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 Assets 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 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, however, if (i) a payment default occurs with respect to any of the related Loans, (ii) the Originator has determined in its sole discretion that an Obligor’s credit has deteriorated or (iii) the Originator has determined in its sole discretion to reduce its commitment to an Obligor, then Principal Collections received on the applicable Loan 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.

Loans Subject to Retained Interest Provisions. (a) With respect to any Loan included in the Assets 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, however, provided that if (i) a payment default occurs with respect to any of the related Loans, (ii) the Originator has determined in its sole discretion that an Obligor’s credit has deteriorated or (iii) the Originator has determined in its sole discretion to reduce its commitment to an Obligor, then Principal Collections received on the applicable Loan will be allocated between the portion owned by the Seller and the portion not owned by the Seller Seller, pro rata based upon the outstanding principal amount of each such portion.

Loans Subject to Retained Interest Provisions. (a) With respect to any Loan included in the Assets 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 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, however, provided that if (i) a payment default occurs with respect to any of the related Loans, (ii) the Originator has determined in its sole discretion that an Obligor’s credit has deteriorated or (iii) the Originator has determined in its sole discretion to reduce its commitment to an Obligor, then Principal Collections received on the applicable Loan will be allocated between the portion owned by the Seller and the portion not owned by the Seller Seller, pro rata based upon the outstanding principal amount of each such portion.

Loans Subject to Retained Interest Provisions. (a) With respect to any Loan included in the Assets 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 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, however, if (i) a payment default occurs with respect to any of the related Loans, Loans or (ii) the Originator has determined in its sole discretion that an Obligor’s 's credit has deteriorated or (iii) the Originator has determined in its sole discretion to reduce its commitment to an Obligor, then Principal Collections received on the applicable Loan will be allocated between the portion owned by the Seller and the portion not owned by the Seller Seller, pro rata based upon the outstanding principal amount of each such portion.

Loans Subject to Retained Interest Provisions. (a) With respect to any Loan included in the Assets 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, however, if (i) a payment default occurs with respect to any of the related Loans, (ii) the Originator has determined in its sole discretion that an Obligor’s credit has deteriorated or (iii) the Originator has determined in its sole discretion to reduce its commitment to an Obligor, then Principal Collections received on the applicable Loan will be allocated between the portion owned by the Seller and the portion not owned by the Seller Seller, pro rata based upon the outstanding principal amount of each such portion.