Clean-up call option allows originator repurchase subject to arms-length market terms, credit approval, and low threshold. The clean-up call option permits an originator to repurchase transferred securitised exposures only by invoking that option; such purchases must be at arm's-length on market terms and subject to the originator's normal credit approval and review processes, are exercisable at the originator's discretion at a low residual threshold of the original asset value, and must not be structured to avoid allocating losses or to provide credit enhancements, with any exercise serving as credit enhancement treated as implicit support.