Common use of Possession of Receivables Clause in Contracts

Possession of Receivables. For Receivables that are “tangible chattel paper,” the Depositor has in its possession, directly or through their agents, all original copies of the Receivable that constitute or evidence part of the Sold Property, and these Receivables do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Issuer. For Receivables that are “electronic chattel paper,” the Depositor has “control” of the sole “authoritative copy” (each within the meaning of the applicable UCC) of each such Receivable and has not communicated an authoritative copy of any such Receivable that constitutes or evidences part of the Sold Property to any Person other than the Issuer.

Possession of Receivables. For Receivables that are “"tangible chattel paper,” " the Depositor has in its possession, directly or through their agents, all original copies of the Receivable that constitute or evidence part of the Sold Property, and these Receivables do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Issuer. For Receivables that are “"electronic chattel paper,” " the Depositor has “"control” " of the sole “"authoritative copy” " (each within the meaning of the applicable UCC) of each such Receivable and has not communicated an authoritative copy of any such Receivable that constitutes or evidences part of the Sold Property to any Person other than the Issuer.