Common use of Ineligible Receivables Clause in Contracts

Ineligible Receivables. If from time to time Ineligible Receivables are assigned to the Receivables Trustee as a result of a breach of representation by the Transferor or any Additional Transferor pursuant to Clause 17.2 or 17.3 of the RSA, payments to the Transferor or such Additional Transferor in respect thereof were incorrectly funded by the Beneficiaries on the basis that such Receivables were Principal Receivables which are Eligible Receivables. Notwithstanding the remedies available to the Receivables Trustee pursuant to the RSA, in such circumstances the Receivables Trustee shall ensure that such error is corrected by: (i) reducing the Transferor Interest by the amount of such Ineligible Receivables until such time as it reaches zero PROVIDED, HOWEVER, that if the amount of such Ineligible Receivables exceeds the amount of the Transferor Interest on such date of determination then the Receivables Trustee shall also require the Transferor or such Additional Transferor to make a payment of cash to the Receivables Trustee equal to the amount of such excess in order to comply with the provisions of Clause 11.1 of the RSA; and (ii) amending its books of account to record that (A) the Eligible Receivables Pool has been decreased by the amount of Ineligible Receivables previously incorrectly added to the Eligible Receivables Pool and, subject to Clause 11.3 of the RSA, the Ineligible Receivables Pool has been increased by the same amount, and (B) the Transferor Ineligible Interest has been increased by the same amount so added to the Ineligible Receivables Pool; and the entitlement of the Beneficiaries to Trust Property shall be adjusted accordingly.

Ineligible Receivables. If from time to time Ineligible Receivables are assigned to or held on trust for the Receivables Trustee as a result of a breach of representation by the Transferor or any Additional Transferor pursuant to Clause 17.2 clause 16.2 or 17.3 16.3 (Representations) of the RSARSD, and payments to the Transferor or such Additional Transferor in respect thereof were incorrectly funded by the Beneficiaries on the basis that such Receivables were Principal Receivables which are Eligible Receivables. Notwithstanding , notwithstanding the remedies available to the Receivables Trustee pursuant to the RSARSD, in such circumstances the Receivables Trustee shall ensure that such error is corrected by: (i) reducing the Transferor Interest by the amount of such Ineligible Receivables until such time as it reaches zero PROVIDEDprovided, HOWEVERhowever, that if the amount Outstanding Face Amount of such Ineligible Receivables exceeds the amount of the Transferor Interest on such date of determination then the Receivables Trustee shall also require the Transferor or such Additional Transferor to make a payment of cash to the Receivables Trustee equal to the amount of such excess in order to comply with the provisions of Clause clause 11.1 (Breach of Warranty) of the RSARSD; and (ii) amending its books of account to record that (A) the Eligible Receivables Pool has been decreased by the amount of Ineligible Receivables previously incorrectly added to the Eligible Receivables Pool and, subject to Clause clause 11.3 (Breach of Warranty) of the RSARSD, the Ineligible Receivables Pool has been increased by the same amount, and (B) the Transferor Ineligible Interest has been increased by the same amount so added to the Ineligible Receivables Pool; and the recording of the entitlement of the Beneficiaries to Trust Property shall be adjusted affected accordingly.

