Common use of Optional Reduction of Net Investment Clause in Contracts

Optional Reduction of Net Investment. The SPV may at any time elect to cause the reduction of the Net Investment as follows: (a) the SPV shall instruct the Servicer to (and the Servicer shall) set aside Collections and hold them in trust for the Managing Agents (on behalf of such Managing Agents’ Investor Groups) under Section 2.12(a)(ii)(A)(1) until the amount so set aside shall equal the desired amount of reduction; (b) the SPV shall give the Agent and the Managing Agents at least one (1) Business Day’s prior written notice of the amount of such reduction and the date on which such reduction will occur; and (c) on any Business Day occurring at least one (1) Business Day after the date of the SPV’s notice, the Servicer shall pay to each applicable Managing Agent (on a pro rata basis based on the Net Investment attributed to such Managing Agents’ Investor Group), in reduction of the Net Investment, the amount of such Collections so held or, if less, the Net Investment (it being understood that the Net Investment shall not be deemed reduced by any amount set aside or held pursuant to this Section 2.13 unless and until, and then only to the extent that, such amount is finally paid to the applicable Managing Agents as aforesaid); provided that the amount of any such reduction shall be not less than $1,000,000 or an integral aggregate multiple of $100,000 in excess thereof.

Appears in 6 contracts

Samples: Transfer and Administration Agreement (Greif, Inc), Transfer and Administration Agreement (Greif, Inc), Transfer and Administration Agreement (Greif, Inc)

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Optional Reduction of Net Investment. The SPV may at any time elect to cause the reduction of the Net Investment as follows: (a) the SPV shall instruct the Servicer to (and the Servicer shall) set aside Collections and hold them in trust for the Managing Agents (on behalf of such Managing Agents’ Investor Groups) under Section 2.12(a)(ii)(A)(1) until the amount so set aside shall equal the desired amount of reduction; (b) the SPV shall give the Agent and the Managing Agents at least one (1) Business Day’s prior written notice of the amount of such reduction and the date on which such reduction will occur; and (c) on any Business Day occurring at least one (1) Business Day after the date of the SPV’s notice, the Servicer shall pay to each applicable Managing Agent (on a pro rata basis based on the Net Investment attributed to such Managing Agents’ Investor Group), in reduction of the Net Investment, the amount of such Collections so held or, if less, the Net Investment (it being understood that the Net Investment shall not be deemed reduced by any amount set aside or held pursuant to this Section 2.13 unless and until, and then only to the extent that, such amount is finally paid to the applicable Managing Agents as aforesaid); 45 provided that the amount of any such reduction shall be not less than $1,000,000 or an integral aggregate multiple of $100,000 in excess thereof.

Appears in 1 contract

Samples: Transfer and Administration Agreement (Greif, Inc)

Optional Reduction of Net Investment. The SPV may at any time elect to cause the reduction of the Net Investment as follows: (a) the SPV shall instruct the Servicer to (and the Servicer shall) set aside Collections and hold them in trust for the Managing Agents (on behalf of such Managing Agents’ Investor Groups) under clause (ii) of Section 2.12(a)(ii)(A)(12.12(a) until the amount so set aside shall equal the desired amount of reduction; (b) the SPV shall give the Agent and the Managing Agents at least one two (12) Business Day’s Days’ prior written notice (or at least five (5) Business Days’ prior written notice in the case of any reduction of the Net Investment by more than $20,000,000) of the amount of such reduction and the date on which such reduction will occur; and (c) on any Business Day occurring at least one two (12) Business Day Days after the date of the SPV’s notice, the Servicer shall pay to each applicable Managing Agent (on a pro rata basis based on the Net Investment attributed to such Managing Agents’ Investor Group), in reduction of the Net Investment, the amount of such Collections so held or, if less, the Net Investment (it being understood that the Net Investment shall not be deemed reduced by any amount set aside or held pursuant to this Section 2.13 unless and until, and then only to the extent that, such amount is finally paid to the applicable Managing Agents as aforesaid); provided that the amount of any such reduction shall be not less than $1,000,000 or an integral aggregate multiple of $100,000 in excess thereof1,000,000.

Appears in 1 contract

Samples: Transfer and Administration Agreement (Ashland Inc.)

Optional Reduction of Net Investment. The SPV may at any time elect to cause the reduction of the Net Investment as follows: (a) the SPV shall instruct the Servicer to (and the Servicer shall) set aside Collections and hold them in trust for the Managing Agents (on behalf of such Managing Agents’ Investor Groups) under Section 2.12(a)(ii)(A)(12.12(a)(iii)(A)(1) until the amount so set aside shall equal the desired amount of reduction, which amount of reduction shall not be less than C$1,000,000; (b) the SPV shall give the Agent and the Managing Agents at least one three (13) Business Day’s Days’ prior written notice of the amount of such reduction and the date on which such reduction will occur, which shall be a Business Day (the “Optional Reduction Date”); and (c) on the SPV shall indemnify each Investor against any Business Day occurring at least one loss or expense incurred by such Investor, either directly or indirectly (1including, in the case of any Conduit Investor, through a Program Support Agreement) Business Day after as a result of any failure by the date of SPV to complete such optional reduction, including any loss or expense incurred by the SPV’s noticeAgent, the Servicer shall pay to each applicable any Managing Agent or any Investor, either directly or indirectly (on including, in the case of any Conduit Investor, pursuant to a pro rata basis based Program Support Agreement) by reason of maintaining or refinancing such Investment not so reduced on the Net Investment attributed to such Managing Agents’ Investor Group), in reduction of the Net Investment, the amount of such Collections so held or, if less, the Net Investment (it being understood that the Net Investment shall not be deemed reduced by any amount set aside or held pursuant to this Section 2.13 unless and until, and then only to the extent that, such amount is finally paid to the applicable Managing Agents related Optional Reduction Date as aforesaid); provided that the amount of any such reduction shall be not less than $1,000,000 or an integral aggregate multiple of $100,000 in excess thereofrequested.

