Common use of Deemed Collections Clause in Contracts

Deemed Collections. If on any day the outstanding balance of a 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 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 in the outstanding principal amount of such Receivable. If a Receivable was identified as an Eligible Receivable in any writing given to the Agent or the Purchasers, but was not an Eligible Receivable when so identified, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such Receivable. All such Collections deemed received by the Seller and the related Servicer under this Section 1.4(c) shall be remitted by them to the Collection Account within one Business Day after such deemed receipt in accordance with Sections 5.1(i) and 5.2(h).

Deemed Collections. If on any day the outstanding balance of Outstanding ------------------ Balance of, or Finance Charges in respect of, a Receivable is either (x) reduced or cancelled as a result of any defective or rejected goods or services, any cash discount or any adjustment by the Seller, the Collection Agent (including if then any Person designated by the Seller as Collection Agent) or the Originator (or, if other than the Originator, the originator of such Receivable), or (y) reduced or cancelled as a result of the application a setoff in respect of any special refund or other discounts or claim by any reconciliation), any setoff or credit Person (whether such claim or credit arises out of the same, same or a related, 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 other similar reason not arising from the financial inability of the Obligor to pay undisputed indebtedness, 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 5.6Affiliate thereof), the Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such Receivablereduction or cancellation. If on any day any of the representations or warranties in Article III are no longer true with respect to a Receivable was identified as an Eligible Receivable in any writing given to the Agent or the Purchasers, but was not an Eligible Receivable when so identifiedReceivable, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such ReceivableReceivable in full. All such Collections deemed received by If the Seller and receives any Collections or if the related Servicer under Seller is deemed to have received Collections pursuant to this Section 1.4(c) 1.8 or otherwise, the Seller shall be remitted by them to the Collection Account within one Business Day after pay such Collections or deemed receipt Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in accordance with Sections 5.1(i) trust by the Seller, for the exclusive benefit of the Purchasers and 5.2(h)the Agent.

Deemed Collections. If With respect to any Receivable, if on any day the outstanding balance of a such Receivable is reduced or cancelled as a result of (i) any defective or rejected goods or services, (ii) any cash discount or adjustment (including as a result of the application of any special refund or other discounts or any reconciliation), (iii) any setoff or credit (whether such claim or credit arises out of the same, a related, or an unrelated transaction) or (iv) any other similar reason not arising from except the financial inability of the Obligor to pay undisputed indebtedness, 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, or (ii) the Seller has not taken the action required to be taken by it with respect to a Receivable under Section 5.65.4, the Seller shall be deemed to have received on such day a Collection in the outstanding principal amount of such Receivable. If a Receivable was identified as an Eligible Receivable in any writing given to the Agent or the Purchasers, but was not an Eligible Receivable when so identified, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such Receivable. All such Collections deemed received by the Seller and the related Servicer under this Section 1.4(c1.4(b) shall be remitted by them to the Agent Collection Account within one Business Day after such deemed receipt in accordance with Sections 5.1(i) and 5.2(h).

Deemed Collections. If on any day the outstanding balance 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 any defective or rejected goods or services, any cash discount or adjustment (including as a result of the application setoff in respect of any special refund or other discounts claim by the Obligor thereof against the Seller or any reconciliation), any setoff or credit Affiliate thereof (other than the Purchaser) (whether such claim or credit arises out of the same, same or a related, related transaction or an unrelated transaction) or other similar reason not arising from the financial inability of the Obligor to pay undisputed indebtedness), 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, then the Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such Receivablereduction or cancellation. If Collections are reduced as a result of an Obligor failing to pay any Receivable was identified as an Eligible Receivable in transferred hereunder free and clear of, and without deduction for, any writing given to the Agent and all present or the Purchasersfuture taxes, but was not an Eligible Receivable when so identifiedlevies, 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 a an additional Collection of such Receivable in the amount of the outstanding balance of such Receivablereduction. All The Seller will deposit all such deemed Collections deemed received by the Seller and the related Servicer under this Section 1.4(c) shall be remitted by them to the into a Collection Account within one two Business Days following the Business Day after on which such Collections are deemed receipt in accordance with Sections 5.1(i) and 5.2(h)to have been received.

