Selection of Asset Tranches. The Administrator shall, at the reasonable direction of Transferor, and from time to time for purposes of computing Earned Discount, divide the Asset Interest into Asset Tranches, and the applicable Earned Discount Rate may be different for each Asset Tranche. Transferee's Total Investment shall be allocated to each Asset Tranche by the Administrator, on Transferee's behalf and pursuant to the reasonable direction of Transferor (unless a Liquidation Event has occurred and is continuing), to reflect the funding sources for the Asset Interest, so that:
(a) there will be an Asset Tranche equal to the excess of Transferee's Total Investment over the aggregate amount allocated at such time pursuant to clause (b) below, which Asset Tranche shall reflect the portion of the Asset Interest funded by Commercial Paper Notes; and
(b) there will be one or more Asset Tranches, selected by the Administrator, on Transferee's behalf and at the reasonable direction of Transferor (unless a Liquidation Event has occurred and is continuing), reflecting the portion of the Asset Interest funded by outstanding Liquidity Fundings.
Selection of Asset Tranches. The Agent shall, from time to time for purposes of computing Earned Discount on that portion of the Asset Interest funded with Liquidity Fundings, divide the Asset Interest into Asset Tranches; in doing so, the Agent shall, prior to the occurrence of a Liquidation Event, consult with the Seller. The applicable Earned Discount Rate may be different for each Asset Tranche funded by a Liquidity Funding. The total Invested Amount shall be allocated to the Asset Tranches by the Agent, on the Purchaser's behalf, to reflect the funding sources for the Asset Interest such that the total amount of the Purchaser's Tranche Investments of such Asset Tranches shall equal the Invested Amount, so that:
(a) there will be a single Asset Tranche with a Purchaser's Tranche Investment equal to the excess of the Invested Amount over the aggregate amount allocated at such time pursuant to clause (b) below, which Asset Tranche shall reflect the portion of the Asset Interest funded by Commercial Paper Notes; and
(b) there will be one or more Asset Tranches, selected by the Agent, on the Purchaser's behalf, reflecting the portion or portions of the Asset Interest funded by outstanding Liquidity Fundings.
Selection of Asset Tranches. The Administrative Agent shall, from time to time for purposes of computing Earned Discount, divide the Asset Interest into Asset Tranches, and the applicable Earned Discount Rate may be different for each Asset Tranche. The maturity of each Asset Tranche may also be different. The Purchaser's Total Investment and aggregate CP Discount shall be allocated to each Asset Tranche by the Administrative Agent, on the Purchaser's behalf, to reflect the funding sources for the Asset Interest, so that:
(a) there will be one or more Asset Tranches equal to the excess of the sum of Purchaser's Total Investment and aggregate CP Discount over the aggregate amount allocated at such time pursuant to clause (b) below, which Asset Tranche (or Asset Tranches, if more than one) shall reflect the portion of the Asset Interest funded by Commercial Paper Notes; and
(b) there may be one or more Asset Tranches, selected by the Administrative Agent, on the Purchaser's behalf, reflecting the portion of the Asset Interest funded by outstanding Liquidity Fundings.
