Common use of Balances Deficiency Fees Clause in Contracts

Balances Deficiency Fees. If for any calendar month the Qualifying Balances maintained by the Seller with the Buyer is less than an amount equal to the average daily aggregate unpaid principal balance of the Balance Funded Segments owed to the Buyer during such calendar month (such deficiency being herein referred to as the “Balances Deficiency”), a fee (the “Balances Deficiency Fee”) shall accrue for said calendar month on the Balances Deficiency at a per annum rate equal to the average daily LIBOR Rate in effect during said calendar month; and provided further, that if the Qualifying Balances maintained by the Seller with the Buyer for any calendar month exceeds the weighted average daily aggregate unpaid principal balance of the Balance Funded Segments held by the Buyer during such calendar month (such excess being defined herein as the “Balances Surplus”), then such Balances Surplus may be carried forward and applied to reduce the Balances Deficiency Fee in any succeeding calendar months (but not to any calendar month occurring in any subsequent calendar quarter), and the net positive amount of the Balances Deficiency Fee, if any, will be payable by the Seller at the end of each calendar year promptly after the Seller’s receipt of an invoice for such amount. At the Buyer’s sole discretion, the Balances Surplus may be carried forward from one calendar quarter to a subsequent calendar quarter, but in no event may the Balances Surplus be carried forward to the subsequent calendar year.

Balances Deficiency Fees. If for any calendar month the Qualifying Balances Balance Funded Amount maintained by the Seller with the any Buyer is less than an amount equal to the average daily aggregate unpaid principal balance of the Balance Funded Segments owed to the such Buyer during such calendar month (such deficiency being herein referred to as the “Balances Deficiency”), a fee (the “Balances Deficiency Fee”) shall accrue for said calendar month on the Balances Deficiency at a per annum rate equal to the average daily LIBOR Rate plus LIBOR Margin in effect during said calendar month; and provided further, that if the Qualifying Balances Balance Funded Amount maintained by the Seller with the any Buyer for any calendar month exceeds the weighted average daily aggregate unpaid principal balance of the Balance Funded Segments held by the such Buyer during such calendar month (such excess being defined herein as the “Balances Surplus”), then such Balances Surplus may be carried forward and applied to reduce the Balances Deficiency Fee in any succeeding calendar months (but not to any calendar month occurring in any subsequent calendar quarteryear), and the net positive amount of the Balances Deficiency Fee, if any, will be payable by the Seller at the end of each calendar year promptly after the Seller’s receipt of an invoice for such amount. At the Buyer’s sole discretion, the Balances Surplus may be carried forward from one calendar quarter to a subsequent calendar quarter, but in no event may the Balances Surplus be carried forward to the subsequent calendar year.

Balances Deficiency Fees. If for any calendar month the Qualifying Balances maintained by the Seller with the Buyer is less than an amount equal to the average daily aggregate unpaid principal balance of the Balance Funded Segments owed to the Buyer during such calendar month (such deficiency being herein referred to as the “Balances Deficiency”), a fee (the “Balances Deficiency Fee”) shall accrue for said calendar month on the Balances Deficiency at a per annum rate equal to the greater of (a) average daily LIBOR Rate in effect during said calendar monthmonth and (b) the Earnings Credit Rate; and provided further, that if the Qualifying Balances maintained by the Seller with the Buyer for any calendar month exceeds the weighted average daily aggregate unpaid principal balance of the Balance Funded Segments held by the Buyer during such calendar month (such excess being defined herein as the “Balances Surplus”), then such Balances Surplus may be carried forward and applied to reduce the Balances Deficiency Fee in any succeeding calendar months (but not to any calendar month occurring in any subsequent calendar quarter), and the net positive amount of the Balances Deficiency Fee, if any, will be payable by the Seller at the end of each calendar year promptly after the Seller’s receipt of an invoice for such amount. At the Buyer’s sole discretion, the Balances Surplus may be carried forward from one calendar quarter to a subsequent calendar quarter, but in no event may the Balances Surplus be carried forward to the subsequent calendar year.” 2.7. Section 14.1(a)(xv) is amended in its entirety to read as follows:

Balances Deficiency Fees. If for any calendar month the Qualifying Balances maintained by the Seller with the any Buyer is less than an amount equal to the average daily aggregate unpaid principal balance of the Balance Funded Segments owed to the such Buyer during such calendar month (such deficiency being herein referred to as the “Balances Deficiency”), a fee (the “Balances Deficiency Fee”) shall accrue for said calendar month on the Balances Deficiency at a per annum rate equal to the average daily LIBOR Rate in effect during said calendar month; and provided further, that if the Qualifying Balances maintained by the Seller with the any Buyer for any calendar month exceeds the weighted average daily aggregate unpaid principal balance of the Balance Funded Segments held by the such Buyer during such calendar month (such excess being defined herein as the “Balances Surplus”), then such Balances Surplus may be carried forward and applied to reduce the Balances Deficiency Fee in any succeeding calendar months (but not to any calendar month occurring in any subsequent calendar quarteryear), and the net positive amount of the Balances Deficiency Fee, if any, will be payable by the Seller at the end of each calendar year promptly after the Seller’s receipt of an invoice for such amount. At the Buyer’s sole discretion, the Balances Surplus may be carried forward from one calendar quarter to a subsequent calendar quarter, but in no event may the Balances Surplus be carried forward to the subsequent calendar year.

Balances Deficiency Fees. If for any calendar month the Qualifying Balances maintained by the Seller with the any Buyer is less than an amount equal to the average daily aggregate unpaid principal balance of the Balance Funded Segments owed to the such Buyer during such calendar month (such deficiency being herein referred to as the “Balances Deficiency”), a fee (the “Balances Deficiency Fee”) shall accrue for said calendar month on the Balances Deficiency at a per annum rate equal to the greater of (a) the average daily LIBOR Rate in effect during said calendar monthmonth and (b) the Earnings Credit Rate; and provided further, that if the Qualifying Balances maintained by the Seller with the any Buyer for any calendar month exceeds the weighted average daily aggregate unpaid principal balance of the Balance Funded Segments held by the such Buyer during such calendar month (such excess being defined herein as the “Balances Surplus”), then such Balances Surplus may be carried forward and applied to reduce the Balances Deficiency Fee in any succeeding calendar months (but not to any calendar month occurring in any subsequent calendar quarter), and the net positive amount of the Balances Deficiency Fee, if any, will be payable by the Seller at the end of each calendar year quarter promptly after the Seller’s receipt of an invoice for such amount. At the Buyer’s sole discretion, the Balances Surplus may be carried forward from one calendar quarter to a subsequent calendar quarter, but in no event may the Balances Surplus be carried forward to the subsequent calendar year.