Deemed Collections. If on any day the outstanding balance of Outstanding Balance of, or Accrued Finance Charges in respect of, a Receivable is either (x) reduced or cancelled as a result of any defective or rejected goods or services, any cash discount or any adjustment by the Seller, the Collection Agent (including if then any Person designated by the Seller is Collection Agent) or the Originator (or, if other than the Originator, the originator of such Receivable), or (y) reduced or cancelled as a result of the application a setoff in respect of any special refund or other discounts or claim by any reconciliation), any setoff or credit Person (whether such claim or credit arises out of the same, same or a related, 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 other similar reason not arising from the financial inability of the Obligor to pay undisputed indebtedness, 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 5.6Affiliate thereof), the Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such Receivablereduction or cancellation. If on any day any of the representations or warranties in Article III are no longer true with respect to a Receivable was identified as an Eligible Receivable in any writing given to the Agent or the Purchasers, but was not an Eligible Receivable when so identifiedReceivable, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such ReceivableReceivable in full. All such Collections deemed received by If the Seller and receives any Collections or if the related Servicer under Seller is deemed to have received Collections pursuant to this Section 1.4(c) 1.9 or otherwise, the Seller shall be remitted by them to the Collection Account within one Business Day after pay such deemed receipt Collections or Deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in accordance trust by the Seller, for the exclusive benefit of the Purchasers, the Managing Agents with Sections 5.1(i) respect to such Purchasers and 5.2(h)the Agent.

Deemed Collections. If on any day in any month the outstanding balance Unpaid Balance of a any Pool Receivable is is (A) reduced or cancelled as a result of any defective or rejected goods services or servicesproducts, returns of unclaimed products, any cash discount discount, allowances, credits, billing errors, write-offs, discounts, sales return adjustments, credit memos or any adjustment by Seller or any Affiliate of Seller (including other than any adjustment permitted by Section 8.02(c)(i) unless the Administrative Agent shall reasonably object thereto within 30 days of being informed thereof), or (B) reduced or cancelled as a result of the application a setoff in respect of any special refund or other discounts or any reconciliation), any setoff or credit claim by the Obligor thereof (whether such claim or credit arises out of the same, same or a related, related or an unrelated transaction), or (C) or other similar reason not arising from the financial inability reduced on account of the Obligor obligation of Seller or any Affiliate of Seller to pay undisputed indebtedness, the Seller and to the related Servicer shall be deemed to have received on such day a Collection on such Receivable in the amount of such reduction Obligor any rebate or cancellation. If (i) any representationrefund, 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 then Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such Receivablereduction, cancellation or payment. If on any day Seller receives a Receivable was identified as an Eligible Receivable in any writing given payment pursuant to the Agent or the PurchasersPurchase and Sale Agreement, but was not an Eligible Receivable when so identified, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of such payment. If on any day the outstanding balance representation or warranty of Seller 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 made, Seller shall be deemed to have received on such day a Collection of the full Unpaid Balance of such Pool Receivable. All such Collections deemed received by the Seller and the related Servicer under this Section 1.4(c) shall be remitted by them to the Collection Account within one Business Day after such deemed receipt in accordance with Sections 5.1(i) and 5.2(h).

Deemed Collections. If on any day the outstanding balance of Outstanding Principal Balance of, or Accrued Finance Charges in respect of, a Receivable is either (x) reduced or cancelled as a result of any returns, defective or rejected goods or services, any cash discount or any adjustment by the Seller, the Collection Agent (including if then any Person designated by the Seller is Collection Agent) or the Originator (or, if other than the Originator, the originator of such Receivable), or (y) reduced or cancelled as a result of the application a setoff in respect of any special refund or other discounts or claim by any reconciliation), any setoff or credit Person (whether such claim or credit arises out of the same, same or a related, 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 other similar reason not arising from the financial inability of the Obligor to pay undisputed indebtedness, 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 5.6Affiliate thereof), the Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such Receivablereduction or cancellation. If on any day any of the representations or warranties in Article III are no longer true with respect to a Receivable was identified as an Eligible Receivable in any writing given to the Agent or the Purchasers, but was not an Eligible Receivable when so identifiedReceivable, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such ReceivableReceivable in full. All such Collections deemed received by If the Seller and receives any Collections or if the related Servicer under Seller is deemed to have received Collections pursuant to this Section 1.4(c) 1.91.10 or otherwise, the Seller shall be remitted by them to the Collection Account within one Business Day after pay such deemed receipt Collections or Deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in accordance trust by the Seller, for the exclusive benefit of the Purchasers, the Managing Agents with Sections 5.1(i) respect to such Purchasers and 5.2(h)the Agent.