Automatic Removal. With respect to Receivables or Collateral Certificates, in the event that: (i) any representation or warranty contained in subsection 2.04(a)(v) is not accurate in any material respect as of the date specified therein, or in the event that a Receivable is not an Eligible Receivable or a Collateral Certificate is not an Eligible Collateral Certificate; or (ii) with respect to Receivables, Chase USA has taken an action which causes a Receivable to be deemed to be an “instrument” (as defined in the UCC) in contravention of the provisions of subsection 2.08(a); and as a result of such breach, or as a result of a breach specified in subsection 2.05(a) of the Transfer and Servicing Agreement, Chase Card Funding is required under subsection 2.05(a) of the Transfer and Servicing Agreement to accept reassignment of such Receivable or Collateral Certificate, then Chase USA shall accept reassignment of all applicable Receivables or of the applicable Collateral Certificate on the terms and conditions set forth in subsection 2.06(c).
Appears in 4 contracts
Sources: Receivables Purchase Agreement (Chase Card Funding LLC), Receivables Purchase Agreement, Receivables Purchase Agreement (Chase Issuance Trust)
Automatic Removal. With respect to Receivables or Collateral Certificates, in the event that:
(i) any representation or warranty contained in subsection 2.04(a)(v) is not accurate in any material respect as of the date specified therein, or in the event that a Receivable is not an Eligible Receivable or a Collateral Certificate is not an Eligible Collateral Certificate; or
(ii) with respect to Receivables, Chase USA JPMCB has taken an action which causes a Receivable to be deemed to be an “instrument” (as defined in the UCC) in contravention of the provisions of subsection 2.08(a); and as a result of such breach, or as a result of a breach specified in subsection 2.05(a) of the Transfer and Servicing Agreement, Chase Card Funding is required under subsection 2.05(a) of the Transfer and Servicing Agreement to accept reassignment of such Receivable or Collateral Certificate, then Chase USA JPMCB shall accept reassignment of all applicable Receivables or of the applicable Collateral Certificate on the terms and conditions set forth in subsection 2.06(c).
Appears in 2 contracts
Sources: Receivables Purchase Agreement (Jpmorgan Chase Bank, National Association), Receivables Purchase Agreement