Common use of Program Assets Clause in Contracts

Program Assets. The Company shall be the sole and exclusive owner of all Program Assets, including, without limitation, all Accounts and Account Documentation and, except as expressly set forth in this Agreement, shall have all rights, powers, and privileges with respect thereto as such owner. All purchases of Goods and/or Services in connection with the Accounts and the Cardholder Indebtedness shall create the relationship of debtor and creditor between the relevant Cardholder and the Company. The Servicer acknowledges and agrees that (i) it has no right, title or interest in or to any of the Accounts, Account Documentation, other Program Assets, or any proceeds of any of the foregoing, and (ii) the Company extends credit directly to Cardholders.