Common use of Optional Repurchases Clause in Contracts

Optional Repurchases. Subject to the Repurchase and Substitution Limit, the Transferor shall have the right, but not the obligation, to repurchase from Depositor, and Depositor will have the right, but not the obligation, to repurchase from the Issuer, any Collateral Obligation that becomes subject to a Repurchase and Substitution Event at any time at a price equal to such repurchased Collateral Obligation’s Market Value (which shall not be determined pursuant to clause (iv) or (v) of the definition thereof); provided that if such Market Value has not been obtained by the most recent of (i) 90 days prior to such date of determination or (ii) the date of the most recently audited financial statements for the Obligor of such Collateral Obligation, then such Collateral Obligation may not be repurchased pursuant to this Section 12.3(b) until such Market Value has been obtained in accordance with such time constraints. At the written direction of the Issuer (or the Collateral Manager on behalf of the Issuer), the Trustee shall execute and deliver such instruments, consents or other documents and perform all acts reasonably requested by the Transferor, by Depositor or by the Collateral Manager in order to effect the transfer and release of any of the Issuer’s interests in the Collateral Obligations (together with the Assets) that are being repurchased and the release thereof from the lien of this Indenture.

Optional Repurchases. Subject to the Repurchase and Substitution Limit, the Transferor shall have the right, but not the obligation, to repurchase from Depositor, and Depositor will have the right, but not the obligation, to repurchase from the Issuer, Issuer any Collateral Obligation that becomes subject to a Repurchase and Substitution Event at any time at a price equal to such repurchased Collateral Obligation’s Market Value (which shall not be determined pursuant to clause (iv) or (v) of the definition thereof); provided that if such Market Value has not been obtained by the most recent of (i) 90 days prior to such date of determination or (ii) the date of the most recently audited financial statements for the Obligor of such Collateral Obligation, then such Collateral Obligation may not be repurchased pursuant to this Section 12.3(b) until such Market Value has been obtained in accordance with such time constraints. At The Issuer, and, at the written direction of the Issuer (or in each case, the Collateral Manager on behalf of the Issuer), as applicable, the Collateral Trustee shall execute and deliver such instruments, consents or other documents and perform all acts reasonably requested by the Transferor, by Depositor Transferor or by the Collateral Manager in order to effect the transfer and release of any of the Issuer’s interests in the Collateral Obligations (together with the AssetsAssets related thereto) that are being repurchased and the release thereof from the lien of this Indenture.