Common use of Receivable Interest Computation Clause in Contracts

Receivable Interest Computation. Each Receivable Interest in the Pool Receivables shall be initially computed on its date of purchase. Thereafter until the Termination Date for such Receivable Interest in the Pool Receivables, such Receivable Interest in the Pool Receivables shall be automatically recomputed (or deemed to be recomputed) based upon the information provided in the most recently submitted Monthly Report on each day other than a Liquidation Day; provided that, if a more recent Weekly Report or Daily Report has been submitted to the Administrative Agent and the Purchaser Agents pursuant to Section 4.02(g), then the Receivable Interest in the Pool Receivables reflected in such Monthly Report, Weekly Report or Daily Report that is the highest shall be used; provided, further that, if such Weekly Report or Daily Report, as applicable, recalculates all of the components (including the Net Receivables Pool Balance and reserve components in the calculation of such Receivable Interest) necessary to determine such Receivable Interest as of the relevant calculation day for such report in a manner consistent with the calculation thereof made in the most recently submitted Monthly Report and otherwise reasonably satisfactory to the Administrative Agent, then the Receivable Interest in the Pool Receivables reflected in such Weekly Report or Daily Report, as applicable, shall be used. Such Receivable Interest shall be 100% from and after the occurrence of a Termination Date until the event causing such Termination Date has been waived or cured. Notwithstanding the foregoing, such Receivable Interest shall become zero when Capital thereof and Yield thereon shall have been paid in full, all other amounts owed by the Seller and the Collection Agent hereunder to the Investors, the Banks, the Administrative Agent and the Purchaser Agents and each Indemnified Party and each Affected Person are paid in full and the Collection Agent shall have received the accrued Collection Agent Fee thereon.

Receivable Interest Computation. (a) Upon the payment of the Purchase Price for any Incremental Purchase hereunder, (i) each Conduit Purchaser participating in such Purchase shall acquire a Receivable Interest the initial Capital of which is equal to the portion of the Purchase Price paid by such Conduit Purchaser and (ii) to the extent the Committed Purchasers in any Purchaser Group participate in such Purchase, such Committed Purchasers shall acquire (ratably in accordance with their respective Commitments) a Receivable Interest the initial Capital of which is equal to the portion of the Purchase Price paid by such Committed Purchasers. (b) Each Receivable Interest in the Pool Receivables shall be initially computed on its date of purchasePurchase. Thereafter until the Termination Amortization Date for such Receivable Interest in the Pool ReceivablesInterest, such Receivable Interest in the Pool Receivables shall be automatically recomputed (or deemed to be recomputed) based upon the information provided in the most recently submitted Monthly Report on each day other than a Liquidation Day; provided that, if a more recent Weekly Report or Daily Report has been submitted to the Administrative Agent and the Purchaser Agents pursuant to Section 4.02(g), then the . Any Receivable Interest in the Pool Receivables reflected in such Monthly Report, Weekly Report or Daily Report that is the highest shall be used; provided, further that, if such Weekly Report or Daily ReportInterest, as applicable, recalculates all computed (or deemed recomputed) as of the components (including day immediately preceding the Net Receivables Pool Balance and reserve components in the calculation of Amortization Date for such Receivable Interest, shall thereafter remain constant until the Termination Date occurs. From and after the Termination Date until the Final Payout Date, each Receivable Interest shall be equal to a fraction (expressed as a percentage) necessary the numerator of which is equal to determine the Capital of such Receivable Interest as of the relevant calculation day for Termination Date and the denominator of which is equal to the aggregate Capital of all Receivable Interests as of the Termination Date. (c) Each Purchase shall constitute a purchase of undivided percentage ownership interests in each and every Pool Receivable, together with all Related Security and Collections with respect thereto, then existing, as well as in each and every Pool Receivable, together with all Related Security and Collections with respect thereto, which arises at any time after the date of such report in a manner consistent with Purchase. From and after the calculation thereof made in Termination Date, the most recently submitted Monthly Report and otherwise reasonably satisfactory to aggregate Receivable Interests of the Purchasers shall equal 100%. On the Final Payout Date, the Administrative Agent, then on behalf of the Receivable Interest in Conduit Purchasers and the Committed Purchasers, shall be deemed to have reconveyed to the Seller all of the Conduit Purchasers' and the Committed Purchasers' respective right, title and interest in, to and under the Pool Receivables reflected in such Weekly Report or Daily Reportand Related Security and Collections with respect thereto, as applicable, shall be used. Such Receivable Interest shall be 100% from and after the occurrence of a Termination Date until the event causing such Termination Date has been waived or cured. Notwithstanding the foregoing, such Receivable Interest shall become zero when Capital thereof and Yield thereon shall have been paid in full, all other amounts owed by the Seller and the Collection Agent hereunder Receivable Interests shall accordingly be reduced to zero. Following the Investors, the BanksFinal Payout Date, the Administrative Agent Agent, on behalf of the Conduit Purchasers and the Purchaser Agents Committed Purchasers, shall execute and each Indemnified Party and each Affected Person are paid in full deliver to the Seller, at the Seller's expense, such documents or instruments as the Seller may reasonably request to terminate the Conduit Purchasers' and the Collection Agent Committed Purchasers' respective interests in the Receivables and Related Security and Collections with respect thereto. Any such documents shall have received be prepared by and at the accrued Collection Agent Fee thereonexpense of the Seller.

