Characterization of the Trust. For purposes of SFAS 140, the parties hereto intend that the Trust shall be treated as a “qualifying special purpose entity” as such term is used in SFAS 140 and any successor rule thereto and its permitted activities shall be limited in accordance with paragraph 35 thereof. If the transfer of the Receivables to the Trustee is characterized as a loan to the Transferor secured by Receivables, the Transferor, in such circumstances, agrees that it does not have the right to prepay such loan prior to the maturity date thereof under any circumstances and does hereby irrevocably waive and relinquish such right.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust), Master Pooling and Servicing Agreement (Circuit City Credit Card Master Trust), Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Characterization of the Trust. For purposes of SFAS 140, the parties hereto intend that the Trust shall be treated as a “qualifying special purpose entity” as such term is used in SFAS 140 and any successor rule thereto and its permitted activities shall be limited in accordance with paragraph 35 thereof. If the transfer of the Receivables to the Trustee Trust is characterized as a loan to the Transferor secured by Receivables, the Transferor, in such circumstances, agrees that it does not have the right to prepay such loan prior to the maturity date thereof under any circumstances and does hereby irrevocably waive and relinquish such right.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust), Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Characterization of the Trust. For purposes of SFAS 140, the parties hereto intend that the Trust shall be treated as a “"qualifying special purpose entity” " as such term is used in SFAS 140 and any successor rule thereto and its permitted activities shall be limited in accordance with paragraph 35 thereof. If the transfer of the Receivables to the Trustee Trust is characterized as a loan to the Transferor secured by Receivables, the Transferor, in such circumstances, agrees that it does not have the right to prepay such loan prior to the maturity date thereof under any circumstances and does hereby irrevocably waive and relinquish such right.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Chase Credit Card Master Trust)
Characterization of the Trust. For purposes of ----------------------------- SFAS 140, the parties hereto intend that the Trust shall be treated as a “"qualifying special purpose entity” " as such term is used in SFAS 140 and any successor rule thereto and its permitted activities shall be limited in accordance with paragraph 35 thereof. If the transfer of the Receivables to the Trustee Trust is characterized as a loan to the Transferor secured by Receivables, the Transferor, in such circumstances, agrees that it does not have the right to prepay such loan prior to the maturity date thereof under any circumstances and does hereby irrevocably waive and relinquish such right."
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Bank Na as Servic on Behalf Wach Cred Card Mas Tr)