{"component": "clause", "props": {"groups": [{"snippet": "(a) On any Distribution Date on which the sum of the Class A Note Balance plus the Class B Note Balance plus the Class C Note Balance has been or will, after giving effect to the application of Available Funds on such Distribution Date, be less than or equal to 10% of the sum of the initial Class A Note Balance plus the initial Class B Note Balance plus the initial Class C Note Balance, the Servicer shall have the option, upon no less than twenty (20) days prior written notice prior (or such lesser number of days permissible by the Clearing Agency and reasonably acceptable to the Indenture Trustee) to the related Distribution Date to the Issuer, the Trust Collateral Agent, the Owner Trustee, the Indenture Trustee and the Rating Agencies, to reacquire the Trust Property, other than the Trust Accounts. The Indenture Trustee shall provide notice of the Optional Purchase to the Noteholders within 5 Business Days of its receipt of the Servicer\u2019s notice. To exercise such option, the Servicer shall deposit pursuant to Section 5.04 in the Collection Account an amount equal to: (x) the aggregate Purchase Amount for the Loans, plus (y) the fair market value of any other property held by the Trust (other than the Trust Accounts), plus (z) sufficient funds to pay interest on the Notes through the date of redemption after giving effect to the application of Available Funds on such date. Notwithstanding the foregoing, the Servicer shall not exercise such option unless the purchase price paid by the Servicer and other funds held by the Issuer are sufficient to pay the full amount of principal and interest due and payable on each class of the Notes, and all amounts due and payable to the Indenture Trustee, the Trust Collateral Agent, the Backup Servicer and the Owner Trustee under the Basic Documents. Upon such deposit the Servicer shall succeed to all interests in and to the Trust (other than the Trust Accounts).\n(b) Notice of any termination of the Trust shall be given by the Servicer to the Board of Trustees, the Owner Trustee, the Indenture Trustee, the Trust Collateral Agent, the Certificate Registrar and the Rating Agencies as soon as practicable after the Servicer has received notice of the occurrence of an event of termination under Section 9.1(a) of the Trust Agreement.", "snippet_links": [{"key": "distribution-date", "type": "definition", "offset": [11, 28]}, {"key": "sum-of", "type": "clause", "offset": [42, 48]}, {"key": "the-class", "type": "definition", "offset": [49, 58]}, {"key": "after-giving", "type": "clause", "offset": [152, 164]}, {"key": "application-of-available-funds", "type": "clause", "offset": [179, 209]}, {"key": "equal-to", "type": "definition", "offset": [253, 261]}, {"key": "initial-class-a-note-balance", "type": "definition", "offset": [284, 312]}, {"key": "initial-class-b-note-balance", "type": "definition", "offset": [322, 350]}, {"key": "initial-class-c-note-balance", "type": "definition", "offset": [360, 388]}, {"key": "prior-written-notice", "type": "clause", "offset": [461, 481]}, {"key": "number-of-days", "type": "definition", "offset": [504, 518]}, {"key": "clearing-agency", "type": "definition", "offset": [538, 553]}, {"key": "the-indenture-trustee", "type": "definition", "offset": [583, 604]}, {"key": "the-trust-collateral-agent", "type": "clause", "offset": [654, 680]}, {"key": "the-owner-trustee", "type": "clause", "offset": [682, 699]}, {"key": "rating-agencies", "type": "clause", "offset": [731, 746]}, {"key": "the-trust-property", "type": "clause", "offset": [761, 779]}, {"key": "trust-accounts", "type": "definition", "offset": [796, 810]}, {"key": "trustee-shall", "type": "definition", "offset": [826, 839]}, {"key": "the-optional", "type": "clause", "offset": [858, 870]}, {"key": "the-noteholders", "type": "clause", "offset": [883, 898]}, {"key": "business-days-of", "type": "clause", "offset": [908, 924]}, {"key": "receipt-of", "type": "clause", "offset": [929, 939]}, {"key": "to-exercise", "type": "clause", "offset": [963, 974]}, {"key": "pursuant-to-section", "type": "clause", "offset": [1015, 1034]}, {"key": "the-collection-account", "type": "clause", "offset": [1043, 1065]}, {"key": "aggregate-purchase-amount", "type": "definition", "offset": [1094, 1119]}, {"key": "the-loans", "type": "clause", "offset": [1124, 1133]}, {"key": "the-fair-market-value", "type": "clause", "offset": [1144, 1165]}, {"key": "other-property", "type": "definition", "offset": [1173, 1187]}, {"key": "by-the-trust", "type": "clause", "offset": [1193, 1205]}, {"key": "sufficient-funds", "type": "definition", "offset": [1248, 1264]}, {"key": "interest-on-the-notes", "type": "clause", "offset": [1272, 1293]}, {"key": "date-of-redemption", "type": "definition", "offset": [1306, 1324]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1397, 1426]}, {"key": "purchase-price-paid", "type": "clause", "offset": [1483, 1502]}, {"key": "by-the-servicer", "type": "clause", "offset": [1503, 1518]}, {"key": "other-funds", "type": "definition", "offset": [1523, 1534]}, {"key": "by-the-issuer", "type": "clause", "offset": [1540, 1553]}, {"key": "due-and-payable", "type": "definition", "offset": [1618, 1633]}, {"key": "class-of", "type": "definition", "offset": [1642, 1650]}, {"key": "all-amounts-due", "type": "clause", "offset": [1666, 1681]}, {"key": "payable-to", "type": "definition", "offset": [1686, 1696]}, {"key": "the-backup-servicer", "type": "clause", "offset": [1748, 1767]}, {"key": "basic-documents", "type": "clause", "offset": [1800, 1815]}, {"key": "to-the-trust", "type": "definition", "offset": [1886, 