Common use of Clean-Up Repurchase Option Clause in Contracts

Clean-Up Repurchase Option. (a) The Servicer may, as of any Distribution Day (the “Purchase Date”), purchase from the Co-Owners of a Series all, but not less than all, of the Ownership Interests of the Series owned by such Co-Owner on the Purchase Date. The purchase shall not be effected unless: (i) the Servicer shall have given written notice thereof to the Seller, the applicable Co-Owner, the related Rating Agencies, any other Person so specified in the related Series Purchase Agreement and the Custodian, in each case not less than ten days prior to the Purchase Date or such longer period as may be specified in the related Series Purchase Agreement; and (ii) the Invested Amount of the Series on the Purchase Date is less than or equal to 10% of the sum of (A) the Initial Invested Amount of the Series and (B) the stated dollar amount of any Additional Ownership Interests in respect of such Series acquired after the related Closing Date. (b) The aggregate purchase price for the Ownership Interests of a Series subject to purchase in accordance with Section 5.06(a) shall equal the sum of: (i) the Invested Amount of the Series as of the Determination Day preceding the Purchase Date; (ii) an amount specified in the related Series Purchase Agreement in respect of the Series Ownership Entitlement; and (iii) any additional amount specified to be included in the purchase price pursuant to the Series Purchase Agreement. (c) The Servicer shall satisfy the purchase price by depositing such amount to the Collection Account as Purchase Proceeds on the Purchase Date. (d) Upon the deposit to the Collection Account of the purchase price by the Servicer pursuant to this Section, the Invested Amount of the Series shall be reduced to zero with effect for all purposes of this Agreement as of the immediately preceding Determination Day.

Clean-Up Repurchase Option. (a1) The Subject to the provisions of this Section, the Servicer may, as of any Distribution Reporting Day (the “Purchase Date”), purchase from the Co-Owners of a Series all, but not less than all, of the Ownership Interests of the Series owned by such Co-Owner Owners on the Purchase Date. The purchase shall not be effected unless: (ia) the Servicer shall have given written notice thereof to the Seller, the applicable Co-Owner, the related Rating Agencies, Custodian and any other Person so specified in the related Series Purchase Agreement and the CustodianAgreement, in each case not less than ten days prior to before the Purchase Date or such longer period as may be specified in the related Series Purchase AgreementDate; and (iib) the Invested Amount of the Series on the Purchase Date is an amount less than or equal to 10% of the sum of (Aa) the Initial Invested Amount of the Series and (Bb) the stated dollar amount of any Additional Ownership Interests in respect of such the Series acquired after the related Closing Date. (b2) The aggregate purchase price for the Ownership Interests of a Series subject to purchase in accordance with under this Section 5.06(a) 6.9 shall be an amount equal to the sum of: (ia) the Invested Amount of the Series as of the Determination Day preceding on the Purchase Date; (iib) an the amount specified that would, but for the purchase pursuant to this Section, have been the Ownership Income Requirement in relation to the related Series for the period from but not including the Purchase Agreement Date to and including the date of payment in respect full of the aggregate purchase price, minus the portion of such Ownership Income Requirement that relates to Pool Expenses to be borne by the Co-Owners of the Series Ownership Entitlementin relation to such period pursuant to Section 3.8; and (iiic) any additional amount specified to be included in the purchase price pursuant to the related Series Purchase Agreement or Additional Property Agreement. (c3) The Servicer shall satisfy the purchase price by depositing such amount to the Collection Account As soon as Purchase Proceeds on practical after the Purchase Date, the Servicer shall determine the amount of the purchase price, shall forthwith notify each of the Custodian, the Agent for the Series, if any, the Seller, and each other Person specified in the related Series Purchase Agreement as being entitled to notice, and shall deposit the payment in the Accumulations Account relating to the Series for remittance to the Co-Owners and Entitled Parties of the Series in accordance with Section 6.11 and the related Series Purchase Agreement and any related Additional Property Agreement. (d4) Upon the deposit to by the Collection Servicer into the applicable Accumulations Account of the purchase price by for the Ownership Interests of the Series, the Co-Owners shall automatically and without further action Transfer such Ownership Interests to the Servicer pursuant to this Section, the Invested Amount of the Series shall be reduced to zero with effect for all purposes at the time of this Agreement as of the immediately preceding Determination Daysuch deposit.