Common use of Optional Purchase of All Contracts Clause in Contracts

Optional Purchase of All Contracts. On each Distribution Date as of which the Pool Factor (after giving effect to the Principal Distribution for such Distribution Date) shall be less than .100000, the Servicer shall have the option to purchase the corpus of the Trust at a price equal to the Repurchase Amount plus all amounts due and owing to the Insurer under the Insurance Agreement. To exercise such option, the Servicer shall pay to the Trustee by deposit into the Collection Account: (1) for the benefit of the Certificateholders, the Repurchase Amount of all Contracts that were Outstanding at the beginning of the Collection Period ending immediately prior to such Distribution Date, and (2) for the benefit of the Insurer, all amounts due and owing to the Insurer pursuant to the Insurance Agreement. Such purchase shall be deemed to have occurred on the last day of such Collection Period.

Optional Purchase of All Contracts. On each Distribution Date as of which the Pool Factor (after giving effect to the Principal Distribution for otherwise to be made on such Distribution Date) shall be less than .100000, the Servicer shall have the option to purchase the corpus of the Trust at a price equal to the Repurchase Amount plus all amounts due and owing to the Insurer under the Insurance Agreement. To exercise such option, the Servicer shall pay to the Trustee by deposit into the Collection Account: (1) for the benefit of the Certificateholders, the Repurchase Amount of all Contracts that were Outstanding at the beginning of the Collection Period ending immediately prior to such Distribution Date, and (2) for the benefit of the Insurer, all amounts due and owing to the Insurer pursuant to the Insurance Agreement. Such purchase shall be deemed to have occurred on the last day of such Collection Period.