Deemed Collection definition

Deemed Collection. Defined in Section 2.4(c).

Deemed Collection has the meaning set forth in Section 1.4(e)(i) and (ii).

Deemed Collection means an amount equal to the sum of (A) the OUTSTANDING PRINCIPAL AMOUNT of the affected portion of any PURCHASED RECEIVABLE if (i) such PURCHASED RECEIVABLE becomes a DISPUTED RECEIVABLE (irrespective of any subsequent court determination in respect thereof), (ii) the relevant LOAN CONTRACT proves not to have been legally valid, binding, enforceable and assignable as of the PURCHASE DATE, (iii) the ISSUER proves not to have acquired, upon the payment of the purchase price for such PURCHASED RECEIVABLE on the PURCHASE DATE, title to such PURCHASED RECEIVABLE contemplated in the relevant LOAN CONTRACT free and clear of any ADVERSE CLAIM, (iv) such PURCHASED RECEIVABLE proves not to have been an ELIGIBLE RECEIVABLE on the PURCHASE DATE, (v) such PURCHASED RECEIVABLE contemplated in the relevant LOAN CONTRACT is deferred (other than in accordance with the SERVICING AGREEMENT or the CREDIT AND COLLECTION POLICY, or with the prior approval of the Issuer), redeemed or otherwise modified (other than in accordance with the Servicing Agreement) (in each case other than an early termination of the relevant Loan Contract in accordance with the Credit and Collection Policy prior to the expiry date of the relevant Loan Contract as scheduled therein) or (vi) such PURCHASED RECEIVABLE contemplated in the relevant LOAN CONTRACT otherwise did not exist in whole or partly prior to its sale and assignment to the Issuer or ceases to exist for any reason, including, but without limitation, the legally effective revocation (Widerruf) of the LOAN CONTRACT by the DEBTOR (but in any event other than by payment to the SERVICER or the ISSUER or because of a breach by the relevant DEBTOR of its payment obligations under the LOAN CONTRACT) and (B) any reduction of the OUTSTANDING PRINCIPAL AMOUNT of any PURCHASED RECEIVABLE or any other amount owed by a DEBTOR due to (i) any set-off against the SELLER due to a counterclaim of the DEBTOR or any set-off or equivalent action against the relevant DEBTOR by the SELLER or (ii) any discount or other credit in favour of the DEBTOR, in each case as of the date of such reduction for such PURCHASED RECEIVABLE;

Examples of Deemed Collection in a sentence

• Upon any such Deemed Collection, the SPV shall, on the second Business Day following its knowledge thereof, deposit into the Collection Account an amount equal to such Deemed Collection and such amount shall be applied by the Servicer as a Collection in accordance with Section 2.12.

• Except as permitted under Section 9.02(a), extend, amend or otherwise modify the payment terms of any Pool Receivable or amend, modify or waive any payment term or condition of any related Contract, in each case unless a corresponding Deemed Collection payment in respect of the related Pool Receivable is made, in full, in connection therewith.

• Upon any such Deemed Collection, the SPV shall, on the second Business Day following its knowledge of such Dilution, pay to the Servicer an amount equal to such Deemed Collection and such amount shall be applied by the Servicer as a Collection in accordance with Section 2.12.

• Servicer will not take, or cause to be taken, any action that reduces the amount payable of any Pool Asset or materially impairs the full and timely collection thereof unless (i) approved in writing in advance by the Required Purchasers or (ii) such reduction in the amount of such Pool Asset is paid to the Administrative Agent by the Servicer as a Deemed Collection in accordance with Section 3.2(a).

• Additionally, the Servicer shall deliver such other information and reports with respect to the Contractual Dilution Accrual, including a comparison of the Contractual Dilution Accrual to the actual Deemed Collection with respect thereto for each Fiscal Month, in form and substance reasonably satisfactory to the Administrative Agent.

More Definitions of Deemed Collection

Deemed Collection means in relation to any Purchased Auto Loan an amount equal to:

Deemed Collection has the meaning set forth in Section 3.2.

Deemed Collection means, in relation to any Purchased HP Contract, an amount equal to:

Deemed Collection means, at any time, the aggregate of all amounts the Borrower shall have been deemed to have received as a Collection of a Receivable pursuant to Section 2.08 of this Agreement.

Deemed Collection has the meaning set forth in the Purchase Agreement.

Deemed Collection has the meaning set forth in Section 6(a) hereof.

Deemed Collection. Defined in Section 7.3.