Receivables Not To Be Evidenced by Instruments. HRAC II will take no action to cause any Receivable (or any underlying receivable) to be evidenced by any instrument or chattel paper (as defined in the UCC), except in connection with the enforcement or collection undertaken with regard to the related Account. In the event of a breach of this Section 5.01(a), such Receivable shall be reassigned to HRAC II in accordance with Section 6.01(b).
Appears in 2 contracts
Sources: Receivables Purchase Agreement, Receivables Purchase Agreement (Metris Master Trust)
Receivables Not To Be Evidenced by Instruments. HRAC II I will take no action to cause any Receivable (or any underlying receivable) to be evidenced by any instrument or chattel paper (as defined in the UCC), except in connection with the enforcement or collection undertaken with regard to the related Account. In the event of a breach of this Section 5.01(a), such Receivable shall be reassigned to HRAC II I in accordance with Section 6.01(b).
Appears in 1 contract
Sources: Receivables Purchase Agreement (HSBC Credit Card Master Note Trust (Usa) I)