Ineligible Receivables. If from time to time Ineligible Receivables are assigned to or held on trust for the Receivables Trustee as a result of a breach of representation by the Transferor Transferors or any Additional Transferor pursuant to Clause 17.2 or 17.3 of the RSA, and payments to the Transferor Transferors or such Additional Transferor in respect thereof were incorrectly funded by the Beneficiaries on the basis that such Receivables were Principal Receivables which are Eligible Receivables. Notwithstanding , notwithstanding the remedies available to the Receivables Trustee pursuant to the RSA, in such circumstances the Receivables Trustee shall ensure that such error is corrected by: (i) reducing the Transferor Interest by the amount of such Ineligible Receivables until such time as it reaches zero PROVIDED, HOWEVER, that if the amount of such Ineligible Receivables exceeds the amount of the Transferor Interest on such date of determination then the Receivables Trustee shall also require the Transferor Transferors or such Additional Transferor to make a payment of cash to the Receivables Trustee equal to the amount of such excess in order to comply with the provisions of Clause 11.1 of the RSA; and (ii) amending its books of account to record that (A) the Eligible Receivables Pool has been decreased by the amount of Ineligible Receivables previously incorrectly added to the Eligible Receivables Pool and, subject to Clause 11.3 of the RSA, the Ineligible Receivables Pool has been increased by the same amount, and (B) the Transferor Ineligible Interest has been increased by the same amount so added to the Ineligible Receivables Pool; and the entitlement of the Beneficiaries to Trust Property shall be adjusted accordingly.

Ineligible Receivables. If from time to time Ineligible Receivables are assigned to the Receivables Trustee as a result of a breach of representation by the Transferor or any Additional Transferor pursuant to Clause 17.2 16.2 or 17.3 16.3 of the RSA, Receivables Securitisation Deed and payments to the Transferor or such Additional Transferor in respect thereof were incorrectly funded by the Beneficiaries on the basis that such Receivables were Principal Receivables which are Eligible Receivables. Notwithstanding , notwithstanding the remedies available to the Receivables Trustee pursuant to the RSAReceivables Securitisation Deed, in such circumstances the Receivables Trustee shall ensure that such error is corrected by: (i) reducing the Transferor Interest by the amount of such Ineligible Receivables until such time as it reaches zero PROVIDEDProvided, HOWEVERhowever, that if the amount Outstanding Face Amount of such Ineligible Receivables exceeds the amount of the Transferor Interest on such date of determination then the Receivables Trustee shall also require the Transferor or such Additional Transferor to make a payment of cash to the Receivables Trustee equal to the amount of such excess in order to comply with the provisions of Clause 11.1 of the RSAReceivables Securitisation Deed; and (ii) amending its books of account to record that (A) the Eligible Receivables Pool has been decreased by the amount of Ineligible Receivables previously incorrectly added to the Eligible Receivables Pool and, subject to Clause 11.3 of the RSA, Receivables Securitisation Deed and the Ineligible Receivables Pool has been increased by the same amount, and (B) the Transferor Ineligible Interest has been increased by the same amount so added to the Ineligible Receivables Pool; and the recording of the entitlement of the Beneficiaries to Trust Property shall be adjusted affected accordingly.

Ineligible Receivables. If from time to time Ineligible Receivables are assigned to the Receivables Trustee as a result of a breach of representation by the Transferor or any Additional Transferor pursuant to Clause 17.2 16.2 or 17.3 16.3 of the RSA, Receivables Securitisation Deed and payments to the Transferor or such Additional Transferor in respect thereof were incorrectly funded by the Beneficiaries on the basis that such Receivables were Principal Receivables which are Eligible Receivables. Notwithstanding , notwithstanding the remedies available to the Receivables Trustee pursuant to the RSAReceivables Securitisation Deed, in such circumstances the Receivables Trustee shall ensure that such error is corrected by: (i) reducing the Transferor Interest by the amount of such Ineligible Receivables until such time as it reaches zero PROVIDED, HOWEVER, that if the amount Outstanding Face Amount of such Ineligible Receivables exceeds the amount of the Transferor Interest on such date of determination then the Receivables Trustee shall also require the Transferor or such Additional Transferor to make a payment of cash to the Receivables Trustee equal to the amount of such excess in order to comply with the provisions of Clause 11.1 of the RSAReceivables Securitisation Deed; and (ii) amending its books of account to record that (A) the Eligible Receivables Pool has been decreased by the amount of Ineligible Receivables previously incorrectly added to the Eligible Receivables Pool and, subject to Clause 11.3 of the RSA, Receivables Securitisation Deed and the Ineligible Receivables Pool has been increased by the same amount, and (B) the Transferor Ineligible Interest has been increased by the same amount so added to the Ineligible Receivables Pool; and the recording of the entitlement of the Beneficiaries to Trust Property shall be adjusted affected accordingly.

