OPTIONAL REDEMPTION OF THE BONDS. (a) The Majority Certificateholder shall have the option to redeem the Bonds in whole, but not in part, on any Payment Date on or after the earlier of (i) the Payment Date on which the aggregate Stated Principal Balance of the Mortgage Loans as of the end of the prior Due Period is less than or equal to 20% of the aggregate Cut-off Date Balance and (ii) the Payment Date occurring in June 2015. The aggregate redemption price for the Bonds will be equal to the unpaid Bond Principal Balance of such Bonds as of the Payment Date on which the proposed redemption will take place in accordance with the foregoing, together with accrued and unpaid interest thereon at the applicable Bond Interest Rate through such Payment Date (including any related Unpaid Interest Shortfall and Basis Risk Shortfall Carry-Forward Amount), plus an amount sufficient to pay in full all amounts owing to the Bond Insurer and the Indenture Trustee under this Indenture and the Bond Insurance Policy (which amounts shall be specified in writing upon request of the Issuer by the Indenture Trustee and the Bond Insurer) and plus an amount sufficient to pay in full all amounts owing to the Indenture Trustee under this Indenture (which amounts shall be specified in writing upon request of the Issuer by the Indenture Trustee and the Bond Insurer) and plus an amount equal to any amounts owing to the Derivative Contract Counterparties under the Derivative Contracts. (b) In order to exercise the foregoing option, the Issuer shall provide written notice of its exercise of such option to the Indenture Trustee, the Owner Trustee and the Master Servicer at least 15 days prior to its exercise. Following receipt of the notice, the Indenture Trustee shall provide notice to the Bondholders of the final payment on the Bonds. In addition, the Issuer shall, not less than one Business Day prior to the proposed Payment Date on which such redemption is to be made, deposit the aggregate redemption price specified in (a) above with the Indenture Trustee, who shall deposit the aggregate redemption price into the Payment Account and shall, on the Payment Date after receipt of the funds, apply such funds to make final payments of principal and interest on the Bonds in accordance with Sections 3.05(b), (c) and (d) hereof and payment in full to the Bond Insurer for all amounts owing under the Bond Insurance Policy and payment in full to the Indenture Trustee for all amounts payable to it under this Indenture and this Inde...

OPTIONAL REDEMPTION OF THE BONDS. (a) On or after the Payment Date in June 2005, the Majority Certificateholder shall have the option to redeem the Bonds, other than the Class A-IO Bonds, in whole, but not in part, on any Payment Date on or after the earlier of (i) the 20% Clean-Up Call Date and (ii) the Payment Date in December 2012. The aggregate redemption price for the Bonds will be equal to the unpaid Bond Principal Balance of the Bonds as of the Payment Date on which the proposed redemption will take place in accordance with the foregoing, together with accrued and unpaid interest thereon at the applicable Bond Interest Rate through such Payment Date (including any related Unpaid Interest Shortfall), plus an amount sufficient to pay in full all amounts owing to the Indenture Trustee under this Indenture (which amounts shall be specified in writing upon request of the Issuer by the Indenture Trustee).

OPTIONAL REDEMPTION OF THE BONDS. (a) Provided that no Issuer Event of Default has occurred and is continuing, the Issuer may, at its option, pursuant to Section 10.01 of the Standard Indenture Provisions, redeem Bonds of any Class, in whole but not in part, at the Redemption Price therefor, on any Payment Date as of which the aggregate Principal Amount of such Class is less than or equal to ___% of the initial aggregate Principal Amount thereof and in any event subject to and in accordance with Article X of the Standard Indenture Provisions. (b) On any Redemption Date, following the payments to be made on such date pursuant to Section 14(b), the Indenture Trustee shall withdraw from the Bond Account and, subject to Section 2.07(e) of the Standard Indenture Provisions, pay to the Holders of the Bonds to be redeemed the full Principal Amount thereof, together with any unpaid interest thereon through the end of the related Interest Accrual Period.]

OPTIONAL REDEMPTION OF THE BONDS. 53 ARTICLE IX

OPTIONAL REDEMPTION OF THE BONDS. Section 8.08. Pre-Funding Account. . . . . . . . . . . . 54 Section 8.09.

OPTIONAL REDEMPTION OF THE BONDS. (a) On or after the Payment Date in February 2005, the Holder of the Certificates shall have the option to redeem the Bonds, other than the Class A-IO Bonds, in whole, but not in part, on any Payment Date on or after the earlier of (i) the 20% Clean-Up Call Date and (ii) the Payment Date in August 2012. The aggregate redemption price for the Bonds will be equal to the unpaid Bond Principal Balance of the Bonds as of the Payment Date on which the proposed redemption will take place in accordance with the foregoing, together with accrued and unpaid interest thereon at the applicable Bond Interest Rate through such Payment Date (including any related Unpaid Interest Shortfall), plus an amount sufficient to pay in full all amounts owing to the Indenture Trustee under this Indenture (which amounts shall be specified in writing upon request of the Issuer by the Indenture Trustee). (b) In order to exercise the foregoing option, the Issuer shall provide written notice of its exercise of such option to the Indenture Trustee, the Owner Trustee and the Master Servicer at least

OPTIONAL REDEMPTION OF THE BONDS. The Bonds shall not be subject to optional redemption during the applicable Long-Term Interest Rate Period in which the Bonds are held by the Lender.

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