Common use of SELLER'S REPURCHASE OPTION Clause in Contracts

SELLER'S REPURCHASE OPTION. As provided in the Transfer and Sale Agreement, on written notice to the Trustee at least 20 days prior to a Payment Date, and provided that aggregate of the Class A Certificate Balance and Class B Certificate Balance is then less than 10% of the Class A Initial Certificate Balance and Class B Initial Certificate Balance, and provided a valuation letter is delivered as required in Section 5.02 of the Transfer and Sale Agreement, the Seller may (but is not required to) repurchase on that Payment Date all outstanding Contracts at a price equal to the aggregate of the Class A and Class B Certificate Balance on the previous Payment Date plus the aggregate of the Class A Interest Distributable Amount and the Class B Interest Distributable Amount for the current Payment Date thereon, the Reimbursement Amount (if any) as well as accrued and unpaid Monthly Servicing Fees and Trustee Fees to the date of such repurchase. Such price is to be deposited in the Collection Account one Business Day before such Payment Date, against the Trustee's release of the Contracts and the Contract Files to the Seller in the manner described in Section 8.07 above.

SELLER'S REPURCHASE OPTION. As provided in the Transfer and Sale Agreement, on written notice to the Trustee at least 20 days prior to a Payment Date, and provided that aggregate of the Class A Certificate Balance and Class B Certificate Balance is then less than 10% of the Class A Initial Certificate Balance and Class B Initial Certificate Balance, and provided a valuation letter is delivered as required in Section 5.02 of the Transfer and Sale Agreement, the Seller may (but is not required to) repurchase on that Payment Date all outstanding Contracts at a price equal to the aggregate of the Class A and Class B Certificate Balance on the previous Payment Date plus the aggregate of the Class A Interest Distributable Amount and the Class B Interest Distributable Amount for the current Payment Date thereon, the Reimbursement Amount (if any) as well as accrued and unpaid Monthly Servicing Fees, Back-up Servicing Fees and Trustee Fees to the date of such repurchase. Such price is to be deposited in the Collection Account one Business Day before such Payment Date, against the Trustee's release of the Contracts and the Contract Files to the Seller in the manner described in Section 8.07 above.