Common use of Deemed Collections; Purchase Limit Clause in Contracts

Deemed Collections; Purchase Limit. (a) If on any day: (i) the Outstanding Balance of any Receivable originated by an Approved Business Unit is reduced or cancelled as a result of any defective or rejected goods or services, any cash discount or any other adjustment by any Seller Party or any Affiliate thereof, or as a result of any governmental or regulatory action, or (ii) the Outstanding Balance of any Receivable originated by an Approved Business Unit is reduced or canceled as a result of a setoff in respect of any claim by the Obligor thereof (whether such claim arises out of the same or a related or an unrelated transaction), or (iii) the Outstanding Balance of any Receivable originated by an Approved Business Unit is reduced on account of the obligation of any Seller Party or any Affiliate thereof to pay to the related Obligor any rebate or refund, or (iv) the Outstanding Balance of any Receivable originated by an Approved Business Unit is less than the amount included in calculating the Net Pool Balance for purposes of any Monthly Report (for any reason other than such Receivable becoming a Defaulted Receivable), or (v) any of the representations or warranties of Seller set forth in Section 5.1(g), (i), (j), (r), (s), (t) or (u) were not true when made with respect to any Receivable originated by an Approved Business Unit, or any Receivable originated by an Approved Business Unit is repurchased by an Originator pursuant to the Receivables Sale Agreement, then, on such day, Seller shall be deemed to have received a Collection of such Receivable (A) in the case of clauses (i)-(iv) above, in the amount of such reduction or cancellation or the difference between the actual Outstanding Balance and the amount included in calculating such Net Pool Balance, as applicable; and (B) in the case of clause (v) above, in the amount of the Outstanding Balance of such Receivable and, not later than the next Settlement Date thereafter shall pay to the Agent's Account the amount of any such Collection deemed to have been received. (b) Seller shall ensure that the Aggregate Invested Amount shall at no time prior to the occurrence of an Amortization Event exceed the Purchase Limit. If at any time the Aggregate Invested Amount exceeds the Purchase Limit, Seller shall pay to the Agent immediately an amount to be applied to reduce the Aggregate Invested Amount (as allocated by the Agent), such that after giving effect to such payment the Aggregate Invested Amount is less than or equal to the Purchase Limit. (c) Seller shall also ensure that the Receivable Interests shall at no time prior to the occurrence of an Amortization Event exceed in the aggregate 100%. If the aggregate of the Receivable Interests exceeds 100%, Seller shall pay to the Agent on or before the next succeeding Settlement Date (or, if such excess is discovered on a Settlement Date, on such Settlement Date) an amount to be applied to reduce the Aggregate Invested Amount (as allocated by the Agent), such that after giving effect to such payment the aggregate of the Receivable Interests equals or is less than 100%.

Deemed Collections; Purchase Limit. (a) If on any day: (i) the Outstanding Balance of any Receivable originated by an Approved Business Unit is reduced or cancelled as a result of any defective or rejected goods or services, any cash discount or any other adjustment by any Seller Party Originator or any Affiliate thereof, or as a result of any governmental or regulatory action, or (ii) the Outstanding Balance of any Receivable originated by an Approved Business Unit is reduced or canceled as a result of a setoff in respect of any claim by the Obligor thereof (whether such claim arises out of the same or a related or an unrelated transaction), or (iii) the Outstanding Balance of any Receivable originated by an Approved Business Unit is reduced on account of the obligation of any Seller Party Originator or any Affiliate thereof to pay to the related Obligor any rebate or refund, or (iv) the Outstanding Balance of any Receivable originated by an Approved Business Unit is less than the amount included in calculating the Net Pool Balance for purposes of any Monthly Report (for any reason other than receipt of Collections or such Receivable becoming a Defaulted Receivable), or (v) any of the representations or warranties of the Seller set forth in Section 5.1(g), (iSection 5.1(i), (jSection 5.1(j), (rSection 5.1(r), (sSection 5.1(s), (tSection 5.1(t) or (uSection 5.1(u) were not true when made with respect to any Receivable originated by an Approved Business Unit, or any Receivable originated by an Approved Business Unit is repurchased by an Originator pursuant to the Receivables Sale AgreementReceivable, then, on such day, the Seller shall be deemed to have received a Collection of such Receivable (A) in the case of clauses (i)-(iv) above, in the amount of such reduction or cancellation or the difference between the actual Outstanding Balance