Common use of Payment for the Purchase Clause in Contracts

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 any 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”) Receivables hereunder shall be payable in full by Buyer to the Originator on the date hereofof such Receivables in accordance with Section 1.2(b), and shall be paid to such 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, Agreement or other cash on hand; and (ii) the balance, by delivery of the proceeds of a subordinated revolving loan from such Originator to Buyer (a “"Subordinated Loan”") in an amount not to exceed the least of (iA) the remaining unpaid portion of such Purchase Price, and (iiB) the maximum Subordinated Loan that could be borrowed without rendering Buyer’s 's Net Worth less than the Minimum Required Capital Amount and (C) the maximum Subordinated Loan that could be borrowed without rendering the Net WorthValue less than the aggregate outstanding principal balance of the Subordinated Loans (including the Subordinated Loan proposed to be made on such date). The Each Originator is hereby authorized by Buyer to endorse on the schedule attached to the its 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.