Defaulted Receivables Sample Clauses

Defaulted Receivables. On the date when any Receivable in an Account becomes a Defaulted Receivable, the Issuer shall automatically and without further action or consideration be deemed to transfer, set over and otherwise convey to the Transferor with respect to such Account, without recourse, representation or warranty, all right, title and interest of the Issuer in and to the Defaulted Receivables (including any related Finance Charge Receivables) in such Account, all monies due or to become due with respect thereto, all proceeds thereof and any Insurance Proceeds relating thereto provided that Recoveries of such Account shall remain property of the Issuer and be applied as provided herein.
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Defaulted Receivables. (a) Each of the parties hereto hereby consents to the sale, transfer and assignment, from time to time, of Defaulted Receivables from the Seller to ABDC pursuant to an Assignment Agreement in form and substance substantially similar to Exhibit XVII (each, a “Defaulted Receivables Assignment Agreement”), provided that each of the following conditions precedent have been satisfied with respect to such Defaulted Receivables prior to effectiveness of such Defaulted Receivables Assignment Agreement (such conditions, the “Defaulted Receivables Assignment Conditions”):
Defaulted Receivables. No selection procedure was utilized by the Transferor with the intent to include a disproportionately higher level of Defaulted Receivables in the Removed Accounts than exist in the Accounts or to remove Accounts for the intended purpose of mitigating losses to the Trust.
Defaulted Receivables. On the date when any Receivable in an Account becomes a Defaulted Receivable, the Agent shall automatically and without further action or consideration transfer, set over and otherwise convey to the Transferor with respect to such Account, without recourse, representation or warranty, all right, title and interest of the Agent in and to the Defaulted Receivables in such Account, all monies due or to become due with respect thereto, all Proceeds thereof and any Insurance Proceeds relating thereto; provided, that Recoveries of such Account shall remain property of the Agent and be applied as provided herein.
Defaulted Receivables. On the date when any Receivable becomes a Defaulted Receivable, the Issuer shall automatically and without further action sell, transfer, set over, and otherwise convey to the Transferor, without recourse, representation or warranty, free and clear of the lien of the Indenture, all right, title and interest of the Issuer in and to such Defaulted Receivable and any related Finance Charge Receivables, all Interchange allocable to such Defaulted Receivable, all Insurance Proceeds allocable to such Defaulted Receivable, all rights to payment and amounts due or to become due with respect to all of the foregoing, and all proceeds thereof. Notwithstanding any provision to the contrary in the Account Ownership Agreement, on the date any Receivable becomes a Defaulted Receivable, the Transferor shall automatically and without further action assign to the Servicer, solely for collection purposes, without recourse, representation or warranty, such Defaulted Receivable and any related Finance Charge Receivables. The Servicer shall take appropriate actions to collect all amounts due with respect to Defaulted Receivables assigned to it hereunder (including any related Finance Charge Receivables), in accordance with its customary and usual servicing procedures for servicing credit card receivables comparable to the Defaulted Receivables, the Credit Card Guidelines, and the terms of this Agreement. Upon collection of any amounts by the Servicer (net of all applicable fees and expenses incurred by the Servicer and any other amounts payable to the Servicer pursuant to the Account Ownership Agreement in connection with such collection efforts), with respect to any Defaulted Receivable assigned to it hereunder (including any related Finance Charge Receivables), including Insurance Proceeds and the net proceeds of any sale of any such Defaulted Receivable (including any related Finance Charge Receivables), the Servicer shall deposit such amounts in the Collection Account. Such amounts shall be treated as Recoveries.
Defaulted Receivables. Before the occurrence of an Accelerated Amortisation Event, the Seller shall be entitled to request the Management Company to transfer back to it (without penalty) any Purchased Receivable which is a Defaulted Receivable, together with their related Ancillary Rights. The transfer back to the Seller of the Defaulted Receivables identified in the relevant request, together with their related Ancillary Rights, shall take place on the Payment Date following the delivery of such request. The purchase price of the Defaulted Receivables repurchased by the Seller shall be the value of such Defaulted Receivables, as registered in the balance sheet of the Compartment, provided that the Management Company and the Seller can also negotiate and agree any other purchase price.
Defaulted Receivables. Upon receipt of notice from the Borrower, the Deal Agent or any other Person, or if the Servicer otherwise learns, that the Obligor under any Franchise Receivable is in material default thereunder, the Servicer will take such action as is appropriate, consistent with the Servicer's administration of leases and loans serviced for its Affiliates and consistent with the customary practices of servicers in the same segment of the industry, including such action as may be necessary to cause, or attempt to cause, the Obligor thereunder to cure such default (if the same may be cured) or to terminate or attempt to terminate such Franchise Receivable and to recover, or attempt to recover, all damages resulting from such default to the extent permitted under such Franchise Receivable and under applicable law.
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Defaulted Receivables. Principal Ratio x Defaulted Receivables as of the previous since the last Statement Date Principal Transaction Date relating to a Principal Transaction Date R > 9,2% Subordinated Deposit as of the previous Principal Transaction Date
Defaulted Receivables. On the date on which a Receivable becomes a Defaulted Receivable, the Trust shall automatically and without further action or consideration be deemed to transfer, set over, and otherwise convey to the Transferor, without recourse, representation or warranty, all the right, title and interest of the Trust in and to such Defaulted Receivable, all monies due or to become due with respect thereto and all proceeds of such Defaulted Receivable allocable to the Trust with respect to such Defaulted Receivable, excluding Recoveries relating thereto, which shall remain a part of the Trust Property. On each Determination Date, the Servicer shall calculate the aggregate Investor Default Amount for the preceding Monthly Period with respect to each Series.
Defaulted Receivables. (a) On each day specified in the Supplement related to any Series, the Servicer shall calculate the Investor Default Amount and Investor Charge-Offs with respect to the related Series, and the Invested Amount of such Series shall be reduced by the applicable Investor Charge-Offs.
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