Common use of OPTIONAL PURCHASE OF ALL CONTRACTS; SATISFACTION AND DISCHARGE OF THE INDENTURE Clause in Contracts

OPTIONAL PURCHASE OF ALL CONTRACTS; SATISFACTION AND DISCHARGE OF THE INDENTURE. (a) On each Distribution Date as of which the Pool Balance is 10% or less of the Original Pool Balance, the Servicer shall have the option to purchase the remaining Contracts from the Trust. Notice of the exercise of such option shall be given by the Servicer to the Issuer, the Trust Agent, the Indenture Trustee and the Insurer not later than the 10th day prior to the specified Distribution Date and not earlier than the 15th day of the month prior to the month of the specified Distribution Date. To exercise such option, the Servicer shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the greater of (i) the sum of (x) the Pool Balance on the date of repurchase plus (y) accrued and unpaid interest on the Contracts and (ii) the sum of (x) the aggregate unpaid principal amount of the Securities plus (y) accrued and unpaid interest thereon plus (z) all amounts due to the Insurer under the Insurance Agreement. Such purchase shall be deemed to have occurred on the last day of the related Collection Period.

OPTIONAL PURCHASE OF ALL CONTRACTS; SATISFACTION AND DISCHARGE OF THE INDENTURE. (a) On each Distribution Date as of which the Pool Balance is 10% or less of the Original Pool Balance, the Servicer shall have the option to purchase the remaining Contracts from the Trust. Notice of the exercise of such option shall be given by the Servicer to the Issuer, the Trust Agent, the Indenture Trustee and the Insurer not later than the 10th day prior to the specified Distribution Date and not earlier than the 15th day of the month prior to the month of the specified Distribution Date. To exercise such option, the Servicer shall pay to the Indenture Trustee for the benefit of the SecurityholdersNoteholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the greater of (i) the sum of (x) the Pool Balance on the date of repurchase plus (y) accrued and unpaid interest on the Contracts and (ii) the sum of (x) the aggregate unpaid principal amount of the Securities Notes plus (y) accrued and unpaid interest thereon plus (z) all amounts due to the Insurer under the Insurance AgreementAgreement and any unreimbursed Insurer Defense Costs. Such purchase shall be deemed to have occurred on the last day of the related Collection Period.

OPTIONAL PURCHASE OF ALL CONTRACTS; SATISFACTION AND DISCHARGE OF THE INDENTURE. (a) On each Distribution Date as of which the Pool Balance is 10% or less of the Original Pool Balance, the Servicer shall have the option to purchase the remaining Contracts from the Trust. Notice of the exercise of such option shall be given by the Servicer to the Issuer, the Trust Agent, the Indenture Trustee and the Insurer not later than the 10th day prior to the specified Distribution Date and not earlier than the 15th day of the month prior to the month of the specified Distribution Date. To exercise such option, the Servicer shall pay to the Indenture Trustee for the benefit of the SecurityholdersNoteholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the greater of (i) the sum of (x) the Pool Balance on the date of repurchase plus (y) accrued and unpaid interest on the Contracts and (ii) the sum of (x) the aggregate unpaid principal amount of the Securities Notes plus (y) accrued and unpaid interest thereon plus (z) all amounts due to the Insurer under the Insurance Agreement. Such purchase shall be deemed to have occurred on the last day of the related Collection Period.

OPTIONAL PURCHASE OF ALL CONTRACTS; SATISFACTION AND DISCHARGE OF THE INDENTURE. (a) On each Distribution Date as of which the Pool Balance is 10% or less of the Original Pool Balance, the Servicer shall have the option to purchase the remaining Contracts from the Trust. Notice of the exercise of such option shall be given by the Servicer to the Issuer, the Trust Agent, the Indenture Trustee and the Insurer not later than the 10th day prior to the specified Distribution Date and not earlier than the 15th day of the month prior to the month of the specified Distribution Date. To exercise such option, the Servicer shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the greater of (i) the sum of (x) the Pool Balance on the date of 66 repurchase plus (y) accrued and unpaid interest on the Contracts and (ii) the sum of (x) the aggregate unpaid principal amount of the Securities plus (y) accrued and unpaid interest thereon plus (z) all amounts due to the Insurer under the Insurance Agreement. Such purchase shall be deemed to have occurred on the last day of the related Collection Period.

OPTIONAL PURCHASE OF ALL CONTRACTS; SATISFACTION AND DISCHARGE OF THE INDENTURE. (a) On each Distribution Date as of which the Pool Balance is 10% or less of the Original Pool Balance, the Servicer shall have the option to purchase the remaining Contracts from the Trust. Notice of the exercise of such option shall be given by the Servicer to the Issuer, the Trust AgentCo-Owner Trustee, the Indenture Trustee and the Insurer not later than the 10th day prior to the specified Distribution Date and not earlier than the 15th day of the month prior to the month of the specified Distribution Date. To exercise such option, the Servicer shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the greater of (i) the sum of (x) the Pool Balance on the date of repurchase plus (y) accrued and unpaid interest on the Contracts and (ii) the sum of (x) the aggregate unpaid principal amount of the Securities plus (y) accrued and unpaid interest thereon plus (z) all amounts due to the Insurer under the Insurance Agreement. Such purchase shall be deemed to have occurred on the last day of the related such Collection Period.