1898]}, {"key": "notice-of-any-termination-of-the-trust", "type": "clause", "offset": [1936, 1974]}, {"key": "the-board-of-trustees", "type": "clause", "offset": [2009, 2030]}, {"key": "certificate-registrar", "type": "clause", "offset": [2106, 2127]}, {"key": "as-soon-as-practicable", "type": "definition", "offset": [2152, 2174]}, {"key": "termination-under", "type": "clause", "offset": [2247, 2264]}, {"key": "the-trust-agreement", "type": "clause", "offset": [2283, 2302]}], "samples": [{"hash": "1U6ma08GA2O", "uri": "/contracts/1U6ma08GA2O#optional-purchase", "label": "Sale and Servicing Agreement (Credit Acceptance Corp)", "score": 34.6591377258, "published": true}, {"hash": "4nZhWZL9YzP", "uri": "/contracts/4nZhWZL9YzP#optional-purchase", "label": "Sale and Servicing Agreement (Credit Acceptance Corp)", "score": 33.4832305908, "published": true}, {"hash": "aDPeCTwVy5", "uri": "/contracts/aDPeCTwVy5#optional-purchase", "label": "Sale and Servicing Agreement (Credit Acceptance Corp)", "score": 33.2532501221, "published": true}], "size": 46, "hash": "ecb8f878c8cc8e3a53a7a4318823e087", "id": 1}, {"snippet": "(a) If so provided in any Supplement, Transferor may, but shall not be obligated to, cause a final distribution to be made in respect of the related Series of Certificates on a Distribution Date specified in such Supplement by depositing into the Distribution Account or the applicable Series Account, not later than the Transfer Date preceding such Distribution Date, for application in accordance with Section 12.3, the amount specified in such Supplement; provided that if the short term deposits or long-term unsecured debt obligations of Transferor are not rated at the time of such purchase of Certificates at least P-3 or Baa-3, respectively, by \u2587\u2587\u2587\u2587\u2587'\u2587, no such event shall occur unless Transferor shall deliver an Opinion of Counsel reasonably acceptable to Trustee that such deposit into the Distribution Account as provided in the related Supplement would not constitute a fraudulent conveyance of Transferor.\n(b) The amount deposited pursuant to subsection 12.2(a) shall be paid to the Investor Holders of the related Series pursuant to Section 12.3 on the related Distribution Date following the date of such deposit. All Certificates of a Series which are purchased by Transferor pursuant to subsection 12.2(a) shall be delivered by Transferor upon such purchase to, and be canceled by, the Transfer Agent and Registrar and be disposed of in a manner satisfactory to Trustee and Transferor. The Investor Interest of each Series which is purchased by Transferor pursuant to subsection 12.2(a) shall, for the purposes of the definition of \"Transferor Interest,\" be deemed to be equal to zero on the Distribution Date following the making of the deposit, and the Transferor Interest shall thereupon be deemed to have been increased by the Investor Interest of such Series.", "snippet_links": [{"key": "final-distribution", "type": "clause", "offset": [93, 111]}, {"key": "in-respect-of", "type": "definition", "offset": [123, 136]}, {"key": "series-of-certificates", "type": "definition", "offset": [149, 171]}, {"key": "a-distribution", "type": "clause", "offset": [175, 189]}, {"key": "the-distribution-account", "type": "definition", "offset": [243, 267]}, {"key": "series-account", "type": "clause", "offset": [286, 300]}, {"key": "transfer-date", "type": "definition", "offset": [321, 334]}, {"key": "in-accordance-with", "type": "definition", "offset": [385, 403]}, {"key": "section-123", "type": "clause", "offset": [404, 416]}, {"key": "provided-that", "type": "definition", "offset": [459, 472]}, {"key": "term-deposits", "type": "definition", "offset": [486, 499]}, {"key": "obligations-of-transferor", "type": "clause", "offset": [528, 553]}, {"key": "not-rated", "type": "definition", "offset": [558, 567]}, {"key": "at-the-time", "type": "definition", "offset": [568, 579]}, {"key": "purchase-of-certificates", "type": "clause", "offset": [588, 612]}, {"key": "an-opinion-of-counsel", "type": "clause", "offset": [720, 741]}, {"key": "related-supplement", "type": "definition", "offset": [842, 860]}, {"key": "fraudulent-conveyance", "type": "definition", "offset": [884, 905]}, {"key": "pursuant-to-subsection", "type": "clause", "offset": [946, 968]}, {"key": "holders-of", "type": "clause", "offset": [1007, 1017]}, {"key": "pursuant-to-section", "type": "clause", "offset": [1037, 1056]}, {"key": "following-the", "type": "definition", "offset": [1095, 1108]}, {"key": "date-of", "type": "clause", "offset": [1109, 1116]}, {"key": "by-transferor", "type": "clause", "offset": [1180, 1193]}, {"key": "transfer-agent-and-registrar", "type": "clause", "offset": [1305, 1333]}, {"key": "disposed-of", "type": "definition", "offset": [1341, 1352]}, {"key": "investor-interest", "type": "definition", "offset": [1409, 1426]}, {"key": "the-definition-of", "type": "definition", "offset": [1533, 1550]}, {"key": "to-zero", "type": "definition", "offset": [1596, 1603]}, {"key": "the-distribution-date", "type": "definition", "offset": [1607, 1628]}, {"key": "the-deposit", "type": "clause", "offset": [1653, 1664]}, {"key": "the-transferor-interest", "type": "clause", "offset": [1670, 1693]}, {"key": "by-the-investor", "type": "clause", "offset": [1743, 1758]}], "samples": [{"hash": "aihVCfaZBVS", "uri": "/contracts/aihVCfaZBVS#optional-purchase", "label": "Pooling and Servicing Agreement (First National Bank of Commerce)", "score": 18.0, "published": true}, {"hash": "8rf5ZXu99Jx", "uri": "/contracts/8rf5ZXu99Jx#optional-purchase", "label": "Pooling and Servicing Agreement (First National Bank of Commerce)", "score": 