Affected Seller definition
Examples of Affected Seller in a sentence
In the event that an Affected Seller elects to proceed under subsection (i) above, the Affected Seller shall use reasonable efforts to complete such repairs promptly and the Closing Date for all Properties (or if mutually agreed to by the Sellers and Purchaser, just the Damaged Property) shall be extended a reasonable time in order to allow for the completion of such repairs but no extension shall be for more than 60 days.
If such Transferred Relevant Receivable is replaced, with respect to any portion of the outstanding principal balance of the replacement Receivable in excess of the outstanding principal balance of the Transferred Relevant Receivable being replaced, the Purchaser shall pay to the Affected Seller an amount equal to such portion.
In the event that the Affected Seller elects to proceed under subsection (i) above, the Affected Seller shall use reasonable efforts to complete such repairs promptly and the Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs but no extension shall be for more than 60 days.
The Affected Seller shall pay to the Purchaser on or prior to the next Applicable Daily Settlement Date the repurchase price required to be paid pursuant to this subsection as provided in Section 2.03(a).
If the Affected Seller elects to proceed under subsection (ii) above, the Allocated Purchase Price for the Damaged Property shall be reduced by an amount equal to the deductible amount under the Affected Seller’s insurance policy.
Each Affected Seller shall have the right, during the twenty (20) calendar day period commencing from the date of receipt by such Affected Seller of the Forfeiture Notice, to deliver notice to Buyer (the "Dispute Notice") disputing the facts asserted by Company in its Forfeiture Notice; if any Affected Seller delivers a Dispute Notice, all Affected Sellers shall be deemed to have delivered a Dispute Notice.
For purposes of this Section 6.3(d), a Seller's "proportionate share" of the Contribution Amount shall be an amount equal to the product of the Contribution Amount times a fraction, the numerator of which shall be such Seller's pro rata share and the denominator of which shall be the aggregate pro rata shares of all of the Sellers other than such Affected Seller.
If any suit or action is instituted or attorneys are employed to collect any such payment or any part 44 thereof, such Affected Seller shall pay all costs of collection, including reasonable attorneys' fees and court costs.
In the event any Affected Seller fails to make any payment to any other Seller when due pursuant to this Section 6.3(d), such payment will bear interest at an annual rate equal to the prime rate (as published in the Wall Street Journal, eastern edition, on the date such obligation becomes due) plus 3% or, if less, the highest rate permitted by applicable law.
The obligations of each Affected Seller under this Section 6.3(d) are absolute and unconditional and are not subject to any counterclaim, set-off, deduction or defense of any kind and will not be terminated, released, discharged or in any way affected with respect to any Affected Seller by any circumstance or condition whatsoever that might constitute a legal or equitable discharge or defense.