Optional Repurchase of Contracts by the Certificateholders Clause Samples

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 $__________. Notice of the exercise of such option shall be given by the Certificateholders to the Owner Trustee and the Indenture Trustee 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. (b) The Optional Repurchase Payment other than the Repurchase Premium shall constitute Net Collections and shall be distributed in accordance with Section 5.05(a); provided, however, if, upon the exercise of its right to repurchase pursuant to Section 3.10(a), the Certificateholders repurchase all remaining Contracts, the Optional Repurchase Payment will be distributed pursuant to Section 9.01(e). (c) Upon instruction of the Master Servicer, the Indenture Trustee shall deposit the Repurchase Premium into the Note Distribution Account for distribution on the related Distribution Date to each Class of Notes, pro rata, based on the outstanding principal balance of each Class of Notes after making the distributions (other than the distribution of that portion the Optional Repurchase Payment that constitutes Net Collections) described in Section 5.05(a); provided, however, if, upon the exercise of its right to repurchase pursuant to Section 3.10(a), the Certificateholders repurchase all remaining Contracts, the Repurchase Premium will be distributed pursuant to Section 9.01(e).
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Related to Optional Repurchase of Contracts by the Certificateholders

  • Optional Purchase by the Master Servicer of All Certificates; Termination Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans..............................................................99

  • Depositor as Certificateholder The Depositor in its individual or any other capacity may become the owner or pledgee of Certificates and may otherwise deal with the Owner Trustee or its Affiliates as if it were not the Depositor.

  • Control by Certificateholders The Holders of Certificates of any Class holding Certificates representing not less than the Required Percentage--Direction of Trustee of the aggregate Voting Rights of the Outstanding Certificates of such Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee under this Trust Agreement, including any right of the Trustee as holder of the Underlying Securities; provided that: (i) such direction shall not be in conflict with any rule of law or with this Trust Agreement and would not involve the Trustee in personal liability or expense; (ii) the Trustee shall determine, based upon an Opinion of Counsel, that the action so directed would not be unjustly prejudicial to the Holders of Certificates of such Class not taking part in such direction; and (iii) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

  • Actions by Certificateholders (a) Wherever in this Agreement a provision is made that an action may be taken or a Notice given by Certificateholders, such action or Notice may be taken or given by any Certificateholder, unless such provision requires a specific percentage of Certificateholders. (b) Any Notice, request, authorization, direction, consent, waiver or other act by the Holder of a Certificate shall bind such Holder and every subsequent Holder of such Certificate and of any Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or omitted to be done by the Trustee or the Servicer in reliance thereon, whether or not notation of such action is made upon such Certificate.

  • Liability of the Certificateholders No Certificateholder shall have any personal liability for any liability or obligation of the Trust, solely by reason of it being a Certificateholder.