Rejected Account definition
Examples of Rejected Account in a sentence
In the event a Rejected Account is required to be repurchased by the Provider, the Administrator shall cause the amount of the Repurchase Price to be paid by the following means, in the following order of priority: (i) an adjustment in the Servicing Fee (provided that the breach giving rise to the Rejected Account occurred during such time as the Provider acted as Servicer), (ii) an adjustment in any Deferred Payment due the Provider, and/or (iii) an adjustment in any Initial Payment.
A Rejected Account Access Check Fee is due in full by the Payment Due Date for the billing cycle in which the Rejected Account Access Check Fee was incurred.
The Rejected Account Access Check Fee is paid to ACA to pay the charges assessed to ACA by the bank and for services in connection with processing the rejected Access Check.
If within 30 days thereafter the Purchased Account is still unpaid and the Provider has not obtained such confirmation, unless the Obligor is then subject to a bankruptcy, receivership or similar proceeding, the Purchased Account will be conclusively presumed to be a Rejected Account due to a breach of a representation or warranty.
All Accounts that are not Accepted ▇▇▇▇unts are referred to herein as "Rejected Accounts" and the Account Agreements related thereto are referred to as the "Rejected Account Agreements".
After receipt of any payment of all or any part of the Repurchase Price for any Rejected Account, if the Purchaser is compelled to surrender such payment or any portion thereof, the Provider will be liable to the Purchaser for the amount of such payment surrendered.
If any representation or warranty made with respect to a Purchased Account is untrue, the Provider will repurchase such Account (a "Rejected Account") from the Purchaser.
Upon payment of the Repurchase Price, the Purchaser will reassign the Rejected Account to the Provider without any representation, warranty or recourse whatsoever, and the Purchaser shall have no further obligation to the Provider with respect to such Rejected Account.
You will incur a Rejected Account Access Check Fee of $20.00 for any Account Access Check that is rejected by ACA.
The repurchase price (the "Repurchase Price") will be equal to the Initial ENV of the Rejected Account less any collections with respect to such Rejected Account pursuant to Section 5(h)(ii).