Payment for the Purchase. (a) The Purchase Price for the Purchase of Receivables in existence on the close of business on the Business Day immediately preceding the date hereof (the "Initial Cutoff Date") shall be payable in full by Buyer to Originator on the date hereof, and shall be paid to Originator in the following manner:
(i) first, by delivery of immediately available funds, to the extent of funds made available to Buyer in connection with its subsequent sale of an interest in such Receivables to the Purchasers under the Purchase Agreement after the payment of its operating costs and any amounts payable under the Purchase Agreement, and
(ii) second, the balance, by delivery of the proceeds of a subordinated revolving loan from Originator to Buyer (a "Subordinated Loan") in an amount not to exceed the least of (A) the remaining unpaid portion of such Purchase Price, (B) the maximum Subordinated Loan that could be borrowed without rendering Buyer's Net Worth less than the Required Capital Amount and (C) the maximum Subordinated Loan that could be borrowed without rendering the Net Value less than the aggregate outstanding principal balance of the Subordinated Loans (including the Subordinated Loan proposed to be made on such date). Each Receivable coming into existence after the Initial Cutoff Date shall be sold or contributed to the Buyer on the Business Day immediately following the day such Receivable was originated and the Purchase Price for such Receivable shall be due and owing in full by Buyer to Originator on such Business Day (except that Buyer may, with respect to any such Purchase Price, offset against such Purchase Price any amounts owed by Originator to Buyer hereunder and which have become due but remain unpaid) and shall be paid to Originator in the manner provided in the following paragraphs (b), (c) and (d).
(b) With respect to any Receivables sold or contributed hereunder after the Initial Cutoff Date, on the first Business Day after such Receivable is originated, such Receivable shall be transferred to Buyer and on such date of Purchase, Buyer shall pay the Purchase Price therefor in the following manner:
(i) first, by delivery of immediately available funds, to the extent of funds available to Buyer from its subsequent sale of an interest in the Receivables to the Agent for the benefit of the Purchasers under the Purchase Agreement or other cash on hand;
(ii) second, by delivery of the proceeds of a Subordinated Loan, provided that the making of any such Su...
Payment for the Purchase. (a) The Purchase Price for the Purchase of Receivables, if any, not otherwise conveyed under the Transfer Agreement which are in existence on the close of business on the Business Day immediate preceding the date hereof (the “Initial Cutoff Date”) shall be payable in full by Buyer to Originator on the date hereof, and shall be paid to Originator in the following manner:
(i) by delivery of immediately available funds, to the extent of funds made available to Buyer in connection with its subsequent sale of an interest in such Receivables to the Purchasers under the Purchase Agreement, and
(ii) the balance, by delivery of the proceeds of a subordinated revolving loan from Originator to Buyer (a “Subordinated Loan”) in an amount not to exceed the least of (i) the remaining unpaid portion of such Purchase Price, and (ii) the maximum Subordinated Loan that could be borrowed without rendering Buyer’s Net Worth less than the Minimum Net Worth. The Originator is hereby authorized by Buyer to endorse on the schedule attached to the Subordinated Note an appropriate notation evidencing the date and amount of each advance thereunder, as well as the date of each payment with respect thereto, provided that the failure to make such notation shall not affect any obligation of Buyer thereunder.
Payment for the Purchase. (a) The Purchase Price for the Purchase from each Originator of its Receivables in existence as of the close of business on the Initial Cutoff Date (other than the Initial Contributed Receivables) shall be payable in full by Buyer to such Originator on the date hereof, and shall be paid to the Originators in the following manner:
(i) first, to XX Xxxx with respect to Receivables sold by XX Xxxx, by delivery of immediately available funds to the extent of funds made available to Buyer in connection with Advances made to Buyer under the Credit Agreement,
(ii) second, to XX Xxxx, the balance of the Purchase Price with respect to the Receivables sold by XX Xxxx, by delivery of the proceeds of a subordinated revolving loan from XX Xxxx to Buyer (a “Subordinated Loan”), evidenced by an entry by the Originator Representative on the Subordinated Note, in an amount not to exceed the least of (A) the remaining unpaid portion of such Purchase Price, (B) the maximum Subordinated Loan (aggregated with all Subordinated Loans then outstanding to all Originators) that could be borrowed without rendering Buyer’s Net Worth less than the Required Capital Amount, and (C) fifteen percent (15%) of such Purchase Price.
Payment for the Purchase. With respect to the Purchase, the aggregate price to be paid by Buyer to Seller for such Purchase (the "Purchase Price") shall equal (subject to adjustment for any Purchase Price Credit adjustments described below) the product of (A) the Original Balance of such Commission Receivables on the Purchase Date, multiplied by (B) one minus a Discount Factor of 5.312% (which percentage is equal to the sum of the three-year U.S. Treasury rate on April 13, 2005 and 1%). For the avoidance of doubt, the Purchase Price as calculated in accordance with the terms of this Section 1.2 is $8,908,247.
Payment for the Purchase. The Purchase Price for the Purchase of Existing Receivables shall be payable in full by Buyer to Existing Owner on the Initial Funding Date, and shall be paid to Existing Owner by delivery of immediately available funds.