Receivable Interest Computation. (a) Each Receivable Interest in the Pool Receivables shall be initially computed on its date of purchase. Thereafter until the Termination Date for such Receivable Interest in the Pool ReceivablesInterest, such Receivable Interest in the Pool Receivables shall be automatically recomputed (or deemed to be recomputed) based upon the information provided in the most recently submitted Monthly Report on each day other than a Liquidation Day; provided that, if a more recent Weekly Report or Daily Report has been submitted to the Administrative Agent and the Purchaser Agents pursuant to Section 4.02(g), then the . Any Receivable Interest in the Pool Receivables reflected in such Monthly Report, Weekly Report or Daily Report that is the highest shall be used; provided, further that, if such Weekly Report or Daily ReportInterest, as applicable, recalculates all computed (or deemed recomputed) as of the components (including day immediately preceding the Net Receivables Pool Balance and reserve components in the calculation of Termination Date for such Receivable Interest) necessary to determine such Receivable Interest as of the relevant calculation day for such report in a manner consistent with the calculation thereof made in the most recently submitted Monthly Report and otherwise reasonably satisfactory to the Administrative Agent, then the Receivable Interest in the Pool Receivables reflected in such Weekly Report or Daily Report, as applicable, shall be usedthereafter remain constant. Such Receivable Interest shall be 100% from and after the occurrence of a Termination Date until the event causing such Termination Date has been waived or cured. Notwithstanding the foregoing, such Receivable Interest shall become zero when Capital thereof and Yield thereon shall have been paid in full, and all other amounts owed by the Seller and the Collection Agent hereunder to the Investors, the Banks, Banks or the Administrative Agent and the Purchaser Agents and each Indemnified Party and each Affected Person are paid in full and the Collection Agent shall have received the accrued Collection Agent Fee thereon. (b) If any Receivable Interest would otherwise be reduced on any day on account of newly arising Pool Receivables, the parties who hold such Receivable Interest may prevent such reduction by notifying the Collection Agent on such day that the Receivables Pool and the Net Receivables Pool Balance for such Receivable Interest will include, with respect to Receivables arising as Pool Receivables on such day, only such number or portion of such Receivables as shall cause such Receivable Interest to remain constant. The remainder of such Receivables or portion thereof shall be treated as Receivables arising on the next succeeding Business Day (subject to reapplication of this subsection (b)).

Receivable Interest Computation. (a) Upon the payment of the Purchase Price for any Incremental Purchase hereunder, (i) each Conduit Purchaser participating in such Purchase shall acquire a Receivable Interest the initial Capital of which is equal to the portion of the Purchase Price paid by such Conduit Purchaser and (ii) to the extent the Committed Purchasers in any Purchaser Group participate in such Purchase, such Committed Purchasers shall acquire (ratably in accordance with their respective Commitments) a Receivable Interest the initial Capital of which is equal to the portion of the Purchase Price paid by such Committed Purchasers. (b) Each Receivable Interest in the Pool Receivables shall be initially computed on its date of purchasePurchase. Thereafter until the Termination Amortization Date for such Receivable Interest in the Pool ReceivablesInterest, such Receivable Interest in the Pool Receivables shall be automatically recomputed (or deemed to be recomputed) based upon the information provided in the most recently submitted Monthly Report on each day other than a Liquidation Day; provided that, if a more recent Weekly Report or Daily Report has been submitted to the Administrative Agent and the Purchaser Agents pursuant to Section 4.02(g), then the . Any Receivable Interest in the Pool Receivables reflected in such Monthly Report, Weekly Report or Daily Report that is the highest shall be used; provided, further that, if such Weekly Report or Daily ReportInterest, as applicable, recalculates all computed (or deemed recomputed) as of the components (including day immediately preceding the Net Receivables Pool Balance and reserve components in the calculation of Amortization Date for such Receivable Interest, shall thereafter remain constant until the Termination Date occurs. From and after the Termination Date until the Final Payout Date, each Receivable Interest shall be equal to a fraction (expressed as a percentage) necessary the numerator of which is equal to determine the Capital of such Receivable Interest as of the relevant calculation day for Termination Date and the denominator of which is equal to the aggregate Capital of all Receivable Interests as of the Termination Date. (c) Each Purchase shall constitute a purchase of undivided percentage ownership interests in each and every Pool Receivable, together with all Related Security and Collections with respect thereto, then existing, as well as in each and every Pool Receivable, together with all Related Security and Collections with respect thereto, which arises at any time after the date of such report in a manner consistent with Purchase. From and after the calculation thereof made in Termination Date, the most recently submitted Monthly Report and otherwise reasonably satisfactory to aggregate Receivable Interests of the Purchasers shall equal 100%. On the Final Payout Date, the Administrative Agent, then on behalf of the Receivable Interest in Conduit Purchasers and the Committed Purchasers, shall be deemed to have reconveyed to the Seller all of the Conduit Purchasers’ and the Committed Purchasers’ respective right, title and interest in, to and under the Pool Receivables reflected in such Weekly Report or Daily Reportand Related Security and Collections with respect thereto, as applicable, shall be used. Such Receivable Interest shall be 100% from and after the occurrence of a Termination Date until the event causing such Termination Date has been waived or cured. Notwithstanding the foregoing, such Receivable Interest shall become zero when Capital thereof and Yield thereon shall have been paid in full, all other amounts owed by the Seller and the Collection Agent hereunder Receivable Interests shall accordingly be reduced to zero. Following the Investors, the BanksFinal Payout Date, the Administrative Agent Agent, on behalf of the Conduit Purchasers and the Purchaser Agents Committed Purchasers, shall execute and each Indemnified Party and each Affected Person are paid in full deliver to the Seller, at the Seller’s expense, such documents or instruments as the Seller may reasonably request to terminate the Conduit Purchasers’ and the Collection Agent Committed Purchasers’ respective interests in the Receivables and Related Security and Collections with respect thereto. Any such documents shall have received be prepared by and at the accrued Collection Agent Fee thereonexpense of the Seller.