Common use of Charged-Off Accounts Clause in Contracts

Charged-Off Accounts. During the term of the Agreement, on the last business day of each calendar month, Bank shall automatically and without further action or consideration be deemed to, and hereby does, transfer, set over and convey to Marketer all of its right, title and interest in and to each Account that has been charged-off as uncollectible during such calendar month in accordance with the policies and procedures specified in the Manual and all rights of Bank, if any, to Credit Card Receivables therein, and, on and after each such date, Marketer shall automatically and without further action or consideration be deemed to, and hereby does, assume Bank’s obligations with respect to each such Account. Marketer will provide Bank with a monthly report detailing these charge-offs. Marketer shall pay all transfer taxes, if any, in connection with the conveyances contemplated by this Section 2.16. Bank and Marketer intend that such sale of the Accounts and all rights of Bank, if any, to Credit Card Receivables therein under this Section 2.16 is intended to be an absolute transfer and sale, including for accounting purposes, of all of Bank’s interest in, to and under such Accounts and all rights of Bank, if any, to Credit Card Receivables therein, providing Marketer with the full benefits of ownership of same, and Bank and Marketer do not intend these transactions to be, or for any purpose to be characterized as, a loan secured by such Accounts. If despite such intention, a court characterizes the sale of Accounts hereunder as a loan rather than an absolute transfer, then this Agreement shall be deemed to be, and hereby is a security agreement, within the meaning of the Uniform Commercial Code in effect in any relevant jurisdiction, and Bank hereby grants to Marketer, a first priority perfected security interest in, to and under all of Bank’s right, title and interest, whether now existing or hereafter acquired or arising, in, to and under each and every Account described in this Section 2.16 and all rights of Bank, if any, to Credit Card Receivables therein, for the purpose of securing Marketer’s rights under this Agreement.

Charged-Off Accounts. During the term of the Agreement, on the last business day Banking Day of each calendar month, Bank shall automatically and without further action or consideration be deemed toconsideration, and hereby does, sell, transfer, set over and convey to Marketer all of its right, title and interest in and to each Account that has been charged-off as uncollectible during such calendar month in accordance with the policies and procedures specified in the Manual and all rights of Bank, if any, to Credit Card Receivables therein, and, on and after each such date, Marketer shall automatically and without further action or consideration be deemed toconsideration, and hereby does, assume Bank’s obligations with respect to each such Account. Marketer will provide Bank with a monthly report detailing these charge-offs. Marketer shall pay all transfer taxes, if any, in connection with the conveyances contemplated by this Section 2.162.17. Bank and Marketer intend that such sale of the Accounts and all rights of Bank, if any, to Credit Card Receivables therein under this Section 2.16 2.17 is intended to be an absolute transfer and sale, including for accounting purposes, of all of Bank’s interest in, to and under such Accounts and all rights of Bank, if any, to Credit Card Receivables therein, providing Marketer with the full benefits of ownership of same, and Bank and Marketer do not intend these transactions to be, or for any purpose to be characterized as, a loan secured by such Accounts. If despite such intention, a court characterizes the sale of Accounts hereunder as a loan rather than an absolute transfersale, then this Agreement shall be deemed to be, and hereby is is, a security agreement, within the meaning of the Uniform Commercial Code in effect in any relevant jurisdiction, and Bank hereby grants to Marketer, Marketer a first priority perfected security interest in, to and under all of Bank’s right, title and interest, whether now existing owned or hereafter acquired or arisingacquired, in, to and under each and every Account described in transferred to Marketer pursuant to this Section 2.16 2.17 and all rights of Bank, if any, to Credit Card Receivables therein, for the purpose of securing MarketerBank’s rights obligations under this Agreement.

