Common use of Purchased Interest Computation Clause in Contracts

Purchased Interest Computation. The Purchased Interest shall be initially computed on the date of the initial Purchase hereunder. Thereafter, until the Facility Termination Date, such Purchased Interest shall be automatically recomputed (or deemed to be recomputed) on each Business Day other than a Termination Day. 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) the LC Participation Amount has been cash collateralized in full or all Letters of Credit shall have expired or been cancelled, (c) all the amounts owed by the Seller and the Servicer hereunder to the Purchasers, the LC Bank, the LC Participants, 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; provided that nothing in this Section 1.3 shall be construed to require the Seller, the Servicer or any Affiliate thereof to make actual computations on a daily basis or to deliver to the Purchasers, the Purchaser Agents, or the Administrator a writing setting forth any computation, recomputation or deemed recomputation effected under this Section 1.3, except to the extent required pursuant to Section 2 of Exhibit II or as otherwise required pursuant to this Agreement.

Purchased Interest Computation. The Purchased Interest shall ------------------------------ be initially computed on the date of the initial Purchase purchase hereunder. Thereafter, until the Facility Termination Date, such the Purchased Interest shall be automatically recomputed (or deemed to be recomputed) on each Business Day other than a Termination Day. 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 2.2Funding Agents) be deemed to be 100%. The Purchased Interest shall become zero when (a) the Aggregate aggregate of the Capital thereof and Aggregate all accrued and unpaid Discount thereon with respect to any Purchaser shall have been paid in full, (b) the LC Participation Amount has been cash collateralized in full or all Letters of Credit shall have expired or been cancelled, (c) all the other amounts owed by the Seller and the Servicer hereunder to the Purchasers, the LC BankFunding Agents, and the LC Participants, the Administrator Collateral Agent and any other Indemnified Party or Affected Person are paid in full, and the Servicer shall have received the accrued Servicing Fee thereon; provided -------- that nothing in this Section 1.3 shall be construed to require the Seller, the ----------- Servicer or any Affiliate thereof to make actual computations on a daily basis or to deliver to the Purchasers, the Purchaser Funding Agents, or the Administrator Collateral Agent a writing setting forth any computation, recomputation or deemed recomputation effected under this Section 1.3, except to the extent required pursuant to ----------- Section 2 of Exhibit II or as otherwise required pursuant to this Agreement.. ----------

Purchased Interest Computation. The Purchased Interest shall be initially computed on the date of the initial Purchase hereunderhereof. Thereafter, until the Facility Termination Date, such the Purchased Interest shall be automatically recomputed (or deemed to be recomputed) on each Business Day other than a Termination Day. 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 2.2Funding Agents) be deemed to be 100%. The Purchased Interest shall become zero when (a) the Aggregate aggregate of the Capital thereof thereof, and Aggregate all accrued and unpaid Discount thereon with respect to each Purchaser shall have been paid in full, (b) the aggregate LC Participation Stated Amount has for each LC Bank shall have been cash collateralized in full or by deposit thereof into the applicable LC Collateral Accounts and all Letters of Credit shall have expired or been cancelled, (c) all the other amounts owed by the Seller and the Servicer hereunder to the Purchasers, the LC BankFunding Agents, and the LC Participants, the Administrator Collateral Agent and any other Indemnified Party or Affected Person are paid in full, and the Servicer shall have received the accrued Servicing Fee thereon; provided that nothing in this Section 1.3 shall be construed to require the Seller, the Servicer or any Affiliate thereof to make actual computations on a daily basis or to deliver to the Purchasers, the Purchaser Funding Agents, or the Administrator Collateral Agent a writing setting forth any computation, recomputation or deemed recomputation effected under this Section 1.3, except to the extent required pursuant to Section 2 of Exhibit II or as otherwise required pursuant to this Agreement.