Selection of Asset Tranches. The Administrator shall, from time to time for purposes of computing Earned Discount, divide the Purchased Interest into Asset Tranches, and the applicable Earned Discount Rate may be different for each Asset Tranche. Purchaser's Total Investment shall be allocated to each Asset Tranche by the Administrator to reflect the funding sources for the Purchased Interest, so that:
(a) there will be one or more Asset Tranches, selected by the Administrator, reflecting the portion of the Purchased Interest funded by outstanding Liquidity Loans, if any;
(b) there will be one or more Asset Tranches, selected by the Administrator, reflecting the portion of the Purchased Interest funded by Credit Draws, if any;
(c) there will be one or more Asset Tranches, selected by the Administrator, reflecting the portion of the Purchased Interest funded by Concentration Draws, if any; and
(d) there will be an Asset Tranche equal to the excess of Purchaser's Total Investment over the aggregate amounts allocated at such time pursuant to CLAUSES (a), (b) and (c) above, which Asset Tranche shall reflect the portion of the Purchased Interest funded by Commercial Paper Notes. The Purchaser confirms that it is its intention to allocate all or substantially all of the Purchased Interest to the Asset Tranche funded by Commercial Paper Notes; provided that the
Selection of Asset Tranches. 8- SECTION 2.02 Computation of Transferee's Total Investment and Transferee's Tranche Investment...............................................-8- SECTION 2.03 Computation of Concentration Limits and Unpaid Balance...........-9- SECTION 2.04 Liquidity Fundings; Computation of Earned Discount...............-9- SECTION 2.05 Estimates of Earned Discount Rate, Fees, etc.....................-9- ARTICLE III SETTLEMENTS
Selection of Asset Tranches. 8 SECTION 2.02. Computation of Purchaser's Total Investment and Purchaser's Tranche Investment..........9 SECTION 2.03. Computation of Earned Discount...................9
Selection of Asset Tranches. For purposes of computing Earned Discount, the Seller and the Agent (subject to the limitations set forth herein) shall, upon each Purchase and upon the expiration or termination of the Yield Period applicable to such Asset Tranche, divide the Asset Interest into Asset Tranches, and the applicable Earned Discount Rate may be different for each Asset Tranche. Purchaser's Total Investment shall be allocated to each selected Asset Tranche by the Agent to reflect the funding sources for the Asset Interest, so that: (a) there may be one or more Asset Tranches reflecting the portion of the Asset Interest funded by Liquidity Advances; and
Selection of Asset Tranches. 6 Section 2.2 Computation of Invested Amount and Purchaser's Tranche Investment............... 7 Section 2.3 Computation of Concentration Limits and Unpaid Balance.......................... 7 Section 2.4 Computation of Earned Discount.................................................. 7 Section 2.5 Estimates of Earned Discount Rate, Fees, etc.................................... 8 Article III Settlements.............................................................................. 9 Section 3.1
Selection of Asset Tranches. The Administrative Agent shall, from time to time for purposes of computing Earned Discount, divide the Asset Interest into Asset Tranches. The applicable Earned Discount Rate may be different for each Asset Tranche. The Purchaser's Total Investment and aggregate CP Discount shall be allocated to each Asset Tranche by the Administrative Agent, on the Purchaser's behalf, to reflect the funding sources for the Asset Interest, so that:
(a) there will be one or more Asset Tranches equal to the excess of the sum of the Purchaser's Total Investment and the aggregate CP Discount over the aggregate amount allocated at such time pursuant to clause (b) below, which Asset Tranche shall reflect the portion of the Asset Interest funded by Commercial Paper Notes; and
(b) there may be one or more Asset Tranches, selected by the Administrative Agent, on the Purchaser's behalf, reflecting the portion or portions of the Asset Interest funded by outstanding Liquidity Fundings.
Selection of Asset Tranches. 9 SECTION 2.02. Computation of Purchasers' Investment and Senior Purchaser's Tranche Investment............................ 9 SECTION 2.03. Computation of Earned Discount.............................. 10 SECTION 2.04. Computation of Interest Amount.............................. 10 ARTICLE III ----------- ACCOUNTS AND SETTLEMENTS ------------------------
SECTION 3.01. Accounts; Investments by Paying Agent....................... 11 SECTION 3.02. Collection of Moneys........................................ 14 SECTION 3.03. Collection Account.......................................... 14 SECTION 3.04. Deemed Collections.......................................... 20 SECTION 3.05. Payments and Computations, Etc.............................. 21 SECTION 3.06. Treatment of Collections and Deemed Collections............. 22 SECTION 3.07. Servicer Advances........................................... 22 SECTION 3.08. Repurchases................................................. 23 ARTICLE IV ---------- FEES AND YIELD PROTECTION ------------------------- SECTION 4.01. Fees........................................................ 24 SECTION 4.02.
