Common use of Deemed Collections Clause in Contracts

Deemed Collections. If on any day the Outstanding Balance of a Receivable transferred hereunder is either (a) reduced as a result of any defective, rejected or returned merchandise, insurance or services, any cash discount or rebate, or any adjustment by the Seller or any Affiliate thereof (other than the Purchaser) or (b) reduced or cancelled as a result of a setoff in respect of any claim by the Obligor thereof against the Seller or any Affiliate thereof (other than the Purchaser) (whether such claim arises out of the same or a related transaction or an unrelated transaction), then the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation. If Collections are reduced as a result of an Obligor failing to pay any Receivable transferred hereunder free and clear of, and without deduction for, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, then the Seller shall be deemed to have received on such day an additional Collection of such Receivable in the amount of such reduction. The Seller will deposit all such deemed Collections into a Collection Account within two Business Days following the Business Day on which such Collections are deemed to have been received.

Deemed Collections. If With respect to any Receivable, if on any day the Outstanding Balance outstanding balance of a such Receivable transferred hereunder is either (a) reduced as a result of any defective, rejected or returned merchandise, insurance or services, any cash discount or rebate, or any adjustment by the Seller or any Affiliate thereof (other than the Purchaser) or (b) reduced or cancelled as a result of (i) any defective or rejected goods or services, (ii) any cash discount or adjustment (including as a setoff in respect result of the application of any claim by the Obligor thereof against the Seller special refund or other discounts or any Affiliate thereof reconciliation), (other than the Purchaseriii) any setoff or credit (whether such claim or credit arises out of the same or same, a related transaction related, or an unrelated transaction)) or (iv) any other reason except the financial inability of the Obligor to pay undisputed indebtedness, then the Seller and the related Servicer shall be deemed to have received on such day a Collection on such Receivable in the amount of such reduction or cancellation. If (i) any representation, warranty, covenant or other agreement of the Seller related to a Receivable is not true or is not satisfied as of the date a Purchase Interest was conveyed to the Agent on behalf of the Purchasers or (ii) the Seller has not taken the action required to be taken by it with respect to a Receivable under Section 5.4, the Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such reduction or cancellationReceivable. If Collections are reduced a Receivable was identified as a result of an Obligor failing Eligible Receivable in any writing given to pay any the Agent or the Purchasers, but was not an Eligible Receivable transferred hereunder free and clear ofwhen so identified, and without deduction for, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, then the Seller and the related Servicer shall be deemed to have received on such day an additional a Collection of such Receivable in the amount of the outstanding balance of such reductionReceivable. The All such Collections deemed received by the Seller will deposit all such deemed Collections into a and the related Servicer under this Section 1.4(b) shall be remitted by them to the Agent Collection Account within two Business Days following the one Business Day on which after such Collections are deemed to have been receivedreceipt in accordance with Sections 5.1(i) and 5.2(h).

Deemed Collections. If on any day the Outstanding ------------------ Balance of of, or Finance Charges in respect of, a Receivable transferred hereunder is either (ax) reduced as a result of any defective, defective or rejected or returned merchandise, insurance goods or services, any cash discount or rebate, or any adjustment by the Seller, the Collection Agent (if then any Person designated by the Seller as Collection Agent) or any Affiliate thereof the Originator (or, if other than the Purchaser) Originator, the originator of such Receivable), or (by) reduced or cancelled as a result of a setoff in respect of any claim by the Obligor thereof against the Seller or any Affiliate thereof (other than the Purchaser) Person (whether such claim arises out of the same or a related transaction or an unrelated transactiontransaction and whether such claim relates to the Seller, the Originator (or, if other than the Originator, the originator of such Receivable) or any Affiliate thereof), then the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation. If Collections on any day any of the representations or warranties in Article III are reduced as a result of an Obligor failing to pay any Receivable transferred hereunder free and clear of, and without deduction for, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities no longer true with respect theretoto a Receivable, then the Seller shall be deemed to have received on such day an additional a Collection of such Receivable in full. If the amount of such reduction. The Seller will deposit all such deemed receives any Collections into a Collection Account within two Business Days following or if the Business Day on which such Collections are Seller is deemed to have been receivedreceived Collections pursuant to this Section 1.8 or otherwise, the Seller shall within one Business Day pay such Collections or deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in trust by the Seller, for the exclusive benefit of the Purchasers and the Agent.

Deemed Collections. If on any day the Outstanding Balance outstanding balance of a Receivable transferred hereunder is either (a) reduced or cancelled as a result of any defective, defective or rejected or returned merchandise, insurance goods or services, any cash discount or rebate, or any adjustment by the Seller or any Affiliate thereof (other than the Purchaser) or (b) reduced or cancelled including as a result of a setoff in respect the application of any claim by the Obligor thereof against the Seller special refund or other discounts or any Affiliate thereof (other than the Purchaser) reconciliation), any setoff or credit (whether such claim or credit arises out of the same or same, a related transaction related, or an unrelated transaction)) or other similar reason not arising from the financial inability of the Obligor to pay undisputed indebtedness, then the Seller and the related Servicer shall be deemed to have received on such day a Collection on such Receivable in the amount of such reduction or cancellation. If (i) any representation, warranty, covenant or other agreement of the Seller related to a Receivable is not true or is not satisfied as of the date a Purchase Interest was conveyed to the Agent on behalf of the Purchasers or, (ii) the Seller has not taken the action required to be taken by it with respect to a Receivable under Section 5.6, the Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such reduction or cancellationReceivable. If Collections are reduced a Receivable was identified as a result of an Obligor failing Eligible Receivable in any writing given to pay any the Agent or the Purchasers, but was not an Eligible Receivable transferred hereunder free and clear ofwhen so identified, and without deduction for, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, then the Seller and the related Servicer shall be deemed to have received on such day an additional a Collection of such Receivable in the amount of the outstanding balance of such reductionReceivable. The All such Collections deemed received by the Seller will deposit all such deemed Collections into a and the related Servicer under this Section 1.4(c) shall be remitted by them to the Collection Account within two Business Days following the one Business Day on which after such Collections are deemed to have been receivedreceipt in accordance with Sections 5.1(i) and 5.2(h).

