Common use of Loans Subject to Retained Interest Provisions Clause in Contracts

Loans Subject to Retained Interest Provisions. (a) With respect to any Loan included in the Collateral subject to the Retained Interest provisions of this Agreement, the Seller will own only the principal portion of such Loans outstanding as of the applicable Cut-Off Date. Principal Collections received by the Seller or the Servicer on any Revolving Loans (other than in the case of Loans to SPE Obligors) will be allocated first to the portion of such Revolving Loan owned by the Seller, until the principal amount of such portion is reduced to zero, and then to the portion not owned by the Seller; provided that if a payment default occurs with respect to any of the related Loans, will be allocated between the portion owned by the Seller and the portion not owned by the Seller, pro rata based upon the outstanding principal amount of each such portion. (b) With respect to any Revolving Loan to SPE Obligors included in the Collateral subject to the Retained Interest provisions of this Agreement, Principal Collections received by the Servicer on those Loans will be allocated between the portion owned by the Seller and the portion not owned by the Seller on a pro rata basis according to the outstanding principal amount of each such portion. (c) With respect to any Term Loans included in the Collateral subject to the Retained Interest provisions of this Agreement, Principal Collections and Interest Collections received by the Servicer will be allocated between the portion owned by the Seller and to the portion not owned by the Seller (if any) on a pro rata basis according to the outstanding principal amount of such portion.

Loans Subject to Retained Interest Provisions. (a) With respect to any Loan included in the Collateral subject to the a Retained Interest provisions of this AgreementInterest, the Seller Borrower will own only the principal portion of such Loans the related Loan outstanding as of the applicable Cut-Off Funding Date. With respect to any Loan where the Retained Interest is in respect of paragraph (a) of the definition of Retained Interest, Principal Collections received by the Seller Borrower or the Servicer on any Revolving Loans (other than in the case of Loans to SPE Obligors) will be allocated first to the portion of such Revolving Loan owned by the SellerBorrower, until the principal amount of such portion is reduced to zero, and then to the portion not owned by the SellerBorrower; provided that if a payment default occurs with respect to any of the related Loans, then Principal Collections received on the applicable Loan will be allocated between the portion owned by the Seller Borrower and the portion not owned by the SellerBorrower, pro rata based upon the outstanding principal amount of each such portion. With respect to any Loan where the Retained Interest is in respect of paragraph (b) of the definition of Retained Interest (other than any portion retained by the Originator pursuant to clause (a) of such definition), Principal Collections will be allocated between the portion owned by the Borrower and the portion not owned by the Borrower pro rata based upon the outstanding principal amount of each such portion. (b) With respect to any Revolving Loan to SPE Obligors included in the Collateral subject to the a Retained Interest, Interest provisions of this Agreement, Principal Collections received by the Borrower or the Servicer on those Loans will be allocated between the portion owned by the Seller Borrower and the portion not owned by the Seller on a Borrower pro rata basis according to based upon the outstanding principal amount of each such portion. (c) With respect to any Term Loans included in the Collateral subject to the Retained Interest provisions of this Agreement, Principal Collections and Interest Collections received by the Servicer will be allocated between the portion owned by the Seller and to the portion not owned by the Seller (if any) on a pro rata basis according to the outstanding principal amount of such portion.

Loans Subject to Retained Interest Provisions. (a) With respect to any Loan sold by the Originator to the Borrower and included in the Collateral subject to the Retained Interest provisions of this Agreement, the Seller Borrower will own only the principal portion of such Loans outstanding as of the applicable Cut-Off Date. Principal Collections received by the Seller Borrower or the Servicer on any Revolving Loans (other than in the case of Loans to SPE Obligors) will be allocated first to the portion of such Revolving Loan owned by the SellerBorrower, until the principal amount of such portion is reduced to zero, and then to the portion not owned by the SellerBorrower; provided that provided, however, if a payment default occurs with respect to any of the related Loans, such payment default will be allocated between the portion owned by the Seller Borrower and the portion not owned by the SellerBorrower, pro rata based upon the outstanding principal amount of each such portion. (b) With respect to any Revolving Loan to SPE Obligors sold by the Originator to the Borrower and included in the Collateral subject to the Retained Interest provisions of this Agreement, Principal Collections received by the Servicer on those Loans will be allocated between the portion owned by the Seller Borrower and the portion not owned by the Seller Borrower on a pro rata basis according to the outstanding principal amount of each such portion. (c) With respect to any Term Loans sold by the Originator to the Borrower and included in the Collateral subject to the Retained Interest provisions of this Agreement, Principal Collections and Interest Collections received by the Servicer will be allocated between the portion owned by the Seller Borrower and to the portion not owned by the Seller (if any) Borrower on a pro rata basis according to the outstanding principal amount of each such portion.

