Common use of The Servicer's Purchase Option Clause in Contracts

The Servicer's Purchase Option. On written notice to the Indenture Trustee at least twenty (20) days prior to a Payment Date, and provided that the aggregate Principal Amount of Notes outstanding on such Payment Date is less than 10% of the Initial Contract Pool Principal Balance, the Servicer may (but is not required to) repurchase from the Trust on that Payment Date all outstanding Contracts in the Contract Pool at a price equal to the sum of (a) the aggregate outstanding Principal Amount of the Notes plus accrued unpaid interest thereon as of such Payment Date, plus (b) the amount of unreimbursed Servicer Advances (if any) as well as accrued and unpaid monthly Servicing Fees to the date of such repurchase, plus (c) fees, expenses and indemnities owed to the Trustees, as applicable, minus (d) Collections and other Available Funds on deposit in the Collection Account and available to make such payments on such Payment Date (collectively the “Redemption Price”). If the Servicer elects to purchase the outstanding Contracts, the then outstanding Notes shall be redeemed on the Payment Date on which the purchase by the Servicer occurs (the “Redemption Date”).

The Servicer's Purchase Option. On written notice to the Indenture Trustee at least twenty (20) days prior to a Payment Date, and provided that the aggregate Principal Amount of Notes outstanding on such Payment Date is less than 10% of the Initial Contract Pool Principal Balance, the Servicer may (but is not required to) repurchase from the Trust on that Payment Date all outstanding Contracts in the Contract Pool at a price equal to the sum of (a) the aggregate outstanding Principal Amount of the Notes plus accrued unpaid interest thereon as of such Payment Date, plus (b) the amount of unreimbursed Servicer Advances (if any) as well as accrued and unpaid monthly Servicing Fees to the date of such repurchase, plus (c) fees, expenses and indemnities owed to the Trustees, as applicable, plus (d) any Swap Trust Payment and any termination payments relative to the Swap Agreement minus (de) Collections and other Available Funds on deposit in the Collection Account and available to make such payments on such Payment Date (collectively the “"Redemption Price”"). If the Servicer elects to purchase the outstanding Contracts, the then outstanding Notes shall be redeemed on the Payment Date on which the purchase by the Servicer occurs (the “"Redemption Date”").

The Servicer's Purchase Option. On written notice to the Indenture Trustee at least twenty (20) days prior to a Payment Date, and provided that the aggregate Principal Amount of Notes outstanding on such Payment Date is less than 10% of the Initial Contract Pool Principal Balance, the Servicer may (but is not required to) repurchase from the Trust on that Payment Date all outstanding Contracts in the Contract Pool at a price equal to the sum of (a) the aggregate outstanding Principal Amount of the Notes plus accrued unpaid interest thereon as of such Payment Date, plus (b) the amount of unreimbursed Servicer Advances (if any) as well as accrued and unpaid monthly Servicing Fees to the date of such repurchase, plus (c) fees, expenses and indemnities owed to the Trustees, as applicable, plus (d) any Swap Trust Payment and any termination payments relative to the Swap Agreement minus (de) Collections and other Available Funds on deposit in the Collection Account and available to make such payments on such Payment Date (collectively the “Redemption Price”). If the Servicer elects to purchase the outstanding Contracts, the then outstanding Notes shall be redeemed on the Payment Date on which the purchase by the Servicer occurs (the “Redemption Date”).

The Servicer's Purchase Option. On written notice to the Indenture Trustee at least twenty (20) days prior to a Payment Date, and provided that the aggregate Principal Amount of Notes outstanding on such Payment Date is less than 10% of the Initial Contract Pool Principal Balance, the Servicer may (but is not required to) repurchase from the Trust on that Payment Date all outstanding Contracts in the Contract Pool at a price equal to the sum of (a) the aggregate outstanding Principal Amount of the Notes plus accrued unpaid interest thereon as of such Payment Date, plus (b) the amount of unreimbursed Unreimbursed Servicer Advances (if any) as well as accrued and unpaid monthly Servicing Fees to the date of such repurchase, plus (c) fees, expenses and indemnities owed to the Trustees, as applicable, minus (d) Collections and other Available Funds on deposit in the Collection Account and available to make such payments on such Payment Date (collectively the “Redemption Price”). If the Servicer elects to purchase the outstanding Contracts, the then outstanding Notes shall be redeemed on the Payment Date on which the purchase by the Servicer occurs (the “Redemption Date”).

The Servicer's Purchase Option. On written notice to the Indenture Trustee at least twenty (20) days prior to a Payment Date, and provided that the aggregate Principal Amount of Notes outstanding on such Payment Date is less than 10[__]% of the Initial Contract Pool Principal Balance, the Servicer may (but is not required to) repurchase from the Trust on that Payment Date all outstanding Contracts in the Contract Pool at a price equal to the sum of (a) the aggregate outstanding Principal Amount of the Notes plus accrued unpaid interest thereon as of such Payment Date, plus (b) the amount of unreimbursed Servicer Advances (if any) as well as accrued and unpaid monthly Servicing Fees to the date of such repurchase, plus (c) fees, expenses and indemnities owed to the Trustees, as applicable, minus (d) Collections and other Available Funds on deposit in the Collection Account and available to make such payments on such Payment Date (collectively the “Redemption Price”). If the Servicer elects to purchase the outstanding Contracts, the then outstanding Notes shall be redeemed on the Payment Date on which the purchase by the Servicer occurs (the “Redemption Date”).