Common use of Repurchase Obligations Clause in Contracts

Repurchase Obligations. If on any day the Agent determines that the Seller has extended the maturity of any Contract relating to a Purchased Receivable or that a Purchased Receivable was not an Eligible Receivable on the Purchase Date, the Seller agrees to pay to the Agent for the account of the Investors the amount of the outstanding balance of such Receivable in full, and the subject Purchased Receivable shall thereupon be deemed reconveyed to the Seller. Any amounts received by the Agent pursuant to this Section 5.5 with respect to a Purchased Receivable shall be applied to reduce the Investment.

Repurchase Obligations. If on any day the Agent determines that the Seller has extended the maturity of any Contract relating to a Purchased Receivable or that a Purchased Receivable was not an Eligible Receivable on the Purchase Date, the Seller agrees to pay to the Agent for the account of the Investors the amount of the outstanding balance of such Receivable in full, and the subject Purchased Receivable shall thereupon be deemed reconveyed to the Seller. Any amounts received by the Agent pursuant to this Section 5.5 5.6 with respect to a Purchased Receivable shall be applied to reduce the Investment.