Loans Subject to Retained Interest Provisions. (a) With respect to any Loan included in the Collateral subject to the Retained Interest provisions of this Agreement, the Seller will own only the principal portion of such Loans outstanding as of the applicable Cut-Off Date. Principal Collections received by the Seller or the Servicer on any Revolving Loans (other than in the case of Loans to SPE Obligors) will be allocated first to the portion of such Revolving Loan owned by the Seller, until the principal amount of such portion is reduced to zero, and then to the portion not owned by the Seller; provided that provided, however, if a payment default occurs with respect to any of the related Loans, will be allocated between the portion owned by the Seller and the portion not owned by the Seller, pro rata based upon the outstanding principal amount of each such portion. (b) With respect to any Revolving Loan to SPE Obligors included in the Collateral subject to the Retained Interest provisions of this Agreement, Principal Collections received by the Servicer on those Loans will be allocated between the portion owned by the Seller and the portion not owned by the Seller on a pro rata basis according to the outstanding principal amount of each such portion. (c) With respect to any Term Loans included in the Collateral subject to the Retained Interest provisions of this Agreement, Principal Collections and Interest Collections received by the Servicer will be allocated between the portion owned by the Seller and to the portion not owned by the Seller (if any) on a pro rata basis according to the outstanding principal amount of such portion.

Loans Subject to Retained Interest Provisions. (a) With respect to any Loan included in the Collateral subject to the Retained Interest provisions of this Agreement, the Seller Borrower will own only the principal portion of such Loans outstanding as of the applicable Cut-Off Funding Date. Principal Collections received by the Seller Borrower or the Servicer on any Revolving Loans (other than in the case of Loans to SPE Obligors) will be allocated first to the portion of such Revolving Loan owned by the SellerBorrower, until the principal amount of such portion is reduced to zero, and then to the portion not owned by the SellerBorrower; provided that if a payment default occurs with respect to any of the related Loans, Principal Collections will be allocated between the portion owned by the Seller Borrower and the portion not owned by the SellerBorrower, pro rata based upon the outstanding principal amount of each such portion. (b) With respect to any Revolving Loan to SPE Obligors included in the Collateral subject to the Retained Interest provisions of this Agreement, Principal Collections received by the Servicer on those Loans will be allocated between the portion owned by the Seller Borrower and the portion not owned by the Seller Borrower on a pro rata basis according to the outstanding principal amount of each such portion. (c) With respect to any Term Loans included in the Collateral subject to the Retained Interest provisions of this Agreement, Principal Collections and Interest Collections received by the Servicer will be allocated between the portion owned by the Seller Borrower and to the portion not owned by the Seller Borrower (if any) on a pro rata basis according to the outstanding principal amount of such portion.

Loans Subject to Retained Interest Provisions. (a) With respect to any Loan included in the Collateral subject to the a Retained Interest provisions of this AgreementInterest, the Seller Borrower will own only the principal portion of such Loans the related Loan outstanding as of the applicable Cut-Off Funding Date. With respect to any Loan where the Retained Interest is in respect of paragraph (a) of the definition of “Retained Interest”, Principal Collections received by the Seller Borrower or the Servicer on any Revolving Loans (other than in the case of Loans to SPE Obligors) will be allocated first to the portion of such Revolving Loan owned by the SellerBorrower, until the principal amount of such portion is reduced to zero, and then to the portion not owned by the SellerBorrower; provided that if a payment default occurs with respect to any of the related Loans, then Principal Collections received on the applicable Loan will be allocated between the portion owned by the Seller Borrower and the portion not owned by the SellerBorrower, pro rata based upon the outstanding principal amount of each such portion. With respect to any Loan where the Retained Interest is in respect of paragraph (b) of the definition of “Retained Interest” (other than any portion retained by the Originator pursuant to clause (a) of such definition), Principal Collections will be allocated between the portion owned by the Borrower and the portion not owned by the Borrower pro rata based upon the outstanding principal amount of each such portion. (b) With respect to any Revolving Loan to SPE Obligors included in the Collateral subject to the a Retained Interest, Interest provisions of this Agreement, Principal Collections received by the Borrower or the Servicer on those Loans will be allocated between the portion owned by the Seller Borrower and the portion not owned by the Seller on a Borrower pro rata basis according to based upon the outstanding principal amount of each such portion. (c) With respect to any Term Loans included in the Collateral subject to the Retained Interest provisions of this Agreement, Principal Collections and Interest Collections received by the Servicer will be allocated between the portion owned by the Seller and to the portion not owned by the Seller (if any) on a pro rata basis according to the outstanding principal amount of such portion.