Common use of Optional Purchase of the Secured Notes; Distribution of Event of Default Sale Proceeds Clause in Contracts

Optional Purchase of the Secured Notes; Distribution of Event of Default Sale Proceeds. (a) (i) The Administrator shall have the option to purchase all but not less than all of the assets of the Issuing Entity (other than the Designated Accounts) on any Distribution Date (the “Optional Purchase Date”) following the last day of any Monthly Period as of which the Aggregate ABS Value represents a percentage of the Aggregate Initial ABS Value that is equal to or less than the Optional Purchase Percentage. To exercise such option, the Administrator shall (A) furnish to the Issuing Entity and the AART Indenture Trustee notice of its intention to exercise such option and of the Optional Purchase Date (such notice to be furnished not later than twenty-five (25) days prior to the Optional Purchase Date) and (B) deposit in the AART Collection Account when required pursuant to clause (ii) below an amount equal to the aggregate Administrative Purchase Payments for the Secured Notes; provided, that such amount (when added to the funds then on deposit in the Designated Accounts) must be at least equal to the sum of (1) the Administration Fee for the related Monthly Period, and (2) the aggregate Redemption Price of all then Outstanding Notes.

Optional Purchase of the Secured Notes; Distribution of Event of Default Sale Proceeds. (a) (i) The Administrator shall have the option to purchase all but not less than all of the assets of the Issuing Entity (other than the Designated Accounts) on any Distribution Date (the “Optional Purchase Date”) following the last day of any Monthly Period as of which the Aggregate ABS Value represents a percentage of the Aggregate Initial ABS Value that is equal to or less than the Optional Purchase Percentage. To exercise such option, the Administrator shall (A) furnish to the Issuing Entity and the AART Indenture Trustee notice of its intention to exercise such option and of the Optional Purchase Date (such notice to be furnished not later than twenty-five (25) days prior to the Optional Purchase Date) and Table of Contents (B) deposit in the AART Collection Account when required pursuant to clause (ii) below an amount equal to the aggregate Administrative Purchase Payments for the Secured Notes; provided, that such amount (when added to the funds then on deposit in the Designated Accounts) must be at least equal to the sum of (1) the Administration Fee for the related Monthly Period, and (2) the aggregate Redemption Price of all then Outstanding Notes.

Optional Purchase of the Secured Notes; Distribution of Event of Default Sale Proceeds. (a) (i) The Administrator shall have the option to purchase all but not less than all of the assets of the Issuing Entity (other than the Designated Accounts) on any Distribution Date (the “Optional Purchase Date”) following the last day of any Monthly Period as of which the Aggregate ABS Value represents a percentage of the Aggregate Initial ABS Value that is equal to or less than the Optional Purchase Percentage. To exercise such option, the Administrator shall (A) furnish to the Issuing Entity and the AART Indenture Trustee notice of its intention to exercise such option and of the Optional Purchase Date (such notice to be furnished not later than twenty-five (25) days prior to the Optional Purchase Date) and (B) deposit in the AART Collection Account when required pursuant to clause (ii) below an amount equal to the aggregate Administrative Purchase Payments for the Secured Notes; provided, that such amount (when added to the funds then on deposit in the Designated Accounts) must be at least equal to the sum of (1) the Administration Fee for the related Monthly Period, and (2) the aggregate Redemption Price of all then Outstanding NotesNotes [and (3) any amounts payable to the Swap Counterparty under any Interest Rate Swaps].

Optional Purchase of the Secured Notes; Distribution of Event of Default Sale Proceeds. (a) (i) The Administrator shall have the option to purchase all but not less than all of the assets of the Issuing Entity (other than the Designated Accounts) on any Distribution Date (the “Optional Purchase Date”) following the last day of any Monthly Period as of which the Aggregate ABS Value represents a percentage of the Aggregate Initial ABS Value that is equal to or less than the Optional Purchase Percentage. To exercise such option, the Administrator shall (A) furnish to the Issuing Entity and the AART CARAT Indenture Trustee notice of its intention to exercise such option and of the Optional Purchase Date (such notice to be furnished not later than twenty-five (25) days prior to the Optional Purchase Date) and (B) deposit in the AART CARAT Collection Account when required pursuant to clause (ii) below an amount equal to the aggregate Administrative Purchase Payments for the Secured Notes; provided, that such amount (when added to the funds then on deposit in the Designated Accounts) must be at least equal to the sum of (1) the Administration Fee for the related Monthly Period, and (2) the aggregate Redemption Price of all then Outstanding NotesNotes [and (3) any amounts payable to the Swap Counterparty under any Interest Rate Swaps].