Dilutions. If on any day the Unpaid Balance of a Receivable is reduced or such Receivable is canceled as a result of any Dilution, the SPV shall be deemed to have received on such day a Collection of such Receivable in the amount of the Unpaid Balance (as determined immediately prior to such Dilution) of such Receivable (if such Receivable is canceled) or, otherwise in the amount of such reduction, and the SPV shall pay to the Master Servicer an amount equal to such Deemed Collection and such amount shall be applied by the Master Servicer as a Collection in accordance with Section 2.12.
Dilutions. If on any day the Unpaid Balance of an Eligible Receivable is reduced (but not cancelled) as a result of any Dilution, the SPV shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction. If on any day an Eligible Receivable is canceled as a result of any Dilution, the SPV shall be deemed to have received on such day a Collection of such Eligible Receivable in the amount of the Unpaid Balance (as determined immediately prior to such Dilution) of such Eligible Receivable. Any amount deemed to have been received under this Section 2.6(a) shall constitute a “Deemed Collection”. Upon any such Deemed Collection, the SPV shall, on the second Business Day following its knowledge of such Dilution, pay to the Servicer an amount equal to such Deemed Collection and such amount shall be applied by the Servicer as a Collection in accordance with Section 2.12.
Dilutions. For the purposes of this SECTION 1.4:
(i) if on any day the Outstanding Balance of any Pool Receivable is reduced or adjusted as a result of any discount, rebate or other adjustment made by the Originator, Seller or Servicer, or any setoff or dispute between the Seller, Originator or the Servicer and an Obligor, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction or adjustment;
(ii) if on any day any of the representations or warranties in PARAGRAPHS A.(g) or A.(o) of EXHIBIT III is not true with respect to any Pool Receivable, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in full;
(iii) except as provided in PARAGRAPH (i) or (ii) of this SECTION 1.4(e), or as otherwise required by applicable law or the relevant Contract, all Collections received from an Obligor of any Receivable shall be applied in accordance with the Contract with such Obligor and the Credit and Collection Policy; and
(iv) if and to the extent any Secured Party shall be required for any reason to pay over to an Obligor (or any trustee, receiver, custodian or similar official in any Insolvency Proceeding) any amount received by it hereunder, such amount shall be deemed not to have been so received but rather to have been retained by the Seller and, accordingly, such Secured Party shall have a claim against the Seller for such amount, payable when and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof.
Dilutions. (a) If on any day the Unpaid Balance of any --------- Pool Receivable is
(i) reduced as a result of any defective, rejected or returned merchandise or services, any cash discount, any allowances or billing errors, any trade-in or trade-up, or any adjustment by the Transferor, any Affiliate of the Transferor or by the Servicer or any early termination, refinancing, prepayment, consolidation or replacement of the Contract related to such Pool Receivable,
(ii) reduced or cancelled as a result of a setoff in respect of any claim or dispute by the Obligor thereof against the Transferor or any Affiliate of the Transferor (individually or as Servicer) or any other Person (whether such claim arises out of the same or a related or an unrelated transaction),
(iii) reduced on account of the obligation of the Transferor or an Affiliate of the Transferor (individually or as Servicer) to pay to the related Obligor any rebate or refund, or
(iv) determined by the Agent, the Servicer or the Transferor to have been less than the Unpaid Balance of such Receivable used in calculating the Net Pool Balance for purposes of the most recent Periodic Report or Settlement Statement, then, on such day, the Transferor shall be deemed to have received a Collection of such Pool Receivable in the amount of such reduction or cancellation or, in the case of clause (iv) above, by the amount of the difference between the ----------- actual Unpaid Balance and the Unpaid Balance as so reported.
(b) If on any day (i) any of the representations or warranties of the Transferor set forth in Section 6.01(k) or (o) --------------- --- shall not be true with respect to a Pool Receivable (other than solely by reason of such Pool Receivable's being a Defaulted Receivable), or (ii) when the Servicer or the Transferor delivers any Periodic Report or Settlement Statement, any Pool Receivable the Unpaid Balance of which is included in the computation of the Net Pool Balance therein shall not be an Eligible Receivable, then, on such day, the Transferor shall be deemed to have received a Collection of such Pool Receivable in the amount of the Unpaid Balance of such Pool Receivable.
