Clean-up Call Option. If the Pool Balance is equal to or less than 10% of the Initial Pool Balance on the last day of any Collection Period, the Servicer has the option to purchase the Sold Property (other than the amounts in or invested in Permitted Investments maturing on or before the following Payment Date in the Bank Accounts) on the related Payment Date. The Servicer may exercise its option to purchase the Sold Property by (i) notifying the Indenture Trustee, the Owner Trustee and the Rating Agencies at least ten days before the Payment Date related to the Collection Period and (ii) depositing in the Collection Account the purchase price for the Sold Property equal to the aggregate Principal Balance of the Receivables as of the last day of the prior Collection Period on the Business Day before the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period. However, the Servicer may not purchase the Sold Property unless the sum of (i) the purchase price, (ii) the Collections in the Collection Account for the Collection Period and (iii) any Purchase Amounts paid by the Depositor or the Servicer for the Collection Period is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.
Clean-up Call Option. 12.1 The Seller will have the right at its option, but not the obligation, to require the Issuer to exercise the Clean-Up Call Option and to repurchase the Purchased Receivables from the Issuer at any time when the Aggregate Discounted Receivables Balances of all outstanding Purchased Receivables is less than 10 per cent. of the Maximum Discounted Receivables Balance, provided that all payment obligations under the Notes, and any obligations ranking pari passu with or senior to the Notes in the Order of Priority, will be met in full on the exercise of such option. The Seller shall give one month prior written notice of its intention to require the exercise of the Clean-Up Call Option. Such notice shall be published in accordance with Condition 11 (Notices) of the Notes (the " Clean-Up Call Option Notice") and, in addition shall be published in the Servicer Report.
Clean-up Call Option. If the Clean-up Call Option (defined herein) is specified in the relevant Final Terms as being applicable, in the event that at least 80 per cent. of the initial aggregate principal amount of the Notes has been previously purchased and cancelled by the Issuer, the Issuer may, at its option (the “Clean-Up Call Option”) but subject to having given not less than thirty (30) nor more than sixty (60) days’ notice to the Noteholders, redeem all, but not some only, of the outstanding Notes. Any such redemption of Notes shall be at their Optional Redemption Amount (as specified in the applicable Final Terms) together with interest accrued to the date fixed for redemption.
Clean-up Call Option. Subject to obtaining any required prior written consent of the Relevant Regulator as provided in Condition 6(j), if Clean-up Call Option is specified in the applicable Final Terms as being applicable and if, at any time (other than as a direct result of a redemption of some, but not all, of the Notes at a price greater than the Outstanding Principal Amount of the Notes at the Issuer's option pursuant to Condition 6(c)), the Outstanding Principal Amount of the Notes of the relevant Series is 20 per cent. (or such other amount as may be specified as the Clean-up Call Threshold in the relevant Final Terms) or less of the aggregate principal amount of the Notes originally issued (and, for these purposes, any further Notes issued pursuant to Condition 15 and consolidated with the Notes as part of the same Series shall be deemed to have been originally issued), the Issuer may redeem all (but not some only) of the remaining outstanding Notes on any date (or, if the Floating Rate Note Provisions are specified in the relevant Final Terms as being applicable, on any Interest Payment Date) upon giving not less than 15 nor more than 60 days' notice to the Holders (or such other notice period as may be specified in the relevant Final Terms) (which notice shall specify the date for redemption and shall be irrevocable), at the Optional Redemption Amount (Clean-up Call) (as specified in the relevant Final Terms) together with any accrued and unpaid interest up to (but excluding) the date of redemption.
Clean-up Call Option. If a Clean-Up Call Option is specified in the applicable Final Terms and if not less than 75 per cent. of the initial aggregate nominal amount of Notes of the same Series (including any further Notes issued pursuant to Condition 17) have been redeemed or purchased by, or on behalf of, the Issuer and cancelled, the Issuer may, on giving not less than fifteen
Clean-up Call Option. If (i) Clean-up Call Option is specified in the relevant Final Terms as being applicable and (ii) the Clean-up Call Minimum Percentage (or more) of the principal amount outstanding of the Notes originally issued has been redeemed (other than as a direct result of a redemption of some, but not all, of the Notes at the Make-Whole Amount at the Issuer's option pursuant to Condition 11.3 (Redemption at the option of the Issuer) or purchased and subsequently cancelled in accordance with this Condition 11, the Issuer may, from (and including) the Clean-up Call Effective Date (but subject, in the case of Unsubordinated MREL Notes and Senior Non-Preferred Notes, to Condition 11.13 (Conditions to Substitution, Variation, Early Redemption, Purchase and Modification of Unsubordinated MREL Notes and Senior Non-Preferred Notes) and, in the case of Subordinated Notes, to Condition 11.14 (Conditions to Substitution, Variation, Early Redemption, Purchase and Modification of Subordinated Notes), having given not more than the maximum period nor less than minimum period of notice specified in the relevant Final Terms to the Fiscal Agent and, in accordance with Condition 20 (Notices), to the Noteholders, at any time redeem all (but not some only) of the Notes then outstanding at the Clean-up Call Option Amount specified in the relevant Final Terms together, if applicable, with unpaid interest accrued to (but excluding) such date fixed for redemption. Upon the expiry of such notice, the Issuer shall be bound to redeem the Notes accordingly. For the purposes of this Condition 11.4, any further notes issued pursuant to Condition 19 (Further Issues) so as to be consolidated and form a single Series with the Notes outstanding at that time will be deemed to have been originally issued. In these Conditions: Clean-up Call Minimum Percentage means 75 per cent. or such other percentage specified in the relevant Final Terms; and Clean-up Call Effective Date means (i) in the case of Unsubordinated MREL Notes and Senior Non-Preferred Notes, the Issue Date of the first Tranche of the Notes and (ii) in the case of Subordinated Notes, the date specified in the relevant Final Terms or such earlier date as may be permitted under the MREL Requirements and/or the Applicable Banking Regulations (as applicable) from time to time.
