Common use of Cleanup Call Clause in Contracts

Cleanup Call. (a) If so provided in any Series Supplement, the Servicer may, but shall not be obligated to, cause a final payment to be made in respect of the related Series of Notes on any Payment Date on or after the Payment Date on which the Investor Interests for such Series and the Enhancement Invested Amount, if any, with respect to such Series is less than or equal to 10% of the Investor Interests on the Closing Date for such Series (or such other amount as may be specified in a Series Supplement for such Series). Such payment shall be made by depositing into the applicable Payment Account or the applicable Series Account, not later than the Transfer Date preceding such Payment Date, for application in accordance with Section 12.5, the amount specified in such Series Supplement; (b) The amount deposited pursuant to subsection 12.4(a) shall be paid to the Noteholders of the related Series pursuant to Section 12.5 on the related Payment Date following the date of such deposit. All Notes of a Series which are paid pursuant to subsection 12.4(a) shall be delivered by the Trust upon such purchase to, and be canceled 104 by, the Transfer Agent and Registrar and be disposed of in a manner satisfactory to the Trustee and the Issuer. The Notes of each Series which is paid pursuant to subsection 12.4(a) shall, for the purposes of the definition of "Trust Interest," be deemed to be equal to zero on the Payment Date following the making of the deposit, and the Trust Interest shall thereupon be deemed to have been increased by the Investor Interests of such Series.

Cleanup Call. (a) If so provided in any Series Supplement, the initial Servicer may, but shall not be obligated to, cause a final payment to be made in respect purchase the Notes of the related any Series of Notes on any Payment Date on or after the Payment Date on which the Investor Interests for such Series and the Enhancement Invested Amount, if any, with respect to such Series is less than or equal to 10% of the Investor Interests "Initial Note Principal" on the Closing Date for such Series (or such other amount as may be specified in a Series Supplement for such Series). Such payment purchase shall be made by depositing into the applicable Payment Account or the applicable Series Account, not later than the Series Transfer Date preceding such Payment Date, for application in accordance with Section 12.5, the amount specified in such Series Supplement;. (b) The amount deposited pursuant to subsection 12.4(a) shall be paid to the Noteholders of the related Series pursuant to Section 12.5 on the related Payment Date following the date of such deposit. All Notes of a Series which are paid pursuant to subsection 12.4(a) shall be delivered by the Trust Issuer upon such purchase to, and be canceled 104 cancelled by, the Transfer Agent and Registrar and be disposed of in a manner satisfactory to the Trustee and the Issuer. The Notes of each Series which is paid pursuant to subsection 12.4(a) shall, for the purposes of the definition of "Trust Issuer Interest," be deemed to be equal to zero on the Payment Date following the making of the deposit, and the Trust Issuer Interest shall thereupon be deemed to have been increased by the Investor Interests of such Series.