Common use of Deemed Collections Clause in Contracts

Deemed Collections. With respect to any Receivable, if on any day the outstanding balance of such Receivable is reduced or cancelled as a result of (i) any defective or rejected goods or services, (ii) any cash discount or adjustment (including as a result of the application of any special refund or other discounts or any reconciliation), (iii) any setoff or credit (whether such claim or credit arises out of the same, a related, or an unrelated transaction) or (iv) any other reason except the financial inability of the Obligor to pay undisputed indebtedness, the Seller and the related Servicer shall be deemed to have received on such day a Collection on such Receivable in the amount of such reduction or cancellation. If (i) any representation, warranty, covenant or other agreement of the Seller related to a Receivable is not true or is not satisfied as of the date a Purchase Interest was conveyed to the Agent on behalf of the Purchasers or (ii) the Seller has not taken the action required to be taken by it with respect to a Receivable under Section 5.4, the Seller shall be deemed to have received on such day a Collection in the outstanding principal amount of such Receivable. If a Receivable was identified as an Eligible Receivable in any writing given to the Agent or the Purchasers, but was not an Eligible Receivable when so identified, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such Receivable. All such Collections deemed received by the Seller and the related Servicer under this Section 1.4(b) shall be remitted by them to the Agent Collection Account within one Business Day after such deemed receipt in accordance with Sections 5.1(i) and 5.2(h).

Deemed Collections. With respect to any Receivable, if If on any day the outstanding balance of such a Receivable is reduced or cancelled as a result of (i) any defective or rejected goods or services, (ii) any cash discount or adjustment (including as a result of the application of any special refund or other discounts or any reconciliation), (iii) any setoff or credit (whether such claim or credit arises out of the same, a related, or an unrelated transaction) or (iv) any other similar reason except not arising from the financial inability of the Obligor to pay undisputed indebtedness, the Seller and the related Servicer shall be deemed to have received on such day a Collection on such Receivable in the amount of such reduction or cancellation. If (i) any representation, warranty, covenant or other agreement of the Seller related to a Receivable is not true or is not satisfied as of the date a Purchase Interest was conveyed to the Agent on behalf of the Purchasers or or, (ii) the Seller has not taken the action required to be taken by it with respect to a Receivable under Section 5.45.6, the Seller shall be deemed to have received on such day a Collection in the outstanding principal amount of such Receivable. If a Receivable was identified as an Eligible Receivable in any writing given to the Agent or the Purchasers, but was not an Eligible Receivable when so identified, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such Receivable. All such Collections deemed received by the Seller and the related Servicer under this Section 1.4(b1.4(c) shall be remitted by them to the Agent Collection Account within one Business Day after such deemed receipt in accordance with Sections 5.1(i) and 5.2(h).

Deemed Collections. With respect to any Receivable, if If on any day the outstanding balance of such Outstanding ------------------ Balance of, or Finance Charges in respect of, a Receivable is either (x) reduced or cancelled as a result of (i) any defective or rejected goods or services, (ii) any cash discount or any adjustment by the Seller, the Collection Agent (including if then any Person designated by the Seller as Collection Agent) or the Originator (or, if other than the Originator, the originator of such Receivable), or (y) reduced or cancelled as a result of the application a setoff in respect of any special refund or other discounts or claim by any reconciliation), (iii) any setoff or credit Person (whether such claim or credit arises out of the same, same or a related, related transaction or an unrelated transactiontransaction and whether such claim relates to the Seller, the Originator (or, if other than the Originator, the originator of such Receivable) or (iv) any other reason except the financial inability of the Obligor to pay undisputed indebtedness, the Seller and the related Servicer shall be deemed to have received on such day a Collection on such Receivable in the amount of such reduction or cancellation. If (i) any representation, warranty, covenant or other agreement of the Seller related to a Receivable is not true or is not satisfied as of the date a Purchase Interest was conveyed to the Agent on behalf of the Purchasers or (ii) the Seller has not taken the action required to be taken by it with respect to a Receivable under Section 5.4Affiliate thereof), the Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such Receivablereduction or cancellation. If on any day any of the representations or warranties in Article III are no longer true with respect to a Receivable was identified as an Eligible Receivable in any writing given to the Agent or the Purchasers, but was not an Eligible Receivable when so identifiedReceivable, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such ReceivableReceivable in full. All such Collections deemed received by If the Seller and receives any Collections or if the related Servicer under Seller is deemed to have received Collections pursuant to this Section 1.4(b) 1.8 or otherwise, the Seller shall be remitted by them to the Agent Collection Account within one Business Day after pay such Collections or deemed receipt Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in accordance with Sections 5.1(i) trust by the Seller, for the exclusive benefit of the Purchasers and 5.2(h)the Agent.