18.0, "published": true}], "size": 22, "hash": "a18b19c52d4ce63f1a2eb4e84cca7c98", "id": 2}, {"snippet": "81 Section 12.3 Final Payment with Respect to any Series..................................................81 Section 12.4 Termination Rights of Holder of Transferor Certificate....................................83 Section 12.5 Defeasance................................................................................83 ARTICLE XIII", "snippet_links": [{"key": "section-123", "type": "clause", "offset": [3, 15]}, {"key": "final-payment-with-respect-to-any-series", "type": "clause", "offset": [16, 56]}, {"key": "section-124", "type": "clause", "offset": [109, 121]}, {"key": "termination-rights-of-holder-of-transferor-certificate", "type": "clause", "offset": [122, 176]}, {"key": "article-xiii", "type": "definition", "offset": [321, 333]}], "samples": [{"hash": "iSulr5SWDqt", "uri": "/contracts/iSulr5SWDqt#optional-purchase", "label": "Pooling and Servicing Agreement (Dillard Asset Funding Co)", "score": 18.0, "published": true}], "size": 12, "hash": "d8fd021b52944002ad7537fe3877e0b7", "id": 3}, {"snippet": "On and after the Commitment Termination Date, the Servicer shall have the option, upon no less than 10 days\u2019 prior written notice (or such lesser number of days reasonably acceptable to the Deal Agent) to the Borrower, the Collateral Agent, the Lenders and the Deal Agent, to reacquire the Dealer Loans, the Purchase Loans and the related Collateral in whole but not in part. To exercise such option, the Servicer shall deposit in the Collection Account an amount equal to: (x) the aggregate Purchase Amount for the Loans, plus (y) the fair market value of any other Collateral, plus (z) sufficient funds to pay interest on the Notes through the date of redemption after giving effect to the application of Available Funds on such date. Notwithstanding the foregoing, the Servicer shall not exercise such option unless the purchase price paid by the Servicer and other funds held by the Borrower are sufficient to pay all Aggregate Unpaids under the Transaction Documents. Upon such deposit the Servicer shall succeed to all interests in and to the Collateral.", "snippet_links": [{"key": "commitment-termination-date", "type": "definition", "offset": [17, 44]}, {"key": "the-option", "type": "clause", "offset": [70, 80]}, {"key": "prior-written-notice", "type": "clause", "offset": [109, 129]}, {"key": "number-of-days", "type": "definition", "offset": [146, 160]}, {"key": "the-deal-agent", "type": "clause", "offset": [186, 200]}, {"key": "to-the-borrower", "type": "clause", "offset": [202, 217]}, {"key": "the-collateral-agent", "type": "definition", "offset": [219, 239]}, {"key": "the-lenders", "type": "clause", "offset": [241, 252]}, {"key": "dealer-loans", "type": "definition", "offset": [290, 302]}, {"key": "related-collateral", "type": "definition", "offset": [331, 349]}, {"key": "to-exercise", "type": "clause", "offset": [376, 387]}, {"key": "the-collection-account", "type": "clause", "offset": [431, 453]}, {"key": "equal-to", "type": "definition", "offset": [464, 472]}, {"key": "aggregate-purchase-amount", "type": "definition", "offset": [482, 507]}, {"key": "the-loans", "type": "clause", "offset": [512, 521]}, {"key": "the-fair-market-value", "type": "clause", "offset": [532, 553]}, {"key": "other-collateral", "type": "clause", "offset": [561, 577]}, {"key": "sufficient-funds", "type": "definition", "offset": [588, 604]}, {"key": "interest-on-the-notes", "type": "clause", "offset": [612, 633]}, {"key": "date-of-redemption", "type": "definition", "offset": [646, 664]}, {"key": "after-giving", "type": "clause", "offset": [665, 677]}, {"key": "application-of-available-funds", "type": "clause", "offset": [692, 722]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [737, 766]}, {"key": "purchase-price-paid", "type": "clause", "offset": [823, 842]}, {"key": "by-the-servicer", "type": "clause", "offset": [843, 858]}, {"key": "other-funds", "type": "definition", "offset": [863, 874]}, {"key": "by-the-borrower", "type": "clause", "offset": [880, 895]}, {"key": "aggregate-unpaids", "type": "clause", "offset": [922, 939]}, {"key": "the-transaction-documents", "type": "clause", "offset": [946, 971]}], "samples": [{"hash": "4i4IE68Gsr5", "uri": "/contracts/4i4IE68Gsr5#optional-purchase", "label": "Loan and Security Agreement (Credit Acceptance Corp)", "score": 35.729637146, "published": true}, {"hash": "dawKC0PIMH6", "uri": "/contracts/dawKC0PIMH6#optional-purchase", "label": "Loan and Security Agreement and Backup Servicing Agreement (Credit Acceptance Corp)", "score": 33.6242294312, "published": true}, {"hash": "6QNzot46347", "uri": "/contracts/6QNzot46347#optional-purchase", "label": "Loan and Security Agreement (Credit Acceptance Corp)", "score": 30.672826767, "published": true}], "size": 10, "hash": "ea048b9e2febe8011ee523f30a60f706", "id": 4}, {"snippet": "The Servicer may at its option purchase the Trust Estate (other than the Reserve Account) at a time and price specified in Section 9.01 of the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Issuer shall effect retirement of the Certificates. Following such purchase, the Issuer shall dissolve, wind up and terminate pursuant to Section 7.01.", "snippet_links": [{"key": "the-servicer", "type": "clause", "offset": [0, 12]}, {"key": "option-purchase", "type": "definition", "offset": [24, 39]}, {"key": "the-trust-estate", "type": "clause", "offset": [40, 56]}, {"key": "the-reserve-account", "type": "clause", "offset": [69, 88]}, {"key": "sale-and-servicing-agreement", "type": "definition", "offset": [143, 171]}, {"key": "the-receivables", "type": "clause", "offset": [194, 