Common use of Removal and Sale of Purchaser Assets Clause in Contracts

Removal and Sale of Purchaser Assets. (a) In the event that a Receivable becomes a Delinquent Receivable or the Obligor thereon is subject to a bankruptcy proceeding, the Seller shall be granted an assignable option (a “Purchase Option”) to purchase such Receivable and the other related Purchaser Assets, subject to the terms and conditions herein, from the Purchaser at a price (the “Option Price”) equal to the Purchase Amount. The Seller may sell, transfer, assign or otherwise convey its Purchase Option with respect to any such Receivable and the other related Purchaser Assets to any party at any time after the related Receivable becomes a Delinquent Receivable or the Obligor thereon is subject to a bankruptcy proceeding. The Seller shall notify the Purchaser of such transfer and such notice shall include the transferee’s name, address, telephone number, facsimile number and appropriate contact person(s) and shall be acknowledged in writing by the transferee. If not exercised earlier, the Purchase Option with respect to any such Receivable and the other related Purchaser Assets shall automatically terminate upon (i) in the case of a Delinquent Receivable, the related Obligor’s cure of all defaults on the Receivable, (ii) the acquisition by, or on behalf of, the Purchaser of the related Equipment through repossession, or (iii) a repurchase of such Receivable and any other related Purchaser Assets due to the Seller’s breach of a representation with respect to such Receivable and any other related Purchaser Assets. The Aggregate Receivable Value of Receivables and the related Equipment with respect to which the Seller may exercise its Purchase Option at any time before the Redemption Date shall not exceed 10% of the Aggregate Receivable Value as of the Cut-off Date.

Removal and Sale of Purchaser Assets. (aii) In the event that a Receivable becomes a Delinquent Receivable or the Obligor thereon is subject to a bankruptcy proceeding, the Seller shall be granted an assignable option (a “Purchase Option”) to purchase such Receivable and the other related Purchaser Assets, subject to the terms and conditions herein, from the Purchaser at a price (the “Option Price”) equal to the Purchase Amount. The Seller may sell, transfer, assign or otherwise convey its Purchase Option with respect to any such Receivable and the other related Purchaser Assets to any party at any time after the related Receivable becomes a Delinquent Receivable or the Obligor thereon is subject to a bankruptcy proceeding. The Seller shall notify the Purchaser of such transfer and such notice shall include the transferee’s name, address, telephone number, facsimile number and appropriate contact person(s) and shall be acknowledged in writing by the transferee. If not exercised earlier, the Purchase Option with respect to any such Receivable and the other related Purchaser Assets shall automatically terminate upon (i) in the case of a Delinquent Receivable, the related Obligor’s cure of all defaults on the Receivable, (ii) the acquisition by, or on behalf of, the Purchaser of the related Equipment through repossession, or (iii) a repurchase of such Receivable and any other related Purchaser Assets due to the Seller’s breach of a representation with respect to such Receivable and any other related Purchaser Assets. The Aggregate Receivable Value of Receivables and the related Equipment with respect to which the Seller may exercise its Purchase Option at any time before the Redemption Date shall not exceed 10% of the Aggregate Receivable Value as of the Cut-off Date.

Removal and Sale of Purchaser Assets. (a) In the event that a Receivable becomes a Delinquent Receivable or the Obligor thereon is subject to a bankruptcy proceeding, the Seller shall be granted an assignable option (or its assignee) may, with the prior written consent of the Purchaser (a “Purchase Removal Option”) to purchase such Receivable and the other related Purchaser Assets, subject to the terms and conditions herein, from the Purchaser at a price (the “Option Price”) equal to the Purchase Amount. The Seller (or its assignee) may sell, transfer, assign or otherwise convey its Purchase Removal Option with respect to any such Receivable and the other related Purchaser Assets to any party at any time after the related Receivable becomes a Delinquent Receivable or the Obligor thereon is subject to a bankruptcy proceeding. The Seller (or its assignee) shall notify the Purchaser of such transfer and such notice shall include the transferee’s name, address, telephone number, facsimile number and appropriate contact person(s) and shall be acknowledged in writing by the transferee. If not exercised earlier, the Purchase Removal Option with respect to any such Receivable and the other related Purchaser Assets shall automatically terminate upon (i) in the case of a Delinquent Receivable, the related Obligor’s cure of all defaults on the Receivable, (ii) the acquisition by, or on behalf of, the Purchaser of the related Equipment through repossession, or (iii) a repurchase of such Receivable and any other related Purchaser Assets due to the Seller’s breach of a representation with respect to such Receivable and any other related Purchaser Assets. The Aggregate Receivable Value of Receivables and the related Equipment with respect to which the Seller may exercise its Purchase Removal Option at any time before the Redemption Date shall not exceed ten percent (10% %) of the Aggregate Receivable Value as of the Cut-off Date.

Removal and Sale of Purchaser Assets. (a) In the event that a Receivable becomes a Delinquent Receivable or the Obligor thereon is subject to a bankruptcy proceeding, the Seller shall be granted an assignable option Purchaser (or its assignee) may, with the prior written consent of the Issuer, (a “Purchase Removal Option”) to purchase such Receivable and the other related Purchaser Assets, subject to the terms and conditions herein, from the Purchaser Issuer at a price (the “Option Price”) equal to the Purchase Amount. The Seller Purchaser (or its assignee) may sell, transfer, assign or otherwise convey its Purchase Removal Option with respect to any such Receivable and the other related Purchaser Assets to any party at any time after the related Receivable becomes a Delinquent Receivable or the Obligor thereon is subject to a bankruptcy proceeding. The Seller Purchaser (or its assignee) shall notify the Purchaser Issuer of such transfer and such notice shall include the transferee’s name, address, telephone number, facsimile number and appropriate contact person(s) and shall be acknowledged in writing by the transferee. If not exercised earlier, the Purchase Removal Option with respect to any such Receivable and the other related Purchaser Assets shall automatically terminate upon (i) in the case of a Delinquent Receivable, the related Obligor’s cure of all defaults on the Receivable, (ii) the acquisition by, or on behalf of, the Purchaser Issuer of the related Equipment through repossession, or (iii) a repurchase of such Receivable and any other related Purchaser Assets due to the SellerTransferor’s breach of a representation with respect to such Receivable and any other related Purchaser Assets. The Aggregate Receivable Value of Receivables and the related Equipment with respect to which the Seller Purchaser (or its assignee) may exercise its Purchase Removal Option at any time before the Redemption Date shall not exceed ten percent (10% %) of the Aggregate Receivable Value as of the Cut-off Date.. Limited Removal and Clean-Up Call Agreement