Optional Acquisition of All Contracts. On any Payment Date following any Calculation Date as of which the Aggregate Contract Principal Balance is less than 10% of the Initial Aggregate Contract Principal Balance, the Servicer shall have the option to require the Transferor to reacquire all of the Contracts and the Transferor agrees, that if the Servicer elects to cause the redemption of the remaining Notes, that the Transferor will reacquire all of the remaining Contracts at a price sufficient to provide to the Issuer funds sufficient to pay the redemption price and accrued interest to the redemption date. Any such redemption of the Notes shall be as provided in Section 10.01 of the Indenture.
Appears in 2 contracts
Sources: Transfer and Servicing Agreement (Advanta Bank Corp), Transfer and Servicing Agreement (Advanta Bank Corp)