Common use of General Settlement Procedures Clause in Contracts

General Settlement Procedures. (a) If on any day the Outstanding Balance of any Pool Receivable is either (i) reduced or adjusted as a result of any defective, rejected, returned, repossessed or foreclosed merchandise, any defective or rejected services, any cash discount or any other adjustment made or performed by the Seller or any other Person (including, without limitation, those described in the definition of "Dilution Factors") or (ii) reduced or canceled as a result of a set-off in respect of any claim by the Obligor thereof against the Seller or any other Person (whether such claim arises out of the same or a related transaction or an unrelated transaction), for purposes of this Agreement, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction, cancellation or adjustment. If on any day any of the representations or warranties in the first sentence of Section 4.01(h) is no longer true with respect to a Pool Receivable, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in full. If on any day the representation and warranty in the second sentence of Section 4.01(h) is no longer true the Seller shall be deemed to have received on such day Collections of Pool Receivables in an amount necessary to make such representation true and accurate. (b) Prior to the 15th day of each calendar month, the Collection Agent shall prepare and forward to the Agent for each Owner, an Investor Report, relating to all Eligible Assets, as of the close of business of the Collection Agent on the last day of the immediately preceding calendar month.

General Settlement Procedures. (a) If on any day the Outstanding Balance of any Pool Receivable is either (i) reduced or adjusted as a result of any defective, rejected, returned, repossessed or foreclosed merchandise, any defective or rejected services, any cash discount or any other adjustment made or performed by the Seller or any other Person (including, without limitation, those described in the definition of "Dilution Factors") or (ii) reduced or canceled as a result of a set-off in respect of any claim by the Obligor thereof against the Seller or any other Person (whether such claim arises out of the same or a related transaction or an unrelated transaction), for purposes of this Agreement, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction, cancellation or adjustment. If on any day any of the representations or warranties in the first sentence of Section 4.01(h) is no longer true with respect to a Pool Receivable, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in full. If on any day the representation and warranty in the second sentence of Section 4.01(h) is no longer true the Seller shall be deemed to have received on such day Collections of Pool Receivables in an amount necessary to make such representation true and accurate. (b) Prior to the 15th day of each calendar month, the Collection Agent shall prepare and forward to the Agent for each OwnerBank, an Investor Report, relating to all Eligible Assets, as of the close of business of the Collection Agent on the last day of the immediately preceding calendar month.