Bills of exchange. None of the Originators or the Servicers shall draw any xxxx of exchange in connection with a relevant Purchased Receivable, nor demand or receive from any Obligor, or otherwise permit the creation by any Obligor of, any promissory note or any other instrument for which the applicable law requires additional formalities for the transfer in connection with a relevant Purchased Receivable, except if such bills of exchange, promissory notes or other instrument have been delivered simultaneously with their creation to the relevant Servicer to allow it to collect their payment at maturity. Upon the occurrence of a Credit Enhancement Event, the relevant Servicer shall ensure that all outstanding bills of exchange and promissory notes are endorsed to the Purchaser on behalf and at the expenses of the relevant Originator.
Appears in 4 contracts
Samples: Receivables Purchase Agreement (Ferro Corp), Receivables Purchase and Servicing Agreement (Ferro Corp), Receivables Purchase Agreement (Ferro Corp)
