Receipt of Collections Payments by Purchaser; Funds Held in Trust for Purchaser by Seller or Servicer. No Collections Payments shall be deemed received by Purchaser for purposes of this Agreement until funds are credited to the Purchaser Account in immediately available funds or otherwise actually received by Purchaser; provided that, prior to being deposited in the Purchaser Account, funds received by Seller or Servicer on account of the Purchased Receivable shall be deemed to be the exclusive property of Purchaser, and Seller and Servicer each shall be deemed to be holding such funds in trust for the exclusive use and benefit of Purchaser. Neither Servicer nor Seller shall, directly or indirectly, utilize any such funds held in trust for Purchaser for its own purposes, and shall not have any right to pledge such funds as collateral for any obligations of Servicer or Seller or any other Person.
Appears in 6 contracts
Samples: Receivable Purchase Agreement (Rite Aid Corp), Receivable Purchase Agreement (Rite Aid Corp), Receivable Purchase Agreement (Rite Aid Corp)
