security Act of 1974, or (3) has been consented to by TRS or either Transferorthe Sellers; or (Bii) the Lien on the subject Receivable is not of the types described in clause (Ai) above, and as a result of such breach or event such Receivable becomes a Receivable in a Defaulted Account, Account or the related TransferorPurchaser's or the Trust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Trust free and clear of any Lien except Liens permitted pursuant to subsection 2.05(bSection 12(b); then, upon the earlier to occur of the discovery of such breach or event by such Transferor the Seller, the Servicer or the Servicer Purchaser or receipt by the Transferors or the Servicer Seller of written notice of such breach or event given by the Trustee, each such Receivable or, at the option of such Transferorthe Purchaser, all such Receivables with respect to the related Account shall be automatically removed from the Trust and repurchased by the Seller on the terms and conditions set forth below in subsection 2.04(d)(iiiSection 11(c).

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii) 2.4(a)(iii), or in the event that a Receivable is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (ivd) of the definition of an Eligible Receivable, and either any of the following two three conditions is met: : (A) the Lien upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of the Employee Retirement Income Security Act of 1974, or (3) has been consented to by TRS or either Transferor; or (B) the Lien on the subject Receivable is not of the types described in clause (A) above, and as a result of such breach or event such Receivable becomes a Receivable in a Defaulted Account, or the related Transferor's is charged off as uncollectible or the Trust's ’s rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Trust free and clear of any Lien; (B) the Lien except Liens permitted upon the subject Receivable (1) 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 (2) has been consented to by the Originator or the Seller; or (C) the unsecured short term debt rating of the Originator is not at least P-1 by ▇▇▇▇▇’▇ and the Lien upon the subject Receivable ranks prior to the Lien created pursuant to subsection 2.05(b)this Agreement; then, upon the earlier to occur of the discovery of such breach or event by such Transferor the Seller or the Servicer or receipt by the Transferors or the Servicer Seller of written notice of such breach or event given by the Trustee, each such Receivable or, at the option of such Transferor, all such Receivables with respect to the related Account shall be automatically removed from the Trust on the terms and conditions set forth below in subsection 2.04(d)(iii)2.4(d)(iii) and shall no longer be treated as a Receivable; provided, that if such Lien does not have a material adverse effect on the collectibility of the Receivables or on the interests of the Certificateholders or Receivables Purchasers of any Series or the Enhancement Provider, the Seller shall have 10 days within which to remove any such Lien.

Automatic Removal. In the event of If a breach exists with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii) 2.04(a)(i), or in the event that if a Receivable is not an Eligible Receivable as due to a result breach of the failure to satisfy the conditions set forth in clause (ivd) of the definition of an Eligible Receivable, and either any of the following two conditions is metoccurs: (A) the Lien upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of the Employee Retirement Income Security Act of 1974, or (3) has been consented to by TRS or either Transferor; or (B) the Lien on the subject Receivable is not of the types described in clause (A) above, and as a result of such breach or event such Receivable becomes a Receivable in a Defaulted Account, or the related Transferor's Account or the Trust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Trust free and clear of any Lien; (B) a Lien except Liens permitted upon the 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, DNB or Mercantile; or (C) the unsecured short-term debt of Dillard's is not rated at least P-1 by ▇▇▇▇▇'▇ and a Lien upon the subject Receivable ranks prior to the Lien created pursuant to subsection 2.05(b)this Agreement; then, upon the earlier to occur of the discovery of such breach or event by such the Transferor or the Servicer or receipt by the Transferors or the Servicer Transferor of written notice of such breach or event given by the Trustee, each such Receivable or, at Trustee or the option of such TransferorMaster Servicer, all such Receivables with respect to in the related Account shall become Ineligible Receivables and shall be automatically removed from the Trust on the terms and conditions set forth below in pursuant to subsection 2.04(d)(iii2.04(c)(iii).

