Common use of TRANSFER TO THE INSURER Clause in Contracts

TRANSFER TO THE INSURER. If (i) there is one or more Outstanding Contracts at the end of the Due Period ending immediately prior to the Certificate Final Distribution Date and (ii) an amount sufficient to pay the Certificate Distributable Amount on the Certificate Final Distribution Date has been deposited with the Indenture Trustee by the Insurer for the benefit of the Certificateholders, then on the Certificate Final Distribution Date the Certificates shall be deemed to be transferred by the Certificateholders to the Insurer or its designee as purchaser thereof at the opening of business on the Certificate Final Distribution Date and the Owner Trustee, on behalf of the Trust, shall execute, and the Owner Trustee shall authenticate and deliver to the Insurer or its designee, in the name of the Insurer or its designee, as the case may be, a new Certificate evidencing the entire Certificate Balance. Such new Certificate shall have the same terms as the Certificates deemed transferred by the Certificateholders. No service charge shall be made for the issuance of such Certificate to the Insurer or its designee, but the Owner Trustee may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. Such transfer shall not diminish or restrict the Insurer's rights hereunder or under the Insurance Agreement.

TRANSFER TO THE INSURER. If (i) there is one or more Outstanding Contracts at the end of the Due Period ending immediately prior to the Certificate Final Distribution Date and (ii) an amount sufficient to pay the Certificate Distributable Amount on the Certificate Final Distribution Date has been deposited with the Indenture Trustee by the Insurer for the benefit of the Certificateholders, then on the Certificate Final Distribution Date the Certificates shall be deemed to be transferred by the Certificateholders to the Insurer or its designee as purchaser thereof at the opening of business on the Certificate Final Distribution Date and the Owner Trustee, on behalf of the Trust, shall execute, and the Owner Trustee shall authenticate and deliver to the Insurer or its designee, in the name of the Insurer or its designee, as the case may be, a new Certificate evidencing the entire Certificate Balance. Such new Certificate shall have the same terms as the Certificates deemed transferred by the Certificateholders. No service charge shall be made for the issuance of such Certificate to the Insurer or its designee, but the Owner Trustee may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. Such transfer shall not diminish or restrict the Insurer's rights hereunder or under the Insurance Agreement.. ARTICLE TEN

TRANSFER TO THE INSURER. If (i) there is one or more Outstanding Contracts at the end of the Due Collection Period ending immediately prior to the Certificate Final Scheduled Distribution Date and (ii) an amount sufficient to pay the Certificate Distributable Amount on the Certificate Final Scheduled Distribution Date has been deposited with the Indenture Trustee by the Insurer for the benefit of the Certificateholders, then on the Certificate Final Scheduled Distribution Date the Certificates shall be deemed to be transferred by the Certificateholders to the Insurer or its designee as purchaser thereof at the opening of business on the Certificate Final Scheduled Distribution Date and the Owner Trustee, on behalf of the Trust, shall execute, and the Owner Trustee Trust Agent shall authenticate and deliver to the Insurer or its designee, in the name of the Insurer or its designee, as the case may be, a new Certificate evidencing the entire Certificate Balance. Such new Certificate shall have the same terms as the Certificates deemed transferred by the Certificateholders. No service charge shall be made for the issuance of such Certificate to the Insurer or its designee, but the Owner Trustee or Trust Agent may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. Such transfer shall not diminish or restrict the Insurer's rights hereunder or under the Insurance Agreement.

TRANSFER TO THE INSURER. If (i) there is are one or more Outstanding Contracts at the end of the Due Collection Period ending immediately prior to the Certificate Final Scheduled Distribution Date and (ii) an amount sufficient to pay the Certificate Distributable Amount on the Certificate Final Scheduled Distribution Date has been deposited with the Indenture Trustee by the Insurer for the benefit of the Certificateholders, then on the Certificate Final Scheduled Distribution Date the Certificates shall be deemed to be transferred by the Certificateholders to the Insurer or its designee as purchaser thereof at the opening of business on the Certificate Final Scheduled Distribution Date and the Owner Trustee, on behalf of the Trust, shall execute, and the Owner Trustee Trust Agent shall authenticate and deliver to the Insurer or its designee, in the name of the Insurer or its designee, as the case may be, a new Certificate evidencing the entire Certificate Balance. Such new Certificate shall have the same terms as the Certificates deemed transferred by the Certificateholders. No service charge shall be made for the issuance of such Certificate to the Insurer or its designee, but the Owner Trustee or Trust Agent may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. Such transfer shall not diminish or restrict the Insurer's rights hereunder or under the Insurance Agreement.

TRANSFER TO THE INSURER. If (i) there is one or more Outstanding Contracts at the end of the Due Collection Period ending immediately prior to the Certificate Final Scheduled Distribution Date and (ii) an amount sufficient to pay the Certificate Distributable Amount on the Certificate Final Scheduled Distribution Date has been deposited with the Indenture Trustee by the Insurer for the benefit of the Certificateholders, then on the Certificate Final Scheduled Distribution Date the Certificates shall be deemed to be transferred by the Certificateholders to the Insurer or its designee as purchaser thereof at the opening of business on the Certificate Final Scheduled Distribution Date and the Co-Owner Trustee, on behalf of the Trust, shall execute, and the Co-Owner Trustee shall authenticate and deliver to the Insurer or its designee, in the name of the Insurer or its designee, as the case may be, a new Certificate evidencing the entire Certificate Balance. Such new Certificate shall have the same terms as the Certificates deemed transferred by the Certificateholders. No service charge shall be made for the issuance of such Certificate to the Insurer or its designee, but the Co-Owner Trustee may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. Such transfer shall not diminish or restrict the Insurer's rights hereunder or under the Insurance Agreement.