Common use of Optional Purchase of All Receivables Clause in Contracts

Optional Purchase of All Receivables. (a) On each Payment Date as of which the Pool Balance is equal to or less than 5% of the Initial Pool Balance, the Servicer shall have the option to purchase the Receivables. To exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04 an amount equal to the aggregate Purchased Amount for the Receivables and shall succeed to all interests in and to the Receivables. The exercise of such option shall effect a redemption, in whole but not in part, of all outstanding Notes. (b) As described in Article 9 of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Trust will succeed to the rights of, and assume the obligations to make payments to Certificateholders of, the Indenture Trustee pursuant to this Agreement.

Optional Purchase of All Receivables. (a) On each Payment Determination Date as of which the Pool Balance is equal to or less than 510% of the Initial Pool Balance, the Servicer shall have the option to purchase the Receivables. To exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04 an amount equal to the aggregate Purchased Amount for the Receivables and shall succeed to all interests in and to the Receivables. The exercise of such option shall effect a redemption, in whole but not in part, of all outstanding Notes. (b) As described in Article 9 IX of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Trust will succeed to the rights of, and assume the obligations to make payments to Certificateholders of, the Indenture Trustee pursuant to this Agreement.

Optional Purchase of All Receivables. (a) On each Payment Date as of which the Pool Balance is equal to or less than 5% of the Initial Pool Balance, the Servicer shall have the option to purchase the Receivables. To exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04 an amount equal to the aggregate Purchased Amount for outstanding Pool Balance plus accrued and unpaid interest on the Receivables and shall succeed to all interests in and to the Receivables. The exercise of such option shall effect a redemption, in whole but not in part, of all outstanding Notes. (b) As described in Article 9 of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Trust will succeed to the rights of, and assume the obligations to make payments to Certificateholders of, the Indenture Trustee pursuant to this Agreement.

Optional Purchase of All Receivables. (a) On each the Payment Date following the last day of a Collection Period as of which the Pool Balance is equal to or less than 510% of the sum of the Initial Pool Balance, the Servicer shall have the option to purchase the ReceivablesReceivables from the Trust. To exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04 an amount equal to the aggregate Purchased Amount for the Receivables Redemption Price and shall succeed to all interests in and to the Receivables. The exercise of such option shall effect a redemptionretirement, in whole but not in part, of all outstanding Notes. (b) As described in Article 9 IX of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Trust Owner Trustee will succeed to the rights of, and assume the obligations to make payments to Certificateholders of, the Indenture Trustee pursuant to this Agreement.

Optional Purchase of All Receivables. (a) On each Payment Determination Date as of which the Pool Balance is equal to or less than 510% of the Initial Pool Balance, the Servicer shall have the option to purchase the Receivables. To exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04 an amount equal to the aggregate Purchased Purchase Amount for the Receivables and shall succeed to all interests in and to the Receivables. The exercise of such option shall effect a redemptionretirement, in whole but not in part, of all outstanding Notes. (b) As described in Article 9 IX of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Trust will succeed to the rights of, and assume the obligations to make payments to Certificateholders of, the Indenture Trustee pursuant to this Agreement.

Optional Purchase of All Receivables. (a) On each Payment Determination Date as of which the Pool Balance is equal to or less than 5% of the Initial Pool Balance, the Servicer shall have the option to purchase the Receivables. To exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04 an amount equal to the aggregate Purchased Amount for the Receivables and shall succeed to all interests in and to the Receivables. The exercise of such option shall effect a redemption, in whole but not in part, of all outstanding Notes. (b) As described in Article 9 IX of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Trust will succeed to the rights of, and assume the obligations to make payments to Certificateholders of, the Indenture Trustee pursuant to this Agreement.

Optional Purchase of All Receivables. (a) On each Payment Date as of which the Pool Balance is equal to or less than 5% of the Initial Pool Balance, the Servicer shall have the option to purchase the Receivables. To exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04 an amount equal to the aggregate Purchased Amount for the Receivables and shall succeed to all interests in and to the Receivables. The exercise of such option shall effect a redemption, in whole but not in part, of all outstanding Notes. (b) As described in Article 9 of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Trust will succeed to the rights of, and assume the obligations to make payments to Certificateholders of, the Indenture Trustee pursuant to this Agreement.. 43 (200[ ]-[ ] Sale and Servicing Agreement)

Optional Purchase of All Receivables. (a) On each the Payment Date following the last day of a Collection Period as of which the Pool Balance is equal to or less than 510% of the sum of the Initial Pool Balance, the Servicer shall have the option to purchase the ReceivablesReceivables from the Trust. To exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04 an amount equal to the aggregate Purchased Amount for the Receivables Redemption Price and shall succeed to all interests in and to the Receivables. The exercise of such option shall effect a redemptionretirement, in whole but not in part, of all outstanding Notes. (b) As described in Article 9 IX of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Trust Owner Trustee will succeed to the rights of, and assume the obligations to make payments to Certificateholders of, the Indenture Trustee pursuant to this Agreement.. 44

Optional Purchase of All Receivables. (a) On each Payment Date as of which the Pool Balance is equal to or less than 5% of the Initial Pool Balance, the Servicer shall have the option to purchase the Receivables. To exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04 an amount equal to the aggregate Purchased Amount for the Receivables and shall succeed to all interests in and to the Receivables. The exercise of such option shall effect a redemption, in whole but not in part, of all outstanding Notes. (b) As described in Article 9 of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Trust will succeed to the rights of, and assume the obligations to make payments to Certificateholders of, the Indenture Trustee pursuant to this Agreement.. 43 (2012-C Sale and Servicing Agreement)

Optional Purchase of All Receivables. (a) On each Payment Date as of which the Pool Balance is equal to or less than 5% of the Initial Pool Balance, the Servicer shall have the option to purchase the Receivables. To exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04 an amount equal to the aggregate Purchased Amount for the Receivables and shall succeed to all interests in and to the Receivables. The exercise of such option shall effect a redemption, in whole but not in part, of all outstanding Notes. (b) As described in Article 9 of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Trust will succeed to the rights of, and assume the obligations to make payments to Certificateholders of, the Indenture Trustee pursuant to this Agreement.. 43 (2012-B Sale and Servicing Agreement)

Optional Purchase of All Receivables. (a) On each Payment Determination Date as of which the Pool Balance is equal to or less than 510% of the Initial Pool Balance, the Servicer shall have the option to purchase the Receivables. To exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04 an amount equal to the aggregate Purchased Amount for the Receivables and shall succeed to all interests in and to the Receivables. The exercise of such option shall effect a redemption, in whole but not in part, of all outstanding Notes. (b) As described in Article 9 IX of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Trust will succeed to the rights of, and assume the obligations to make payments to Certificateholders of, the Indenture Trustee pursuant to this Agreement.. 40 (200[ ]-[ ] Sale and Servicing Agreement)