Common use of Optional Purchases Clause in Contracts

Optional Purchases. In addition to the right to substitute for any Collateral Obligations that become subject to a Substitution Event as provided in Section 2.3, the Seller shall have the right, but not the obligation, with the consent of the Collateral Manager on behalf of the Issuer to purchase from the Issuer any such Collateral Obligation subject to the Repurchase and Substitution Limit and the conditions set forth in the Indenture. In the event of such a purchase, the Seller shall deposit in the Collection Account an amount equal to the amount determined pursuant to Section 2.1(b) for such Collateral Obligation (or applicable portion thereof) as of the date of such purchase. The Seller and the Issuer shall execute and deliver such instruments, consents or other documents and perform all acts reasonably requested by the Seller and the Issuer (or the Collateral Manager on the Issuer’s behalf) in order to effect the transfer and release of any of the Issuer’s interests in the Collateral Obligation (together with the property related thereto) that are being purchased and the release thereof from the Lien of the Indenture.