Purchase of the. 99% 1999-A Vehicle SUBI Certificate; Redemption of the Subordinated Notes; Repayment of the Trust Certificates. (a) The Transferor shall be permitted at its option (the "Optional Purchase") to purchase the 99% 1999-A Vehicle SUBI Certificate from the Issuer on any Payment Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Senior Note Balance is less than or equal to 10% of the Initial Securities Balance. The purchase price for the 99% 1999-A Vehicle SUBI Certificate shall equal the Securities Balance, together with accrued interest thereon up to but not including such related Payment Date (the "Optional Purchase Price"), which amount shall be deposited by the Transferor into the SUBI Collection Account on the Deposit Date related to such Payment Date. If the Transferor exercises the Optional Purchase, the Senior Notes shall be redeemed, the Trust Certificates shall be repaid and the Subordinated Notes shall be redeemed, in each case in whole but not in part on the related Payment Date, and thereupon the pledge of the 1999-A Lease SUBI shall be discharged and released and the 99% 1999-A Lease SUBI Certificate shall be returned to the Transferor. (b) Upon deposit of the Subordinated Note Redemption Price in the Reserve Fund and the Repayment Price in the Certificate Distribution Account, the Trust Certificates and the Subordinated Notes shall be due and payable on the related Payment Date, upon furnishing of a notice complying with Section 9.03(c) to each Trust Certificateholder and the Subordinated Noteholder. The Administrator or the Owner Trustee shall furnish each Rating Agency notice of such repayment or redemption. (c) Notice of repayment or redemption under Section 9.03(b) shall be given by the Owner Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed at least 30 days prior to the related Payment Date to each Trust Certificateholder or the Subordinated Noteholder, respectively as of such date, at such Trust Certificateholder's or the Transferor's address appearing in the Certificate Register. All notices of redemption or repayment shall state: (i) the related Payment Date for the repayment or redemption, as the case may be; (ii) the Repayment Price or Subordinated Note Redemption Price, as the case may be; (iii) the place where the Subordinated Notes to be redeemed or the Trust Certificates to be repaid, as the case may be, are to be surrendered for payment of the Subordinated Note Redemption Price or the Repayment Price, respectively (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.08); and (iv) that on the related Payment Date, the Repayment Price or the Subordinated Note Redemption Price, as the case maybe, will become due and payable upon each such Trust Certificate or Subordinated Note, as the case may be, and that interest thereon shall cease to accrue from and after the related Payment Date. Notice of redemption of the Subordinated Notes and of repayment of the Trust Certificates shall be given by the Owner Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption or repayment, as the case may be, or any defect therein, to the Subordinated Noteholder or any Trust Certificateholder shall not impair or affect the validity of the repayment of any Trust Certificate or redemption of the Subordinated Notes. (d) The Subordinated Notes to be redeemed shall, following notice of redemption as required by Section 9.03(c), on the related Payment Date become due and payable at the Subordinated Note Redemption Price and (unless the Issuer shall default in the payment of the Subordinated Note Redemption Price) no interest shall accrue on the Subordinated Note Redemption Price for any period from and including the related Payment Date. The Trust Certificates to be repaid shall, following notice of repayment as required by Section 9.03(c) on the related Payment Date, become due and payable at the Repayment Price and (unless the Issuer shall default in the payment of the Repayment Price) no interest shall accrue on the Repayment Price for any period from and including the related Payment Date.
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Purchase of the. 99% 19992001-A Vehicle SUBI Certificate; Redemption of the Subordinated Notes; Repayment of the Trust Certificates.
(a) The Transferor shall be permitted at its option (the "Optional Purchase") to purchase the 99% 19992001-A Vehicle SUBI Certificate from the Issuer and to terminate the pledge of the 2001-A Lease SUBI Certificate on any Payment Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Senior Note Securities Balance is less than or equal to 10% of the Initial Securities Balance. The purchase price for the 99% 19992001-A Vehicle SUBI Certificate and the termination of the pledge of the 2001-A Lease SUBI Certificate shall equal the Securities Balance, together with accrued the interest thereon up to but not including such accrued during the related Payment Date Accrual Period (the "Optional Purchase Price"), which amount shall be deposited by the Transferor into the SUBI Collection Account on the Deposit Date related to such Payment Date. If the Transferor exercises the Optional Purchase, the Senior Notes shall be redeemed, the Trust Certificates shall be repaid and the Subordinated Notes shall be redeemed, in each case in whole but not in part on the related Payment Date, and thereupon the pledge of the 19992001-A Lease SUBI shall be discharged and released and the 99% 19992001-A Lease SUBI Certificate shall be returned to the Transferor.
(b) Upon deposit of the Subordinated Note Redemption Price in the Reserve Fund and the Repayment Price in the Certificate Distribution Account, the Trust Certificates and the Subordinated Notes shall be due and payable on the related Payment Date, upon furnishing of a notice complying with Section 9.03(c) to each Trust Certificateholder and the Subordinated Noteholder. The Administrator or the Owner Trustee shall furnish each Rating Agency notice of such repayment or redemption.
(c) Notice of repayment or redemption under Section 9.03(b) shall be given by the Owner Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed at least 30 days prior to the related Payment Date to each Trust Certificateholder or the Subordinated Noteholder, respectively as of such date, at such Trust Certificateholder's or the Transferor's address appearing in the Certificate Register. All notices of redemption or repayment shall state:
(i) the related Payment Date for the repayment or redemption, as the case may be;
(ii) the Repayment Price or Subordinated Note Redemption Price, as the case may be;
(iii) the place where the Subordinated Notes to be redeemed or the Trust Certificates to be repaid, as the case may be, are to be surrendered for payment of the Subordinated Note Redemption Price or the Repayment Price, respectively (which shall be the office or agency of the Owner Trustee to be maintained as provided in Section 3.08); and
(iv) that on the related Payment Date, the Repayment Price or the Subordinated Note Redemption Price, as the case maybe, will become due and payable upon each such Trust Certificate or Subordinated Note, as the case may be, and that interest thereon shall cease to accrue from and after the related Payment Date. Notice of redemption of the Subordinated Notes and of repayment of the Trust Certificates shall be given by the Owner Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption or repayment, as the case may be, or any defect therein, to the Subordinated Noteholder or any Trust Certificateholder shall not impair or affect the validity of the repayment of any Trust Certificate or redemption of the Subordinated Notes.
(d) The Subordinated Notes to be redeemed shall, following notice of redemption as required by Section 9.03(c), on the related Payment Date become due and payable at the Subordinated Note Redemption Price and (unless the Issuer shall default in the payment of the Subordinated Note Redemption Price) no interest shall accrue on the Subordinated Note Redemption Price for any period from and including the related Payment Date. The Trust Certificates to be repaid shall, following notice of repayment as required by Section 9.03(c) on the related Payment Date, become due and payable at the Repayment Price and (unless the Issuer shall default in the payment of the Repayment Price) no interest shall accrue on the Repayment Price for any period from and including the related Payment Date.. ARTICLE TEN
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