Adjustments for Miscellaneous Credits and Fraudulent Charges. (a) If the Servicer adjusts downward the amount of any Receivable because of a rebate, refund, unauthorized charge or billing error to an Obligor, because such Receivable was created in respect of merchandise which was refused or returned by an Obligor, or because the Servicer or applicable Account Owner processes as a credit adjustment any uncollectible Small Balances, or if the Servicer otherwise adjusts downward the amount of any Receivable without receiving Collections therefor or without charging off such amount as uncollectible, then, in any such case, the amount of Principal Receivables used to calculate the Transferor Amount, the Transferor Interest and (unless otherwise specified) any other amount required in any Related Agreement to be calculated by reference to the amount of Principal Receivables, will be reduced by the product of (i) one minus the decimal equivalent of the applicable Discount Option Percentage and (ii) the amount of the adjustment. Similarly, the amount of Principal Receivables used to calculate the Transferor Amount, the Transferor Interest and (unless otherwise specified) any other amount required in any Related Agreement to be calculated by reference to the amount of Principal Receivables, will be reduced by the product of (i) one minus the decimal equivalent of the applicable Discount Option Percentage and (ii) the amount of any Receivable which was discovered as having been created through a fraudulent or counterfeit charge or with respect to which the Transferor’s covenant contained in subsection 2.9(b) of the Transfer Agreement was breached. Any adjustment required pursuant to either of the two preceding sentences shall be made on or prior to the end of the Monthly Period in which such adjustment obligation arises. In the event that, following the exclusion of such Principal Receivables from (x) the calculation of the Transferor Amount, such Transferor Amount would be an amount less than the Required Transferor Amount or (y) the calculation of the Pool Balance, such Pool Balance would be an amount less than the Required Pool Balance, the applicable Transferor shall make a deposit on the Payment Date following the Monthly Period in which such adjustment obligation arises, into the Excess Funding Account in immediately available funds in an amount equal to the greater of the amount by which (i) the Transferor Amount would be less than the Required Transferor Amount or (ii) the Pool Balance would be less than the Required P...
Adjustments for Miscellaneous Credits and Fraudulent Charges. The Servicer shall be obligated to reduce on a net basis each Monthly Period the aggregate amount of Principal Receivables used to calculate the Transferor Interest as provided in this subsection 4.03(c) (a "Credit Adjustment") with respect to any Principal Receivable (i) which was created in respect of merchandise refused or returned by the Obligor thereunder or as to which the Obligor thereunder has asserted a counterclaim or defense, (ii) which is reduced by the Servicer by any rebate, refund, charge-back or adjustment (including Servicer errors) or (iii) which was created as a result of a fraudulent or counterfeit charge. In the event that the inclusion of the amount of a Credit Adjustment in the calculation of the Transferor Interest would cause the Transferor Interest to be an amount less than zero, the Transferor shall make a deposit, no later than the Business Day following the Date of Processing of such Credit Adjustment, in the Principal Account (for allocation as a Principal Receivable pursuant to Article IV) in immediately available funds in an amount equal to the amount by which such Credit Adjustment exceeds the Transferor Interest on such Date of Processing (each such deposit, an "Adjustment Payment").
Adjustments for Miscellaneous Credits and Fraudulent Charges. The Servicer shall be obligated to reduce on a net basis for each Monthly Period the aggregate amount of Principal Receivables (a “Credit Adjustment”) with respect to any Principal Receivable (a) which was created in respect of merchandise refused or returned by the Obligor thereunder or as to which the Obligor thereunder has asserted a counterclaim or defense, (b) which is reduced by the Servicer by any rebate, refund, charge-back or adjustment (including Servicer errors) or (c) which was created as a result of a fraudulent or counterfeit charge.
Adjustments for Miscellaneous Credits and Fraudulent Charges. (i) The Servicer shall be obligated to reduce or adjust, as the case may be, on a net basis the aggregate amount of Principal Receivables as provided in this subsection 4.2(d) (a "Credit Adjustment") with respect to ----------------- ----------------- any Principal Receivable (A) which was created in respect of merchandise refused or returned by the Obligor thereunder or as to which the Obligor thereunder has asserted a counterclaim or defense, (B) which is reduced by the Servicer by any charge-back or adjustment, (C) which was created as a result of a fraudulent or counterfeit charge,
Adjustments for Miscellaneous Credits and Fraudulent Charges. Servicer shall reduce (a "Credit Adjustment") on a net basis not later than the Determination Date following each Monthly Period the aggregate amount of Principal Receivables used to calculate the Transferor Interest with respect to any Principal Receivable (i) which was created in respect of merchandise refused or returned by the Obligor thereunder or as to which the Obligor thereunder has successfully asserted a counterclaim or defense, (ii) which is reduced by Servicer by the amount of any rebate, refund, charge-back or adjustment (including Servicer errors) or (iii) which was created as a result of a fraudulent or counterfeit charge. If a Credit Adjustment would cause the Transferor Interest to be an amount less than the Minimum Transferor Interest, Transferor shall make a deposit, no later than the Business Day following the Date of Processing of such Credit Adjustment, in the Excess Funding Account in immediately available funds in an amount equal to the amount by which the Transferor Interest would be less than zero after giving effect to such Credit Adjustment on such Date of Processing.
