Common use of Purchased Interest Computation Clause in Contracts

Purchased Interest Computation. The Purchased Interest shall be initially computed on the date hereof. Thereafter, until the Facility Termination Date, 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 Funding Agents) be deemed to be 100%. The Purchased Interest shall become zero when the aggregate of the Capital thereof, and all accrued and unpaid Discount thereon with respect to each Purchaser shall have been paid in full, the aggregate LC Stated Amount for each LC Bank shall have been cash collateralized in full by deposit thereof into the applicable LC Collateral Accounts and all other amounts owed by the Seller and the Servicer hereunder to the Purchasers, the Funding Agents, and the 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 Funding Agents, or the 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 hereofof the initial Purchase hereunder. Thereafter, until the Facility Termination Date, the 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 Funding AgentsAdministrator in accordance with Section 2.2) be deemed to be 100%. The Purchased Interest shall become zero when (a) the aggregate of the Aggregate Capital thereof, thereof and all accrued and unpaid Aggregate Discount thereon with respect to each Purchaser shall have been paid in full, (b) the aggregate LC Stated Participation Amount for each LC Bank shall have has been cash collateralized in full by deposit thereof into or all Letters of Credit shall have expired or been cancelled, (c) all the applicable LC Collateral Accounts and all other amounts owed by the Seller and the Servicer hereunder to the Purchasers, the Funding AgentsLC Bank, and the Collateral Agent 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 Funding Purchaser Agents, or the Collateral Agent 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 hereofof the initial purchase hereunder. Thereafter, until the Facility Termination Date, 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 Funding Agents) be deemed to be 100%. The Purchased Interest shall become zero when the aggregate of the Capital thereof, thereof and all accrued and unpaid Discount thereon with respect to each any Purchaser shall have been paid in full, the aggregate LC Stated Amount for each LC Bank shall have been cash collateralized in full by deposit thereof into the applicable LC Collateral Accounts and all other amounts owed by the Seller and the Servicer hereunder to the Purchasers, the Funding Agents, and the 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 Funding Agents, or the 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.. ----------