Common use of Seller's Optional Termination Clause in Contracts

Seller's Optional Termination. The Seller shall have the right, on five Business Days' written notice to the Administrative Agent expiring on a Settlement Date, at any time following the reduction of the Aggregate Principal Balance hereunder to a level that is less than ten percent (10%) of the Aggregate Principal Balance on the Purchase Date and is greater than the aggregate of the Investment outstanding after the application of Collections remitted on that Settlement Date and all other amounts payable (whether due or accrued) hereunder or under any other Sale Document, to repurchase from the Purchaser all, and not part, of the then outstanding Purchased Receivables, together with the Related Security and Collections relating to such Purchased Receivables. The purchase price in respect thereof shall be an amount equal to the Aggregate Principal Balance as at the last day of the preceding Settlement Period. The assignment giving effect to such repurchase shall be without representation, warranty or recourse of any kind by, on the part of or against the Purchaser or the Administrative Agent except as to the Purchaser's unencumbered title to the said Purchased Receivables, Related Security and Collections. The Seller shall pay and account for the amount so payable as a Collection with respect to the Purchased Receivables.

Seller's Optional Termination. The Seller shall have the right, on five Business Days' written notice to the Administrative Agent expiring on a Settlement Date, at any time following the reduction of the Aggregate Principal Balance hereunder to a level that is less than ten percent (10%) of the sum of (i) the Aggregate Principal Balance on the Settlement Date immediately prior to the most recent Purchase Date and (ii) the Purchase Principal Balance on the last Purchase Date and is greater than the aggregate of the Investment outstanding after the application of Collections remitted on that Settlement Date and all other amounts payable (whether due or accrued) hereunder or under any other Sale Document, to repurchase from the Purchaser all, and not part, of the then outstanding Purchased Receivables, together with the Related Security and Collections relating to such Purchased Receivables. The purchase price in respect thereof shall be an amount equal to the Aggregate Principal Balance as at the last day of the preceding Settlement Period. The assignment giving effect to such repurchase shall be without representation, warranty or recourse of any kind by, on the part of or against the Purchaser or the Administrative Agent except as to the Purchaser's unencumbered title to the said Purchased Receivables, Related Security and Collections. The Seller shall pay and account for the amount so payable as a Collection with respect to the Purchased Receivables.