Common use of Trade Receivables Clause in Contracts

Trade Receivables. (a) If a Grantor grants Liens over its trade receivables it shall be free to deal with those receivables in the course of its business until a Notes Relevant Acceleration Event. (b) No notice of Liens shall be served on a debtor until a Notes Relevant Acceleration Event, including for the avoidance of doubt, upon the underlying debtors in Right to Collect Accounts and all sub-performing or charged-off consumer accounts, installment loans or other similar accounts or portfolios thereof. (c) No Liens will be granted over any trade receivables which cannot be secured or assigned under the terms of the relevant contract. (d) Nothing contained in the relevant Security Documents shall cause the Grantor to violate any applicable data protection laws.