Common use of Optional Redemption of Notes; Final Disposition of Funds Clause in Contracts

Optional Redemption of Notes; Final Disposition of Funds. (a) On any Payment Date as of which the sum of (1) the Class A Note Principal Balance and (2) the Class B Note Principal Balance is less than ten percent (10.00%) of the sum of (x) the Initial Class A Note Principal Balance and (y) the Initial Class B Note Principal Balance, the Servicer shall have the option to cause the retirement of the Notes by depositing with the Indenture Trustee the sum of (i) the outstanding Class A Note Principal Balance and the outstanding Class B Note Principal Balance as of such Payment Date (after giving effect to the payment of any principal on such Payment Date), (ii) accrued interest on the related Note Principal Balances at the related Note Rate and (iii) all amounts owed to the Indenture Trustee and the Note Insurer pursuant to the Transaction Documents. Upon receipt of such amounts and all amounts then owed to the Indenture Trustee the Indenture Trustee shall (x) make the final payment in full to the Noteholders, (y) pay all amounts owed to the Note Insurer and (z) release any remaining Trust Property to the Residual Holders. In the event that the Servicer elects to redeem the Notes in accordance with this Section 9.02, the Servicer shall be required to notify the Indenture Trustee in writing by no later than two (2) Business Days prior to a notice required to be sent by the Indenture Trustee pursuant to Section 9.02(b).

Optional Redemption of Notes; Final Disposition of Funds. (a) On any Payment Date as of on which the sum of (1) the Class A Note Principal Balance and (2) the Class B Note Principal Aggregate Outstanding Contract Balance is less than ten percent (10.0010%) of the sum of (x) the Initial Class A Note Principal Aggregate Outstanding Contract Balance and (y) the Initial Class B Note Principal BalanceOriginal Pre-Funded Amount (which as of the Closing Date, the Servicer hereby represents is the level at which the Servicer reasonably believes that servicing the Contracts on behalf of the Noteholders would be economically inefficient), LLC II, on behalf of each of the Issuers, shall have the option to cause the retirement of redeem the Notes in whole by depositing with or causing to be deposited into the Indenture Trustee Collection Account the sum of (i) the outstanding Class A Note Principal Balance of the Class A Notes, the Class B1 Notes, the Class B2 Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes and the outstanding VFN Notes, (ii) the Note Interest on the Class B Note Principal Balance A Notes, the Class B1 Notes, the Class B2 Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes and the VFN Notes, due as of such Payment Date, (iii) all Operating Expenses due as of such Payment Date (after giving effect to the payment of any principal on such Payment Date), (ii) accrued interest on the related Note Principal Balances at the related Note Rate and (iiiiv) all amounts owed owing to the Indenture Trustee and the Note Insurer Servicer pursuant to this Indenture and the Transaction Documents. Upon receipt Servicing Agreement as of such amounts and all amounts then owed to the Indenture Trustee the Indenture Trustee shall (x) make the final payment in full to the Noteholders, (y) pay all amounts owed to the Note Insurer and (z) release any remaining Trust Property to the Residual HoldersPayment Date. In the event that the Servicer LLC II elects to redeem the Notes in accordance with this Section 9.029.01(a), the Servicer LLC II shall be required to notify the Indenture Trustee in writing by no later than two five (25) Business Days prior to a notice required to be sent by the Indenture Trustee pursuant to Section 9.02(b9.01(b).

Optional Redemption of Notes; Final Disposition of Funds. (a) On any Payment Date as of on which the sum of Aggregate Outstanding Contract Balance (1after taking into account payments made on such Payment Date) the Class A Note Principal Balance and (2) the Class B Note Principal Balance is less than ten percent (10.0010%) of the sum of (x) the Initial Class A Note Principal Aggregate Outstanding Contract Balance as of the Closing Date and (y) the Initial Class B Note Principal BalanceOriginal Pre-Funded Amount (which as of the Closing Date, the Servicer hereby represents is the level at which the Servicer reasonably believes that servicing the Contracts on behalf of the Noteholders would be economically inefficient), the Servicer shall have the option to cause the retirement of redeem the Notes in whole by depositing with or causing to be deposited into the Indenture Trustee Collection Account the sum of (i) the outstanding Class A Outstanding Note Principal Balance of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the outstanding Class F Notes, (ii) the Interest Amounts on the Class A Notes, the Class B Note Principal Balance Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes, due as of such Payment Date (after giving effect to the payment of any principal on such Payment Date), (ii) accrued interest on the related Note Principal Balances at the related Note Rate and (iii) all amounts owed owing to the Indenture Trustee and the Note Insurer Servicer pursuant to this Indenture and the Transaction Documents. Upon receipt Servicing Agreement as of such amounts and all amounts then owed to the Indenture Trustee the Indenture Trustee shall (x) make the final payment in full to the Noteholders, (y) pay all amounts owed to the Note Insurer and (z) release any remaining Trust Property to the Residual HoldersPayment Date. In the event that the Servicer elects elect to redeem the Notes in accordance with this Section 9.029.01(a), the Servicer shall be required to notify the Indenture Trustee in writing by no later than two (2) five Business Days prior to a notice required to be sent by the Indenture Trustee pursuant to Section 9.02(b9.01(b).

Optional Redemption of Notes; Final Disposition of Funds. (a) On any Payment Date following any Calculation Date on which the Aggregate Discounted Contract Principal Balance is less than fifteen percent (15%) of the sum of the Aggregate Discounted Contract Principal Balance as of which the Closing Date, the Trust Certificate Holder shall have the option to redeem the Notes in whole by depositing or causing to be deposited into the Collection Account the greater of (x) the sum of (1) the Class A Note Principal Balance, the Class B Note Principal Balance, the Class C Note Principal Balance, the Class D Note Principal Balance and the Class E Note Principal Balance and (2) the Class A Note Interest, the Class B Note Principal Balance is less than ten percent (10.00%) of Interest, the sum of (x) Class C Note Interest, the Initial Class A D Note Principal Balance Interest and the Class E Note Interest and (y) the Initial Class B Note Principal Balance, the Servicer shall have the option to cause the retirement Repurchase Amount for each Contract that was not a Defaulted Contract as of the Notes close of business on the second preceding Collection Period, by depositing with the Indenture Trustee the sum of (i) the outstanding Class A Note Principal Balance and the outstanding Class B Note Principal Balance as of such Payment Date (after giving effect two Business Days prior to the payment of any principal on such Payment Date), (ii) accrued interest on ; it being understood that in the related Note Principal Balances at event the related Note Rate and (iii) all amounts owed purchase price paid is equal to the Indenture Trustee and the Note Insurer pursuant to the Transaction Documents. Upon receipt of such amounts and all amounts then owed to the Indenture Trustee the Indenture Trustee shall (x) make the final payment amount in full to the Noteholders, clause (y) pay all amounts owed to above, any Defaulted Contracts and any related recoveries shall remain property of the Note Insurer and (z) release any remaining Trust Property to the Residual HoldersTrust. In the event that the Servicer Trust Certificate Holder elects to redeem the Notes in accordance with this Section 9.029.02(a), the Servicer Trust Certificate Holder shall be required to notify the Indenture Trustee in writing by no later than two (2) Business Days prior to a notice required to be sent by the Indenture Trustee pursuant to Section 9.02(b).