Common use of Deemed Collections Clause in Contracts

Deemed Collections. If on any day the Outstanding ------------------ Balance of, or Finance Charges in respect of, a Receivable is either (x) reduced as a result of any defective or rejected goods or services, any cash discount or any adjustment by the Seller, the Collection Agent (if then any Person designated by the Seller as Collection Agent) or the Originator (or, if other than the Originator, the originator of such Receivable), or (y) reduced or cancelled as a result of a setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction and whether such claim relates to the Seller, the Originator (or, if other than the Originator, the originator of such Receivable) or any Affiliate thereof), the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation. If on any day any of the representations or warranties in Article III are no longer true with respect to a Receivable, the Seller shall be deemed to have received on such day a Collection of such Receivable in full. If the Seller receives any Collections or if the Seller is deemed to have received Collections pursuant to this Section 1.8 or otherwise, the Seller shall within one Business Day pay such Collections or deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in trust by the Seller, for the exclusive benefit of the Purchasers and the Agent.

Deemed Collections. If on any day the Outstanding ------------------ Balance of, or Finance Charges in respect of, outstanding balance of a Receivable is either (x) reduced or cancelled as a result of any defective or rejected goods or services, any cash discount or any adjustment by the Seller, the Collection Agent (if then any Person designated by the Seller as Collection Agent) or the Originator (or, if other than the Originator, the originator of such Receivable), or (y) reduced or cancelled including as a result of a setoff in respect the application of any claim by special refund or other discounts or any Person reconciliation), any setoff or credit (whether such claim or credit arises out of the same or same, a related transaction related, or an unrelated transaction transaction) or other similar reason not arising from the financial inability of the Obligor to pay undisputed indebtedness, the Seller and whether the related Servicer shall be deemed to have received on such claim relates day a Collection on such Receivable in the amount of such reduction or cancellation. If (i) any representation, warranty, covenant or other agreement of the Seller related to a Receivable is not true or is not satisfied as of the date a Purchase Interest was conveyed to the Seller, Agent on behalf of the Originator (Purchasers or, if other than (ii) the Originator, Seller has not taken the originator of such Receivable) or any Affiliate thereof)action required to be taken by it with respect to a Receivable under Section 5.6, the Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such reduction or cancellationReceivable. If on a Receivable was identified as an Eligible Receivable in any day any of writing given to the representations Agent or warranties in Article III are no longer true with respect to a Receivablethe Purchasers, but was not an Eligible Receivable when so identified, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such Receivable in fullReceivable. If All such Collections deemed received by the Seller receives any Collections or if and the Seller is deemed to have received Collections pursuant to related Servicer under this Section 1.8 or otherwise, 1.4(c) shall be remitted by them to the Seller shall Collection Account within one Business Day pay after such Collections or deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held receipt in trust by the Seller, for the exclusive benefit of the Purchasers accordance with Sections 5.1(i) and the Agent5.2(h).

Deemed Collections. If With respect to any Receivable, if on any day the Outstanding ------------------ Balance of, or Finance Charges in respect of, a outstanding balance of such Receivable is either (x) reduced or cancelled as a result of (i) any defective or rejected goods or services, (ii) any cash discount or any adjustment by the Seller, the Collection Agent (if then any Person designated by the Seller as Collection Agent) or the Originator (or, if other than the Originator, the originator of such Receivable), or (y) reduced or cancelled including as a result of a setoff in respect the application of any claim by special refund or other discounts or any Person reconciliation), (iii) any setoff or credit (whether such claim or credit arises out of the same or same, a related transaction related, or an unrelated transaction transaction) or (iv) any other reason except the financial inability of the Obligor to pay undisputed indebtedness, the Seller and whether the related Servicer shall be deemed to have received on such claim relates day a Collection on such Receivable in the amount of such reduction or cancellation. If (i) any representation, warranty, covenant or other agreement of the Seller related to a Receivable is not true or is not satisfied as of the date a Purchase Interest was conveyed to the Seller, Agent on behalf of the Originator Purchasers or (or, if other than ii) the Originator, Seller has not taken the originator of such Receivable) or any Affiliate thereof)action required to be taken by it with respect to a Receivable under Section 5.4, the Seller shall be deemed to have received on such day a Collection of such Receivable in the outstanding principal amount of such reduction or cancellationReceivable. If on a Receivable was identified as an Eligible Receivable in any day any of writing given to the representations Agent or warranties in Article III are no longer true with respect to a Receivablethe Purchasers, but was not an Eligible Receivable when so identified, the Seller and the related Servicer shall be deemed to have received on such day a Collection in the amount of the outstanding balance of such Receivable in fullReceivable. If All such Collections deemed received by the Seller receives any Collections or if and the Seller is deemed to have received Collections pursuant to related Servicer under this Section 1.8 or otherwise, 1.4(b) shall be remitted by them to the Seller shall Agent Collection Account within one Business Day pay after such Collections or deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held receipt in trust by the Seller, for the exclusive benefit of the Purchasers accordance with Sections 5.1(i) and the Agent5.2(h).

