Common use of Initial Purchase Clause in Contracts

Initial Purchase. In consideration for the Initial Purchased Property, ▇▇▇▇ shall, on the Initial Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Initial Receivables and the Seller shall execute and deliver to ▇▇▇▇ an assignment in the form attached hereto as Exhibit A (the “First Step Initial Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,644,990,377.29. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from ▇▇▇▇ to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to ▇▇▇▇) and (b) an increase in Seller’s capital account in ▇▇▇▇ (as a result of a deemed capital contribution from the Seller to ▇▇▇▇). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital contribution shall be duly recorded by the Seller and ▇▇▇▇.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2013-1), Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2013-1)

Initial Purchase. In consideration for the Initial Purchased Property, ▇▇▇▇ shall, on the Initial Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Initial Receivables and the Seller shall execute and deliver to ▇▇▇▇ an assignment in the form attached hereto as Exhibit A (the “First Step Initial Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,644,990,377.29804,000,064.96. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from ▇▇▇▇ to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to ▇▇▇▇) and (b) an increase in Seller’s capital account in ▇▇▇▇ (as a result of a deemed capital contribution from the Seller to ▇▇▇▇). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital contribution shall be duly recorded by the Seller and ▇▇▇▇.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2014-2), Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2014-2)

Initial Purchase. In consideration for the Initial Purchased Property, ▇▇▇▇ shall, on the Initial Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Initial Receivables and the Seller shall execute and deliver to ▇▇▇▇ an assignment in the form attached hereto as Exhibit A (the “First Step Initial Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,644,990,377.291,072,399,400.83. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from ▇▇▇▇ to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to ▇▇▇▇) and (b) an increase in Seller’s capital account in ▇▇▇▇ (as a result of a deemed capital contribution from the Seller to ▇▇▇▇). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital contribution shall be duly recorded by the Seller and ▇▇▇▇.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2015-3), Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2015-3)

Initial Purchase. In consideration for the Initial Purchased Property, ▇▇▇▇ shall, on the Initial Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Initial Receivables and the Seller shall execute and deliver to ▇▇▇▇ an assignment in the form attached hereto as Exhibit A (the “First Step Initial Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,644,990,377.291,339,999,691.25. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from ▇▇▇▇ to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to ▇▇▇▇) and (b) an increase in Seller’s capital account in ▇▇▇▇ (as a result of a deemed capital contribution from the Seller to ▇▇▇▇). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital contribution shall be duly recorded by the Seller and ▇▇▇▇.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2015-2), Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2015-2)

Initial Purchase. In consideration for the Initial Purchased Property, ▇▇▇▇ shall, on the Initial Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Initial Receivables and the Seller shall execute and deliver to ▇▇▇▇ an assignment in the form attached hereto as Exhibit A (the “First Step Initial Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,644,990,377.29804,999,778.68. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from ▇▇▇▇ to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to ▇▇▇▇) and (b) an increase in Seller’s capital account in ▇▇▇▇ (as a result of a deemed capital contribution from the Seller to ▇▇▇▇). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital contribution shall be duly recorded by the Seller and ▇▇▇▇.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2015-4), Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2015-4)

Initial Purchase. In consideration for the Initial Purchased Property, ▇▇▇▇ shall, on the Initial Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Initial Receivables and the Seller shall execute and deliver to ▇▇▇▇ an assignment in the form attached hereto as Exhibit A (the “First Step Initial Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,644,990,377.29528,012,846.38. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from ▇▇▇▇ to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to ▇▇▇▇) and (b) an increase in Seller’s capital account in ▇▇▇▇ (as a result of a deemed capital contribution from the Seller to ▇▇▇▇). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital contribution shall be duly recorded by the Seller and ▇▇▇▇.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Capital Auto Receivables LLC), Pooling and Servicing Agreement (Capital Auto Receivables LLC)

Initial Purchase. In consideration for the Initial Purchased Property, ▇▇▇▇ shall, on the Initial Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Initial Receivables and the Seller shall execute and deliver to ▇▇▇▇ an assignment in the form attached hereto as Exhibit A (the “First Step Initial Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,644,990,377.291,327,000,613.17. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from ▇▇▇▇ to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to ▇▇▇▇) and (b) an increase in Seller’s capital account in ▇▇▇▇ (as a result of a deemed capital contribution from the Seller to ▇▇▇▇). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital contribution shall be duly recorded by the Seller and ▇▇▇▇.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2015-1), Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2015-1)

Initial Purchase. In consideration for the Initial Purchased Property, ▇▇▇▇ shall, on the Initial Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Initial Receivables and the Seller shall execute and deliver to ▇▇▇▇ an assignment in the form attached hereto as Exhibit A (the “First Step Initial Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,644,990,377.29804,254,224.75. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from ▇▇▇▇ to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to ▇▇▇▇) and (b) an increase in Seller’s capital account in ▇▇▇▇ (as a result of a deemed capital contribution from the Seller to ▇▇▇▇). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital contribution shall be duly recorded by the Seller and ▇▇▇▇.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2014-3), Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2014-3)

Initial Purchase. In consideration for the Initial Purchased Property, ▇▇▇▇ shall, on the Initial Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Initial Receivables and the Seller shall execute and deliver to ▇▇▇▇ an assignment in the form attached hereto as Exhibit A (the “First Step Initial Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,644,990,377.291,072,419,837.25. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from ▇▇▇▇ to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to ▇▇▇▇) and (b) an increase in Seller’s capital account in ▇▇▇▇ (as a result of a deemed capital contribution from the Seller to ▇▇▇▇). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital contribution shall be duly recorded by the Seller and ▇▇▇▇.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2013-4), Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2013-4)

Initial Purchase. In consideration for the Initial Purchased Property, ▇▇▇▇ shall, on the Initial Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Initial Receivables and the Seller shall execute and deliver to ▇▇▇▇ an assignment in the form attached hereto as Exhibit A (the “First Step Initial Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,644,990,377.291,340,505,439.58. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from ▇▇▇▇ to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to ▇▇▇▇) and (b) an increase in Seller’s capital account in ▇▇▇▇ (as a result of a deemed capital contribution from the Seller to ▇▇▇▇). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital contribution shall be duly recorded by the Seller and ▇▇▇▇.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2014-1), Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2014-1)

Initial Purchase. In consideration for the Initial Purchased Property, ▇▇▇▇ shall, on the Initial Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Initial Receivables and the Seller shall execute and deliver to ▇▇▇▇ an assignment in the form attached hereto as Exhibit A (the “First Step Initial Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,644,990,377.291,075,013,471.59. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in immediately available funds and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from ▇▇▇▇ to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to ▇▇▇▇) and (b) an increase in Seller’s capital account in ▇▇▇▇ (as a result of a deemed capital contribution from the Seller to ▇▇▇▇). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital contribution shall be duly recorded by the Seller and ▇▇▇▇.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2013-3), Pooling and Servicing Agreement (Capital Auto Receivables Asset Trust 2013-3)