209]}, {"key": "other-property", "type": "definition", "offset": [214, 228]}, {"key": "the-issuer", "type": "clause", "offset": [232, 242]}, {"key": "the-certificates", "type": "definition", "offset": [270, 286]}, {"key": "pursuant-to-section", "type": "clause", "offset": [362, 381]}], "samples": [{"hash": "5ug1zMwYJsV", "uri": "/contracts/5ug1zMwYJsV#optional-purchase", "label": "Trust Agreement (California Republic Auto Receivables Trust 2015-2)", "score": 26.4318962097, "published": true}, {"hash": "6d1CfAMW8cB", "uri": "/contracts/6d1CfAMW8cB#optional-purchase", "label": "Trust Agreement (California Republic Funding LLC)", "score": 26.1937026978, "published": true}, {"hash": "2abgPqT2h2", "uri": "/contracts/2abgPqT2h2#optional-purchase", "label": "Trust Agreement (California Republic Funding LLC)", "score": 25.9719371796, "published": true}], "size": 9, "hash": "e8da7b2ec3d1ec7064f87e40fbed936e", "id": 5}, {"snippet": "(a) If so provided in any Supplement, the Transferor may, but shall not be obligated to, cause a final distribution to be made in respect of the related Series of Certificates on a Distribution Date specified in such Supplement by depositing into the Distribution Account or the applicable Series Account, not later than the Transfer Date preceding such Distribution Date, for application in accordance with Section 12.3, the amount specified in such Supplement.\n(b) The amount deposited pursuant to subsection 12.2(a) shall be paid to the Investor Certificateholders of the related Series pursuant to Section 12.3 on the related Distribution Date following the date of such deposit. All Certificates of a Series which are purchased by the Transferor pursuant to subsection 12.2(a) shall be delivered by the Transferor 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 Transferor. The Investor Interest of each Series which is purchased by the Transferor pursuant to subsection 12.2(a) shall, for the purposes of the definition of \"Transferor Interest,\" be deemed to be equal to zero on the Distribution Date following the making of the deposit, and the Transferor Interest shall thereupon be deemed to have been increased by the Investor Interest of such Series.", "snippet_links": [{"key": "final-distribution", "type": "clause", "offset": [97, 115]}, {"key": "in-respect-of", "type": "definition", "offset": [127, 140]}, {"key": "series-of-certificates", "type": "definition", "offset": [153, 175]}, {"key": "a-distribution", "type": "clause", "offset": [179, 193]}, {"key": "the-distribution-account", "type": "definition", "offset": [247, 271]}, {"key": "series-account", "type": "clause", "offset": [290, 304]}, {"key": "transfer-date", "type": "definition", "offset": [325, 338]}, {"key": "in-accordance-with", "type": "definition", "offset": [389, 407]}, {"key": "section-123", "type": "clause", "offset": [408, 420]}, {"key": "pursuant-to-subsection", "type": "clause", "offset": [488, 510]}, {"key": "investor-certificateholders", "type": "definition", "offset": [540, 567]}, {"key": "pursuant-to-section", "type": "clause", "offset": [590, 609]}, {"key": "following-the", "type": "definition", "offset": [648, 661]}, {"key": "date-of", "type": "clause", "offset": [662, 669]}, {"key": "transfer-agent-and-registrar", "type": "clause", "offset": [866, 894]}, {"key": "disposed-of", "type": "definition", "offset": [902, 913]}, {"key": "to-the-trustee", "type": "clause", "offset": [939, 953]}, {"key": "investor-interest", "type": "definition", "offset": [978, 995]}, {"key": "the-definition-of", "type": "definition", "offset": [1106, 1123]}, {"key": "to-zero", "type": "definition", "offset": [1169, 1176]}, {"key": "the-distribution-date", "type": "definition", "offset": [1180, 1201]}, {"key": "the-deposit", "type": "clause", "offset": [1226, 1237]}, {"key": "the-transferor-interest", "type": "clause", "offset": [1243, 1266]}, {"key": "by-the-investor", "type": "clause", "offset": [1316, 1331]}], "samples": [{"hash": "iSulr5SWDqt", "uri": "/contracts/iSulr5SWDqt#optional-purchase", "label": "Pooling and Servicing Agreement (Dillard Asset Funding Co)", "score": 18.0, "published": true}, {"hash": "74H2DsBg8yO", "uri": "/contracts/74H2DsBg8yO#optional-purchase", "label": "Pooling and Servicing Agreement (Chase Manhattan Bank Usa)", "score": 18.0, "published": true}, {"hash": "5CjyIyJoyRK", "uri": "/contracts/5CjyIyJoyRK#optional-purchase", "label": "Pooling and Servicing Agreement (Dillard Asset Funding Co)", "score": 18.0, "published": true}], "size": 9, "hash": "4534c70e6bbd30e1f6c42bc3f2309396", "id": 6}, {"snippet": "On any Distribution Date on or after the Initial Optional Termination Date, the Holders of a majority in Percentage Interests of the Designated Class may purchase the Certificates of all other Classes by depositing with the Paying Agent on the preceding Master Servicer Remittance Date an amount equal to the Certificate Principal Balance of such Certificates on such Distribution Date plus interest thereon to such Distribution Date.", "snippet_links": [{"key": "distribution-date", "type": "definition", "offset": [7, 24]}, {"key": "initial-optional-termination-date", "type": "definition", "offset": [41, 74]}, {"key": "holders-of", "type": "clause", "offset": [80, 90]}, {"key": "a-majority", "type": "clause", "offset": [91, 101]}, {"key": "percentage-interests", "type": "clause", "offset": [105, 125]}, {"key": "designated-class", "type": "definition", "offset": [133, 149]}, {"key": "the-certificates", "type": "definition", "offset": [163, 179]}, {"key": "other-classes", "type": "clause", "offset": [187, 200]}, {"key": "the-paying-agent", "type": "clause", "offset": [220, 