Contractual Payment Obligations Clause Samples
Contractual Payment Obligations. Notwithstanding any limitation on recourse contained in this Agreement, the Originator hereby agrees as follows:
(a) If on any day the outstanding balance of a Purchased Receivable is reduced or cancelled as a result of any defective or rejected goods or services, any cash discount or adjustment (including as a result of the application of any special refund or other discounts or any reconciliation), any setoff or credit (whether such claim or credit arises out of the same, a related or an unrelated transaction) or other similar reason not arising from the financial inability of the Obligor to pay undisputed indebtedness, the outstanding principal balance of the Note shall be reduced by the amount of such reduction or cancellation in the outstanding balance of such Purchased Receivable; provided that to the extent such reduction would reduce the Note to zero, the Originator shall pay to the Company in cash on such day any remaining amount due on account of such reduction or cancellation.
(b) If on any day (i) any representation, warranty, covenant or other agreement of the Originator is not true (as of the date such representation or warranty is made or deemed made) with respect to any Purchased Receivable or (ii) in the case of a covenant or agreement, is not satisfied for a Purchased Receivable, the Company shall sell such Purchased Receivable to the Originator for an amount equal to the amount paid by the Company for such Purchased Receivable, such amount to be paid by reducing the outstanding principal balance of the Note by such amount; provided that to the extent such reduction would reduce the Note to zero, the Originator shall pay to the Company in cash on such day any remaining amount due to purchase such Purchased Receivable.
Contractual Payment Obligations. Notwithstanding any limitation on recourse contained in this Agreement, each Originator hereby consents and agrees as follows:
(a) If on any day the Outstanding Balance of a Receivable originated by any Originator is either (i) reduced or cancelled as a result of any defective or rejected goods or services, any cash discount or any adjustment by such Originator or (ii) reduced or cancelled as a result of a setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction), such Originator hereby agrees to pay to the Buyer on such day the amount of such reduction in the Outstanding Balance or, if such Receivable is cancelled, the amount of the Outstanding Balance of such Receivable in full.
(b) If on any day any of the representations or warranties made or deemed made by any Originator in Article III is no longer true with respect to a Receivable originated by such Originator, such Originator shall pay to the Buyer on such day the Outstanding Balance of such Receivable in full.
Contractual Payment Obligations. 4 Section 1.7. Servicing Agent............................................4
Contractual Payment Obligations. Notwithstanding any limitation on recourse contained in this Agreement, each Originator hereby agrees as follows:
(a) If on any day the outstanding balance of a Purchased Receivable sold by such Originator to the Company is reduced or cancelled as a result of any defective or rejected goods or services, any cash discount or adjustment (including as a result of the application of any special refund or other discounts or any reconciliation), any setoff or credit (whether such claim or credit arises out of the same, a related, or an unrelated transaction) or other similar reason not arising from the financial inability of the Obligor to pay undisputed indebtedness, such Originator shall pay to the Company within five Business Days after demand the amount of such reduction or cancellation in the outstanding balance of such Purchased Receivable.
(b) If on any day any representation, warranty, covenant or other agreement of such Originator is not true in a material respect (as of the date such representation or warranty is made or deemed made) or (in the case of a covenant or agreement) is not satisfied in a material respect for a Purchased Receivable sold by such Originator to the Company, and, as a result, there is a material adverse effect on the value of such Purchased Receivable, such Originator shall pay to the Company within five Business Days after demand the outstanding balance of such Purchased Receivable in full.
Contractual Payment Obligations. The Originator hereby agrees as follows:
(a) If on any day the outstanding balance of a Purchased Receivable is reduced or canceled as a result of any defective or rejected goods or services, any cash discount or adjustment (including as a result of the application of any special refund or other discounts or any reconciliation), any setoff or credit (whether such claim or credit arises out of the same, a related, or an unrelated transaction) or other similar reason not arising from the financial inability of the Obligor to pay undisputed indebtedness, the Originator shall pay to the Company on such day the amount of such reduction or cancellation in the outstanding balance of such Purchased Receivable.
(b) If on any day any representation, warranty, covenant or other agreement of the Originator is not true (as of the date such representation or warranty is made or deemed made) or (in the case of a covenant or agreement) is not satisfied for a Purchased Receivable, the Originator shall pay to the Company on such day the outstanding balance of such Purchased Receivable in full. The Company shall have no recourse to the Originator with respect to any Purchased Receivable otherwise than pursuant to this Section 1.6.