Common use of Consideration for Initial Receivables Clause in Contracts

Consideration for Initial Receivables. In consideration of the Receivables and the related Contributed Assets described in Section 2.01(a), the Contributor shall, on the Closing Date, receive (i) an amount equal to the Receivables Purchase Price in immediately available funds to the extent of the net proceeds received from the Noteholders from the sale of the Notes under the Note Purchase Agreement, and (ii) to the extent that the value of such Contributed Assets exceeds such Receivables Purchase Price, an increase in the value of the stock of the Depositor, which is a wholly-owned subsidiary of the Contributor.

Appears in 2 contracts

Sources: Contribution Agreement (Bay View Capital Corp), Contribution Agreement (Bay View Capital Corp)