Common use of Pay Out Events Clause in Contracts

Pay Out Events. If any one of the following events (each, a “Trust Pay Out Event”) shall occur: (a) the Seller shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Seller or 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, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Seller; or the Seller 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 an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (any such event, an “Insolvency Event”); (b) the Seller shall become unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; or (c) the Trust shall become subject to regulation by the Securities and Exchange Commission as an “investment company” within the meaning of the Investment Company Act; then a Pay Out Event with respect to all Series of Certificates shall occur without any notice or other action on the part of the Trustee or the Investor Certificateholders immediately upon the occurrence of such event.

Pay Out Events. If any one of the following events (each, a “Trust Pay Out Event”) -------------- shall occur: (a) the Seller shall consent to the appointment of a conservator or conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Seller or 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, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Seller; or the Seller 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 an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (any such event, an “Insolvency Event”); (b) obligations; or the Seller shall become unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; or (cb) the Trust shall become subject to regulation by the Securities and Exchange Commission as an “"investment company” " within the meaning of the Investment Company Act; then a Pay Out Event with respect to all Series of Certificates (each, a "Trust ----- Pay Out Event") shall occur without any notice or other action on the part of ------------- the Trustee or the Investor Certificateholders immediately upon the occurrence of such eventevent and notice of such Trust Pay Out Event shall be sent by the Servicer to the Rating Agencies.

Pay Out Events. If any one of the following events (each, a “Trust Pay Out Event”) shall -------------- occur: (a) the Seller shall consent to the appointment of a conservator or conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Seller or 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, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Seller; or the Seller 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 an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (any such event, an “Insolvency Event”); (b) obligations; or the Seller shall become unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; or (cb) the Trust shall become subject to regulation by the Securities and Exchange Commission as an “"investment company” " within the meaning of the Investment Company Act; then a Pay Out Event with respect to all Series of Certificates (each, a "Trust ----- Pay Out Event") shall occur without any notice or other action on the part of ------------- the Trustee or the Investor Certificateholders immediately upon the occurrence of such eventevent and notice of such Trust Pay Out Event shall be sent by the Servicer to the Rating Agencies.

Pay Out Events. If any one of the following events (each, a “Trust Pay Out Event”"PAY OUT EVENT") shall occuroccur with respect to any Series: (a) the Seller (including any Sellers designated pursuant to Section 2.12) or any other Holder of the Seller Interest shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Seller or the Holder 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, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the SellerSeller or such Holder; or the Seller (including any Sellers designated pursuant to Section 2.12) or other Holder of the Seller Interest 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 an any assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (any such event, an “Insolvency Event”"INSOLVENCY EVENT"); (b) the Seller shall become unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; or (c) the Trust shall become subject to regulation by the Securities and Exchange Commission as an “"investment company” " within the meaning of the Investment Company Act; then or (c) a Transfer Restriction Event shall occur; then, in the case of any such event, a Pay Out Event shall occur with respect to all such Series of Certificates shall occur without any notice or other action on the part of the Trustee or the Investor Certificateholders Certificateholders, immediately upon the occurrence of such event.