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 is so evidenced it shall be deemed to be an Ineligible Receivable in accordance with subsection 2.05(a) and shall be reassigned to the Transferor in accordance with subsection 2.05(c). Each Receivable shall be payable pursuant to a contract which does not create a Lien on any goods purchased thereunder. The Transferor will take no action to cause any Receivable to be anything other than an “account” (as defined in the UCC).
Appears in 6 contracts
Samples: Transfer and Servicing Agreement (Jpmorgan Chase Bank, National Association), Transfer and Servicing Agreement, Transfer and Servicing Agreement (Chase Card Funding LLC)
Receivables Not To Be Evidenced by Promissory Notes. Except in connection with its enforcement or collection of an Account, the such 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 is so evidenced it shall be deemed to be an Ineligible Receivable in accordance with subsection 2.05(a) and shall be reassigned to the such Transferor in accordance with subsection 2.05(c). Each Receivable shall be payable pursuant to a contract which does not create a Lien on any goods purchased thereunder. The Each Transferor will take no action to cause any Receivable to be anything other than an “account” (as defined in the UCC).
Appears in 2 contracts
Samples: Transfer and Servicing Agreement (First Usa Credit Card Master Trust), Transfer and Servicing Agreement (First Usa Credit Card Master Trust)