236]}, {"key": "master-servicer-remittance-date", "type": "clause", "offset": [254, 285]}, {"key": "equal-to", "type": "definition", "offset": [296, 304]}, {"key": "certificate-principal-balance", "type": "clause", "offset": [309, 338]}], "samples": [{"hash": "xK3KOMnbKN", "uri": "/contracts/xK3KOMnbKN#optional-purchase", "label": "Trust Agreement (Saxon Asset Securities Co)", "score": 18.0, "published": true}, {"hash": "l1ohb4MHGmn", "uri": "/contracts/l1ohb4MHGmn#optional-purchase", "label": "Trust Agreement (Saxon Asset Securities Co)", "score": 18.0, "published": true}, {"hash": "dZyYvXMELWm", "uri": "/contracts/dZyYvXMELWm#optional-purchase", "label": "Trust Agreement (Saxon Asset Securities Co)", "score": 18.0, "published": true}], "size": 6, "hash": "5c502addfaa8554e7f0d0af4db25416e", "id": 7}, {"snippet": "The Issuer may purchase or cause to be purchased all of the Notes on any Interest Payment Date on which the aggregate current principal balance of the Notes shall be less than or equal to 20% of the initial aggregate principal balance of the Notes on the Date of Issuance, at a purchase price equal to the aggregate current principal balance of such Notes, plus accrued interest on the Notes through the day preceding the Interest Payment Date on which the purchase occurs. NOTICE OF REDEMPTION OR PURCHASE. Notice of the call for redemption shall be given by the Trustee by mailing a copy of the notice at least 15 days prior to the redemption or purchase date to the Registered Owners of the Notes to be redeemed in whole or in part at the address of such Registered Owner last showing on the registration books. Failure to give such notice or any defect therein shall not affect the validity of any proceedings for the redemption or purchase of such Auction Rate Notes for which no such failure or defect occurs. All Notes called for redemption or purchase will cease to bear interest after the specified redemption or purchase date, provided funds for their payment are on deposit at the place of payment at the time. If less than all Notes are to be redeemed or purchased, Notes shall be selected for redemption or purchase as provided in the Indenture. The Indenture provides that the Issuer may enter into a derivative product between the Issuer and a derivative provider (a \"Reciprocal Payor\"), as originally executed and as amended or supplemented, or other interest rate hedge agreement between the Issuer and a Reciprocal Payor, as originally executed and as amended or supplemented. Payments due to a Reciprocal Payor from the Issuer pursuant to the applicable Derivative Product are referred to herein as \"Issuer Derivative Payments,\" and may be secured on a parity with any series of Bonds. The principal of and interest on the Class A Notes and any Additional Notes issued on a parity with the Class A Notes and any Issuer Derivative Payments secured on a parity with the Class A Notes are payable on a superior basis to such payments on the Class B Notes and any Additional Notes issued on a parity or subordinate to the Class B Notes; provided, however, that current principal and interest may be paid on the Class B Notes and any Additional Notes issued on a parity with the Class B Notes or subordinate to the Class B Notes if all principal and interest payments due and owing at such time on the Class A Notes and any Additional Notes issued on a parity with the Class A Notes and any Issuer Derivative Payments secured on a parity with the Class A Notes have been previously made or provided for as provided in the Indenture. Reference is hereby made to the Indenture, copies of which are on file in the Principal Office of the Trustee, and to all of the provisions of which any Registered Owner of this note by his acceptance hereof hereby assents, for definitions of terms; the description of and the nature and extent of the security for the Notes; the Issuer's student loan origination and acquisition program; the revenues and other money pledged to the payment of the principal of and interest on the Notes; the nature and extent and manner of enforcement of the pledge; the conditions upon which the Indenture may be amended or supplemented with or without the consent of the Registered Owners of the Notes and any Reciprocal Payor; the rights and remedies of the Registered Owner hereof with respect hereto and thereto, including the limitations upon the right of a Registered Owner hereof to institute any suit, action, or proceeding in equity or at law with respect hereto and thereto; the rights, duties, and obligations of the Issuer and the Trustee thereunder, the terms and provisions upon which the liens, pledges, charges, trusts, and covenants made therein may be discharged at or prior to the stated maturity or earlier redemption of this note, and this note thereafter shall no longer be secured by the Indenture or be deemed to be Outstanding, as defined in the Indenture, thereunder; and for the other terms and provisions thereof. THE NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM, AND FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE. No recourse, either directly or indirectly, shall be had for the payment of the principal of and interest on this note or any claim based hereon or in respect hereof or of the Indenture, against the Trustee, or any incorporator, director, officer, employee, or agent of the Issuer, nor against the State of Nevada, or any official thereof, but the obligation to pay all amounts required by the Indenture securing this note and the obligation to do and perform the covenants and acts required of the Issuer therein and herein shall be and remain the responsibility and obligation of said