Common use of Portfolio Purchases Clause in Contracts

Portfolio Purchases. Make, or obligate itself to make, any Portfolio Purchase unless: (i) no Default or Event of Default exists or would exist after giving effect to the applicable Portfolio Purchase; (ii) the applicable Borrower has provided the Agent and each of the Banks with a pro forma certificate of the chief financial officer of such Borrower evidencing each Borrower's computation of compliance with each of the financial ratios, tests or covenants specified in Article VII and Sections 8.2, 8.3 and 8.14 hereof after giving effect to the applicable Portfolio Purchase; (iii) the applicable Portfolio Purchase has the approval of the seller; (1) the seller of the loans constituting such Portfolio Purchase is in the business of making loans secured by New York City taxicab medallions and the loans to be acquired in connection therewith are secured by New York City taxicab medallions, or (2) the Portfolio Purchase is being made from a Person in any other line of business; provided, that, to the extent the -------------- Portfolio Purchase does not entirely involve loans secured by New York City taxicab medallions, in addition to the foregoing, each such Portfolio Purchase shall be subject to the following additional limitations: (A) if the consideration for such Portfolio Purchase shall be Capital Stock of MFC, the fair market value of such Capital Stock, less the aggregate outstanding principal balances of all loans included in such Portfolio Purchase that are secured by New York City taxicab medallions, if any, shall not exceed $50,000,000 with respect to any one such Portfolio Purchase or $100,000,000 in any fiscal year with respect to all such Portfolio Purchases in the aggregate in such fiscal year; and (B) if the consideration for such Portfolio Purchase shall be other than Capital Stock of MFC, the consideration therefor, less the aggregate outstanding principal balances of all loans included in such Portfolio Purchase that are secured by New York City taxicab medallions, if any, shall not exceed $25,000,000 with respect to any one such Portfolio Purchase or $50,000,000 in any fiscal year with respect to all such Portfolio Purchases in the aggregate in such fiscal year.

Portfolio Purchases. Make, or obligate itself to make, any Portfolio Purchase unless: (i) no Default or Event of Default exists or would exist after giving effect to the applicable Portfolio Purchase; (ii) the applicable Borrower has provided the Agent and each of the Banks with a pro forma certificate of the chief financial officer of such the Borrower evidencing each the Borrower's computation of compliance with each of the financial ratios, tests or covenants specified in Article VII and Sections VII, 6.15, 8.2, 8.3 8.3, 8.4 and 8.14 hereof after giving effect to the applicable Portfolio Purchase; (iii) the applicable Portfolio Purchase has the approval of the seller; (1) the seller of the loans constituting such Portfolio Purchase is in the business of making loans secured by New York City taxicab medallions and the loans to be acquired in connection therewith are secured by New York City taxicab medallions, or (2) the Portfolio Purchase is being made from a Person in any other line of business; provided, that, to the -------------- extent the -------------- Portfolio Purchase does not entirely involve loans secured by New York City taxicab medallions, in addition to the foregoing, each such Portfolio Purchase shall be subject to the following additional limitations: (A) if the consideration for such Portfolio Purchase shall be Capital Stock of MFCthe Borrower, the fair market value of such Capital Stock, less the aggregate outstanding principal balances of all loans included in such Portfolio Purchase that are secured by New York City taxicab medallions, if any, shall not exceed $50,000,000 with respect to any one such Portfolio Purchase or $100,000,000 in any fiscal year with respect to all such Portfolio Purchases in the aggregate in such fiscal year; and (B) if the consideration for such Portfolio Purchase shall be other than Capital Stock of MFCthe Borrower, the consideration therefor, less the aggregate outstanding principal balances of all loans included in such Portfolio Purchase that are secured by New York City taxicab medallions, if any, shall not exceed $25,000,000 with respect to any one such Portfolio Purchase or $50,000,000 in any fiscal year with respect to all such Portfolio Purchases in the aggregate in such fiscal year. (o) Section 9.1(e) is amended to read in its entirety as follows:

Portfolio Purchases. Make, or obligate itself to make, any Portfolio Purchase unless: (i) no Default or Event of Default exists or would exist after giving effect to the applicable Portfolio Purchase; (ii) the applicable Borrower has provided the Agent and each of the Banks with a pro forma certificate of the chief financial officer of such Borrower evidencing each Borrower's computation of compliance with each of the financial ratios, tests or covenants specified in Article VII and Sections 8.2, 8.3 and 8.14 hereof after giving effect to the applicable Portfolio Purchase; (iii) the applicable Portfolio Purchase has the approval of the seller; (1) the seller of the loans constituting such Portfolio Purchase is in the business of making loans secured by New York City taxicab medallions and the loans to be acquired in connection therewith are secured by New York City taxicab medallions, or (2) the Portfolio Purchase is being made from a Person in any other line of business; provided, that, to the extent the -------------- Portfolio Purchase does not entirely involve loans secured by New York City taxicab medallions, in addition to the foregoing, each such Portfolio Purchase shall be subject to the following additional limitations: (A) if the consideration for such Portfolio Purchase shall be Capital Stock of MFC, the fair market value of such Capital Stock, less the aggregate outstanding principal balances of all loans included in such Portfolio Purchase that are secured by New York City taxicab medallions, if any, shall not exceed $50,000,000 with respect to any one such Portfolio Purchase or $100,000,000 in any fiscal year with respect to all such Portfolio Purchases in the aggregate in such fiscal year; and (B) if the consideration for such Portfolio Purchase shall be other than Capital Stock of MFC, the consideration therefor, less the aggregate outstanding principal balances of all loans included in such Portfolio Purchase that are secured by New York City taxicab medallions, if any, shall not exceed $25,000,000 with respect to any one such Portfolio Purchase or $50,000,000 in any fiscal year with respect to all such Portfolio Purchases in the aggregate in such fiscal year.

Portfolio Purchases. Make, or obligate itself to make, any Portfolio Purchase unless: : (i) no Default or Event of Default exists or would exist after giving effect to the applicable Portfolio Purchase; ; (ii) the applicable Borrower Credit Party has provided the Agent and each of the Banks with a pro forma certificate of the chief financial officer of such Borrower Credit Party evidencing each BorrowerCredit Party's computation of compliance with each of the financial ratios, tests or covenants specified in Article VII and Sections VII, 6.15, 8.2, 8.3 8.3, 8.4 and 8.14 hereof after giving effect to the applicable Portfolio Purchase; ; (iii) the applicable Portfolio Purchase has the approval of the seller;; (iv) (1) the seller of the loans constituting such Portfolio Purchase is in the business of making loans secured by New York City taxicab medallions and the loans to be acquired in connection therewith are secured by New York City taxicab medallions, or (2) the Portfolio Purchase is being made from a Person in any other line of business; provided, that, to the -------------- extent the -------------- Portfolio Purchase does not entirely involve loans secured by New York City taxicab medallions, in addition to the foregoing, each such Portfolio Purchase shall be subject to the following additional limitations: : (A) if the consideration for such Portfolio Purchase shall be Capital Stock of MFCthe Borrower, the fair market value of such Capital Stock, less the aggregate outstanding principal balances of all loans included in such Portfolio Purchase that are secured by New York City taxicab medallions, if any, shall not exceed $50,000,000 with respect to any one such Portfolio Purchase or $100,000,000 in any fiscal year with respect to all such Portfolio Purchases in the aggregate in such fiscal year; and (B) if the consideration for such Portfolio Purchase shall be other than Capital Stock of MFC, the consideration therefor, less the aggregate outstanding principal balances of all loans included in such Portfolio Purchase that are secured by New York City taxicab medallions, if any, shall not exceed $25,000,000 with respect to any one such Portfolio Purchase or $50,000,000 in any fiscal year with respect to all such Portfolio Purchases in the aggregate in such fiscal year.