Common use of Seller's Optional Reduction of Capital Clause in Contracts

Seller's Optional Reduction of Capital. Seller may at any time elect to reduce the Capital as follows: (i) Seller shall give the Administrator at least five (5) Business Days' prior written notice of such reduction (including the amount of such proposed reduction and the proposed date on which such reduction will commence), (ii) on the proposed date of commencement of such reduction and on each day thereafter, Servicer shall refrain from reinvesting Collections pursuant to Section 1.03 until the amount thereof not so reinvested shall equal the desired amount of reduction, and (iii) Servicer shall hold such Collections in trust for Purchasers, pending payment to the Administrator on the next Settlement Date, as provided in Section 1.03; provided that, (A) the amount of any such reduction shall be not less than $1,000,000, and the Capital after giving effect to such reduction shall be not less than $25,000,000 (unless Capital shall thereby be reduced to zero), and (B) Seller shall use reasonable efforts to attempt to choose a reduction amount, and the date of commencement thereof, so that such reduction shall commence and conclude in the same Settlement Period.

Seller's Optional Reduction of Capital. Seller may at any time (but not more than once in any seven (7)-day period) elect to reduce the Capital as follows: (i) Seller shall give the Administrator at least five two (52) Business Days' ’ prior written notice of such reduction (including the amount of such proposed reduction and the proposed date on which such reduction will commence),; (ii) on the proposed date of commencement of such reduction and on each day thereafter, Servicer shall refrain from reinvesting Collections pursuant to Section 1.03 1.3 until the amount thereof not so reinvested shall equal the desired amount of reduction, and (iii) Servicer shall hold deposit such Collections into the Administrator’s Account in trust for the Purchasers, pending payment to receipt by the Administrator on of the next Settlement Datefull amount of such requested Capital reduction, as provided in Section 1.03whereupon such funds shall be applied to so reduce the Capital; provided that, (A) the amount of any such reduction shall be not less than $1,000,0001,000,000 or an integral multiple of $100,000 in excess thereof, and the Capital after giving effect to such reduction shall be not less than $25,000,000 15,000,000 (unless Capital shall thereby be reduced to zero), ; and (B) Seller shall use reasonable efforts to attempt to choose a reduction amount, and the date of commencement thereof, so that such reduction shall commence and conclude in the same Settlement Period.

Seller's Optional Reduction of Capital. Seller may at any time elect to reduce the Capital as follows: (i) Seller shall give the Administrator at least five (5) Business Days' prior written notice of such reduction (including the amount of such proposed reduction and the proposed date on which such reduction will commence), (ii) on the proposed date of commencement of such reduction and on each day thereafter, Servicer shall refrain from reinvesting Collections pursuant to Section 1.03 until the amount thereof not so reinvested shall equal the desired amount of reduction, and (iii) Servicer shall hold such Collections in trust for PurchasersPurchaser, pending payment to the Administrator on the next Settlement Date, as provided in Section 1.03; provided that, (A) the amount of any such reduction shall be not less than $1,000,0005,000,000, and the Capital after giving effect to such reduction shall be not less than $25,000,000 50,000,000 (unless Capital shall thereby be reduced to zero), and (B) Seller shall use reasonable efforts to attempt to choose a reduction amount, and the date of commencement thereof, so that such reduction shall commence and conclude in the same Settlement Period.

Seller's Optional Reduction of Capital. Seller may at any time elect to reduce the Capital as follows: (i) Seller shall give the Administrator and each Agent at least five (5) Business Days' prior written notice of such reduction (including the amount of such proposed reduction and the proposed date on which such reduction will commence), (ii) on the proposed date of commencement of such reduction and on each day thereafter, Servicer shall refrain from reinvesting Collections pursuant to Section 1.03 until the amount thereof not so reinvested shall equal the desired amount of reduction, and (iii) Servicer shall hold such Collections in trust for the Purchasers, pending payment to the Administrator on the next Weekly Settlement Date, as provided in Section 1.03; provided that, (A) the amount of any such reduction shall be not less than $1,000,000, and the Capital after giving effect to such reduction shall be not less than $25,000,000 50,000,000 (unless Capital shall thereby be reduced to zero), and (B) Seller shall use reasonable efforts to attempt to choose a reduction amount, and the date of commencement thereof, so that such reduction shall commence and conclude in the same Settlement Period.

Seller's Optional Reduction of Capital. Seller may at any time elect to reduce the Capital as follows: (i) Seller shall give the Administrator at least five (5) Business Days' prior written notice of such reduction (including the amount of such proposed reduction and the proposed date on which such reduction will commence), (ii) on the proposed date of commencement of such reduction and on each day thereafter, Servicer shall refrain from reinvesting Collections pursuant to Section 1.03 until the amount thereof not so reinvested shall equal the desired amount of reduction, and (iii) Servicer shall hold such Collections in trust for Purchasers, pending payment to the Administrator on the next Settlement Date, as provided in Section 1.03; provided that, (A) the amount of any such reduction shall be not less than $1,000,000, and the Capital after giving effect to such reduction shall be not less than $25,000,000 (unless Capital shall thereby be reduced to zero), and, (B) Seller shall use reasonable efforts to attempt to choose a reduction amount, and the date of commencement thereof, so that such reduction shall commence and conclude in the same Settlement Period., and

Seller's Optional Reduction of Capital. Seller may at any time elect to reduce the Capital as follows: (i) Seller shall give the Administrator at least five (5) Business Days' prior written notice of such reduction (including the amount of such proposed reduction and the proposed date on which such reduction will commence), (ii) on the proposed date of commencement of such reduction and on each day thereafter, Servicer shall refrain from reinvesting Collections pursuant to Section 1.03 until the amount thereof not so reinvested shall equal the desired amount of reduction, and (iii) Servicer shall hold such Collections in trust for PurchasersPurchaser, pending payment to the Administrator on the next Settlement Date, as provided in Section 1.03; provided that, (A) the amount of any such reduction shall be not less than $1,000,000, and the Capital after giving effect to such reduction shall be not less than $25,000,000 (unless Capital shall thereby be reduced to zero), and (B) Seller shall use reasonable efforts to attempt to choose a reduction amount, and the date of commencement thereof, so that such reduction shall commence and conclude in the same Settlement Period.

Seller's Optional Reduction of Capital. Seller may at any time elect to reduce the Capital as follows: (i) Seller shall give the Administrator and each Agent at least five (5) Business Days' prior written notice of such reduction (including the amount of such proposed reduction and the proposed date on which such reduction will commence), (ii) on the proposed date of commencement of such reduction and on each day thereafter, Servicer shall refrain from reinvesting Collections pursuant to Section 1.03 1.3 until the amount thereof not so reinvested shall equal the desired amount of reduction, and (iii) Servicer shall hold such Collections in trust for the Purchasers, pending payment to the Administrator on the next Settlement Date, as provided in Section 1.031.3; provided that, (A) the amount of any such reduction shall be not less than $1,000,0005,000,000, and the Capital after giving effect to such reduction shall be not less than $25,000,000 50,000,000 (unless Capital shall thereby be reduced to zero), and (B) Seller shall use reasonable efforts to attempt to choose a reduction amount, and the date of commencement thereof, so that such reduction shall commence and conclude in during the same Settlement Period.