Common use of Optional Purchase of All Contracts Clause in Contracts

Optional Purchase of All Contracts. (a) On any Distribution Date following the last day of a Collection Period as of which the Aggregate Principal Balance is less than or equal to $ , the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee and the Indenture Trustee not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's at the time of exercising the option pursuant to this Section, xxxx the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, an Opinion of Counsel to the effect that such optional purchxxx xx not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any Distribution Date following the last day of a Collection Period as of which the Aggregate Principal Balance is less than or equal to $ $150,000,000, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee and the Indenture Trustee not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's Xxxxx'x at the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, an Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any each Distribution Date following the last day of a Collection Period as of which the Aggregate sum of the Principal Balance Balances of the Contracts is less than or equal to $ $______________, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee and the Indenture Trustee not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's at the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, an Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any each Distribution Date following the last day of a Collection Period as of which the Aggregate sum of the Principal Balance Balances of the Contracts is less than or equal to $ $175,000,000, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee, the Indenture Trustee and the Indenture Trustee Insurer not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Due Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's at the time of exercising the option pursuant to this Section, xxxx the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, an Opinion of Counsel to the effect that such optional purchxxx xx not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any each Distribution Date following the last day of a Collection Period as of which the Aggregate Principal Balance sum of the Scheduled Balances of the Contracts is less than or equal to $ $120,000,000, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee, the Indenture Trustee and the Indenture Trustee Insurer not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Due Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's at Mooxx'x xx the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody'sMooxx'x, an xn Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any Distribution Date following the last day of a Collection Period as of which the Aggregate Principal Balance is less than or equal to $ $150,000,000, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee and the Indenture Trustee not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's Xxxxx'x at the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, 's an Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any each Distribution Date following the last day of a Collection Period as of which the Aggregate Principal Balance is less than or equal to $ $135,000,000, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee, the Indenture Trustee and the Indenture Trustee Insurer not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Due Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's at the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, an Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any each Distribution Date following the last day of a Collection Period as of which the Aggregate sum of the Principal Balance Balances of the Contracts is less than or equal to $ $125,000,000, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee and the Indenture Trustee not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's at the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, an Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any each Distribution Date following the last day of a Collection Period as of which the Aggregate sum of the Principal Balance Balances of the Contracts is less than or equal to $ $________, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee and the Indenture Trustee not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's at the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, an Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any Distribution Date following the last day of a Collection Due Period as of which the Aggregate Principal Balance is less than or equal to $ $165,000,000, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee, the Indenture Trustee and the Indenture Trustee Insurer not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Due Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's Xxxxx'x at the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody'sXxxxx'x, an Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any Distribution Date following the last day of a Collection Period as of which the Aggregate Principal Balance is less than or equal to $ $135,000,000, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee and the Indenture Trustee not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's at the time of exercising the option pursuant to this Section, xxxx the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, an Opinion of Counsel to the effect that such optional purchxxx xx not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any Distribution Date following the last day of a Collection Period as of which the Aggregate Principal Balance is less than or equal to $ the product of (i) 10% and (ii) the sum of the (A) aggregate Principal Balance of the Initial Contracts as of the Initial Cut-Off Date and (B) aggregate Principal Balance of the Subsequent Contracts as of their respective Subsequent Cut-Off Dates, if any, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee and the Indenture Trustee not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's Xxxxx'x at the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, Xxxxx'x an Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any Distribution Date following the last day of a Collection Period as of which the Aggregate Principal Balance is less than or equal to $ $140,000,000, if any, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee and the Indenture Trustee not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's Xxxxx'x at the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, 's an Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any Distribution Date following the last day of a Collection Period as of which the Aggregate Principal Balance is less than or equal to $ $160,000,000, if any, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee and the Indenture Trustee not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's Xxxxx'x at the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, 's an Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any each Distribution Date following the last day of a Collection Period as of which the Aggregate sum of the Principal Balance Balances of the Contracts is less than or equal to $ $180,000,000, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee, the Indenture Trustee and the Indenture Trustee Insurer not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Due Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's Mxxxx'x at the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody'sMxxxx'x, an Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.

Optional Purchase of All Contracts. (a) On any Distribution Date following the last day of a Collection Period as of which the Aggregate Principal Balance is less than or equal to $ $142,500,000, the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee and the Indenture Trustee not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's Xxxxx'x at the time of exercising the option pursuant to this Section, xxxx then the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, an Opinion of Counsel to the effect that such optional purchxxx xx purchase is not a fraudulent conveyance.