Recourse and Repurchase Obligations. 1. Purchaser’s purchase of the following Accounts to be Sold is subject to the full recourse terms described below:
Recourse and Repurchase Obligations. 1. Purchaser’s purchase of the following Accounts to be Sold is subject to the full recourse terms described below: any Account that is two or more payments past due as of the Cut-Off Time, but less than five payments past due as of the Cut-Off Time, or any Account that contains the same Cardholders as such delinquent Account; any Account the balance of which is ten percent (10%) or more over the applicable credit limit as of the Cut-Off Time; the Secured Account balances as of the Cut-Off Time; and any Account described in Section VI.B., below (in which it has been determined that there is an inaccuracy or misrepresentation with respect to any representation or warranty). No later than thirty (30) days following the date Purchaser received the data regarding Accounts to be Sold from Seller, except in the case of an Account described in Section VI.B., Purchaser shall provide to Seller a list of the Accounts to be Sold that are subject to this Section II.C. For a period of one (1) year following the Conversion Date, upon demand by Purchaser, Seller shall repurchase an Account listed in this Section II.C.1. by paying to Purchaser a purchase price equal to the principal balance as of the repurchase date, which means the net amount, including interest, fees, and any other charges owing by a Cardholder to Purchaser on the Cardholder’s Account, of any credit balance in favor of the Cardholder, and less disputed items as recorded in the periodic statement of such Account most recently rendered prior to the repurchase date, plus all debits and less any credit properly posted to such Account pursuant to the terms of the Cardholder Agreement as of the repurchase date and, at Purchaser’s discretion, in addition to the principal balance, the Premium for said Account, minus the revenue Purchaser collected on such Account(s), plus Purchaser’s reasonable expenses, regardless of whether the Account is then in default, deemed uncollectible by Purchaser, charged off by Purchaser, is or has been subject to fraudulent activity, or over the credit limit or is otherwise impaired.
Recourse and Repurchase Obligations. 4.1 Seller's Agreement to Repurchase. Seller agrees -------------------------------- to pay to Buyer on demand, the full face amount, or any unpaid portion of, any Purchased Receivable: 4.1.1 Which remains unpaid for the Payment Period, unless prior to the expiration of the Payment Period, the subject Account Debtor has become Insolvent; or 4.1.2 With respect to which there has been any breach of warranty or representation set forth in Section 6 hereof or any breach of any covenant contained in this Agreement; or 4.1.3 With respect to which the Account Debtor asserts any Dispute.
Recourse and Repurchase Obligations
