Allocation of Collections of Recoveries and Defaulted Accounts. (i) On the date on which an Account becomes a Defaulted Account, the Trust shall automatically and without further action or consideration be deemed to transfer, set over, and otherwise convey to the Seller, without recourse, representation or warranty, all the right, title and interest of the Trust in and to the Receivables in such Defaulted Account, all monies due or to become due with respect thereto, all proceeds of such Receivables and Interchange allocable to the Trust with respect to such Receivables, excluding Recoveries relating to such Defaulted Account, which shall remain a part of the Trust Assets. (ii) On each Determination Date, the Servicer shall calculate the Investor Default Amount for the preceding Monthly Period with respect to each Series.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust), Pooling and Servicing Agreement (Peoples Bank), Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust)
