Optional Purchase of All Contracts. (a) On each Distribution Date as of which the Aggregate Scheduled Balance is less than 5% of the Cut-Off Date Aggregate Scheduled Balance, the Seller shall have the option to purchase the remaining Contracts from the Trust. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee, the Indenture Trustee and the Insurer not later than the 25th day of the month immediately preceding the month of such Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the aggregate Repurchase Amount of all Contracts that were Outstanding at the beginning of the Due Period ending immediately prior to such Distribution Date, and shall succeed to all interests in and to the Trust. Such purchase shall be deemed to have occurred on the last day of such Due Period. Notwithstanding the foregoing, the Seller shall not be permitted to exercise such option unless the amount to be deposited in the Collection Account pursuant to the preceding sentence is greater than or equal to the sum of the outstanding principal amount of the Notes and the Certificate Balance and all accrued but unpaid interest (including any overdue interest) thereon. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moodx'x xx the time of exercising the option pursuant to this Section, then the Master Servicer or the Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moodx'x, xx Opinion of Counsel to the effect that such optional purchase is not a fraudulent conveyance.
Optional Purchase of All Contracts. (a) On any Distribution Date following the last day of a Collection Period as of which the Aggregate Principal Balance is less than or equal to $ , the Seller shall have the option to purchase the remaining Contracts from the Issuer. Notice of the exercise of such option shall be given by the Seller to the Owner Trustee and the Indenture Trustee not later than the 25th day of the month immediately preceding the month of the related Distribution Date. To exercise such option, the Seller shall pay to the Indenture Trustee for the benefit of the Securityholders, by deposit in the Collection Account on the Business Day immediately preceding the related Distribution Date, the Aggregate Repurchase Amount, and shall succeed to all interests in and to the Issuer. Such purchase shall be deemed to have occurred on the last day of such Collection Period. In addition, if the Master Servicer or the Seller has outstanding senior debt and such debt is not rated "investment grade" by Moody's at the time of exercising the option pursuant to this Section, xxxx the Master Servicer or such Seller shall deliver to the Owner Trustee, the Indenture Trustee and Moody's, an Opinion of Counsel to the effect that such optional purchxxx xx not a fraudulent conveyance.
Optional Purchase of All Contracts. 71 ARTICLE TEN MISCELLANEOUS
Optional Purchase of All Contracts. 73 Section 9.02. Transfer to the Insurer.................................................. 74 ARTICLE TEN MISCELLANEOUS
Optional Purchase of All Contracts. On each Distribution Date as of which the Pool Factor (after giving effect to the Principal Distribution for such Distribution Date) shall be less than .100000, the Servicer shall have the option to purchase the corpus of the Trust at a price equal to the Repurchase Amount plus all amounts due and owing to the Insurer under the Insurance Agreement. To exercise such option, the Servicer shall pay to the Trustee by deposit into the Collection Account: (1) for the benefit of the Certificateholders, the Repurchase Amount of all Contracts that were Outstanding at the beginning of the Collection Period ending immediately prior to such Distribution Date, and (2) for the benefit of the Insurer, all amounts due and owing to the Insurer pursuant to the Insurance Agreement. Such purchase shall be deemed to have occurred on the last day of such Collection Period.
Optional Purchase of All Contracts. 77 Section 9.02. Transfer to the Insurer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 ARTICLE TEN MISCELLANEOUS Section 10.01. Amendment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 Section 10.02. Protection of Title to Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Section 10.03. Governing Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 Section 10.04. Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 Section 10.05. Severability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 Section 10.06. Assignment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Section 10.07. Third Party Beneficiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Section 10.08. Insurer Default or Insolvency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Section 10.09. Counterparts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Section 10.10. Headings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Section 10.11. Assignment by Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Section 10.12. Limitation of Liability of Owner Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . 83 SCHEDULES Schedule A Schedule of Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SA-1 Schedule B Location of Contract Files . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SB-1
Optional Purchase of All Contracts. Satisfaction and Discharge of The Indenture.76 Section 8.02. Termination of this Agreement...................................................76
Optional Purchase of All Contracts. 74 Section 9.02. Transfer to the Insurer................................................. 75 ARTICLE TEN MISCELLANEOUS Section 10.01. Amendment.............................................................. 76 Section 10.02. Protection of Title to Trust........................................... 77 Section 10.03. Governing Law.......................................................... 79 Section 10.04. Notices................................................................ 79 Section 10.05. Severability........................................................... 79 Section 10.06. Assignment............................................................. 80 Section 10.07. Third Party Beneficiaries.............................................. 80 Section 10.08. Insurer Default or Insolvency.......................................... 80 Section 10.09. Counterparts........................................................... 80 Section 10.10. Headings............................................................... 80 Section 10.11. Assignment by Issuer................................................... 80 Section 10.12. Limitation of Liability of Owner Trustee............................... 80 iii 5 SCHEDULES Page Schedule A Schedule of Contracts...................................................SA-1 Schedule B Location of Contract Files..............................................SB-1 EXHIBITS Exhibit A Form of Certificate Policy..............................................A-1 Exhibit B Form of Insurance Agreement.............................................B-1 Exhibit C Form of Note Policy.....................................................C-1 Exhibit D Form of RIC.............................................................D-1 Exhibit E Form of Subservicing Agreement..........................................E-1 Exhibit F Form of Distribution Date Statement.....................................F-1 iv 6 This SALE AND SERVICING AGREEMENT, dated as of __________, 1996, is among WFS Financial 1996-D Owner Trust (the "Issuer"), WFS Financial Auto Loans, Inc. (the "Seller") and WFS Financial Inc ("WFS" or, in its capacity as Master Servicer, the "Master Servicer").
Optional Purchase of All Contracts. On each Distribution Date as of which the Pool Factor (after giving effect to the Principal Distribution for such Distribution Date) shall be less than .100000, the Servicer shall have the option to purchase the corpus of the Trust at a price equal to the Repurchase Amount plus all amounts due and owing to the Insurer under the
Optional Purchase of All Contracts. Satisfaction and ---------------------------------------------------- Discharge of the Indenture. --------------------------
