Common use of Decreases Clause in Contracts

Decreases. Seller shall provide Agent and each Purchaser with an irrevocable prior written notice (a “Reduction Notice”) two Business Days prior to any proposed reduction of the Aggregate Capital from Collections. Such Reduction Notice shall designate (i) the date (the “Proposed Reduction Date”) upon which any such reduction of the Aggregate Capital shall occur and (ii) the amount of the Aggregate Capital to be reduced that shall be applied ratably to the aggregate Capital of the Purchasers in accordance with the amount of Capital (if any) owing to the Purchasers (ratably to each Purchaser, based on the ratio of such Purchaser’s Capital at such time to the aggregate Capital of all of the Purchasers at such time) (the “Aggregate Reduction”), without regard to any unpaid RPA Deferred Purchase Price. Only one (1) Reduction Notice shall be outstanding at any time. Concurrently with any reduction of the Aggregate Capital pursuant to this Section, Seller shall pay to the applicable Purchaser all Broken Funding Costs arising as a result of such reduction. No Aggregate Reduction will be made following the occurrence of the Amortization Date without the prior written consent of Agent.

Decreases. Seller shall provide the Agent and each Purchaser with an irrevocable prior written notice in conformity with the Required Notice Period (a “Reduction Notice”) two Business Days prior to of any proposed reduction of the Aggregate Capital from Collections. The Agent shall promptly forward to each Managing Agent any Reduction Notice it receives from the Seller pursuant to this Section 1.3. Such Reduction Notice shall designate (i) the date (the “Proposed Reduction Date”) upon which any such reduction of the Aggregate Capital shall occur (which date shall give effect to the applicable Required Notice Period), and (ii) the amount of the Aggregate Capital to be reduced that (the “Aggregate Reduction”) which shall be distributed ratably to each Purchase Group based on the Pro Rata Share of the Aggregate Capital of each Purchase Group and which shall be applied by each Managing Agent ratably to the aggregate Capital Purchaser Interests of the Purchasers in such Managing Agent’s Purchase Group ratably in accordance with the amount of Capital (if any) owing to the Purchasers (ratably to each Purchaser, based on the ratio of such Purchaser’s Capital at such time to the aggregate Capital of all of the Purchasers at such time) (the “Aggregate Reduction”), without regard to any unpaid RPA Deferred Purchase PricePurchasers. Only one (1) Reduction Notice shall be outstanding at any time. Concurrently with any reduction of the Aggregate Capital pursuant to this Section, Seller shall pay to the applicable Purchaser all Broken Funding Costs arising as a result of such reduction. No Aggregate Reduction will be made following the occurrence of the Amortization Date without the prior written consent of Agentthe Agent and the Required Financial Institutions.