OF INVESTED
PRINCIPAL MADE PURSUANT TO THIS SECTION 2.9(D) SHALL BE APPLIED BY BUYER TO
REDUCE THE AGGREGATE PRINCIPAL OUTSTANDING.
SECTION 2.10.
PAYMENTS AND COMPUTATIONS, ETC.
ALL PAYMENTS BY CUSTOMER
OF INTEREST, FEES AND OTHER CUSTOMER OBLIGATIONS HEREUNDER SHALL BE MADE IN SAME
DAY FUNDS AND WITHOUT DEFENSE, SETOFF OR COUNTERCLAIM, FREE OF ANY RESTRICTION
OR CONDITION, AND DELIVERED NOT LATER THAN 3:00 P.M. (NEW YORK TIME) ON THE DAY
WHEN DUE IN IMMEDIATELY AVAILABLE FUNDS, WITH AMOUNTS RECEIVED AFTER SUCH TIME
BEING DEEMED PAID ON THE BUSINESS DAY FOLLOWING SUCH RECEIPT.
ANY PAYMENT OR
OTHER TRANSFER OF FUNDS SCHEDULED TO BE MADE ON A DAY THAT IS NOT A BUSINESS DAY
SHALL BE MADE ON THE NEXT BUSINESS DAY, AND ANY INTEREST ACCRUING ON SUCH AMOUNT
TO BE PAID OR TRANSFERRED SHALL CONTINUE TO ACCRUE TO SUCH NEXT BUSINESS DAY.
CUSTOMER SHALL, TO THE EXTENT PERMITTED BY LAW, PAY TO CUSTODIAN UPON DEMAND,
INTEREST ON ALL AMOUNTS NOT PAID OR DEPOSITED WHEN DUE TO CUSTODIAN, SERVICER,
BUYER AND BUYER HEREUNDER AT A RATE EQUAL TO THE OVERDUE RATE.
SECTION 2.11.
REPORTS.
(A)
FUNDING NOTICES.
CUSTOMER SHALL PROVIDE THE INFORMATION AND
REPORTS DESCRIBED IN SECTIONS 4(E) AND 4(F) THE PAYING AGENT AGREEMENT IN
ACCORDANCE WITH THE TERMS THEREOF.
(B)
DAILY NET RECEIVABLES BALANCE COMPUTATION.
IF REQUESTED BY BUYER,
AT ANY TIME THAT (I) THE EXCESS OF THE NET RECEIVABLES BALANCE OVER THE
AGGREGATE PRINCIPAL OUTSTANDING IS LESS THAN OR EQUAL TO 50.0% OF THE AGGREGATE
OUTSTANDING PRINCIPAL BALANCE PLUS $500,000 OR (II) AFTER THE OCCURRENCE OF
TERMINATION EVENT, CUSTOMER SHALL FURNISH TO BUYER BY 6:00 P.M. (NEW YORK, NEW
YORK TIME) EACH BUSINESS DAY, A CERTIFICATE IN FORM AND SUBSTANCE SATISFACTORY
TO BUYER THAT CALCULATES THE NET RECEIVABLES BALANCE AND AGGREGATE PRINCIPAL
OUTSTANDING BASED ON INFORMATION CURRENT AS OF THE END OF THE IMMEDIATELY
PRECEDING BUSINESS DAY.
(C)
NON-ELIGIBLE RECEIVABLE.
AFTER AN ELIGIBLE RECEIVABLE IS INCLUDED
IN ANY LIST OF RECEIVABLES, IF CUSTOMER BECOMES AWARE THAT ONE OF THE
REQUIREMENTS IN THE DEFINITION OF ELIGIBLE RECEIVABLES ARE NO LONGER BEING
SATISFIED WITH RESPECT TO SUCH RECEIVABLE, CUSTOMER SHALL PROVIDE BUYER AND
CUSTODIAN WITH WRITTEN NOTICE THEREOF WITHIN TEN (10) BUSINESS DAYS OF CUSTOMER
BECOMING AWARE, EXPLAINING IN DETAIL THE TIMING AND REASONS WHY THE REQUIREMENT
OR CONDITION IS NOT SATISFIED.
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(D)
CREDIT BUREAU REPORTS.
UPON THE REQUEST OF BUYER, CUSTOMER SHALL
TO THE EXTENT AUTHORIZED BY LAW OBTAIN CURRENT CREDIT BUREAU REPORTS ON
OBLIGORS.
(E)
REPORTING GENERALLY.
IN ADDITION TO THE FOREGOING, CUSTOMER SHALL
FURNISH TO BUYER SUCH REPORTS IN SUCH FORM THAT BUYER REASONABLY DETERMINES ARE
NECESSARY TO TRACK AND MONITOR THE WAREHOUSE ASSETS.
SUCH REPORTS SHALL BE IN
FORM AND SUBSTANCE SATISFACTORY TO BUYER.
ALL REPORTS REQUIRED HEREUNDER MAY BE
PROVIDED IN "PAPER" FORM OR ON COMPUTER TAPE OR DISK OR OTHER ELECTRONIC MEANS
ACCEPTABLE TO AND USABLE BY THE RECEIVING PARTY.
(F)
QUARTERLY AND MONTHLY RECEIVABLES AND SERVICING REPORTS.
CUSTOMER SHALL DELIVER TO BUYER AND SERVICER, NO LATER THAN THE FIFTEENTH DAY
FOLLOWING THE LAST