Issuer, limited as herein set forth. Subject to the restrictions specified in the Indenture, this note is transferable on the Note Register kept for that purpose by the Trustee, as registrar, upon surrender of this note for transfer at the principal office of the Trustee, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Registered Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of the same series, Stated Maturity, of authorized denominations, bearing interest at the same rate, and for the same aggregate principal amount will be issued to the designated transferee or transferees. At the option of the Registered Owner, any Note may be exchanged for other Notes in authorized denominations upon surrender of the Note to be exchanged at the principal office of the Trustee. Upon any such presentation for exchange, one or more new Notes of the same series, Stated Maturity, in authorized denominations, bearing interest at the same rate, and for the same aggregate principal amount as the Note or Notes so surrendered will be issued to the Registered Owner of the Note or Notes so surrendered; and the Note or Notes so surrendered shall thereupon be cancelled by the Trustee. Notwithstanding the foregoing, so long as the ownership of the Notes is maintained in book-entry form by The Depository Trust Company (the \"Securities Depository\") or a nominee thereof, this note may be transferred in whole but not in part only to the Securities Depository or a nominee thereof or to a successor Securities Depository or its nominee. The Issuer, the Trustee, and any agent of either of them shall treat the Person in whose name this note is registered as the Registered Owner hereof (a) on the record date for purposes of receiving timely payment of interest hereon, and (b) on the date of surrender of this note for purposes of receiving payment of principal hereof at its stated maturity and (c) for all other purposes, whether or not this note is overdue, and neither the Issuer, the Trustee, nor any such agent shall be affected by notice to the contrary. To the extent permitted by the Indenture, modifications or alterations of the Indenture and any supplemental indenture may be made with the consent of less than all of the Registered Owners of the Notes then outstanding or without the consent of any of such Registered Owners (by reason of a change in the Act or Regulation or to cure ambiguities or conflicts), but such modification or alteration is not permitted to affect the maturity date, Stated Maturity, amount, Interest Payment Date, or rate of interest on any outstanding Notes or affect the rights of the Registered Owners of less than all of the Notes outstanding. The Registered Owner hereof shall not have the right to demand payment of this note or any interest hereon out of funds raised or to be raised by taxation. Any capitalized term used herein and not otherwise defined herein shall have the same meaning ascribed to such term in the herein defined Indenture unless the context shall clearly indicate otherwise. It is hereby certified and recited that all acts and things required by the laws of the State of Nevada to happen, exist, and be performed precedent to and in the issuance of this note, and the passage of said resolution and the execution of said Indenture, have happened, exist and have been performed as so required.", "snippet_links": [{"key": "interest-payment-date", "type": "definition", "offset": [73, 94]}, {"key": "balance-of-the", "type": "clause", "offset": [136, 150]}, {"key": "equal-to", "type": "definition", "offset": [179, 187]}, {"key": "initial-aggregate-principal-balance", "type": "definition", "offset": [199, 234]}, {"key": "date-of-issuance", "type": "definition", "offset": [255, 271]}, {"key": "purchase-price", "type": "definition", "offset": [278, 292]}, {"key": "interest-on-the-notes", "type": "clause", "offset": [370, 391]}, {"key": "the-day", "type": "definition", "offset": [400, 407]}, {"key": "the-interest", "type": "clause", "offset": [418, 430]}, {"key": "the-purchase", "type": "clause", "offset": [453, 465]}, {"key": "notice-of-redemption-or-purchase", "type": "clause", "offset": [474, 506]}, {"key": "notice-of-the", "type": "clause", "offset": [508, 521]}, {"key": "by-the-trustee", "type": "clause", "offset": [557, 571]}, {"key": "copy-of-the-notice", "type": "clause", "offset": [585, 603]}, {"key": "the-redemption", "type": "clause", "offset": [630, 644]}, {"key": "purchase-date", "type": "definition", "offset": [648, 661]}, {"key": "owners-of-the-notes", "type": "definition", "offset": [680, 699]}, {"key": "registration-books", "type": "definition", "offset": [795, 813]}, {"key": "failure-to", "type": "clause", "offset": [815, 825]}, {"key": "purchase-of", "type": "clause", "offset": [936, 947]}, {"key": "auction-rate-notes", "type": "definition", "offset": [953, 971]}, {"key": "failure-or-defect", "type": "clause", "offset": [990, 1007]}, {"key": "all-notes", "type": "definition", "offset": [1016, 1025]}, {"key": "on-deposit", "type": "definition", "offset": [1174, 1184]}, {"key": "place-of-payment", "type": "definition", "offset": [1192, 1208]}, {"key": "at-the-time", "type": "definition", "offset": [1209, 1220]}, {"key": "redeemed-or-purchased", "type": "clause", "offset": [1255, 1276]}, {"key": "the-indenture", "type": "clause", "offset": [1344, 1357]}, {"key": "derivative-product", "type": "clause", "offset": [1415, 1433]}, {"key": "derivative-provider", "type": "definition", "offset": [1459, 1478]}, {"key": "reciprocal-payor", "type": "definition", "offset": [1483, 1499]}, {"key": "as-amended", "type": "definition", "offset": [1530, 1540]}, {"key": "agreement-between", "type": "clause", "offset": [1587, 