Covenants of the Bank. The Bank hereby covenants and agrees with PFR as follows: (a) Receivables Not To Be Evidenced by Promissory Notes. Except in connection with its enforcement or collection of an Account, the Bank will take no action to cause any Receivable to be evidenced by any instrument other than an instrument that, taken together with one or more other writings, constitutes chattel paper (as such terms are defined in the UCC).
Appears in 2 contracts
Sources: Receivables Purchase Agreement (Partners First Receivables Funding Corp), Receivables Purchase Agreement (Partners First Receivables Funding Corp)