Definition of Optional Purchase Price


Optional Purchase Price means an amount equal to the greater of (i) the fair market value of the Trust Estate and (ii) the Outstanding Amount plus all accrued and unpaid interest on each Class of Notes (including, without duplication, any Class A-1 Interest Carryover Shortfall, Class A-2 Interest Carryover Shortfall, Class A-3 Interest Carryover Shortfall, Class A-4 Interest Carryover Shortfall or Class B Interest Carryover Shortfall) through the Payment Date on which the Trust Estate is to be purchased by the Servicer, or successor to the Servicer.


Optional Purchase Price means, on any Payment Date, the greater of (a) the aggregate Outstanding Note Balance plus accrued and unpaid interest thereon at the applicable Interest Rate up to but excluding that Payment Date (after giving effect to all distributions pursuant to Section 4.4(a) of the Sale and Servicing Agreement on such Payment Date) and (b) the fair market value of the Trust Estate (other than the Reserve Account).

Optional Purchase Price means, an amount equal to the greater of (a) the aggregate Repurchase Payments for the Receivables (including Receivables that became Defaulted Receivables in the Collection Period preceding the Distribution Date on which a purchase pursuant to Section 9.01 is effected) and (b) the sum of (i) the Outstanding Amount of all Classes of Notes, (ii) the Noteholders’ Interest Distributable Amount for all Classes of Notes for such Distribution Date and (iii) any amounts due pursuant to Sections 5.06(a)(v) and (vi).

Examples of Optional Purchase Price in a sentence

The Servicer shall be permitted to pay the Optional Purchase Price pursuant to Section 8.1 net of amounts to be distributed to the Servicer or its Affiliates on the related Redemption Date, and accounts between the Servicer and such Affiliates shall be adjusted accordingly.
To exercise such option, the Servicer shall deposit, subject to Section 4.5, the Optional Purchase Price into the Collection Account on the Redemption Date.
On each Payment Date following the last day of a Collection Period as of which the Pool Balance shall be less than the Optional Purchase Percentage multiplied by the Original Pool Balance, the Servicer, or any successor to the Servicer, shall have the option to purchase, as of the end of the immediately preceding Collection Period, the corpus of the Trust Estate for an amount equal to the Optional Purchase Price.
Each of the Notes is subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1 of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the Trust Estate (other than the Reserve Account) pursuant to said Section 8.1, for a purchase price equal to the Optional Purchase Price, which amount shall be deposited by the Servicer into the Collection Account on the Business Day prior to the Redemption Date.
On each Distribution Date following the last day of a Collection Period as of which the Pool Balance shall be less than or equal to the Optional Purchase Percentage multiplied by the Original Pool Balance, NMAC, as Servicer, shall have the option to purchase, or cause to be purchased (the “ Optional Purchase”), the Collateral (other than the Reserve Account) for an amount equal to the Optional Purchase Price.



More definitions of Optional Purchase Price

Optional Purchase Price means, an amount equal to the aggregate Administrative Purchase Payments for the Receivables (including Receivables that became Defaulted Receivables in the Collection Period preceding the Distribution Date on which a purchase pursuant to Section 9.01 is effected), plus the appraised value of any other property held by the Trust, such value to be determined by an appraiser mutually agreed upon by the Servicer and the Indenture Trustee (less liquidation expenses); provided, however, that the Optional Purchase Price shall be equal to or greater than the sum of (i) the Outstanding Amount of all Classes of Notes, (ii) the Noteholders’ Interest Distributable Amount for all Classes of Notes for such Distribution Date, and (iii) the Certificate Balance.


Optional Purchase Price means the aggregate outstanding Pool Balance as of the last day of the Collection Period relating to the Payment Date on which the Optional Purchase will occur.

Optional Purchase Price means an amount equal to the fair market value of the Receivables on the date on which the Optional Purchase will occur, provided, however, that the Optional Purchase Price shall not be less than the accrued and unpaid interest, if applicable, then due on the Series 2017-B Notes and the aggregate unpaid principal, if any, of all of the outstanding Series 2017-B Notes plus an amount sufficient to pay (A) the Servicing Fee (including to any successor servicer) for such Payment Date and all unpaid Servicing Fees with respect to prior Payment Dates and (B) the Trustee, Receivables Trust Trustee, Back-Up Servicer and Issuer Fees and Expenses for such Payment Date and all unpaid Trustee, Receivables Trust Trustee, Back-Up Servicer and Issuer Fees and Expenses with respect to prior Payment Dates, after giving effect to the Available Funds for such Payment Date).

Optional Purchase Price means an amount equal to the aggregate Administrative Purchase Payments for the Receivables (including Receivables that became Defaulted Receivables in the Collection Period preceding the Payment Date on which that purchase is effected), plus the appraised value of any other property held by the Issuer, such value to be determined by an appraiser mutually agreed upon by the Servicer, the Owner Trustee and the Indenture Trustee, and shall succeed to all interests in and to the Issuer (less liquidated expenses); provided, however, that the Optional Purchase Price shall be equal to or greater than the Outstanding Amount plus all accrued and unpaid interest on each Class of Notes (including, without duplication, any Class [A-1] Interest Carryover Shortfall, Class [A-2] Interest Carryover Shortfall, Class [A-3] Interest Carryover Shortfall or Class [A-4] Interest Carryover Shortfall) through the Payment Date on which the Owner Trust Estate is to be purchased by the Servicer, or successor to the Servicer plus any amounts payable by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement.

Optional Purchase Price means, with respect to the purchase of Certificates to be purchased pursuant to Article VI on any Optional Purchase Date, the principal amount of the Certificates to be purchased on such Optional Purchase Date, plus accrued interest to such Optional Purchase Date, plus an amount equal to the premium, if any, that would be payable upon the prepayment, at the option of the District exercised on such Optional Purchase Date, of the Certificates to be purchased.

Optional Purchase Price means, with respect to the purchase of a Series of Senior Bonds to be purchased on any Optional Purchase Date pursuant to the provisions of the Senior Indenture, the principal amount of such Senior Bonds to be purchased on such Optional Purchase Date, plus accrued interest to such Optional Purchase Date, plus an amount equal to the premium, if any, that would be payable upon the redemption, at the option of the Authority exercised on such Optional Purchase Date, of such Senior Bonds to be purchased.

Optional Purchase Price means an amount equal to the aggregate Administrative Purchase Payments for the Receivables (including Receivables that became Defaulted Receivables in the