Appears in 1 contract

Samples: Canadian Transfer and Administration Agreement (Colliers International Group Inc.)

Optional Reduction of Net Investment. The SPV may at any time elect to cause the reduction of the Net Investment as follows: (a) the SPV shall instruct the Servicer to (and the Servicer shall) set aside Collections and hold them in trust for the Managing Agents (on behalf of such Managing Agents’ Investor Groups) under clause (ii) of Section 2.12(a)(ii)(A)(12.12(a) until the amount so set aside shall equal the desired amount of reduction; (b) the SPV shall give the Agent and the Managing Agents at least one (1) Business Day’s prior written notice of the amount of such reduction and the date on which such reduction will occur; and (c) on any Business Day occurring at least one (1) Business Day after the date of the SPV’s notice, the Servicer shall pay to each applicable Managing Agent (on a pro rata basis based on the Net Investment attributed to such Managing Agents’ Investor Group), in reduction of the Net Investment, the amount of such Collections so held or, if less, the Net Investment (it being understood that the Net Investment shall not be deemed reduced by any amount set aside or held pursuant to this Section 2.13 unless and until, and then only to the extent that, such amount is finally paid to the applicable Managing Agents as aforesaid); provided that the amount of any such reduction shall be not less than $1,000,000 or an integral aggregate multiple of $100,000 in excess thereof1,000,000.

Appears in 1 contract

Samples: Transfer and Administration Agreement (Ashland Inc.)

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Optional Reduction of Net Investment. The SPV may at any time elect to cause the reduction of the Net Investment as follows: (a) the SPV shall instruct the Servicer to (and the Servicer shall) set aside Collections and hold them in trust for the Managing Agents (on behalf of such Managing Agents’ Investor Groups) under Section 2.12(a)(ii)(A)(1) until the amount so set aside shall equal the desired amount of reduction; (b) the SPV shall give the Agent and the Managing Agents at least one two (12) Business Day’s Days’ prior written notice (or at least four (4) Business Days’ prior written notice in the case of any reduction of the Net Investment by more than $20,000,000) of the amount of such reduction and the date on which such reduction will occur; and (c) on any Business Day occurring at least one two (12) Business Day Days after the date of the SPV’s notice, the Servicer shall pay to each applicable Managing Agent (on a pro rata basis based on the Net Investment attributed to such Managing Agents’ Investor Group), in reduction of the Net Investment, the amount of such Collections so held or, if less, the Net Investment (it being understood that the Net Investment shall not be deemed reduced by any amount set aside or held pursuant to this Section 2.13 unless and until, and then only to the extent that, such amount is finally paid to the applicable Managing Agents as aforesaid); provided that the amount of any such reduction shall be not less than $1,000,000 or an integral aggregate multiple of $100,000 in excess thereof1,000,000.

Appears in 1 contract

Samples: Transfer and Administration Agreement (Greif Inc)

Optional Reduction of Net Investment. The SPV may at any time elect to cause the reduction of the Net Investment as follows: (a) the SPV shall instruct the Master Servicer to (and the Master Servicer shall) set aside Collections and hold them in trust for the Managing Agents (on behalf of such Managing Agents’ Investor Groups) under clause (ii) of Section 2.12(a)(ii)(A)(12.12(a) until the amount so set aside shall equal the desired amount of reduction; (b) the SPV shall give the Agent and the Managing Agents written notice in the form of Exhibit J hereto by no later than 3:00 p.m. at least one (1) Business Day’s Day prior written notice of the amount of such reduction and to the date on which such reduction will occur, which notice shall specify the amount and date of such reduction; and (c) on any Business Day occurring at least one (1) Business Day after the date of the SPV’s notice, the Master Servicer shall pay to each applicable Managing Agent (on a pro rata basis based on the Net Investment attributed to such Managing Agents’ Investor Group), in reduction of the Net Investment, the amount of such Collections so held or, if less, the Net Investment (it being understood that the Net Investment shall not be deemed reduced by any amount set aside or held pursuant to this Section 2.13 unless and until, and then only to the extent that, such amount is finally paid to the applicable Managing Agents as aforesaid); provided that the amount of any such reduction shall be not less than $1,000,000 or an integral aggregate multiple of $100,000 in excess thereof1,000,000.

Appears in 1 contract

Samples: Transfer and Administration Agreement (Valvoline Inc)

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