Deemed Collections. If on any day the Outstanding Principal Balance of of, or Accrued Finance Charges in respect of, a Receivable transferred hereunder is either (ax) reduced as a result of any defectivereturns, defective or rejected or returned merchandise, insurance goods or services, any cash discount or rebate, or any adjustment by the Seller, the Collection Agent (if then any Person designated by the Seller is Collection Agent) or any Affiliate thereof the Originator (or, if other than the Purchaser) Originator, the originator of such Receivable), or (by) reduced or cancelled as a result of a setoff in respect of any claim by the Obligor thereof against the Seller or any Affiliate thereof (other than the Purchaser) Person (whether such claim arises out of the same or a related transaction or an unrelated transactiontransaction and whether such claim relates to the Seller, the Originator (or, if other than the Originator, the originator of such Receivable) or any Affiliate thereof), then the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation. If Collections on any day any of the representations or warranties in Article III are reduced as a result of an Obligor failing to pay any Receivable transferred hereunder free and clear of, and without deduction for, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities no longer true with respect theretoto a Receivable, then the Seller shall be deemed to have received on such day an additional a Collection of such Receivable in full. If the amount of such reduction. The Seller will deposit all such deemed receives any Collections into a Collection Account within two Business Days following or if the Business Day on which such Collections are Seller is deemed to have been receivedreceived Collections pursuant to this Section 1.91.10 or otherwise, the Seller shall within one Business Day pay such Collections or Deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in trust by the Seller, for the exclusive benefit of the Purchasers, the Managing Agents with respect to such Purchasers and the Agent.

Deemed Collections. If on any day the Outstanding Balance of of, or Accrued Finance Charges in respect of, a Receivable transferred hereunder is either (ax) reduced as a result of any defective, defective or rejected or returned merchandise, insurance goods or services, any cash discount or rebate, or any adjustment by the Seller, the Collection Agent (if then any Person designated by the Seller is Collection Agent) or any Affiliate thereof the Originator (or, if other than the Purchaser) Originator, the originator of such Receivable), or (by) reduced or cancelled as a result of a setoff in respect of any claim by the Obligor thereof against the Seller or any Affiliate thereof (other than the Purchaser) Person (whether such claim arises out of the same or a related transaction or an unrelated transactiontransaction and whether such claim relates to the Seller, the Originator (or, if other than the Originator, the originator of such Receivable) or any Affiliate thereof), then the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation. If Collections on any day any of the representations or warranties in Article III are reduced as a result of an Obligor failing to pay any Receivable transferred hereunder free and clear of, and without deduction for, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities no longer true with respect theretoto a Receivable, then the Seller shall be deemed to have received on such day an additional a Collection of such Receivable in full. If the amount of such reduction. The Seller will deposit all such deemed receives any Collections into a Collection Account within two Business Days following or if the Business Day on which such Collections are Seller is deemed to have been receivedreceived Collections pursuant to this Section 1.9 or otherwise, the Seller shall within one Business Day pay such Collections or Deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in trust by the Seller, for the exclusive benefit of the Purchasers, the Managing Agents with respect to such Purchasers and the Agent.

Deemed Collections. If on any day in any month the Outstanding Unpaid Balance of a any Pool Receivable transferred hereunder is either is (aA) reduced as a result of any defectivedefective or rejected services or products, rejected or returned merchandise, insurance or servicesreturns of unclaimed products, any cash discount or rebatediscount, allowances, credits, billing errors, write-offs, discounts, sales return adjustments, credit memos or any adjustment by the Seller or any Affiliate thereof of Seller (other than any adjustment permitted by Section 8.02(c)(i) unless the Purchaser) or Administrative Agent shall reasonably object thereto within 30 days of being informed thereof), or (bB) reduced or cancelled as a result of a setoff in respect of any claim by the Obligor thereof against the Seller or any Affiliate thereof (other than the Purchaser) (whether such claim arises out of the same or a related transaction or an unrelated transaction), or (C) reduced on account of the obligation of Seller or any Affiliate of Seller to pay to the related Obligor any rebate or refund, then the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction reduction, cancellation or cancellationpayment. If Collections are reduced as on any day Seller receives a result of an Obligor failing payment pursuant to pay any Receivable transferred hereunder free the Purchase and clear ofSale Agreement, and without deduction for, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, then the Seller shall be deemed to have received on such day an additional a Collection of such Receivable in the amount of such reductionpayment. The If on any day the representation or warranty of Seller will deposit all set forth in Section 6.01(l) is no longer true with respect to a Pool Receivable or the representation or warranty of Seller set forth in Section 6.01(p) was or is not true as of each date such representation or warranty is made or deemed Collections into a Collection Account within two Business Days following the Business Day on which such Collections are made, Seller shall be deemed to have been receivedreceived on such day a Collection of the full Unpaid Balance of such Pool Receivable.