Deemed Collections. If on any day the Outstanding ------------------ Balance of, or Finance Charges in respect of, of a Receivable transferred hereunder is either (xa) reduced as a result of any defective defective, rejected or rejected goods returned merchandise, insurance or services, any cash discount or rebate, or any adjustment by the Seller, the Collection Agent Seller or any Affiliate thereof (if then any Person designated by the Seller as Collection Agent) or the Originator (or, if other than the Originator, the originator of such Receivable), Purchaser) or (yb) reduced or cancelled as a result of a setoff in respect of any claim by the Obligor thereof against the Seller or any Person Affiliate thereof (other than the Purchaser) (whether such claim arises out of the same or a related transaction or an unrelated transaction and whether such claim relates to the Seller, the Originator (or, if other than the Originator, the originator of such Receivable) or any Affiliate thereoftransaction), then the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation. If on Collections are reduced as a result of an Obligor failing to pay any day Receivable transferred hereunder free and clear of, and without deduction for, any of the representations and all present or warranties in Article III are no longer true future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect to a Receivablethereto, then the Seller shall be deemed to have received on such day a an additional Collection of such Receivable in fullthe amount of such reduction. If The Seller will deposit all such deemed Collections into a Collection Account within two Business Days following the Seller receives any Business Day on which such Collections or if the Seller is are deemed to have received Collections pursuant to this Section 1.8 or otherwise, the Seller shall within one Business Day pay such Collections or deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in trust by the Seller, for the exclusive benefit of the Purchasers and the Agentbeen received.

Deemed Collections. If on any day the Outstanding ------------------ Balance of, or Accrued Finance Charges in respect of, a Receivable is either (x) reduced as a result of any defective or rejected goods or services, any cash discount or any adjustment by the Seller, the Collection Agent (if then any Person designated by the Seller as is Collection Agent) or the Originator (or, if other than the Originator, the originator of such Receivable), or (y) reduced or cancelled as a result of a setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction and whether such claim relates to the Seller, the Originator (or, if other than the Originator, the originator of such Receivable) or any Affiliate thereof), the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation. If on any day any of the representations or warranties in Article III are no longer true with respect to a Receivable, the Seller shall be deemed to have received on such day a Collection of such Receivable in full. If the Seller receives any Collections or if the Seller is deemed to have received Collections pursuant to this Section 1.8 1.9 or otherwise, the Seller shall within one Business Day pay such Collections or deemed Deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in trust by the Seller, for the exclusive benefit of the Purchasers, the Managing Agents with respect to such Purchasers and the Agent.

Deemed Collections. If on at any day time the Outstanding ------------------ Balance of, or Finance Charges in respect of, a of any Receivable is either (x) reduced as a result of any defective or rejected goods or services, any cash discount or any adjustment or otherwise by the SellerBorrower, the Collection Agent Servicer or any sub-servicer (if then any Person designated by the Seller as Collection Agent) or the Originator (or, if other than cash Collections on account of the Originator, the originator of such Receivable), Receivables) or (y) reduced or cancelled canceled as a result of (i) a setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction and whether such claim relates to transaction) or (ii) the Seller, the Originator (or, if other than the Originator, the originator categorization of such Receivable as an Upgraded Receivable) or any Affiliate thereof), then the Seller Borrower shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation. If on at any day time any of the representations or warranties in Article III ARTICLE V are no longer true with respect to a any Receivable, then the Seller Borrower shall be deemed to have received a Collection in full of such Receivable. The Borrower hereby agrees to pay all Deemed Collections immediately to the Servicer for application in accordance with the terms and conditions hereof; PROVIDED, HOWEVER on any day prior to the Amortization Date, the Borrower shall not be required to pay Deemed Collections to the Servicer, to the extent that (i) the Originator is the Servicer, (ii) the Originator is (and remains) obligated to pay such Deemed Collections to the Borrower pursuant to the Sale Agreement and (iii) such amount would constitute Excess Funds and be distributed to the Servicer on such day a Collection of such Receivable in full. If the Seller receives any Collections or if the Seller is deemed to have received Collections pursuant to this Section 1.8 or otherwise, the Seller shall within one Business Day pay such Collections or deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in trust by the Seller, for the exclusive benefit of the Purchasers and the Agentaccordance with SECTION 2.2.

Deemed Collections. If on any day the Outstanding ------------------ Principal Balance of, or Accrued Finance Charges in respect of, a Receivable is either (x) reduced as a result of any returns, defective or rejected goods or services, any cash discount or any adjustment by the Seller, the Collection Agent (if then any Person designated by the Seller as is Collection Agent) or the Originator (or, if other than the Originator, the originator of such Receivable), or (y) reduced or cancelled as a result of a setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction and whether such claim relates to the Seller, the Originator (or, if other than the Originator, the originator of such Receivable) or any Affiliate thereof), the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction or cancellation. If on any day any of the representations or warranties in Article III are no longer true with respect to a Receivable, the Seller shall be deemed to have received on such day a Collection of such Receivable in full. If the Seller receives any Collections or if the Seller is deemed to have received Collections pursuant to this Section 1.8 1.91.10 or otherwise, the Seller shall within one Business Day pay such Collections or deemed Deemed Collections to the Collection Agent and, at all times prior to such payment, such Collections shall be held in trust by the Seller, for the exclusive benefit of the Purchasers, the Managing Agents with respect to such Purchasers and the Agent.