Common use of Purchase of Returned and Refinanced Receivables Clause in Contracts

Purchase of Returned and Refinanced Receivables. (a) Notwithstanding anything to the contrary herein, the initial Servicer shall purchase any Receivable from the Receivables Trust to the extent that (i) the Merchandise related to such Receivable is returned by an Obligor (a “Returned Receivable”), or (ii) the Receivable is fully refinanced in connection with the purchase after the Cut-Off Date by the related Obligor of additional Merchandise using the initial Servicer’s in-house credit (a “Refinanced Receivable,” and, together with Returned Receivables, the “Returned/Refinanced Receivables”).

Purchase of Returned and Refinanced Receivables. (a) Notwithstanding anything to the contrary herein, the initial Servicer shall purchase any Receivable from the Receivables Trust to the extent that (i) the Merchandise related to such Receivable is returned by an a Receivables Obligor (a “Returned Receivable”), or (ii) the Receivable is fully refinanced in connection with the purchase after the applicable Cut-Off Date by the related Receivables Obligor of additional Merchandise using the initial Servicer’s in-house credit (a “Refinanced Receivable,” and, together with Returned Receivables, the “Returned/Refinanced Receivables”).