and the amount included in calculating such Net Pool Balance, as applicable; and (B) in the case of clause (v) above, in the amount of the Outstanding Balance of such Receivable andand (in either case), not later than the next Settlement Date two (2) Business Days thereafter shall pay to the Agent's Account the amount Blue Ridge's Portion of any such Collection deemed to have been receivedreceived in the same manner as actual cash collections are distributed under the terms of this Agreement. (b) The Seller shall ensure that the Aggregate Invested Amount shall at no time prior to the occurrence of an Amortization Event exceed exceeds the Purchase Limit. If at any time the Aggregate Invested Amount exceeds the Purchase Limit, the Seller shall pay to the Agent immediately an amount to be applied to reduce the Aggregate Invested Amount (as allocated by the Agent), such that after giving effect to such payment the Aggregate Invested Amount is less than or equal to the Purchase Limit. (c) The Seller shall also ensure that the Receivable Interests shall at no time prior to the occurrence of an Amortization Event exceed in the aggregate 100%. If the aggregate of the Receivable Interests exceeds 100%, the Seller shall pay to the Agent on or before the next succeeding Settlement Date (or, if such excess is discovered on a Settlement Date, on such Settlement Date) an amount to be applied to reduce the Aggregate Invested Amount (as allocated by the Agent), such that after giving effect to such payment the aggregate of the Receivable Interests equals or is less than 100%.

Deemed Collections; Purchase Limit. (a) If on any day: (i) the Outstanding Balance of any Receivable originated by an Approved Business Unit is reduced or cancelled canceled as a result of any defective or rejected goods or services, any cash discount or any other adjustment by any Seller Party the Originator or any Affiliate thereof, or as a result of any governmental or regulatory action, or (ii) the Outstanding Balance of any Receivable originated by an Approved Business Unit is reduced or canceled as a result of a setoff in respect of any claim by the Obligor thereof (whether such claim arises out of the same or a related or an unrelated transaction), or (iii) the Outstanding Balance of any Receivable originated by an Approved Business Unit is reduced on account of the obligation of any Seller Party the Originator or any Affiliate thereof to pay to the related Obligor any rebate or refund, or (iv) the Outstanding Balance of any Receivable originated by an Approved Business Unit is less than the amount included in calculating the Net Pool Balance for purposes of any Monthly Investment Report (for any reason other than receipt of Collections or such Receivable becoming a Defaulted Receivable), or (v) any of the representations or warranties of the Seller set forth in Section 5.1(g), (iSection 5.1(i), (jSection 5.1(j), (rSection 5.1(l), (sSection 5.1(q), (tSection 5.1(r), Section 5.1(s), Section 5.1(t) or (uSection 5.1(u) were not true when made with respect to any Receivable originated by an Approved Business Unit, or any Receivable originated by an Approved Business Unit is repurchased by an Originator pursuant to the Receivables Sale AgreementReceivable, then, on such day, the Seller shall be deemed to have received a Collection of such Receivable (A) in the case of clauses (i)-(iv) above, in the amount of such reduction or cancellation or the difference between the actual Outstanding Balance and the amount included in calculating such Net Pool Balance, as applicable; and (B) in the case of clause (v) above, in the amount of the Outstanding Balance of such Receivable and, in each case, not later than the next Settlement Date two (2) Business Days thereafter shall pay to the Agent's Account the amount of any such Collection deemed to have been receivedreceived in the same manner as actual cash collections. (b) The Seller shall ensure that the Aggregate Invested Amount shall at no time prior to the occurrence of an Amortization Event exceed exceeds the Purchase Limit. If at any time the Aggregate Invested Amount exceeds the Purchase Limit, the Seller shall immediately pay to the Agent immediately an amount to be applied to reduce the Aggregate Invested Amount (as allocated by the Agent), such that after giving effect to such payment the Aggregate Invested Amount is less than or equal to the Purchase Limit. (c) The Seller shall also ensure that the Receivable Interests shall at no time prior to the occurrence of an Amortization Event exceed in the aggregate 100%. If the aggregate of the Receivable Interests exceeds 100%, the Seller shall pay to the Agent on or before the next succeeding Settlement Date (or, if such excess is discovered on a Settlement Date, on such Settlement Date) immediately an amount to be applied to reduce the Aggregate Invested Amount (as allocated by the Agent), such that after giving effect to such payment payment, the aggregate of the Receivable Interests equals or is less than 100%.

