Common use of Optional Repurchase of Contracts by the Certificateholders Clause in Contracts

Optional Repurchase of Contracts by the Certificateholders. (a) On each Distribution Date, the Certificateholders shall have the option to repurchase Contracts randomly selected by the Master Servicer from the Issuer; provided, however, such option shall only be exercised once during the term of this Agreement. The sum of the Principal Balances of the Contracts purchased pursuant to this Section may not exceed $350,000,000. Notice of the exercise of such option shall be given by the Certificateholders to the Owner Trustee, the Indenture Trustee and the Insurer not later than 15 days prior to such Distribution Date. To exercise such option, the Certificateholders shall, on the Business Day immediately preceding the related Distribution Date, pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account, the Optional Repurchase Payment. Upon such deposit of the Optional Repurchase Payment, the Owner Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be requested by the Certificateholder to vest in such Certificateholder title to any Contract purchased hereunder.

Optional Repurchase of Contracts by the Certificateholders. (a) On each Distribution Date, the Certificateholders shall have the option to repurchase Contracts randomly selected by the Master Servicer from the Issuer; provided, however, such option shall only be exercised once during the term of this Agreement. The sum of the Principal Balances of the Contracts purchased pursuant to this Section may not exceed $350,000,000250,000,000. Notice of the exercise of such option shall be given by the Certificateholders to the Owner Trustee, Trustee and the Indenture Trustee and the Insurer not later than 15 days prior to such Distribution Date. To exercise such option, the Certificateholders shall, on the Business Day immediately preceding the related Distribution Date, pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account, the Optional Repurchase Payment. Upon such deposit of the Optional Repurchase Payment, the Owner Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be requested by the Certificateholder to vest in such Certificateholder title to any Contract purchased hereunder.

Optional Repurchase of Contracts by the Certificateholders. (a) On each Distribution Date, the Certificateholders shall have the option to repurchase Contracts randomly selected by the Master Servicer from the Issuer; provided, however, such option shall only be exercised once during the term of this Agreement. The sum of the Principal Balances of the Contracts purchased pursuant to this Section may not exceed $350,000,000__________. Notice of the exercise of such option shall be given by the Certificateholders to the Owner Trustee, Trustee and the Indenture Trustee and the Insurer not later than 15 days prior to such Distribution Date. To exercise such option, the Certificateholders shall, on the Business Day immediately preceding the related Distribution Date, pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account, the Optional Repurchase Payment. Upon such deposit of the Optional Repurchase Payment, the Owner Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be requested by the Certificateholder to vest in such Certificateholder title to any Contract purchased hereunder.

Optional Repurchase of Contracts by the Certificateholders. (a) On each Distribution Date, the Certificateholders shall have the option to repurchase Contracts randomly selected by the Master Servicer from the Issuer; provided, however, such option shall only be exercised once during the term of this Agreement. The sum of the Principal Balances of the Contracts purchased pursuant to this Section may not exceed $350,000,000360,000,000. Notice of the exercise of such option shall be given by the Certificateholders to the Owner Trustee, the Indenture Trustee and the Insurer not later than 15 days prior to such Distribution Date. To exercise such option, the Certificateholders shall, on the Business Day immediately preceding the related Distribution Date, pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account, the Optional Repurchase Payment. Upon such deposit of the Optional Repurchase Payment, the Owner Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be requested by the Certificateholder to vest in such Certificateholder title to any Contract purchased hereunder.

Optional Repurchase of Contracts by the Certificateholders. (a) On each Distribution Date, the Certificateholders shall have the option to repurchase Contracts randomly selected by the Master Servicer from the Issuer; provided, however, such option shall only be exercised once during the term of this Agreement. The sum of the Principal Scheduled Balances of the Contracts purchased pursuant to this Section may not exceed $350,000,000240,000,000. Notice of the exercise of such option shall be given by the Certificateholders to the Owner Trustee, the Indenture Trustee and the Insurer not later than 15 days prior to such Distribution Date. To exercise such option, the Certificateholders shall, on the Business Day immediately preceding the related Distribution Date, pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account, the Optional Repurchase Payment. Upon such deposit of the Optional Repurchase Payment, the Owner Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be requested by the Certificateholder to vest in such Certificateholder title to any Contract purchased hereunder.