Common use of The Purchases Clause in Contracts

The Purchases. (a) Subject to the conditions described in Section 2.1, the initial Purchase shall be made in accordance with the procedures described in Section 2.2(b). After the date of the initial Purchase, until the occurrence of the Termination Date, the CP Purchasers and the Liquidity Purchasers shall make subsequent Purchases in accordance with the provisions of the Indenture, but subject to the provisions of Section 2.1 (b) and Section 2.2 hereof. (b) Each Purchase shall be made at least two Business Days after receipt by the Purchaser of a written Funding Notice substantially in the form of Exhibit A hereto delivered by the Issuer to each Deal Agent. Each Funding Notice must be received by the Deal Agents no later than 3:00 p.m. on a Business Day. If any Funding Notice is received by a Deal Agent after 3:00 p.m. on a Business Day or on a day that is not a Business Day, such Funding Notice shall be deemed to be received by such Deal Agent at 9:00 a.m. on the next following Business Day. Each such notice shall specify the amount by which the principal of the Note is to increase on such Purchase Date. The Issuer shall deliver no more than one such notice to each Deal Agent in any calendar month, and each amount specified in any such notice must be in an aggregate amount for all Purchasers at least equal to (i) $5,000,000 in the case of the initial Purchase and (ii) $500,000 in the case of any subsequent Purchase, and integral multiples of $1,000 in excess thereof provided, however, that such Advance shall not (x) exceed the product of (A) 100% minus the Minimum Subordination Percentage and (B) the aggregate Principal Balance of the Eligible Loans being transferred to the Issuer in connection with such Advance and (y) cause the Outstanding Amount of the Notes to exceed the lesser of (i) the Borrowing Base or (ii) the Purchase Limit. Following receipt of such notice, each Deal Agent shall determine whether or not its related CP Purchaser shall make the Purchase. If a CP Purchaser declines to make the Purchase, such Purchase will be made by the related Liquidity Purchaser. On the date of such Purchase, each CP Purchaser or each Liquidity Purchaser shall, upon satisfaction of the applicable conditions set forth in Article III, make available to the Issuer, in same day funds, in the Funding Account, an amount equal to such CP Purchaser's or such Liquidity Purchaser's ratable share of the Purchase.

The Purchases. (a) Subject to the conditions described in Section 2.1, the initial Purchase shall be made in accordance with the procedures described in Section 2.2(b). After the date of the initial Purchase, until the occurrence of the Termination Date, the CP Purchasers and the Liquidity Purchasers shall make subsequent Purchases in accordance with the provisions of the Indenture, but subject to the provisions of Section 2.1 (b2.1(b) and Section 2.2 hereof. (b) Each Purchase shall be made at least two Business Days (or such longer period as may be requested by the Issuer) after receipt by the Purchaser of a written Funding Notice substantially in the form of Exhibit A hereto delivered --------- by the Issuer to each Deal Agent. Such Funding Notice shall include a completed Series 2000-1 Borrowing Base Report substantially in the form of Annex 1 ------- thereto. Each Funding Notice (along with the Series 2000-1 Borrowing Base Report) must be received by the Deal Agents no later than 3:00 p.m. on a Business Day. If any Funding Notice (or Series 2000-1 Borrowing Base Report) is received by a Deal Agent after 3:00 p.m. on a Business Day or on a day that is not a Business Day, such Funding Notice (or Series 2000-1 Borrowing Base Report) shall be deemed to be received by such Deal Agent at 9:00 a.m. on the next following Business Day. Each such notice shall specify the amount by which the principal of the Note is to increase on such Purchase Date. The Issuer shall deliver no more than one such notice to each Deal Agent in any calendar month, and each Each amount specified in any such notice must be in an aggregate amount for all Purchasers at least equal to (i) $5,000,000 in the case of the initial Purchase and (ii) $500,000 in the case of any subsequent Purchase, and integral multiples of $1,000 100,000 in excess thereof provided, however, that such Advance shall not (x) exceed the product of (A) 100% minus the Minimum Subordination Percentage and (B) the aggregate Principal Balance of the Eligible Loans being transferred to the Issuer in connection with such Advance and (y) cause -------- ------- the Outstanding Amount of the Class A Notes to exceed the lesser of (i) the Borrowing Base Purchase Limit or (ii) the Purchase Limit. Following receipt of amount such notice, each Deal Agent shall determine whether or not its related CP Purchaser shall make the Purchase. If a CP Purchaser declines to make the Purchase, that immediately after such Purchase will the Subordination Amount for the Series 2000-1 Notes would be made by less than the related Liquidity PurchaserMinimum Subordination Amount. On the date of such Purchase, each CP Purchaser or each Liquidity Purchaser shall, upon satisfaction of the applicable conditions set forth in Article III, make available to the Issuer, in same day funds, in the Funding Account, an amount equal to such CP Purchaser's or such Liquidity Purchaser's ratable share of the Purchase.