Ineligible Receivables. If from time to time Ineligible Receivables are assigned to or held on trust for the Receivables Trustee as a result of of: (a) a breach of representation by the Transferor Transferors or any Additional Transferor pursuant to Clause 17.2 16.2 or 17.3 16.3 of the RSA; or (b) a Receivable being identified by the Servicer as a Non-Conforming Receivable and, as such, an Ineligible Receivable, and payments to the Transferor Transferors or such Additional Transferor in respect thereof were incorrectly funded by the Beneficiaries on the basis that such Receivables were Principal Receivables which are Eligible Receivables. Notwithstanding , notwithstanding the remedies available to the Receivables Trustee pursuant to the RSA, in such circumstances the Receivables Trustee shall ensure that such error is corrected by: (i) reducing the relevant Transferor Interest by the amount of such Ineligible Receivables until such time as it reaches zero PROVIDED, HOWEVER, that if the amount of such Ineligible Receivables exceeds the amount of the such Transferor Interest on such date of determination then the Receivables Trustee shall also require the Transferor relevant Transferors or such relevant Additional Transferor to make a payment of cash to the Receivables Trustee equal to the amount of such excess in order to comply with the provisions of Clause 11.1 of the RSA; and (ii) amending its books of account to record that (A) the Eligible Receivables Pool has been decreased by the amount of Ineligible Receivables previously incorrectly added to the Eligible Receivables Pool and, subject to Clause 11.3 of the RSA, the Ineligible Receivables Pool has been increased by the same amount, and (B) the relevant Transferor Ineligible Interest has been increased by the same amount so added to the Ineligible Receivables Pool; and the entitlement of the Beneficiaries to Trust Property shall be adjusted accordingly.

Ineligible Receivables. If from time to time Ineligible Receivables are assigned to the Receivables Trustee as a result of a breach of a representation made by the Transferor or any Additional Transferor pursuant to Clause 17.2 clauses 18.2 or 17.3 18.3 (Representations) of the RSAReceivables Securitisation Deed, and payments to the Transferor or such Additional Transferor in respect thereof were incorrectly funded by the Beneficiaries on the basis that such Receivables were Principal Receivables which are were Eligible Receivables. Notwithstanding , notwithstanding the remedies available to the Receivables Trustee pursuant to the RSAReceivables Securitisation Deed, in such circumstances the Receivables Trustee shall ensure that such error is corrected by: (i) reducing the Transferor Interest by the amount Outstanding Face Amount of such Ineligible Receivables until such time as it reaches zero PROVIDEDzero, HOWEVERprovided, that however, that, if the amount Outstanding Face Amount of such Ineligible Receivables exceeds the amount of the Transferor Interest on such date of determination determination, then the Receivables Trustee shall also require the Transferor or such Additional Transferor to make a payment of cash to the Receivables Trustee equal to the amount of such excess in order to comply with the provisions of Clause 11.1 clause 13.1 (Breach of Warranty) of the RSAReceivables Securitisation Deed; and (ii) amending its books of account to record that (A) the Eligible Receivables Pool has been decreased by the amount Outstanding Face Amount of Ineligible Receivables previously incorrectly added to the Eligible Receivables Pool and, subject to Clause 11.3 clause 13.3 (Breach of Warranty) of the RSAReceivables Securitisation Deed, the Ineligible Receivables Pool has been increased by the same amount, and (B) the Transferor Ineligible Interest has been increased by the same amount so added of the increase to the Ineligible Receivables Pool; , and the recording of the entitlement of the Beneficiaries to Trust Property shall be adjusted affected accordingly.