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 and the Notional Principal Amount of the Class I Notes has been reduced to zero, 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 any Distribution Date as of which the Pool Balance is 10% or less of the Original Pool Balance and the Notional Principal Amount of the Class I Notes has been reduced to zeroBalance, the Servicer shall have the option to purchase the remaining Contracts from the TrustTrust (such purchase an "Optional Purchase"). 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 and the Insurer, 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 repurchase, plus (y) any accrued and unpaid interest on the Contracts and (ii) the sum of (x) the aggregate unpaid principal amount of the Securities Securities, plus (y) any accrued and unpaid interest thereon to such Distribution Date plus (z) all amounts due to the Indenture Trustee under the Indenture and the other Basic Documents and the Insurer hereunder and under the Insurance AgreementAgreement and the Servicer, the Indenture Trustee and the Owner Trustee under the Basic Documents. Such purchase shall be deemed to have occurred on the last day of the related Collection Period. Any Outstanding Notes will be redeemed concurrently with any Optional Purchase described above.

OPTIONAL PURCHASE OF ALL CONTRACTS; SATISFACTION AND DISCHARGE OF THE INDENTURE. (a) On each any Distribution Date as of which the Pool Balance is 10% or less of the Original Pool Balance and the Notional Principal Amount of the Class I Notes has been reduced to zeroBalance, the Servicer shall have the option to purchase the remaining Contracts from the TrustTrust (such purchase an "Optional Purchase"). 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 and the Insurer, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Servicer Report Date, the greater of (i) the sum of (x) the Pool Balance on the date of repurchase repurchase, plus (y) any accrued and unpaid interest on the Contracts and (ii) the sum of (x) the aggregate unpaid principal amount of the Securities Notes, plus (y) any accrued and unpaid interest thereon to such Distribution Date plus (z) all amounts due to the Insurer Servicer, the Insurer, the Indenture Trustee and the Owner Trustee under the Insurance AgreementBasic Documents. Such purchase shall be deemed to have occurred on the last day of the related Collection Period. Any Outstanding Notes will be redeemed concurrently with any Optional Purchase.

OPTIONAL PURCHASE OF ALL CONTRACTS; SATISFACTION AND DISCHARGE OF THE INDENTURE. (a) On each any Distribution Date as of which the Pool Balance is 10% or less of the Original Pool Balance and the Notional Principal Amount of the Class I Notes has been reduced to zeroBalance, the Servicer shall have the option to purchase the remaining Contracts from the TrustTrust (such purchase an "Optional Purchase"). 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 and the Insurer, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Servicer Report Date, the greater of (i) the sum of (x) the Pool Balance on the date of repurchase repurchase, plus (y) any accrued and unpaid interest on the Contracts and (ii) the sum of (x) the aggregate unpaid principal amount of the Securities Notes, plus (y) any accrued and unpaid interest thereon to such Distribution Date plus (z) all amounts due to the Insurer Servicer, the Insurer, the Indenture Trustee and the Owner Trustee under the Insurance AgreementBasic Documents. Such purchase shall be deemed to have occurred on the last day of the related Collection Period. Any Outstanding Notes will be redeemed concurrently with any optional purchase described above.