Transfer of Defaulted Accounts. Unless otherwise provided in the Transfer and Servicing Agreement, in consideration of receiving Recoveries as provided in subsection 3.07(a), on the date on which an Account becomes a Defaulted Account, Chase Card Funding shall automatically and without further action or consideration be deemed to transfer, set over, and otherwise convey to Chase USA, without recourse, representation, or warranty, all the right, title and interest of Chase Card Funding in and to the Receivables in such Defaulted Account, all monies due or to become due with respect thereto, all proceeds thereof allocable to Chase Card Funding with respect to such Receivables, excluding Recoveries relating thereto, which shall remain a Chase Card Funding Asset.
Appears in 4 contracts
Samples: Receivables Purchase Agreement (Chase Card Funding LLC), Receivables Purchase Agreement, Receivables Purchase Agreement (Chase Issuance Trust)
