Common use of OPTIONAL PURCHASE OF ALL RECEIVABLES; LIQUIDATION OF TRUST ESTATE Clause in Contracts

OPTIONAL PURCHASE OF ALL RECEIVABLES; LIQUIDATION OF TRUST ESTATE. (a) On each Determination Date as of which the Aggregate Principal Balance is less than 10% of the Original Pool Balance, the Servicer and the Seller each shall have the option to purchase the corpus of the Trust (with the consent of the Security Insurer, if a claim has previously been made under the Note Policy or if such purchase would result in a claim on the Note Policy or if such purchase would result in any amount owing to the Security Insurer remaining unpaid); PROVIDED, HOWEVER, that the amount to be paid for such purchase (as set forth in the following sentence) shall be sufficient to pay the full amount of principal, premium, if any, and interest then due and payable on the Notes. To exercise such option, the Servicer or the Seller, as the case may be, shall pay the aggregate Purchase Amounts for the Receivables, plus the appraised value of any other property (including the right to receive any future recoveries) held as part of the Trust, such appraisal to be conducted by an appraiser mutually agreed upon by the Servicer or the Seller, as the case may be, and the Security Insurer (or the Indenture Trustee, if an Insurer Default shall have accrued and be continuing), and shall succeed to all interests in and to the Trust Property. The fees and expenses related to such appraisal shall be paid by the party exercising the option to purchase. The party exercising such option to repurchase shall deposit the aggregate Purchase Amounts for the Receivables and the amount of the appraised value of any other property held as part of the Trust into the Collection Account, and the Indenture Trustee shall distribute the amounts so deposited in accordance with Section 4.6.

OPTIONAL PURCHASE OF ALL RECEIVABLES; LIQUIDATION OF TRUST ESTATE. (a) On each Determination Date as of which the Aggregate Principal Balance is less than 10% of the Original Pool Balance, the Servicer and the Seller each shall have the option to purchase the corpus of the Trust (with the consent of the Security Insurer, if a claim has previously been made under the Certificate Policy or the Note Policy or if such purchase would result in a claim on the Certificate Policy or the Note Policy or if such purchase would result in any amount owing to the Security Insurer remaining unpaid); PROVIDED, HOWEVER, that the amount to be paid for such purchase (as set forth in the following sentence) shall be sufficient to pay the full amount of principal, premium, if any, and interest then due and payable on the Notes. To exercise such option, the Servicer or the Seller, as the case may be, shall pay the aggregate Purchase Amounts for the Receivables, plus the appraised value of any other property (including the right to receive any future recoveries) held as part of the Trust, such appraisal to be conducted by an appraiser mutually agreed upon by the Servicer or the Seller, as the case may be, and the Security Insurer (or the Indenture Trustee, if an Insurer Default shall have accrued and be continuing), and shall succeed to all interests in and to the Trust Property. The fees and expenses related to such appraisal shall be paid by the party exercising the option to purchase. The party exercising such option to repurchase shall deposit the aggregate Purchase Amounts for the Receivables and the amount of the appraised value of any other property held as part of the Trust into the Collection Account, and the Indenture Trustee shall distribute the amounts so deposited in accordance with Section 4.6.