Do notes come with a buyback obligation?

Unlike asset-backed securities (ABS) from loan originators, Notes do not include a formal buyback obligation.
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However, they are protected by a redemption obligation, which serves a similar purpose.
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While not always explicitly labeled, this obligation is outlined in the Base Prospectus:
If a Note becomes non-performing, the issuer is required to redeem it early, before the scheduled maturity.
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From an investor’s perspective, this mechanism provides a comparable level of protection to a buyback — ensuring that underperforming assets are promptly addressed and investor interests safeguarded.