Terminating Financial Institutions. Each Terminating Financial Institution shall be allocated a ratable portion of Collections and Deemed Collections from the date of its becoming a Terminating Financial Institution (the “Termination Date”) until such Terminating Financial Institution’s Capital shall be paid in full. This ratable portion shall be calculated on the Termination Date of each Terminating Financial Institution as a percentage equal to (i) Capital of such Terminating Financial Institution outstanding on its Termination Date, divided by (ii) the Aggregate Capital outstanding on such Termination Date (the “Termination Percentage”). Each Terminating Financial Institution’s Termination Percentage shall remain constant prior to the Amortization Date. On and after the Amortization Date, each Termination Percentage shall be disregarded, and each Terminating Financial Institution’s Capital shall be reduced ratably with all Purchasers in accordance with Section 2.4.
Appears in 5 contracts
Samples: Receivables Purchase Agreement (CMS Energy Corp), Securitization Property Servicing Agreement (Consumers Energy Co), Receivables Purchase Agreement (CMS Energy Corp)
Terminating Financial Institutions. Each Terminating Financial Institution shall be allocated a ratable portion of Collections and Deemed Collections from the date of its becoming a Terminating Financial Institution (the “"Termination Date”") until such Terminating Financial Financing Institution’s 's Capital shall be paid in full. This ratable portion shall be calculated on the Termination Date of each Terminating Financial Institution as a percentage equal to (i) Capital of such Terminating Financial Institution outstanding on its Termination Date, divided by (ii) the Aggregate Capital outstanding on such Termination Date (the “"Termination Percentage”"). Each Terminating Financial Institution’s 's Termination Percentage shall remain constant prior to the Amortization Date. On and after the Amortization Date, each Termination Percentage shall be disregarded, and each Terminating Financial Institution’s 's Capital shall be reduced ratably with all Purchasers Financial Institutions in accordance with Section 2.4.
Appears in 3 contracts
Samples: Receivables Purchase Agreement (Pennsylvania Power Co), Receivables Purchase Agreement (Metropolitan Edison Co), Receivables Purchase Agreement (Pennsylvania Electric Co)
Terminating Financial Institutions. Each Terminating Financial Institution shall be allocated a ratable portion of Collections and Deemed Collections from the date of its becoming a Terminating Financial Institution (the “"Termination Date”") until such Terminating Financial Institution’s 's Capital shall be paid in full. This ratable portion shall be calculated on the Termination Date of each Terminating Financial Institution as a percentage equal to (i) Capital of such Terminating Financial Institution outstanding on its Termination Date, divided by (ii) the Aggregate Capital outstanding on such Termination Date (the “"Termination Percentage”"). Each Terminating Financial Institution’s 's Termination Percentage shall remain constant prior to the Amortization Date. On and after the Amortization Date, each Termination Percentage shall be disregarded, and each Terminating Financial Institution’s 's Capital shall be reduced ratably with all Purchasers in accordance with Section 2.4.
Appears in 1 contract
Samples: Receivables Purchase Agreement (Lennox International Inc)