Deemed Collections; Purchase Limit. (a) If on any day: (i) the Outstanding Balance of any Receivable originated by an Approved Business Unit is reduced or cancelled as a result of any defective or rejected goods or services, any cash discount or any other adjustment by any Seller Party Originator or any Affiliate thereof, or as a result of any governmental or regulatory action, or (ii) the Outstanding Balance of any Receivable originated by an Approved Business Unit is reduced or canceled as a result of a setoff in respect of any claim by the Obligor thereof (whether such claim arises out of the same or a related or an unrelated transaction), or (iii) the Outstanding Balance of any Receivable originated by an Approved Business Unit is reduced on account of the obligation of any Seller Party Originator or any Affiliate thereof to pay to the related Obligor any rebate or refund, or (iv) the Outstanding Balance of any Receivable originated by an Approved Business Unit is less than the amount included in calculating the Net Pool Balance for purposes of any Monthly Report (for any reason other than receipt of Collections or such Receivable becoming a Defaulted Receivable), or (v) any of the representations or warranties of Seller set forth in Section 5.1(g), (i5.1(i), (j), (r), (s), (t) or (u) were not true when made with respect to any Receivable, or (vi) any Obligor on a Factoring Company Receivable originated by an Approved Business Unit, or exercises any Receivable originated by an Approved Business Unit is repurchased by an Originator pursuant recourse to the Receivables Sale Agreementapplicable Originator, then, on such day, Seller shall be deemed to have received a Collection of such Receivable (A) in the case of clauses (i)-(iv) above, in the amount of such reduction or cancellation or the difference between the actual Outstanding Balance and the amount included in calculating such Net Pool Balance, as applicable; and (B) in the case of clause (v) above, in the amount of the Outstanding Balance of such Receivable Receivable; and (C) in the case of clause (vi) above, in the amount of the recourse exercised; and, not later than in each of the foregoing cases, effective as of the next succeeding Settlement Date thereafter shall pay to the Agent's Account the amount of any such Collection deemed to have been received. (b) Seller shall ensure that the Aggregate Invested Amount shall at no time prior to the occurrence of an Amortization Event exceed exceeds the Purchase Limit. If at any time the Aggregate Invested Amount exceeds the Purchase Limit, Seller shall pay to the Agent immediately not later than within 2 Business Days after discovering such excess an amount to be applied to reduce the Aggregate Invested Amount (as allocated by the Agent), such that after giving effect to such payment the Aggregate Invested Amount is less than or equal to the Purchase Limit. (c) Seller shall also ensure that the Receivable Interests shall at no time prior to the occurrence of an Amortization Event exceed in the aggregate 100%. If the aggregate of the Receivable Interests exceeds 100%, Seller shall pay to the Agent on or before the next succeeding Settlement Date (or, if within 2 Business Days after discovering such excess is discovered on a Settlement Date, on such Settlement Date) an amount to be applied to reduce the Aggregate Invested Amount (as allocated by the Agent), such that after giving effect to such payment the aggregate of the Receivable Interests equals or is less than 100%.