Sale of Defaulted Receivables to Third-Party Purchasers. The Servicer may recover on Defaulted Receivables by selling them to third-party purchasers. The purchase price that is paid for any Defaulted Receivable by a third-party purchaser will be a Recovery that must be remitted to the MTII Trustee. By executing this Agreement and without any further action, Funding releases all of its right, title, and interest in, to, and under any Defaulted Receivable that is sold to a third-party purchaser upon the full and irrevocable payment of the related purchase price.
Appears in 2 contracts
Samples: Defaulted Receivables Supplemental Servicing Agreement (BA Master Credit Card Trust II), Supplemental Servicing Agreement (BA Credit Card Funding, LLC)
Sale of Defaulted Receivables to Third-Party Purchasers. The Servicer may recover on Defaulted Receivables by selling them to third-party purchasers. The purchase price that is paid for any Defaulted Receivable by a third-party purchaser will be a Recovery that must be remitted to the MTII Trustee. By executing this Agreement and without any further action, Funding releases all of its right, title, and interest in, to, and under any Defaulted Receivable that is sold to a third-party purchaser upon the full and irrevocable payment of the related purchase price.
Appears in 2 contracts
Samples: Supplemental Servicing Agreement, Defaulted Receivables Supplemental Servicing Agreement (Capital One Funding, LLC)