Payment for the Purchase. (a) Upon acceptance and approval by the Custodian of the documents specified in Section 1.1(d), Buyer will transfer or cause to be transferred to the corresponding Seller the amount (the "Purchase Price") and forms of consideration specified in Section 7.4 of the Acquisition Agreement with respect to the "ECVC Agreements" (as defined therein).
Payment for the Purchase. (a) The Purchase Price for the Purchase shall be payable in full in cash by the Buyer to the applicable Originator or its designee on the date of the Purchase.
Payment for the Purchase. (a) The Purchase Price for each Receivable coming into existence on or after the Restatement Date shall be due and owing in full by Buyer to the Originator of such Receivable or its designee on the date each such Receivable comes into existence (except that Buyer may, with respect to any such Purchase Price, offset against such Purchase Price any amounts owed by such Originator to Buyer hereunder and which have become due but remain unpaid) and shall be paid to such Originator in the manner provided in the following paragraphs (b), (c), (d) and (e).
(b) With respect to any Receivables coming into existence on or after the Restatement Date, Buyer shall pay the Purchase Price therefor in the following manner:
Payment for the Purchase. (a) The Purchase Price in the amount of $438,444.38 for the Purchase from the Seller of the Receivables, as described in Exhibit I attached hereto, shall be payable in full at the Closing by the Buyer to the Seller in immediately available funds, less legal fees incurred by Buyer in connection with the drafting and execution of this Agreement (“Legal Fees”).
(b) The Purchase Price reflects in part a 20% discount (the “Discount”) from the Original Balance of the Receivables. A portion of the Discount expressed as a percentage of the Original Balance of the Receivable in question shall be rebated (“Rebate”) and paid to Seller as described below: 10 or less 19.5 % .5 % 11-20 days 19 % 1 % 21-30 days 18.5 % 1.5 % 31-40 18 % 2 % 41-50 17.5 % 2.5 % 51-60 17 % 3.0 % 61-70 16.5 % 3.5 % 71-80 16 % 4 % 81-90 15.5 % 4.5 % each 10 days thereafter subtract an additional ½ % add an additional ½ % For example, assuming the Purchase Price is $450,000 (net of the original 20% Discount and the 5% Collection Fee), and assuming that the Original Balance was $600,000, and assuming $400,000 of the total Original Balance of the Receivables was outstanding for 25 days before it was collected and received by Buyer, and the balance of the Original Balance in the amount of $200,000 was outstanding for 120 days before it was collected and received by Buyer, then: $400,000 x 18.5% = $74,000 $200,000 x 14% = $28,000 Total Rebate: $102,000 less offsets and claims for other amounts owed, if any, as described below.
Payment for the Purchase. (a) The purchase price (“Purchase Price”) in the amount of $300,252.35 for the Purchase from the Seller of the Receivables, as described in Exhibit I attached hereto, shall be payable in full at the Closing by the Buyer to the Seller in immediately available funds, less legal fees incurred by Buyer in connection with the drafting and execution of this Agreement (“Legal Fees”).
(b) The Purchase Price reflects in part a 20% discount (the “Discount”) from the Original Balance of the Receivables. A portion of the Discount expressed as a percentage of the Original Balance of the Receivable in question shall be rebated (“Rebate”) and paid to Seller as described below: 10 or less 19.5 % .5 % 11-20 days 19 % 1 % 21-30 days 18.5 % 1.5 % 31-40 18 % 2 % 41-50 17.5 % 2.5 % 51-60 17 % 3.0 % 61-70 16.5 % 3.5 % 71-80 16 % 4 % 81-90 15.5 % 4.5 % each 10 days thereafter subtract an additional ½ % add an additional ½ % The manner of determining the applicable Rebate and when it shall be paid is described in Section 1.2(b) of the Original Agreement.
(c) The Rebate shall be determined by Buyer and paid to Seller within 5 days after the earlier of (a) Buyer has received Collections equal to 100% of the Original Balance of Receivables, or (b) Buyer receives Collections from Receivables equal to the sum of the following: $300,252.35 plus the Collection Fee of $20,016.82 plus the Net Discount then due and applicable as of the date in question plus Legal Fees. In the case of subparagraph (b) in the preceding sentence, the Rebate would not be paid in cash but would be payable solely in the form of an assignment without recourse by Buyer of the uncollected Receivables to Seller. An example of the foregoing is described in Section 1.2(b) of the Original Agreement.
(d) The amount of the applicable Rebate, if any, shall be reduced by the amount of the accrued unpaid interest, if any, and all costs and expenses and indemnification obligations owed by Seller under the terms of this Agreement. Upon payment in full of all amounts owed to Buyer under this Agreement, Buyer shall assign the remaining uncollected Receivables, if any, to Seller without recourse and on an as is basis and without any warranties and representations.
(e) If for any reason and to the extent Buyer does not receive Collections equal to 100% of the Original Balance by the date that is 120 days after the Closing Date, upon written demand by Buyer (the “Buy Back Notice”), which demand made be made by Buyer at any time on...
