Common use of Notice of the election Clause in Contracts

Notice of the election. to redeem the Notes shall be furnished to the Indenture Trustee not later than thirty (30) days prior to the Payment Date selected for such redemption, whereupon all such Notes shall be due and payable on such Payment Date upon the furnishing of a notice pursuant to Section 10.02 to each Holder of such Notes and the Note Insurer. Any expenses associated with the compliance of the provisions hereof in connection with a redemption of the Notes shall be paid by the Note Insurer or the Servicer, depending upon which party redeems the Notes. In no event shall the Note Insurer redeem the Notes unless the proceeds received from the Note Insurer would be not less than the greater of (x) the entire amount that would be payable to the Holders of the Notes, in full payment thereof on the Payment Date next succeeding the date of such Sale and (y) the fair market value of the Mortgage Loans as of the related Payment Date. Upon the redemption of the Notes, Mortgage Loans in the Trust Estate shall be released and delivered to the Issuer.

Notice of the election. to redeem the Notes shall be furnished to the Indenture Trustee not later than thirty (30) days prior to the Payment Date selected for such redemption, whereupon all such Notes shall be due and payable on such Payment Date upon the furnishing of a notice pursuant to Section 10.02 to each Holder of such Notes and the Note Insurer. Any expenses associated with the compliance of the provisions hereof in connection with a redemption of the Notes shall be paid by the Note Insurer or the Servicer, depending upon which party redeems the Notes. In no event shall the Note Insurer redeem the Notes unless the proceeds received from the Note Insurer would be not less than the greater of (x) the entire amount that would be payable to the Holders of the Notes, in full payment thereof on the Payment Date next succeeding the date of such Sale and (y) the fair market value of the Mortgage Loans as of the related Payment Date. Upon the redemption of the Notes, Mortgage Loans in the Trust Estate shall be released and delivered to the Issuerparty requesting the redemption.

Notice of the election. to redeem the Notes shall be furnished to the Indenture Trustee not later than thirty (30) days prior to the Payment Date selected for such redemption, whereupon all such Notes shall be due and payable on such Payment Date upon the furnishing of a notice pursuant to Section 10.02 to each Holder of such Notes and the Note Insurer. Any expenses associated with the compliance of the provisions hereof in connection with a redemption of the Notes shall be paid by the Note Insurer or the Master Servicer, depending upon which party redeems the Notes. In no event shall the Note Insurer redeem the Notes unless the proceeds received from the Note Insurer would be not less than the greater of (x) the entire amount that would be payable to the Holders of the Notes, in full payment thereof on the Payment Date next succeeding the date of such Sale and (y) the fair market value of the Mortgage Home Equity Loans as of the related Payment Date. Upon the redemption of the a Class of Notes, Mortgage Home Equity Loans for the related Group in the Trust Estate shall be released and delivered to the Issuerparty requesting the redemption.

Notice of the election. to redeem the Notes shall be furnished to the Indenture Trustee not later than thirty (30) days prior to the Payment Date selected for such redemption, whereupon all such Notes shall be due and payable on such Payment Date upon the furnishing of a notice pursuant to Section 10.02 to each Holder of such Notes and the Note Insurer. Any expenses associated with the compliance of the provisions hereof in connection with a redemption of the Notes shall be paid by the Note Insurer or the Servicer, depending upon which party redeems the Notes. In no event shall the Note Insurer redeem the Notes unless the proceeds received from the Note Insurer would be not less than the greater of (x) the entire amount that would be payable to the Holders of the Notes, in full payment thereof on the Payment Date next succeeding the date of such Sale and (y) the fair market value of the Mortgage Loans as of the related Payment Date. Upon the redemption of the Notes, Mortgage Loans in the Trust Estate shall be released and delivered to the Issuerowners of the Trust Certificate.