Dilutions. A. Judgmentally select a sample of 30 recent credit memos for the time periods subject to testing and prepare a table outlining the nature of the credit memos.
B. For each credit memo selected in the sample, record the related invoice date, credit memo issuance date and rebill date (as applicable). Describe the method by which credits are aged in the AR.
C. Calculate and report the simple and weighted average (weighted by dollar value) dilution horizons. The dilution horizon is defined as the number of days between the original invoice date and credit memo issuance date.
D. Document the Servicer’s procedures for identifying non-cash credits to AR for purposes of the monthly accounts receivable rollforward, and test the adequacy of such procedures using the Analysis Report tested in the procedures outlined above.
E. Document how rebills are reflected in the AR rollforward and whether rebills result in the reaging of receivables.
Dilutions. If on any day any Receivable becomes subject to any Dilution, the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of the Unpaid Balance (as determined immediately prior to such Dilution) of such Receivable (if such Receivable is canceled) or otherwise in the amount of such reduction.
Dilutions. If on any day the Unpaid Balance of an Eligible Receivable is reduced (but not cancelled) as a result of any Dilution, the SPV shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction. If on any day an Eligible Receivable is canceled as a result of any Dilution, or remains unpaid because of any Dilution as defined in clauses (ii), (iii) or (iv) of the definition thereof, the SPV shall be deemed to have received on such day a Collection of such Eligible Receivable in the amount of the Unpaid Balance (as determined immediately prior to such Dilution) of such Eligible Receivable. Any amount deemed to have been received under this Section 2.6(a) shall constitute a “Deemed Collection.” Upon any such Deemed Collection, the SPV shall, on the Settlement Date following the delivery of the next required Servicer Report, pay to the Agent an amount equal to such Deemed Collection and such amount shall be applied by the Agent as a Collection in accordance with Section 2.12. Notwithstanding any of the foregoing to the contrary, prior to the Termination Date, no amounts shall be payable under this Section 2.6(a) unless, as of the date of the next required Servicer Report, the sum of the Aggregate Net Investment and the Required Reserves exceeds the Net Pool Balance.
Dilutions. All credit notes, debit notes, Settlement Discounts or other deductions which reduce the Notified Value of Debts. Discount: A charge deducted from the purchase price of Debts calculated by applying the Discount Margin and Barclays’ base rate for Sterling or the relevant Permitted Currency to the debit balance on the Payment Account(s) from time to time.
Dilutions. If at any time:
(a) there becomes available or arises any set-off, counterclaim, defence or deduction in respect of a Purchased Receivable or any other Receivable owing to the German Seller by a Debtor which is not attributable to Credit Risk; or
(b) any Dilution not attributable to Credit Risk occurs in relation to a Contract or an Invoice under which a Purchased Receivable or any other Receivable owing to the German Seller by a Debtor, arises or in relation to any other transaction between the German Seller and the relevant Debtor with respect to a Purchased Receivable or any other Receivable owing to the German Seller by a Debtor, then the German Seller shall, (i) on the next Settlement Date after having become aware of such the circumstances set out under (a) and (b) above or (ii) immediately upon request of the Purchaser (whichever is earlier), pay to the Purchaser out of its own resources an amount equal to the amount of such set-off, counterclaim, defence, deduction or Dilution.
Dilutions. If a Dilution occurs in respect of any Purchased Receivable, the Relevant Seller shall be deemed to have received a collection in an amount equal to each such Dilution and on the next Settlement Date shall pay to the relevant Master Purchaser Account an amount equal to such Dilution and the amount paid by the Relevant Seller pursuant to this Clause 8.2 shall be treated as a Deemed Collection in respect of the relevant Purchased Receivable. Notwithstanding the fact that the Relevant Seller shall make payment in respect of the Dilution on the next Settlement Date, for all other purposes including, without limitation, the calculation of the Daily Asset Base, the Dilution shall be deemed to have occurred as of the day such Dilution arises. Means of remedying breach