Clean-up Call Option. If a Clean-up Call Option is specified in the relevant Final Terms and if 75 per cent. or any higher percentage specified in the relevant Final Terms (the “Clean-up Call Percentage”) of the initial aggregate nominal amount of all Tranches of Notes of the same Series have been redeemed or purchased by, or on behalf of, the Issuer or any of its subsidiaries and, in each case, cancelled, the Issuer may, on giving not less than 15 nor more than 30 days’ irrevocable notice in accordance with Condition 13 to the Noteholders redeem all (but not some only) of the Notes then outstanding, at par together with interest accrued to, but excluding, the date fixed for redemption (including, where applicable, any arrears of interest), provided that those Notes of such Series that are no longer outstanding have not been redeemed (and subsequently cancelled) by the Issuer at the option of the Issuer pursuant to any optional redemption as provided in Condition 5(d) above and/or any Make-whole Redemption by the Issuer as provided in Condition 5(e) above.
Clean-up Call Option. 11.1 After expiration of the Revolving Period, VWFS will have the right at its option to exercise the Clean-Up Call Option and to repurchase the Purchased Lease Receivables allocated to Compartment 5 of the Purchaser on any Payment Date when the Aggregate Discounted Receivables Balance as at the end of the most recent Monthly Period is less than 10 per cent. of the Aggregate Discounted Receivables Balance on the Initial Cut-Off Date (or if there has been a tap issuance of Further Notes, as of the Additional Cut-Off Date immediately preceding such tap issuance of Further Notes), provided that all payment obligations under the Notes will be thereby fulfilled. VWFS shall give one month prior written notice of its intention to require the exercise of the Clean-Up Call Option. Such notice shall be published in accordance with Condition 13 of the Notes (the "Clean- Up Call Option Notice") and, in addition shall be published in the Monthly Investor Report.
Clean-up Call Option. 12.1 VWFS will have the right at its option to require the Issuer to exercise the Clean-Up Call Option and to repurchase the Purchased Receivables from the Issuer at any time when the sum of the Discounted Receivables Balances of all VWFS Receivables as at the end of the most recent Monthly Period is less than 10 per cent. of the sum of the Discounted Receivables Balances of all VWFS Receivables on the Additional Cut-Off Date in 31 October 2021 (or if there has been a tap issuance of Further Notes, as of the Additional Cut-Off Date immediately preceding such tap issuance of Further Notes), provided that all payment obligations under the Notes, and any obligations ranking pari passu with or senior to the Notes in the Order of Priority will be met in full on the exercise of such option. VWFS shall give one month prior written notice of its intention to require the exercise of the Clean- Up Call Option. Such notice shall be published in accordance with Condition 12 of the Notes (the "Clean-Up Call Option Notice") and, in addition shall be published in the Monthly Investor Report.
Clean-up Call Option. The Issuer may at any time during the term of the Bonds, provided that 90 per cent. or more of the aggregate principal amount of the Bonds issued on the Issue Date have been redeemed or purchased and cancelled or converted into Shares, call all, but not some only, of the Outstanding Bonds (the "Call Option”) at their par value plus accrued but unpaid interest. Exercise of the Call Option shall be notified by the Issuer in writing to the Bond Trustee and the Bondholders not more than forty (40) nor less than twenty (20) Business Days before the date of redemption. For the avoidance of doubt, each Bondholder may within the Exercise Period elect to exercise its Conversion Right after having received the Issuer’s Call Option notice. On the settlement date of the Call Option, the Issuer shall pay to each of the Bondholders holding Bonds to be redeemed, in respect of each such Bond, the principal amount of such Bond and any unpaid interest accrued up to the date of redemption. Bonds redeemed by the Issuer in accordance with this clause 10.2 shall be discharged against the Outstanding Bonds.
