Treatment of Defaulted Receivables. In addition to the foregoing, on the date when any Receivable in an Account becomes a Defaulted Receivable, the Trust shall automatically and without further action or consideration be deemed to transfer, set over and otherwise convey to the Transferor with respect to such Account, without recourse, representation or warranty, all right, title and interest of the Owner Trustee and the Trust in and to the Defaulted Receivables in such Account, all Interchange related thereto, all monies and amounts due or to become due with respect thereto, all proceeds thereof and any Insurance Proceeds relating thereto; provided, that Recoveries of such Account shall be applied as provided herein.
Appears in 3 contracts
Samples: Transfer and Servicing Agreement (HSBC Credit Card Master Note Trust (Usa) I), Transfer and Servicing Agreement (HSBC Private Label Credit Card Master Note Trust (Usa) I), Transfer and Servicing Agreement (Household Affinity Funding Corp Iii)
Treatment of Defaulted Receivables. In addition to the foregoing, on the date when any Receivable in an Account becomes a Defaulted Receivable, the Trust shall automatically and without further action or consideration be deemed to transfer, set over and otherwise convey to the Transferor with respect to such Account, without recourse, representation or warranty, all right, title and interest of the Owner Trustee and the Trust in and to the Defaulted Receivables in such Account, all Interchange related thereto, all monies and amounts due or to become due with respect thereto, all proceeds thereof and any Insurance Proceeds relating thereto; provided, that Recoveries of such Account shall be applied as provided herein.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Household Affinity Funding Corp Iii)
