Cleanup Call. (a) If so provided in any Series Supplement, the initial Servicer may, but shall not be obligated to, purchase the Notes of any Series on any Settlement Date on or after the Settlement Date on which the aggregate Note Principal of such Series is less than or equal to 10% of the “Program Amount” for such Series (or such other lower amount as may be specified in a Series Supplement for such Series). Such purchase shall be made by depositing into the applicable Settlement Account or the applicable Series Account, not later than the Series Transfer Date preceding such Settlement Date, for application in accordance with Section 13.5, the amount specified in such Series Supplement. (b) The amount deposited pursuant to Section 13.4(a) shall be paid to the Noteholders of the related Series pursuant to Section 13.5 on the related Settlement Date following the date of such deposit. All Notes of a Series which are paid pursuant to Section 13.4(a) shall be delivered by the Issuer upon such purchase to, and be canceled by, the Transfer Agent and Registrar and be disposed of in a manner satisfactory to the Trustee and the Issuer.
Appears in 2 contracts