Deemed Collections. With respect to any Receivable, if If on any day the outstanding balance Outstanding Balance of such a Receivable transferred hereunder is either (a) reduced as a result of any defective, rejected or returned merchandise, insurance or services, any cash discount or rebate, or any adjustment by the Seller or any Affiliate thereof (other than the Purchaser) or (b) reduced or cancelled as a result of (i) any defective or rejected goods or services, (ii) any cash discount or adjustment (including as a result of the application setoff in respect of any special refund or other discounts claim by the Obligor thereof against the Seller or any reconciliation), Affiliate thereof (iiiother than the Purchaser) any setoff or credit (whether such claim or credit arises out of the same, same or a related, related transaction or an unrelated transaction) or (iv) any other reason except the financial inability of the Obligor to pay undisputed indebtedness), the Seller and the related Servicer shall be deemed to have received on such day a Collection on such Receivable in the amount of such reduction or cancellation. If (i) any representation, warranty, covenant or other agreement of the Seller related to a Receivable is not true or is not satisfied as of the date a Purchase Interest was conveyed to the Agent on behalf of the Purchasers or (ii) the Seller has not taken the action required to be taken by it with respect to a Receivable under Section 5.4, then the Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such Receivablereduction or cancellation. If Collections are reduced as a result of an Obligor failing to pay any Receivable was identified as an Eligible Receivable in transferred hereunder free and clear of, and without deduction for, any writing given to the Agent and all present or the Purchasersfuture taxes, but was not an Eligible Receivable when so identifiedlevies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, then the Seller and the related Servicer shall be deemed to have received on such day a an additional Collection of such Receivable in the amount of the outstanding balance of such Receivablereduction. All The Seller will deposit all such deemed Collections deemed received by the Seller and the related Servicer under this Section 1.4(b) shall be remitted by them to the Agent into a Collection Account within one two Business Days following the Business Day after on which such Collections are deemed receipt in accordance with Sections 5.1(i) and 5.2(h)to have been received.

Deemed Collections. With respect to any Receivable, if If on any day the outstanding balance Outstanding Principal Balance of, or Accrued Finance Charges in respect of, a Receivable is either (x) reduced as a result of any returns, defective or rejected goods or services, any cash discount or any adjustment by the Seller, the Collection Agent (if then any Person designated by the Seller is Collection Agent) or the Originator (or, if other than the Originator, the originator of such Receivable is Receivable), or (y) reduced or cancelled as a result of (i) any defective or rejected goods or services, (ii) any cash discount or adjustment (including as a result of the application setoff in respect of any special refund or other discounts or claim by any reconciliation), (iii) any setoff or credit Person (whether such claim or credit arises out of the same, same or a related, related transaction or an unrelated transactiontransaction and whether such claim relates to the Seller, the Originator (or, if other than the Originator, the originator of such Receivable) or (iv) any other reason except the financial inability of the Obligor to pay undisputed indebtedness, the Seller and the related Servicer shall be deemed to have received on such day a Collection on such Receivable in the amount of such reduction or cancellation. If (i) any representation, warranty, covenant or other agreement of the Seller related to a Receivable is not true or is not satisfied as of the date a Purchase Interest was conveyed to the Agent on behalf of the Purchasers or (ii) the Seller has not taken the action required to be taken by it with respect to a Receivable under Section 5.4Affiliate thereof), the Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such Receivablereduction or cancellation. If on any day any of the representations or warranties in Article III are no longer true with respect to a Receivable was identified as an Eligible Receivable in any writing given to the Agent or the Purchasers, but was not an Eligible Receivable when so identifiedReceivable, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such ReceivableReceivable in full. All such Collections deemed received by If the Seller and receives any Collections or if the related Servicer under Seller is deemed to have received Collections pursuant to this Section 1.4(b) 1.91.10 or otherwise, the Seller shall be remitted by them to the Agent Collection Account within one Business Day after pay such deemed receipt Collections or Deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in accordance trust by the Seller, for the exclusive benefit of the Purchasers, the Managing Agents with Sections 5.1(i) respect to such Purchasers and 5.2(h)the Agent.