Adjustments for Miscellaneous Credits and Fraudulent Charges. (a) With respect to each Due Period, the aggregate amount of Principal Receivables (i) which were created in respect of merchandise refused or returned by the Obligor thereunder or as to which the Obligor thereunder has asserted a counterclaim or defense, (ii) which were reduced by the Servicer by any rebate, refund, charge-back or adjustment (including Servicer errors) or (iii) which were created as a result of a fraudulent or counterfeit charge (with respect to such Due Period, the “Dilution Amount”) then subject to subsection (b) below, Purchase Price and Deferred Originator Payments that otherwise would be paid to the Seller with respect to Receivables subsequently generated by Seller shall be decreased by an amount equal to the Dilution Amount.
(b) If any decrease is required in the Purchase Price and Deferred Originator Payments with respect to subsequently generated Receivables pursuant to subsection (a) above at any time (i) when an Early Amortization Event exists or (ii) on or after the Purchase Termination Date, then, in lieu of such reduction, the amount by which the Purchase Price and Deferred Originator Payments due to Seller should have been so reduced shall be deposited by Seller in same day funds into the Collection Account for application by the Servicer to the same extent as if Collections of the applicable Receivable in such amount had actually been received on such date.
Adjustments for Miscellaneous Credits and Fraudulent Charges. The Servicer shall be obligated to reduce on a net basis each Collection Period the aggregate amount of Principal Receivables used to calculate the Transferor Amount as provided in this subsection 4.3(c) (an "Adjustment") with respect to any Principal Receivable (i) which was created in respect of merchandise refused or returned by the Obligor thereunder or as to which the Obligor thereunder has asserted a counterclaim or defense, (ii) which is reduced by the Servicer by any rebate, refund, charge-back or adjustment (including Servicer errors, but excluding any rebates or refunds relating to any reward-type program) or (iii) which was created as a result of a fraudulent or counterfeit charge. In the event that the inclusion of the amount of an Adjustment in the calculation of the Transferor Amount would cause the Transferor Amount to be an amount less than zero, the Transferor shall make a deposit, no later than the Business Day following the Date of Processing of such Adjustment, in the Collection Account in immediately available funds in an amount equal to the amount by which such Adjustment would cause the Transferor Amount to be less than zero on such Date of Processing.
Adjustments for Miscellaneous Credits and Fraudulent Charges. In the event that, following the exclusion of Principal Receivables from the calculation of the Transferor Interest pursuant to Section 3.09 of the Transfer and Servicing Agreement, the Transferor Interest would be less than the Required Transferor Interest, not later than 12:00 noon, New York City time, on the Payment Date following the Monthly Period in which such adjustment obligation arises, ABC shall pay to ABRC (which in turn shall make a deposit into the Excess Funding Account) in immediately available funds an amount equal to the amount by which the Transferor Interest would be less than the Required Transferor Interest (up to the amount of such adjustments).
Adjustments for Miscellaneous Credits and Fraudulent Charges. With respect to each Due Period, the aggregate amount of Principal Receivables (i) which were created in respect of merchandise refused or returned by the Obligor thereunder or as to which the Obligor thereunder has asserted a counterclaim or defense, (ii) which were reduced by the Servicer by any rebate, refund, charge-back or adjustment (including Servicer errors) or (iii) which were created as a result of a fraudulent or counterfeit charge (with respect to such Due Period, the "DILUTION AMOUNT") will be allocated to each Series based upon the Investor Percentage for such Series. On the last day of each Due Period, the aggregate amount of Principal Receivables used to calculate the Transferor Invested Amount will be reduced by an amount equal to the sum of the Series Dilution Amounts for each outstanding Series for such Due Period. If such reduction would cause the Transferor Invested Amount to be less than the Aggregate Minimum Transferor Invested Amount, the Transferor shall promptly, but in no event later than 10 Business Days after such last day, make a deposit in the Excess Funding Account in immediately available funds in an amount equal to the amount by which the Transferor Invested Amount would be reduced below the Aggregate Minimum Transferor Invested Amount.
