Turnover Amounts definition
Turnover Amounts means (i) any amounts received in the Collection Account that ▇▇▇▇▇ Fargo identifies or the Servicer identifies to ▇▇▇▇▇ Fargo as not constituting Collections on a Purchased Receivable, (ii) any amounts received from the Account Debtor and identified as being applicable to a Purchased Receivable but subsequently corrected by the Servicer to be applicable to a Receivable other than a Purchased Receivable, amounts in excess of the Net Invoice Amount, or otherwise not applicable to a Purchased Receivable, and (iii) following a Deemed Application with respect to any Purchased Receivable, the amount of any payment on such Purchased Receivable in excess of the Net Invoice Amount of such Receivable (after application of such payment, any other Collections on such Purchased Receivable and the amount of such Deemed Application).
Examples of Turnover Amounts in a sentence
Except as expressly contemplated by this Agreement, ▇▇▇▇▇ Fargo shall have the sole right to retain any gains or profits created by buying, selling or holding the Purchased Receivables and shall have the sole risk of and responsibility for losses or damages created by such buying, selling or holding; provided, that ▇▇▇▇▇ Fargo shall promptly remit to the Applicable Seller Account(s) all Turnover Amounts in accordance with Section 2.