Common use of Pay Out Events Clause in Contracts

Pay Out Events. If any one of the following events shall -------------- occur during either the Revolving Period or the Controlled Amortization Period with respect to any Series of the Investor Certificates: (a) Seller or FCNB shall (A) become insolvent, (B) fail to pay its debts generally as they become due, (C) voluntarily seek, consent to, or acquiesce in the benefit or benefits of any Debtor Relief Law, (D) become a party to (or be made the subject of) any proceeding provided for by any Debtor Relief Law, other than as a creditor or claimant, and, in the event such proceeding is involuntary, (1) within 10 Business Days after Seller or FCNB has knowledge of such proceeding or the filing thereof either (a) the petition instituting same has not been dismissed or (b) an order has not been entered by the court having jurisdiction which allows continued transfer to the Trust of Principal Receivables with no adverse effect to the Trust or the Investor Certificateholders or (2) an order as contemplated in (1)(b) above having previously been entered, is no longer in effect other than by reason of the termination of such proceeding, or (E) become unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; or (b) the Trust or Seller shall become an "investment company" within the meaning of the Investment Company Act of 1940, as amended; in the case of any event described in subparagraphs (a) or (b), 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 event.

Pay Out Events. If any one of the following events shall -------------- occur during either the Revolving Period or the Controlled Amortization Period with respect to any Series of the Investor Certificates: (a) Seller or FCNB shall (Ai) become insolvent, (Bii) fail to pay its debts generally as they become due, (Ciii) voluntarily seek, consent to, or acquiesce in the benefit or benefits of any Debtor Relief Law, (Div) become a party to (or be made the subject of) any proceeding provided for by any Debtor Relief Law, other than as a creditor or claimant, and, in the event such proceeding is involuntary, (1A) within 10 Business Days business days after Seller or FCNB has knowledge of such proceeding or the filing thereof either (a1) the petition instituting same has not been dismissed or (b2) an order has not been entered by the court having jurisdiction which allows continued transfer to the Trust of Principal Receivables with no adverse effect to the Trust or the Investor Certificateholders or (2B) an order as contemplated in clause (1)(bA)(2) above having ------------- previously been entered, is no longer in effect other than by reason of the termination of such proceeding, or (Ev) become unable for any reason to transfer Receivables to the Trust or Seller in accordance with the provisions of this Agreement or the Receivables Purchase Agreement, as the case may be; or (b) the Trust or Seller shall become an "investment company" within the meaning of the Investment Company Act of 1940, as amended; in the case of any a pay out event described in subparagraphs (a) or (b), a "Trust Pay Out Event 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 event.

Pay Out Events. If any one of the following events shall -------------- occur during either the Revolving Period or the Controlled Amortization Period with respect to any Series of the Investor Certificates: (a) Seller or FCNB shall (Ai) become insolvent, (Bii) fail to pay its debts generally as they become due, (Ciii) voluntarily seek, consent to, or acquiesce in the benefit or benefits of any Debtor Relief Law, (Div) become a party to (or be made the subject of) any proceeding provided for by any Debtor Relief Law, other than as a creditor or claimant, and, in the event such proceeding is involuntary, (1A) within 10 Business Days business days after Seller or FCNB has knowledge of such proceeding or the filing thereof either (a1) the petition instituting same has not been dismissed or (b2) an order has not been entered by the court having jurisdiction which allows continued transfer to the Trust of Principal Receivables with no adverse effect to the Trust or the Investor Certificateholders or (2B) an order as contemplated in clause (1)(bA)(2) above having previously been entered, is no ------------- longer in effect other than by reason of the termination of such proceeding, or (Ev) become unable for any reason to transfer Receivables to the Trust or Seller in accordance with the provisions of this Agreement or the Receivables Purchase Agreement, as the case may be; or (b) the Trust or Seller shall become an "investment company" within the meaning of the Investment Company Act of 1940, as amended; in the case of any a pay out event described in subparagraphs (a) or (b), a "Trust Pay Out Event 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 event.

Pay Out Events. If any one of the following events shall -------------- occur during either the Revolving Period or the Controlled Amortization Period with respect to any Series of the Investor Certificates: (a) Seller or FCNB shall (Ai) become insolvent, (Bii) fail to pay its debts generally as they become due, (Ciii) voluntarily seek, consent to, or acquiesce in the benefit or benefits of any Debtor Relief Law, (Div) become a party to (or be made the subject of) any proceeding provided for by any Debtor Relief Law, other than as a creditor or claimant, and, in the event such proceeding is involuntary, (1A) within 10 Business Days business days after Seller or FCNB has knowledge of such proceeding or the filing thereof either (a1) the petition instituting same has not been dismissed or (b2) an order has not been entered by the court having jurisdiction which allows continued transfer to the Trust of Principal Receivables with no adverse effect to the Trust or the Investor Certificateholders or (2B) an order as contemplated in clause (1)(bA)(2) above having previously been entered, is no ------------ longer in effect other than by reason of the termination of such proceeding, or (Ev) become unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement; or (b) the Trust or Seller shall become an "investment company" within the meaning of the Investment Company Act of 1940, as amended; in the case of any event described in subparagraphs (a) or (b), 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 event.;

Pay Out Events. If any one of the following events shall -------------- occur during either the Revolving Period or Period, the Accumulation Period, the Controlled Amortization Period or the Principal Amortization Period, with respect to any Series of the Investor Certificates:Notes (each, a "Pay Out Event"): (a) an Event of Bankruptcy shall occur with respect to any Seller, the Initial Seller or FCNB shall (A) become insolvent, (B) fail to pay its debts generally as they become due, (C) voluntarily seek, consent to, or acquiesce in the benefit or benefits of any Debtor Relief Law, (D) become a party to (or be made the subject of) any proceeding provided for by any Debtor Relief Law, other than as a creditor or claimant, and, in the event such proceeding is involuntary, (1) within 10 Business Days after Seller or FCNB has knowledge of such proceeding or the filing thereof either (a) the petition instituting same has not been dismissed or Servicer; (b) an order has not been entered by the court having jurisdiction which allows continued transfer to the Trust of Principal Receivables with no adverse effect to the Trust or the Investor Certificateholders or (2) an order as contemplated in (1)(b) above having previously been entered, is no longer in effect other than by reason all of the termination of such proceeding, or (E) Sellers shall become unable for any reason to transfer Receivables to the Trust Issuer in accordance with the provisions of this Agreement; orthe Purchase Agreement and such inability shall continue for three (3) Business Days after the Issuer or any Seller shall have notice or knowledge thereof; (bc) the Trust Issuer, the Initial Seller or any Seller shall have become an "investment company" within or shall have become under the meaning "control" of an "investment company" under the Investment Company Act of 1940, as amended; (d) the aggregate amount on deposit in the Trust Accounts exceeds 66 2/3% of the aggregate Principal Receivables at any time; or (e) any other event shall occur which may be specified in any Series Supplement as a "Series Pay Out Event"; then, in the case of any event described in subparagraphs clause (a) or through (bd) above (collectively, an "Issuer Pay Out Event"), a Trust Pay Out Event with respect to all Series of Notes shall occur and (ii) unless otherwise specified in the related Series Supplement, in the case of any event described in clause (e) above, a Pay Out Event with respect to only Notes of the related Series shall occur, in each case, unless otherwise specified in a related Series Supplement, without any notice or other action on the part of the Trustee or the Investor Certificateholders, affected Noteholders immediately upon the occurrence of such event. Upon the occurrence of a Pay Out Event, the Rapid Amortization Period, or, if specified in a Series Supplement, the Rapid Accumulation Period will commence for each affected Series.