Purchased Interest Computation. The Purchased Interest shall be initially computed on the Original Closing Date. Thereafter, until the Facility Termination Date, the Purchased Interest shall be automatically recomputed (or deemed to be recomputed) on each Business Day (after giving effect to any Purchase, if any, on such Business Day); it being understood that, for purposes of such calculation, the Net Receivables Pool Balance (and all components thereof) shall be determined on each Business Day based on the information set forth in the Information Package most recently delivered (other than after a Termination Event has occurred and is continuing and a notice thereof has been delivered by the Administrator to the Seller and the Servicer to compute such Net Receivables Pool Balance (and all components thereof) on each such Business Day) pursuant to this Agreement and Net Receivables Pool Balance (and the components thereof) shall not be required to be recalculated as of each Business Day; provided, however, that the Net Receivables Pool Balance (and all components thereof) shall be determined on each Business Day that the Seller or the Servicer has actual knowledge that the Net Receivables Pool Balance (or any component thereof) on such Business Day is materially less than the Net Receivables Pool Balance (and all components thereof) set forth in the Information Package most recently delivered pursuant to this Agreement. Subject to the following sentence, from and after the occurrence of any Termination Day, the Purchased Interest shall (until the event(s) giving rise to such Termination Day are satisfied or are waived by the Administrator in accordance with Section 2.2) be deemed to be 100%. The Purchased Interest shall become zero when (a) the Aggregate Capital thereof and Aggregate Discount thereon shall have been paid in full, (b) an amount equal to 100% of the Aggregate LC Participation Amount shall have been deposited in the LC Collateral Account, or all Letters of Credit shall have expired and (c) all the amounts owed (other than contingent, unasserted indemnification claims) by the Seller and the Servicer hereunder to each Purchaser, the Administrator and any other Indemnified Party or Affected Person are paid in full, and the Servicer shall have received the accrued Servicing Fee thereon.
Appears in 3 contracts
Sources: Receivables Purchase Agreement (Owens Corning), Receivables Purchase Agreement (Owens Corning), Receivables Purchase Agreement (Owens Corning)
Purchased Interest Computation. The Purchased Interest shall be initially computed on the Original Closing Date. Thereafter, until the Facility Termination Date, the Purchased Interest shall be automatically recomputed (or deemed to be recomputed) on each Business Day (after giving effect to any Purchase, if any, on such Business Day); it being understood that, for purposes of such calculation, the Net Receivables Pool Balance (and all components thereof) shall be determined on each Business Day based on the information set forth in the Information Package most recently delivered (other than after a Termination Event has occurred and is continuing and a notice thereof has been delivered by the Administrator to the Seller and the Servicer to compute such Net Receivables Pool Balance (and all components thereof) on each such Business Day) pursuant to this Agreement and Net Receivables Pool Balance (and the components thereof) shall not be required to be recalculated as of each Business Day; provided, however, that the Net Receivables Pool Balance (and all components thereof) shall be determined on each Business Day that the Seller or the Servicer has actual knowledge that the Net Receivables Pool Balance (or any component thereof) on such Business Day is materially less than the Net Receivables Pool Balance (and all components thereof) set forth in the Information Package most recently delivered pursuant to this Agreement. Subject to the following sentence, from and after the occurrence of any Termination Day, the Purchased Interest shall (until the event(s) giving rise to such Termination Day are satisfied or are waived by the Administrator in accordance with Section 2.2) be deemed to be 100%. The Purchased Interest shall become zero when (a) the Aggregate Capital thereof and Aggregate Discount thereon shall have been paid in full, (b) an amount equal to 100% of the Aggregate LC Participation Amount shall have been deposited in the LC Collateral Account, or all Letters of Credit shall have expired and (c) all the amounts owed (other than contingent, unasserted indemnification claims) by the Seller and the Servicer hereunder to each Purchaser, the Administrator and any other Indemnified Party or Affected Person are paid in full, and the Servicer shall have received the accrued Servicing Fee thereon.
Appears in 1 contract
Purchased Interest Computation. The Purchased Interest shall be initially computed on the Original Closing Date. Thereafter, until the Facility Termination Date, the Purchased Interest shall be automatically recomputed (or deemed to be recomputed) on each Business Day (after giving effect to any Purchase, if any, on such Business Day); it being understood that, for purposes of such calculation, the Net Receivables Pool Balance (and all components thereof) shall be determined on each Business Day based on the information set forth in the Information Package most recently delivered (other than after a Termination Event has occurred and is continuing and a notice thereof has been delivered by the Administrator to the Seller and the Servicer to compute such Net Receivables Pool Balance (and all components thereof) on each such Business Day) pursuant to this Agreement and Net Receivables Pool Balance (and the components thereof) shall not be required to be recalculated as of each Business Day; provided, however, that the Net Receivables Pool Balance (and all components thereof) shall be determined on each Business Day that the Seller or the Servicer has actual knowledge that the Net Receivables Pool Balance (or any component thereof) on such Business Day is materially less than the Net Receivables Pool Balance (and all components thereof) set forth in the Information Package most recently delivered pursuant to this Agreement. Subject to the following sentence, from and after the occurrence of any Termination Day, the Purchased Interest shall (until the event(s) giving rise to such Termination Day are satisfied or are waived by the Administrator in accordance with Section 2.2) be deemed to be 100%. The Purchased Interest shall become zero when (a) the Aggregate Capital thereof and Aggregate Discount thereon shall have been paid in full, (b) an amount equal to 100% of the Aggregate LC Participation Amount shall have been deposited in the LC Collateral Account, or all Letters of Credit shall have expired and (c) all the amounts owed (other than contingent, unasserted indemnification claims) by the Seller and the Servicer hereunder to each Purchaser, the Administrator and any other Indemnified Party or Affected Person are paid in full, and the Servicer shall have received the accrued Servicing Fee thereon.
Appears in 1 contract