1604]}, {"key": "the-applicable", "type": "clause", "offset": [1758, 1772]}, {"key": "secured-on", "type": "definition", "offset": [1859, 1869]}, {"key": "series-of-bonds", "type": "clause", "offset": [1888, 1903]}, {"key": "the-class-a-notes", "type": "definition", "offset": [1938, 1955]}, {"key": "additional-notes", "type": "clause", "offset": [1964, 1980]}, {"key": "issued-on", "type": "clause", "offset": [1981, 1990]}, {"key": "class-b-notes", "type": "definition", "offset": [2157, 2170]}, {"key": "to-the-class", "type": "clause", "offset": [2230, 2242]}, {"key": "due-and-owing", "type": "definition", "offset": [2482, 2495]}, {"key": "copies-of", "type": "definition", "offset": [2790, 2799]}, {"key": "on-file", "type": "clause", "offset": [2810, 2817]}, {"key": "principal-office-of-the-trustee", "type": "clause", "offset": [2825, 2856]}, {"key": "the-provisions-of", "type": "clause", "offset": [2872, 2889]}, {"key": "definitions-of-terms", "type": "clause", "offset": [2975, 2995]}, {"key": "description-of", "type": "clause", "offset": [3001, 3015]}, {"key": "security-for-the-notes", "type": "clause", "offset": [3049, 3071]}, {"key": "loan-origination", "type": "clause", "offset": [3094, 3110]}, {"key": "acquisition-program", "type": "definition", "offset": [3115, 3134]}, {"key": "payment-of-the-principal", "type": "clause", "offset": [3180, 3204]}, {"key": "enforcement-of-the-pledge", "type": "clause", "offset": [3271, 3296]}, {"key": "the-conditions", "type": "clause", "offset": [3298, 3312]}, {"key": "consent-of-the", "type": "clause", "offset": [3389, 3403]}, {"key": "remedies-of-the", "type": "clause", "offset": [3476, 3491]}, {"key": "right-of", "type": "clause", "offset": [3584, 3592]}, {"key": "a-registered", "type": "clause", "offset": [3593, 3605]}, {"key": "obligations-of-the-issuer", "type": "clause", "offset": [3741, 3766]}, {"key": "the-terms-and-provisions", "type": "clause", "offset": [3795, 3819]}, {"key": "the-liens", "type": "clause", "offset": [3831, 3840]}, {"key": "and-covenants", "type": "clause", "offset": [3868, 3881]}, {"key": "stated-maturity", "type": "clause", "offset": [3932, 3947]}, {"key": "other-terms-and-provisions", "type": "clause", "offset": [4138, 4164]}, {"key": "the-notes-are", "type": "definition", "offset": [4174, 4187]}, {"key": "limited-obligations", "type": "clause", "offset": [4188, 4207]}, {"key": "the-trust-estate", "type": "clause", "offset": [4268, 4284]}, {"key": "no-recourse", "type": "clause", "offset": [4315, 4326]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [4335, 4357]}, {"key": "agent-of-the-issuer", "type": "clause", "offset": [4576, 4595]}, {"key": "any-official", "type": "clause", "offset": [4633, 4645]}, {"key": "obligation-to-pay", "type": "clause", "offset": [4663, 4680]}, {"key": "required-by", "type": "definition", "offset": [4693, 4704]}, {"key": "the-covenants", "type": "definition", "offset": [4775, 4788]}, {"key": "the-restrictions", "type": "clause", "offset": [4950, 4966]}, {"key": "note-register", "type": "clause", "offset": [5028, 5041]}, {"key": "for-transfer", "type": "definition", "offset": [5122, 5134]}, {"key": "duly-endorsed", "type": "definition", "offset": [5175, 5188]}, {"key": "transfer-in", "type": "definition", "offset": [5235, 5246]}, {"key": "form-satisfactory", "type": "clause", "offset": [5247, 5264]}, {"key": "to-the-trustee", "type": "clause", "offset": [5265, 5279]}, {"key": "executed-by", "type": "definition", "offset": [5285, 5296]}, {"key": "duly-authorized", "type": "clause", "offset": [5342, 5357]}, {"key": "in-writing", "type": "definition", "offset": [5358, 5368]}, {"key": "new-notes", "type": "definition", "offset": [5396, 5405]}, {"key": "authorized-denominations", "type": "clause", "offset": [5446, 5470]}, {"key": "aggregate-principal-amount", "type": "definition", "offset": [5524, 5550]}, {"key": "issued-to", "type": "definition", "offset": [5559, 5568]}, {"key": "designated-transferee", "type": "definition", "offset": [5573, 5594]}, {"key": "the-option", "type": "clause", "offset": [5614, 5624]}, {"key": "other-notes", "type": "clause", "offset": [5680, 5691]}, {"key": "note-to", "type": "definition", "offset": [5742, 5749]}, {"key": "note-or-notes", "type": "clause", "offset": [6018, 6031]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [6205, 6234]}, {"key": "ownership-of-the-notes", "type": "clause", "offset": [6251, 6273]}, {"key": "entry-form", "type": "definition", "offset": [6296, 6306]}, {"key": "the-depository-trust-company", "type": "definition", "offset": [6310, 6338]}, {"key": "a-nominee", "type": "definition", "offset": [6372, 6381]}, {"key": "the-securities", "type": "definition", "offset": [6453, 6467]}, {"key": "successor-securities-depository", "type": "clause", "offset": [6508, 6539]}, {"key": "record-date", "type": "clause", "offset": [6716, 6727]}, {"key": "for-purposes-of", "type": "clause", "offset": [6728, 6743]}, {"key": "payment-of-interest", "type": "definition", "offset": [6761, 6780]}, {"key": "date-of-surrender", "type": "definition", "offset": [6804, 6821]}, {"key": "payment-of-principal", "type": "definition", "offset": [6861, 6881]}, {"key": "other-purposes", "type": "definition", "offset": [6928, 6942]}, {"key": "agent-shall", "type": "definition", "offset": [7031, 7042]}, {"key": "notice-to-the", "type": "clause", "offset": [7058, 7071]}, {"key": "to-the-extent", "type": "clause", "offset": [7082, 7095]}, {"key": "modifications-or-alterations", "type": "clause", "offset": [7124, 7152]}, {"key": "supplemental-indenture", "type": "clause", "offset": [7178, 7200]}, {"key": "a-change-in", "type": "definition", "offset": [7372, 