Charged-Off Accounts. During the term of the Agreement, on the last business day of each calendar month, Bank CB&T shall automatically and without further action or consideration be deemed to, and hereby does, transfer, set over and convey to Marketer CompuCredit all of its right, title and interest in and to each Account that has been charged-off as uncollectible during such calendar month in accordance with the policies and procedures specified in the Manual and all rights of Bank, if any, to Credit Card Receivables thereinManual, and, on and after each such date, Marketer CompuCredit shall automatically and without further action or consideration be deemed to, and hereby does, assume Bank’s CB&T's obligations with respect to each such Account. Marketer will provide Bank with a monthly report detailing these charge-offs. Marketer CompuCredit shall pay all transfer taxes, if any, in connection with the conveyances contemplated by this Section 2.162.20. Bank CB&T and Marketer CompuCredit intend that such sale of the Accounts and all rights of Bank, if any, to Credit Card Receivables therein under this Section 2.16 2.20 is intended to be an absolute transfer and sale, including for accounting purposes, of all of Bank’s CB&T's interest in, to and under such Accounts and all rights of Bank, if any, to Credit Card Receivables thereinAccounts, providing Marketer CompuCredit with the full benefits of ownership of same, and Bank CB&T and Marketer CompuCredit do not intend these transactions to be, or for any purpose to be characterized as, a loan secured by such Accounts. If despite such intention, a court characterizes the sale of Accounts hereunder as a loan rather than an absolute transfer, then this Agreement shall be deemed to be, and hereby is a security agreement, within the meaning of the Uniform Commercial Code in effect in any relevant jurisdiction, and Bank CB&T hereby grants to MarketerCompuCredit, a first priority perfected security interest in, to and under all of Bank’s CB&T's right, title and interest, whether now existing or hereafter acquired or arising, interest in, to and under each and every Account described in transferred to CompuCredit pursuant to this Section 2.16 and all rights of Bank2.20, if any, to Credit Card Receivables therein, whether now existing or hereafter acquired or arising for the purpose of securing Marketer’s CompuCredit's rights under this Agreement.

Charged-Off Accounts. During the term of the AgreementTerm, on the last business day Business Day of each calendar month, Bank Accounts Owner shall automatically and without further action or consideration be deemed to, and hereby does, transfer, set over and convey to Marketer CCRT all of its right, title and interest in and to each Account that has been charged-off as uncollectible during such calendar month in accordance with the policies and procedures specified in the Manual and all rights of Bank, if any, to Credit Card Receivables thereinCriteria, and, on and after each such date, Marketer CCRT shall automatically and without further action or consideration be deemed to, and hereby does, assume BankAccounts Owner’s obligations with respect to each such Account. Marketer will provide Bank with a monthly report detailing these charge-offs. Marketer CCRT shall pay all transfer taxes, if any, in connection with the conveyances contemplated by this Section 2.163.14. Bank Accounts Owner and Marketer CCRT intend that such sale of the Accounts and all rights of Bank, if any, to Credit Card Receivables therein under this Section 2.16 3.14 is intended to be an absolute transfer and sale, including for accounting purposes, of all of BankAccounts Owner’s interest in, to and under such Accounts and all rights of BankAccounts, if any, to Credit Card Receivables thereinincluding for accounting purposes, providing Marketer CCRT with the full benefits of ownership of same, and Bank Accounts Owner and Marketer CCRT do not intend these transactions to be, or for any purpose to be characterized as, a loan secured by such Accounts. If despite such intention, a court characterizes the sale of Accounts hereunder as a loan rather than an absolute transfer, then this Agreement shall be deemed to be, and hereby is a security agreement, within the meaning of the Uniform Commercial Code in effect in any relevant jurisdiction, and Bank Accounts Owner hereby grants to MarketerCCRT, a first priority perfected security interest in, to to, and under under, all of BankAccounts Owner’s right, title title, and interestinterest in, to, and under, each and every Account transferred to CCRT pursuant to this Section 3.14, whether now existing or hereafter acquired or arising, in, to and under each and every Account described in this Section 2.16 and all rights of Bank, if any, to Credit Card Receivables therein, arising for the purpose of securing MarketerCCRT’s rights under this Agreement.