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 Class A-4 Final Scheduled Distribution Date and (ii) an amount sufficient to pay the Note Distributable Amount on the Class A-4 Final Scheduled Distribution Date has been deposited with the Indenture Trustee by the Insurer for the benefit of the Class A-4 Noteholders then on the Class A-4 Final Scheduled Distribution Date the Class A-4 Notes shall be deemed to be transferred by the Class A-4 Noteholders, respectively, to the Insurer or its designee as purchaser thereof at the opening of business on the Class A-4 Final Scheduled Distribution Date and the Owner Trustee, on behalf of the Trust, shall execute, and the Indenture 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 Class A-4 Note evidencing the entire respective Class Balance. Such new Class A-4 Note shall have the same terms as the Class A-4 Notes deemed transferred by the Class A-4 Noteholders. No service charge shall be made for the issuance of such Class A-4 Note 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 are one or more Outstanding Contracts at the end of the Due Collection Period ending immediately prior to the Class A-4 B Final Scheduled Distribution Date and (ii) an amount sufficient to pay the Note Distributable Amount on the Class A-4 B Final Scheduled Distribution Date has been deposited with the Indenture Trustee by the Insurer for the benefit of the Class A-4 Noteholders Noteholders, then on the Class A-4 B Final Scheduled Distribution Date Date, the Class A-4 B Notes shall be deemed to be transferred by the Class A-4 Noteholders, respectively, B Noteholders to the Insurer or its designee as purchaser thereof at the opening of business on the Class A-4 B Final Scheduled Distribution Date and the Owner Trustee, on behalf of the Trust, Indenture Trustee shall execute, and the Indenture 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 Class A-4 B Note evidencing the entire respective outstanding principal amount of the Class BalanceB Notes. Such new Class A-4 B Note shall have the same terms as the Class A-4 B Notes deemed transferred by the Class A-4 B Noteholders. No service charge shall be made for the issuance of such Class A-4 B Note to the Insurer or its designee, but the Owner Indenture 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 Period ending immediately prior to the Class A-4 Final Scheduled Distribution Date and (ii) an amount sufficient to pay the Note Distributable Amount on the Class A-4 Final Scheduled Distribution Date has been deposited with the Indenture Trustee by the Insurer for the benefit of the Class A-4 A-4A Noteholders and Class A-4B Noteholders then on the Class A-4 Final Scheduled Distribution Date the Class A-4 A-4A Notes and Class A-4B Notes shall be deemed to be transferred by the Class A-4 A-4A Noteholders and Class A-4B Noteholders, respectively, to the Insurer or its designee as purchaser thereof at the opening of business on the Class A-4 Final Scheduled Distribution Date and the Owner Trustee, on behalf of the Trust, shall execute, and the Indenture 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 Class A-4 A-4A Note and Class A-4B Note evidencing the entire respective Class BalanceBalances. Such new Class A-4 A-4A Note and Class A-4B Note shall have the same terms as the Class A-4 A-4A Notes and Class A-4B Notes, respectively, deemed transferred by the Class A-4 A-4A Noteholders and Class A-4B Noteholders. No service charge shall be made for the issuance of such Class A-4 A-4A Note and Class A-4B Note 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 Class A-4 Final Scheduled Distribution Date and (ii) an amount sufficient to pay the Note Distributable Amount on the Class A-4 Final Scheduled Distribution Date has been deposited with the Indenture Trustee by the Insurer for the benefit of the Class A-4 A-4A Noteholders and Class A-4B Noteholders then on the Class A-4 Final Scheduled Distribution Date the Class A-4 A-4A Notes and Class A-4B Notes shall be deemed to be transferred by the Class A-4 A-4A Noteholders and Class A-4B Noteholders, respectively, to the Insurer or its designee as purchaser thereof at the opening of business on the Class A-4 Final Scheduled Distribution Date and the Owner Trustee, on behalf of the Trust, shall execute, and the Indenture 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 Class A-4 A-4A Note and Class A-4B Note evidencing the entire respective Class Note Balance. Such new Class A-4 A-4A Note and Class A-4B Note shall have the same terms as the Class A-4 A-4A Notes and Class A-4B Notes, respectively, deemed transferred by the Class A-4 A-4A Noteholders and Class A-4B Noteholders. No service charge shall be made for the issuance of such Class A-4 A-4A Note and Class A-4B Note 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.