Common use of Optional Purchase of Trust Estate Clause in Contracts

Optional Purchase of Trust Estate. The Seller and the Servicer shall each have the right at its option (the “Optional Purchase”) to purchase the Trust Estate from the Issuer on any Payment Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the aggregate Pool Balance is less than or equal to 15% of the Original Pool Balance and the aggregate Principal Balances of the Subsequent Contracts conveyed to the Issuer as of the related Funding Date. The purchase price for the Trust Estate shall equal the Redemption Price (the “Optional Purchase Price”), which amount shall be deposited by the Seller or the Servicer into the Collection Account on the Redemption Date. If the Seller or the Servicer exercises the Optional Purchase, the Notes shall be redeemed and in each case in whole but not in part on the related Payment Date for the Redemption Price.

Optional Purchase of Trust Estate. (a) The Seller and the Servicer shall each have the right at its option (the “Optional Purchase”) to purchase the Trust Estate from the Issuer on any Payment Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the aggregate Pool Balance is less than or equal to 15% of the Original Pool Balance and the aggregate Principal Balances of the Subsequent Contracts conveyed to the Issuer as of the related Funding Date. The purchase price for the Trust Estate shall equal the Redemption Price (the “Optional Purchase Price”), which amount shall be deposited by the Seller or the Servicer into the Collection Account on the Redemption Date. If the Seller or the Servicer exercises the Optional Purchase, the Notes shall be redeemed and in each case in whole but not in part on the related Payment Date for the Redemption Price.

Optional Purchase of Trust Estate. The Seller and If the Servicer Bank is the Servicer, then the Bank shall each have the right at its option (the “Optional Purchase”) to purchase the Trust Estate (other than the Reserve Account) from the Issuer on any Payment Date if, either before or after giving effect to any payment of principal required to be made on (such Payment date an “Optional Purchase Date, ”) if the aggregate Net Pool Balance is less than or equal to 15% of the Original Pool Balance and the aggregate Principal Balances of the Subsequent Contracts conveyed to the Issuer as of the last day of the related Funding Collection Period has declined to 5% or less of the Net Pool Balance as of the Cut-Off Date. The aggregate purchase price for the Trust Estate shall equal the Redemption Price Receivables (the “Optional Purchase Price”)) shall equal the Adjusted Pool Balance as of such Optional Purchase Date, which amount shall be deposited by or at the Seller or direction of the Servicer into the Collection Account on the Redemption Optional Purchase Date. If the Seller or the Servicer exercises the Optional Purchase, the Notes shall be redeemed and in each case in whole but not in part on the related Payment Optional Purchase Date for the Redemption Price. Upon any such Optional Purchase, any funds remaining in the Reserve Account will be distributed to or at the direction of the Certificateholder.