Covenants of the Transferor. The Transferor hereby covenants that: (a) Receivables Not To Be Evidenced by Promissory Notes. Except in connection with its enforcement or collection of an Account, the Transferor will take no action to cause any Receivable conveyed by it to the Trust to be evidenced by any instrument (as defined in the UCC) and if any such Receivable (or any underlying receivable) is so evidenced as a result of any action of the Transferor it shall be deemed to be an Ineligible Receivable in accordance with Section 2.5(a) and shall be reassigned to the Transferor in accordance with Section 2.5(b).
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Partners First Receivables Funding Corp), Pooling and Servicing Agreement (Partners First Receivables Funding Corp), Pooling and Servicing Agreement (Partners First Credit Card Master Trust)
Covenants of the Transferor. The Transferor hereby covenants that: :
(a) Receivables Not To Be Evidenced by Promissory Notes. Except in connection with its enforcement or collection of an Account, the Transferor will take no action to cause any Receivable conveyed by it to the Trust to be evidenced by any instrument (as defined in the UCC) and if any such Receivable (or any underlying receivable) is so evidenced as a result of any action of the Transferor it shall be deemed to be an Ineligible Receivable in accordance with Section 2.5(a) and shall be reassigned to the Transferor in accordance with Section 2.5(b).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Partners First Receivables Funding Corp), Pooling and Servicing Agreement (Credit Card Receivables Funding Corp)
Covenants of the Transferor. The Transferor hereby --------------------------- covenants that: :
(a) Receivables Not To Be Evidenced by Promissory Notes. Except in --------------------------------------------------- connection with its enforcement or collection of an Account, the Transferor will take no action to cause any Receivable conveyed by it to the Trust to be evidenced by any instrument (as defined in the UCC) and if any such Receivable (or any underlying receivable) is so evidenced as a result of any action of the Transferor it shall be deemed to be an Ineligible Receivable in accordance with Section 2.5(a) and shall be reassigned to the Transferor in accordance with Section 2.5(b).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First National Bank of Atlanta)
Covenants of the Transferor. The Transferor hereby covenants that: as follows:
(a) Receivables Not To Be Evidenced by Promissory Notesto be Accounts, General Intangibles or Chattel Paper. Except in connection with its the enforcement or collection of an Account, the Transferor will take no action to cause any Receivable conveyed transferred by it to the Trust to be evidenced by any instrument (as defined in the UCC) and and, if any such Receivable (or any underlying receivable) is so evidenced as a result (whether or not in connection with the enforcement or collection of any action of the Transferor an Account), it shall be deemed to be an Ineligible Receivable in accordance with Section subsection 2.5(a) and shall be reassigned to the Transferor in accordance with Section subsection 2.5(b).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Target Receivables Corp)
