Timing of Purchases. This Option is not exercisable in any part until one (1) year after the date of grant. Subject to the provisions for termination and acceleration, this Option shall become exercisable in installments as follows:
Timing of Purchases. (a) Closing Date Purchases. Each Originator's entire right, title and interest in (i) each Receivable that existed and was owing to such Originator at the Cut-off Date (other than Contributed Receivables), (ii) all Receivables created by such Originator from and including the Cut-off Date, to and including the Closing Date (other than Contributed Receivables), and (iii) all Related Rights, automatically shall be deemed to have been sold to the Company on the Closing Date.
Timing of Purchases. All of the Receivables existing at the opening of the Originator’s business on the Restatement Date are hereby sold or contributed, as applicable, to Buyer on such date in accordance with the terms hereof. All of the Receivables originated by the Originator on any date after the Restatement Date until the Purchase and Sale Termination Date shall be sold or contributed, as applicable, to Buyer on such date in accordance with the terms hereof. Buyer shall pay to the Originator on the date of such sale the applicable cash Purchase Price for the Receivables sold to Buyer in immediately available funds; provided, however, to the extent that Buyer does not have funds available to pay the Purchase Price due on the sale date in cash (such cash insufficiency being a “Deferred Payment”), such Deferred Payment shall be deemed to have been funded by the Originator through either (i) an advance under the Subordinated Note, subject to the limitation in Section 2.3(e) below or (ii) as a capital contribution, subject to the limitations in Section 2.3(d) below. On and after the Restatement Date until the Purchase and Sale Termination Date, each Receivable shall be deemed to have been sold or contributed to Buyer immediately (and without further action by any Person) upon the creation or acquisition of such Receivable by the Originator or on the Restatement Date in the case of the sale or contribution on such date. The Related Assets with respect to each Receivable shall be sold or contributed at the same time as such Receivable, whether such Related Assets exist at such time or arise, are acquired or are originated thereafter. Buyer has executed and delivered in the form attached to this Agreement as Exhibit 2.2, a subordinated promissory note (the “Subordinated Note”) to the Originator. Effective as of the Amendment Date and pursuant to the Exchange Agreement, a portion of the Originator’s capital in Buyer was converted to Debt by way of increasing the outstanding principal balance of the Subordinated Note. On the Restatement Date, the aggregate outstanding principal balance of the Subordinated Note will be $75,000,000.
Timing of Purchases. All of the Receivables existing at the opening of each Originator’s business on the Closing Date are hereby sold or contributed, as applicable, to Buyer on such date in accordance with the terms hereof. In respect of purchases on the Closing Date sold by such Originator hereunder, Buyer shall pay the respective Originators the applicable cash Purchase Price for the Receivables within two (2) Business Days after such creation in immediately available funds; provided, however, to the extent that Buyer does not have funds available to pay the Purchase Price due on any day in cash (such cash insufficiency being a “Deferred Payment”), then until such Deferred Payment is made in cash, the Deferred Payment shall be deemed principal, as applicable to each Originator, of the respective Subordinated Notes, subject to the limitation in Section 2.3(d) below. On and after the Closing Date until the Purchase Termination Date, each Receivable shall be deemed to have been sold or contributed to Buyer immediately (and without further action by any Person) upon the creation or acquisition of such Receivable. The Related Assets with respect to each Receivable shall be sold or contributed at the same time as such Receivable, whether such Related Assets exist at such time or arise, are acquired or are originated thereafter.
Timing of Purchases. 5 SECTION 1.3 CONSIDERATION FOR PURCHASES...........................................................................5 SECTION 1.4 SALE TERMINATION DATE.................................................................................6
Timing of Purchases. At any time or from time to time between the date hereof and December 31, 1999, Five Arrows shall be required, subject to the conditions set forth below, to purchase Shares within 10 days of receipt of a notice from CHP (a "Notice of Purchase") which notice shall (a) state that CHP has received notice from Hospitality Partners requesting that Hospitality Partners fund all or any portion of the Hospitality Commitment (each such amount to be funded to be referred to as an "Incremental Funding") and (b) specify the portion of the Five Arrows Investment to be made which shall not exceed the lesser of the balance of the Five Arrows Commitment or 37.52% of the applicable Incremental Funding; provided, however, that such portion shall be rounded down to the nearest whole share so as to avoid the issuance of fractional shares of CHP Common Stock, and the date (each a "Closing Date") such Shares are to be purchased (a "Purchase," and the first Purchase, the "Initial Purchase").
Timing of Purchases. Subject to the other terms of this Agreement regarding the exercisability of this Option, this Option may be exercised in accordance with the following schedule: This Option shall be Exercisable With Respect to the Following
Timing of Purchases. On and after the date hereof, and ------------------- continuing until the Sale Termination Date, each Receivable described in Section ------- 1.1(a)(i) hereof, and all the Related Rights with respect thereto, created or --------- originated by COMPUCOM shall be sold or contributed by COMPUCOM to the Buyer (without any further action) upon the creation or origination of such Receivable. All such Receivables, other than those Receivables indicated on a Purchase Report as having been contributed by COMPUCOM to the Buyer (such other Receivables, the "Contributed Receivables"), shall be sold to the Buyer on such ----------------------- date; all Contributed Receivables shall be contributed by COMPUCOM to the Buyer on such date.
Timing of Purchases. All of the Receivables existing at the opening of Originator’s business on the Initial Transfer Date are hereby sold or contributed, as applicable, to Buyer on such date in accordance with the terms hereof. On and after the Initial Transfer Date until the Termination Date, each Receivable shall be deemed to have been sold to Buyer immediately (and without further action by any Person) upon the creation, origination or acquisition of such Receivable by the Originator. The Related Assets with respect to each Receivable shall be sold at the same time as such Receivable, whether such Related Assets exist at such time or arise, are created, acquired or are originated thereafter.
Timing of Purchases. (a) Closing Date Purchases. Effective on the Closing Date, each Originator hereby sells to the Buyer, and the Buyer hereby purchases, such Originator’s entire right, title and interest in, to and under (i) each Receivable (other than the Receivables contributed by Applied Industrial to the capital of the Buyer pursuant to Section 3.1(a)) that existed and was owing to such Originator on the Cut-Off Date, (ii) each Receivable generated by such Originator from and including the Cut-Off Date, to and including the Closing Date, and (iii) all Related Rights with respect thereto. (b)
