Common use of Tangible Chattel Paper Clause in Contracts

Tangible Chattel Paper. With respect to any Receivables included in the Receivables Pool that constitute “tangible chattel paper” (including “chattel paper” within the meaning of the PPSA), if any, such Borrower (or the applicable Servicer on its behalf) has in its possession the original copies of such tangible chattel paper that constitute or evidence such Receivables, and such Borrower has caused (and will cause the applicable Originator to cause), within ten (10) days after the Closing Date, the filing of financing statements described in clause (iv), above, each of which will contain a statement that: “A purchase of, or security interest in, any collateral described in this financing statement will violate the rights of the Administrator”. The Receivables to the extent they are evidenced by “tangible chattel paper” do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than each Borrower or the Administrator.