Common use of Upgrade Contracts Clause in Contracts

Upgrade Contracts. (a) If at any time the Obligor of a Receivable enters into an Upgrade Contract, Originator shall deliver (i) to the Buyer a notice indicating such Upgrade and identifying the Receivable (the "Upgrade Receivable") represented by such Upgrade Contract and (ii) to the Custodian, the Receivable Documents related to such Upgrade Receivable. (b) Buyer shall pay to Originator, in immediately available funds, an amount equal to the excess, if any, of (x) the Outstanding Balance of such Upgrade Receivable over (y) the Outstanding Balance of the existing receivable (the "Pre-Upgrade Receivable") to which it is related. (c) The Buyer will subsequently deliver to the Agent a notice in accordance with Section 2.10 of the Purchase Agreement indicating such Upgrade and identifying the Upgrade Receivable and the Pre-Upgrade Receivable. (d) There shall be no limit on the number of Receivables related to Upgrade Contracts substituted for under this Agreement.

Upgrade Contracts. (a) If at any time the Obligor of a Receivable (other than a Fractional Interest Receivable) enters into an Upgrade Contract, Originator Seller shall deliver (i) to the Buyer Buyer, a notice indicating such Upgrade and identifying the Receivable (the "Upgrade Receivable") represented by such Upgrade Contract and (ii) to the Custodian, the Receivable Documents related to such Upgrade Receivable. (b) Buyer shall pay to OriginatorSeller, in immediately available funds, an amount equal to the excess, if any, of (x) the Outstanding Balance of such Upgrade Receivable over (y) the Outstanding Balance of the existing receivable (the "Pre-Upgrade Receivable") to which it is related. (c) The Buyer will subsequently deliver to the Agent and the Investor Agents a notice Seller Direction and a Request for Release in accordance with Section 2.10 of the Purchase Agreement indicating such Upgrade and identifying the Upgrade Receivable and the Pre-Upgrade Receivable. (d) There shall be no limit on the number of Receivables related to Upgrade Contracts substituted for under this Agreement.