Common use of Purchase Interest Computation Clause in Contracts

Purchase Interest Computation. The Purchased Interest shall be initially computed on the date of the initial Purchase hereunder. Thereafter, until the Facility Termination Date, the Purchased Interest shall be automatically recomputed (or deemed to be recomputed) on each Business Day other than the Facility Termination Date it being understood that the Servicer shall not ordinarily be required to provide evidence of such automatic recomputation except as provided in Section 2(a) of Exhibit II. With respect to each calculation of the Purchased Interest, the Total Reserves used in such calculation shall be measured using the information reported in the most recent Information Package. On each Termination Day, the Purchased Interest shall be deemed to be 100%. The Purchased Interest shall become zero on the Final Termination Date.

Purchase Interest Computation. The Purchased Interest shall be initially computed on the date of the initial Purchase hereunder. Thereafter, until the Facility Termination Table of Contents Date, the Purchased Interest shall be automatically recomputed (or deemed to be recomputed) on each Business Day other than the Facility Termination Date it being understood that the Servicer shall not ordinarily be required to provide evidence of such automatic recomputation except as provided in Section 2(a) of Exhibit II. With respect to each calculation of the Purchased Interest, the Total Reserves used in such calculation shall be measured using the information reported in the most recent Information Package. On each Termination Day, the Purchased Interest shall be deemed to be 100%. The Purchased Interest shall become zero on the Final Termination Date.