7383]}, {"key": "the-act", "type": "clause", "offset": [7384, 7391]}, {"key": "not-permitted", "type": "clause", "offset": [7483, 7496]}, {"key": "maturity-date", "type": "definition", "offset": [7511, 7524]}, {"key": "interest-on-any", "type": "clause", "offset": [7585, 7600]}, {"key": "outstanding-notes", "type": "clause", "offset": [7601, 7618]}, {"key": "rights-of-the", "type": "clause", "offset": [7633, 7646]}, {"key": "notes-outstanding", "type": "clause", "offset": [7689, 7706]}, {"key": "demand-payment", "type": "clause", "offset": [7764, 7778]}, {"key": "capitalized-term", "type": "clause", "offset": [7868, 7884]}, {"key": "same-meaning", "type": "clause", "offset": [7945, 7957]}, {"key": "the-context", "type": "clause", "offset": [8019, 8030]}, {"key": "laws-of-the-state-of-nevada", "type": "clause", "offset": [8141, 8168]}, {"key": "issuance-of-this-note", "type": "clause", "offset": [8228, 8249]}, {"key": "the-execution", "type": "clause", "offset": [8290, 8303]}], "samples": [{"hash": "1NZlV1un5Te", "uri": "/contracts/1NZlV1un5Te#optional-purchase", "label": "Supplemental Indenture of Trust (Nelnet Inc)", "score": 18.0, "published": true}], "size": 6, "hash": "b1325b252ce01cde27d06414d7483623", "id": 8}, {"snippet": "23 SECTION 8.1 Optional Purchase of Trust Estate.......................... 23", "snippet_links": [{"key": "section-81", "type": "clause", "offset": [3, 14]}, {"key": "optional-purchase-of-trust-estate", "type": "clause", "offset": [15, 48]}], "samples": [{"hash": "yCOqujuqsb", "uri": "/contracts/yCOqujuqsb#optional-purchase", "label": "Sale and Servicing Agreement (Vw Credit Leasing LTD)", "score": 18.0, "published": true}, {"hash": "bxJGLUIX1n2", "uri": "/contracts/bxJGLUIX1n2#optional-purchase", "label": "Sale and Servicing Agreement (Volkswagen Public Auto Loan Securitization LLC)", "score": 18.0, "published": true}], "size": 5, "hash": "47f033c973819f50a302a371c3e43016", "id": 9}, {"snippet": "49 Section 9.04. Termination Upon Loss of REMIC Status....................................................49 Section 9.05. Disposition of Proceeds..................................................................50 Article X", "snippet_links": [{"key": "termination-upon-loss-of-remic-status", "type": "clause", "offset": [17, 54]}, {"key": "disposition-of-proceeds", "type": "clause", "offset": [123, 146]}, {"key": "article-x", "type": "definition", "offset": [215, 224]}], "samples": [{"hash": "l1ohb4MHGmn", "uri": "/contracts/l1ohb4MHGmn#optional-purchase", "label": "Trust Agreement (Saxon Asset Securities Co)", "score": 18.0, "published": true}, {"hash": "48Nf6uy0Diz", "uri": "/contracts/48Nf6uy0Diz#optional-purchase", "label": "Trust Agreement (Saxon Asset Securities Co)", "score": 18.0, "published": true}], "size": 5, "hash": "940b2b4133934cb3c3b15142b5422eb8", "id": 10}], "next_curs": "CloSVGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjYLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhpvcHRpb25hbC1wdXJjaGFzZSMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"children": [["optional-purchase-of-trust-estate", "Optional Purchase of Trust Estate"], ["amendment", "Amendment"], ["notices-etc", "Notices, Etc"], ["counterparts", "Counterparts"], ["severability-of-provisions", "Severability of Provisions"]], "title": "Optional Purchase", "size": 352, "parents": [["termination", "Termination"], ["maintenance-of-office-or-agency", "Maintenance of Office or Agency"], ["application-of-trust-funds-certain-duties", "Application of Trust Funds Certain Duties"], ["definitions", "Definitions"], ["term-termination-and-purchase", "Term Termination and Purchase"]], "id": "optional-purchase", "related": [["optional-purchase-of-trust-estate", "Optional Purchase of Trust Estate", "<strong>Optional Purchase</strong> of Trust Estate"], ["optional-purchase-of-all-receivables", "Optional Purchase of All Receivables", "<strong>Optional Purchase</strong> of All Receivables"], ["optional-purchase-of-defaulted-mortgage-loans", "Optional Purchase of Defaulted Mortgage Loans", "<strong>Optional Purchase</strong> of Defaulted Mortgage Loans"], ["optional-purchase-by-the-master-servicer", "Optional Purchase by the Master Servicer", "<strong>Optional Purchase</strong> by the Master Servicer"], ["additional-purchases", "Additional Purchases", "Additional Purchases"]], "related_snippets": [], "updated": "2026-04-30T06:05:53+00:00", "also_ask": ["What key terms must be included to ensure the optional purchase right is enforceable?", "How can the clause be structured to maximize flexibility for the buyer while minimizing seller risk?", "What are the most common pitfalls or ambiguities that lead to disputes over optional purchase clauses?", "How do courts typically interpret notice and timing requirements in optional purchase provisions?", "How does this clause compare to rights of first refusal or first offer in terms of strategic leverage?"], "drafting_tip": "Specify purchase conditions and timelines to prevent disputes; define pricing mechanism to ensure fairness; clarify parties\u2019 rights to avoid ambiguity.", "explanation": "The Optional Purchase clause grants one party the right, but not the obligation, to buy a specified asset or property under agreed terms. Typically, this clause outlines the conditions under which the purchase option can be exercised, such as timeframes, pricing mechanisms, and any required notices. Its core practical function is to provide flexibility and strategic advantage to the option holder, allowing them to secure the opportunity to purchase without committing upfront, thereby managing risk and future planning."}, "json": true, "cursor": ""}}