Common use of Transfer of Defaulted Accounts Clause in Contracts

Transfer of Defaulted Accounts. Unless otherwise provided in any Supplement, on the date on which an Account becomes a Defaulted Account, the Trust shall automatically and without further action or consideration be deemed to transfer, set over, and otherwise convey to the Transferor, without recourse, representation or warranty, all the right, title and interest of the Trust in and to Receivables in such Defaulted Account, all monies due or to become due with respect to such Receivables, all proceeds of such Receivables (other than Recoveries) relating to such Receivables and Interchange (if any) allocable to the Trust with respect to such Receivables.

Transfer of Defaulted Accounts. Unless otherwise provided in any Supplement, on the date on which an Account becomes a Defaulted Account, the Trust shall automatically and without further action or consideration be deemed to transfer, set over, and otherwise convey to the Transferor, without recourse, representation or warranty, all the right, title and interest of the Trust in and to Receivables in such Defaulted Account, all monies due or to become due with respect to such Receivablesthereto, all proceeds of such Receivables (other than Recoveries) thereof and Insurance Proceeds relating to such Receivables and Interchange (if any) thereto allocable to the Trust with respect to such Receivables.