Common use of Servicer Option Clause in Contracts

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 5% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 2018-A Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 2018-A Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 2018-A Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 510% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 20182024-A B Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 20182024-A B Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 20182024-A B Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 5% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 20182019-A Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 20182019-A Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 20182019-A Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 5% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 20182019-A B Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 20182019-A B Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 20182019-A B Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 510% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 20182024-A Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 20182024-A Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 20182024-A Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 510% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 20182023-A B Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 20182023-A B Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 20182023-A B Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 5% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 20182020-A B Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 20182020-A B Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 20182020-A B Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 5% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 20182021-A Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 20182021-A Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 20182021-A Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 5% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 20182020-A Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 20182020-A Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 20182020-A Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 5% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 20182021-A B Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 20182021-A B Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 20182021-A B Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 5% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 2018-A B Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 2018-A B Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 2018-A B Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 5% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 20182023-A Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 20182023-A Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 20182023-A Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 5% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 20182022-A Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 20182022-A Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 20182022-A Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 5% [5]% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 2018-A 20__-__ Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 2018-A 20__-__ Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 2018-A 20__-__ Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than 5% [5]% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 2018-A 20 - Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 2018-A 20 - Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 2018-A 20 - Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.