Common use of Optional Preservation of the Collateral Clause in Contracts

Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under Section 5.2 above following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may with the consent of the Insurer, but need not (but shall at the written direction of the Insurer), elect to maintain possession of the Collateral for all Groups. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes (although the parties hereto understand that there exists the possibility of a shortfall in collections of the Home Equity Loans), and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral for all Groups. In determining whether to maintain possession of the Collateral for the Groups, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of such Collateral for such purpose.

Optional Preservation of the Collateral. If the Notes of any Series have been declared to be due and payable under Section 5.2 above 5.03 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, and the Indenture Trustee may with has not received directions from the consent of Noteholders pursuant to Section 5.12, the InsurerIndenture Trustee may, but need not (but shall at the written direction of the Insurer)not, elect to maintain possession of the portion of the Collateral for all Groupswhich secures such Notes and apply proceeds of the Collateral to make payments on such Notes to the extent such proceeds are available therefor. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes (although the parties hereto understand that there exists the possibility of a shortfall in collections of the Home Equity Loans)Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral for all GroupsCollateral. In determining whether to maintain possession of the Collateral for the GroupsCollateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of such the Collateral for such purpose.

Optional Preservation of the Collateral. If the Notes of any Series have been declared to be due and payable under Section 5.2 above SECTION 5.3 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the and Indenture Trustee may with has not received directions from the consent of the InsurerNoteholders pursuant to SECTION 5.12, Indenture Trustee may, but need not (but shall at the written direction of the Insurer)not, elect to maintain possession of the portion of the Collateral for all Groupswhich secures such Notes and apply proceeds of the Collateral to make payments on such Notes to the extent such proceeds are available therefor. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes (although the parties hereto understand that there exists the possibility of a shortfall in collections of the Home Equity Loans)Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral for all GroupsCollateral. In determining whether to maintain possession of the Collateral for the GroupsCollateral, the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of such the Collateral for such purpose.

Optional Preservation of the Collateral. If the Notes of any Series have been declared to be due and payable under Section 5.2 above 5.3 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the and Indenture Trustee may with has not received directions from the consent of the InsurerNoteholders pursuant to Section 5.12, Indenture Trustee may, but need not (but shall at the written direction of the Insurer)not, elect to maintain possession of the portion of the Collateral for all Groupswhich secures such Notes and apply proceeds of the Collateral to make payments on such Notes to the extent such proceeds are available therefor. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes (although the parties hereto understand that there exists the possibility of a shortfall in collections of the Home Equity Loans)Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral for all GroupsCollateral. In determining whether to maintain possession of the Collateral for the GroupsCollateral, the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of such the Collateral for such purpose.

Optional Preservation of the Collateral. If the Notes of any Series have been declared to be due and payable under Section 5.2 above 5.03 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, and the Indenture Trustee may with has not received directions from the consent of Noteholders pursuant to Section 5.12, the InsurerIndenture Trustee may, but need not (but shall at the written direction of the Insurer)not, elect to maintain possession of the portion of the Collateral for all Groupswhich secures such Notes and apply proceeds of the Collateral to make payments on such Notes to the extent such proceeds are available therefor. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes (although the parties hereto understand that there exists the possibility of a shortfall in collections of the Home Equity Loans)Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral for all GroupsCollateral. In determining whether to maintain possession of the Collateral for the GroupsCollateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of such Collateral the Trust Estate for such purpose.

Optional Preservation of the Collateral. If the Notes of any Series have been declared to be due and payable under Section 5.2 above 5.3 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, and the Indenture Trustee may with has not received directions from the consent of Noteholders pursuant to Section 5.12, the InsurerIndenture Trustee may, but need not (but shall at the written direction of the Insurer)not, elect to maintain possession of the portion of the Collateral for all Groupswhich secures such Notes and apply proceeds of the Collateral to make payments on such Notes to the extent such proceeds are available therefor. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes (although the parties hereto understand that there exists the possibility of a shortfall in collections of the Home Equity Loans)Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral for all GroupsCollateral. In determining whether to maintain possession of the Collateral for the GroupsCollateral, the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of such the Collateral for such purpose.

Optional Preservation of the Collateral. If the Notes of any Series have been declared to be due and payable under Section 5.2 above 5.03 following an Event of Default and such declaration and its consequences have not been rescinded and annulledannulled as provided in Section 5.03, and the Indenture Trustee has not received directions from the Noteholders pursuant to Section 5.12, the Indenture Trustee may with the consent of the Insurermay, but need not (but shall at the written direction of the Insurer)not, elect to maintain possession of the portion of the Collateral for all Groupswhich secures such Notes and apply proceeds of the Collateral to make payments on such Notes to the extent such proceeds are available therefor. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes (although the parties hereto understand that there exists the possibility of a shortfall in collections of the Home Equity Loans)Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral for all GroupsCollateral. In determining whether to maintain possession of the Collateral for the GroupsCollateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of such the Collateral for such purpose.