Returned Items. Secured Party, Servicer and Company understand and agree that the face amount (“Returned Item Amount”) of each Returned Item will be paid by Bank debiting the Collateral Account to which the Returned Item was originally credited, without prior notice to Secured Party, Company, or Servicer. As used in this Agreement, the term “Returned Item”
Appears in 5 contracts
Sources: Deposit Account Control Agreement (Exeter Automobile Receivables Trust 2021-4), Deposit Account Control Agreement (Exeter Automobile Receivables Trust 2021-3), Deposit Account Control Agreement (Exeter Automobile Receivables Trust 2021-3)
Returned Items. Secured Party, Servicer and Company understand and agree that the face amount (“Returned Item Amount”) of each Returned Item will be paid by Bank debiting the Collateral Account to which the Returned Item was originally credited, without prior notice to Secured Party, Company, or Servicer. As used in this Agreement, the term “Returned Item”to
Appears in 1 contract
Sources: Deposit Account Control Agreement (Exeter Automobile Receivables Trust 2022-1)