Deemed Collections. With respect to If at any Receivable, if on time the Outstanding Balance of any day the outstanding balance of such Receivable is either (x) reduced or cancelled as a result of (i) any defective or rejected goods or services, (ii) any cash discount or any adjustment or otherwise by the Borrower, Servicer or any sub-servicer (including other than cash Collections on account of the Receivables) or (y) reduced or canceled as a result of the application (i) a setoff in respect of any special refund or other discounts or claim by any reconciliation), (iii) any setoff or credit Person (whether such claim or credit arises out of the same, same or a related, related transaction or an unrelated transaction) or (ivii) any other reason except the financial inability categorization of such Receivable as an Upgraded Receivable, then the Obligor to pay undisputed indebtedness, the Seller and the related Servicer Borrower shall be deemed to have received on such day a Collection on of such Receivable in the amount of such reduction or cancellation. If (i) at any representation, warranty, covenant or other agreement time any of the Seller related to a Receivable is not representations or warranties in ARTICLE V are no longer true or is not satisfied as of the date a Purchase Interest was conveyed to the Agent on behalf of the Purchasers or (ii) the Seller has not taken the action required to be taken by it with respect to a Receivable under Section 5.4any Receivable, then the Seller Borrower shall be deemed to have received on such day a Collection in the outstanding principal amount full of such Receivable. If a Receivable was identified as an Eligible Receivable in any writing given The Borrower hereby agrees to pay all Deemed Collections immediately to the Agent or Servicer for application in accordance with the Purchasersterms and conditions hereof; PROVIDED, but was not an Eligible Receivable when so identifiedHOWEVER on any day prior to the Amortization Date, the Seller Borrower shall not be required to pay Deemed Collections to the Servicer, to the extent that (i) the Originator is the Servicer, (ii) the Originator is (and remains) obligated to pay such Deemed Collections to the related Borrower pursuant to the Sale Agreement and (iii) such amount would constitute Excess Funds and be distributed to the Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such Receivable. All such Collections deemed received by the Seller and the related Servicer under this Section 1.4(b) shall be remitted by them to the Agent Collection Account within one Business Day after such deemed receipt in accordance with Sections 5.1(i) and 5.2(h)SECTION 2.2.

Deemed Collections. With respect to any Receivable, if If on any day the outstanding balance of such Outstanding Balance of, or Accrued Finance Charges in respect of, a Receivable is either (x) reduced or cancelled as a result of (i) any defective or rejected goods or services, (ii) any cash discount or any adjustment by the Seller, the Collection Agent (including if then any Person designated by the Seller is Collection Agent) or the Originator (or, if other than the Originator, the originator of such Receivable), or (y) reduced or cancelled as a result of the application a setoff in respect of any special refund or other discounts or claim by any reconciliation), (iii) any setoff or credit Person (whether such claim or credit arises out of the same, same or a related, related transaction or an unrelated transactiontransaction and whether such claim relates to the Seller, the Originator (or, if other than the Originator, the originator of such Receivable) or (iv) any other reason except the financial inability of the Obligor to pay undisputed indebtedness, the Seller and the related Servicer shall be deemed to have received on such day a Collection on such Receivable in the amount of such reduction or cancellation. If (i) any representation, warranty, covenant or other agreement of the Seller related to a Receivable is not true or is not satisfied as of the date a Purchase Interest was conveyed to the Agent on behalf of the Purchasers or (ii) the Seller has not taken the action required to be taken by it with respect to a Receivable under Section 5.4Affiliate thereof), the Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such Receivablereduction or cancellation. If on any day any of the representations or warranties in Article III are no longer true with respect to a Receivable was identified as an Eligible Receivable in any writing given to the Agent or the Purchasers, but was not an Eligible Receivable when so identifiedReceivable, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such ReceivableReceivable in full. All such Collections deemed received by If the Seller and receives any Collections or if the related Servicer under Seller is deemed to have received Collections pursuant to this Section 1.4(b) 1.9 or otherwise, the Seller shall be remitted by them to the Agent Collection Account within one Business Day after pay such deemed receipt Collections or Deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in accordance trust by the Seller, for the exclusive benefit of the Purchasers, the Managing Agents with Sections 5.1(i) respect to such Purchasers and 5.2(h)the Agent.