Common use of Optional Purchase by the Servicer Clause in Contracts

Optional Purchase by the Servicer. 7.1 At any time from and after the time that: (a) the Daily Trust Balance is equal to or less than 10% of the highest sum, at any time since the Initial Closing Date, of the Daily Trust Balance plus the Cash Collateral Amount plus the total of all amounts on deposit in the Accumulation Accounts and Distribution Accounts; and (b) either no Term Notes are outstanding or the Wind Down Period is in effect, the Servicer may, at its option, purchase from the Trust, as of the last day of any Collection Period, all remaining receivables and other assets then held by the Trust, at a price equal to the aggregate Administrative Purchase Payments for such receivables plus the appraised value of such other assets (which price will not be less than the outstanding principal balance and unpaid interest on all notes and Certificates). Such amount will be treated as Trust Principal Collections received during such Collection Period to the extent of the principal portion of the aggregate Administrative Purchase Payments so paid, with the remainder being Trust Interest Collections.

Optional Purchase by the Servicer. 7.1 At any time from and after the time that: (a) the Daily Trust Balance is equal to or less than 10% [•]% of the highest sum, at any time since the Initial Closing Date, of the Daily Trust Balance plus the Cash Collateral Amount plus the total of all amounts on deposit in the Accumulation Accounts and Distribution Accounts; and (b) either no Term Notes are outstanding or the Wind Down Period is in effect, the Servicer may, at its option, purchase from the Trust, as of the last day of any Collection Period, all remaining receivables and other assets then held by the Trust, at a price equal to the aggregate Administrative Purchase Payments for such receivables plus the appraised value of such other assets (which price will not be less than the outstanding principal balance and unpaid interest on all notes and Certificates). Such amount will be treated as Trust Principal Collections received during such Collection Period to the extent of the principal portion of the aggregate Administrative Purchase Payments so paid, with the remainder being Trust Interest Collections.