Automatic Removal. In From and after the Certificate Trust Termination Date, in the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii) 2.04(a)(iii)(B), or in the event that a Receivable is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (ivd) of the definition of an Eligible Receivable, and either any of the following two three conditions is met: : (A) the Lien upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of the Employee Retirement Income Security Act of 1974, or (3) has been consented to by TRS or either Transferor; or (B) the Lien on the subject Receivable is not of the types described in clause (A) above, and as a result of such breach or event such Receivable becomes a Receivable in a Defaulted Account, is charged off as uncollectible or the related Transferor's or the TrustIssuer's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Trust Issuer free and clear of any Lien Lien, except Liens permitted pursuant to under subsection 2.05(b); (B) the Lien upon the subject Receivable (1) 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 (2) has been consented to by Transferor or the applicable Credit Card Originator; or (C) the unsecured short-term debt rating of FNBO is not at least "P-1" by Moody's and the Lien upon the subject Receivable ran▇▇ ▇▇▇▇r to the Lien created pursuant to this Agreement, then, upon the earlier to occur of the discovery of such breach or event by such Transferor or the Servicer or receipt by the Transferors or the Servicer Transferor of written notice of such breach or event given by the Indenture Trustee, each Receivables of the Account containing such ineligible Receivable or, at the option of such Transferor, all such Receivables with respect to the related Account shall be automatically removed from the Trust reassigned to Transferor on the terms and conditions set forth below in subsection 2.04(d)(iii).

Automatic Removal. In From and after the Certificate Trust Termination Date, in the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii) 2.04(a)(iii)(B), or in the event that a Receivable is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (ivd) of the definition of an Eligible Receivable, and either any of the following two three conditions is met: : (A) the Lien upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of the Employee Retirement Income Security Act of 1974, or (3) has been consented to by TRS or either Transferor; or (B) the Lien on the subject Receivable is not of the types described in clause (A) above, and as a result of such breach or event such Receivable becomes a Receivable in a Defaulted Account, is charged off as uncollectible or the related Transferor's or the TrustIssuer's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Trust Issuer free and clear of any Lien Lien, except Liens permitted pursuant to under subsection 2.05(b); (B) the Lien upon the subject Receivable (1) 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 (2) has been consented to by Transferor or the applicable Credit Card Originator; or (C) the unsecured short-term debt rating of FNBO is not at least "P-1" by Moody's and the Lien upon the subject Receivable ranks pri▇▇ ▇▇ ▇he Lien created pursuant to this Agreement, then, upon the earlier to occur of the discovery of such breach or event by such Transferor or the Servicer or receipt by the Transferors or the Servicer Transferor of written notice of such breach or event given by the Indenture Trustee, each Receivables of the Account containing such ineligible Receivable or, at the option of such Transferor, all such Receivables with respect to the related Account shall be automatically removed from the Trust reassigned to Transferor on the terms and conditions set forth below in subsection 2.04(d)(iii).

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii) or in the event that a Receivable is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iv) of the definition of an Eligible Receivable, and either of the following two conditions is met: (A) the Lien upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of the Employee Retirement Income Security Act of 1974, or (3) has been consented to by TRS or either by a Transferor; or (B) the Lien on the subject Receivable is not of the types described in clause (A) above, and as a result of such breach or event such Receivable becomes a Receivable in a Defaulted Account, or the related Transferor's or the Trust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Trust free and clear of any Lien except Liens permitted pursuant to subsection 2.05(b); then, upon the earlier to occur of the discovery of such breach or event by such Transferor or the Servicer or receipt by the Transferors or the Servicer of written notice of such breach or event given by the Trustee, each such Receivable or, at the option of such Transferor, all such Receivables with respect to the related Account shall be automatically removed from the Trust on the terms and conditions set forth below in subsection 2.04(d)(iii).

Automatic Removal. In the event of a breach with respect to a Receivable of any of the representations and warranties set forth in subsection 2.04(b)(iii) or in the event that a Receivable is not an Eligible Receivable as a result of the failure to satisfy the conditions set forth in clause (iv) of the definition of an Eligible Receivable, and either of the following two conditions is met: (A) the Lien upon the subject Receivable (1) ranks prior to the Lien created pursuant to this Agreement, (2) arises in favor of the United States of America or any state or any agency or instrumentality thereof or involves taxes or liens arising under Title IV of the Employee Retirement Income Security Act of 1974ERISA, or (3) has been consented to by TRS or either the Transferor; or (B) the Lien on the subject Receivable is not of the types described in clause (A) above, and but, as a result of such breach or event event, such Receivable becomes a Receivable in a Defaulted Account, or the related Transferor's Account or the Trust's rights in, to or under such Receivable or its proceeds are materially impaired or the proceeds of such Receivable are not available for any reason to the Trust free and clear of any Lien except Liens permitted pursuant to subsection 2.05(bSection 2.5(b); then, upon the earlier to occur of the discovery of such breach or event by such the Transferor or the Servicer or receipt by the Transferors Transferor or the Servicer of written notice of such breach or event given by the Trustee, each such Receivable or, at the option of such the Transferor, all such Receivables with respect to the related Account Account, automatically shall be automatically removed from the Trust on the terms and conditions set forth below in subsection 2.04(d)(iiiSection 2.4(d)(iii).