Common use of Certain Reimbursements to the Servicer Clause in Contracts

Certain Reimbursements to the Servicer. The Servicer shall be entitled to withhold from amounts otherwise required to be remitted to the Collection Account with respect to a Collection Period an amount in respect of funds deposited with respect to prior Collection Periods in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds; provided, that, such withholding may be made only following certification by the Servicer of such amounts and the provision of such information to the Indenture Trustee and the Administrator as may be necessary in the opinion of the Indenture Trustee and the Administrator to verify the accuracy of such certification.

Appears in 5 contracts

Samples: Sale and Servicing Agreement (HSBC Automotive Trust (USA) 2007-1), Sale and Servicing Agreement (HSBC Auto Receivables Corp), Sale and Servicing Agreement (HSBC Automotive Trust (USA) 2006-3)

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