Common use of OPTIONAL REDEMPTION OF THE BONDS Clause in Contracts

OPTIONAL REDEMPTION OF THE BONDS. (a) The Majority Certificateholder shall have the option to redeem the Bonds, other than the Class A-IO-1 Bonds and Class A-IO-2 Bonds, in whole, but not in part, on any Payment Date on or after the earlier of (i) the Payment Date on which the sum of the aggregate Stated Principal Balance of the Mortgage Loans and the Group 1 Pre-Funded Amount is less than or equal to 20% of the sum of the aggregate Stated Principal Balance of the Mortgage Loans as of Cut-off Date and the Group 1 Original Pre-Funded Amount and (ii) the Payment Date in October 2014. The aggregate redemption price for the Bonds, other than the Class A-IO-1 Bonds and Class A-IO-2 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 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 equal to any amounts owing to the Derivative Counterparty under the Derivative Contracts.

OPTIONAL REDEMPTION OF THE BONDS. (a) The Majority Certificateholder shall have the option to redeem the Bonds, other than the Class A-IO-1 Bonds and Class A-IO-2 Bonds, in whole, but not in part, on any Payment Date on or after the earlier of (i) the Payment Date on which the sum of the aggregate Stated Principal Balance of the Mortgage Loans and as of the Group 1 Pre-Funded Amount end of the prior Due Period is less than or equal to 2025% of the sum of the aggregate Stated Principal Balance of the Mortgage Loans as of Cut-off Date and the Group 1 Original Pre-Funded Amount and (ii) the Payment Date in October 20142013. The aggregate redemption price for the Bonds, other than the Class A-IO-1 Bonds and Class A-IO-2 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 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 equal to any amounts owing to the Derivative Contract Counterparty under the Derivative Contracts.

OPTIONAL REDEMPTION OF THE BONDS. (a) The Majority Certificateholder shall have the option to redeem the Bonds, other than the Class A-IO-1 Bonds and Class A-IO-2 Bonds, in whole, but not in part, on any Payment Date on or after the earlier of (i) the Payment Date on which the sum of the aggregate Stated Principal Balance of the Mortgage Loans Loans, the Group 1 Pre-Funded Amount and the Group 1 2 Pre-Funded Amount is less than or equal to 20% of the sum of the aggregate Stated Principal Balance of the Mortgage Loans as of Cut-off Date Date, the Group 1 Original Pre-Funded Amount and the Group 1 2 Original Pre-Funded Amount and (ii) the Payment Date in October August 2014. The aggregate redemption price for the Bonds, other than the Class A-IO-1 Bonds and Class A-IO-2 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 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 equal to any amounts owing to the Derivative Contract Counterparty under the Derivative Contracts.

OPTIONAL REDEMPTION OF THE BONDS. (a) The Majority Certificateholder shall have the option to redeem the Bonds, other than the Class A-IO-1 Group 1 Bonds and Class A-IO-2 Bonds, in whole, but not in part, on any Payment Date on or after the earlier of (i) the Payment Date on which the sum of the aggregate Stated Principal Balance of the Mortgage Loans and the Group 1 Pre-Funded Amount Loans as of the end of the related Due Period is less than or equal to 20% of the sum aggregate Group 1 Cut-off Date Balance and (ii) the Payment Date occurring in November 2015. The Majority Certificateholder shall have the option to redeem the Group 2 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 Group 2 Loans as of the end of the related Due Period is less than or equal to 20% of the aggregate Group 2 Cut-off Date and the Group 1 Original Pre-Funded Amount Balance and (ii) the Payment Date occurring in October 2014November 2015. The aggregate redemption price for the Bonds, other than the Class A-IO-1 each Group of Bonds and Class A-IO-2 Bonds, will be equal to the unpaid Bond Principal Balance of the 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 InsurerTrustee) and plus an amount equal to any amounts owing to the Derivative Contract Counterparty under the Derivative Contracts.

OPTIONAL REDEMPTION OF THE BONDS. (a) The Majority Certificateholder shall have the option to redeem the Bonds, other than the Class A-IO-1 Group 1 Bonds and Class A-IO-2 Bonds, in whole, but not in part, on any Payment Date on or after the earlier of (i) the Payment Date on which the sum of the aggregate Stated Principal Balance of the Mortgage Loans and the Group 1 Pre-Funded Amount Loans as of the end of the prior Due Period is less than or equal to 20% of the sum aggregate Group 1 Cut-off Date Balance and (ii) the Payment Date occurring in June 2014. The Majority Certificateholder shall have the option to redeem the Group 2 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 Group 2 Loans as of the end of the prior Due Period is less than or equal to 20% of the aggregate Group 2 Cut-off Date and the Group 1 Original Pre-Funded Amount Balance and (ii) the Payment Date occurring in October June 2014. The aggregate redemption price for the Bonds, other than the Class A-IO-1 each Group of Bonds and Class A-IO-2 Bonds, will be equal to the unpaid Bond Principal Balance of the 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 InsurerTrustee) and plus an amount equal to any amounts owing to the Derivative Contract Counterparty under the Derivative Contracts.

OPTIONAL REDEMPTION OF THE BONDS. (a) The Majority Certificateholder shall have the option to redeem the Bonds, other than the Class A-IO-1 Bonds and Class A-IO-2 Bonds, in whole, but not in part, on any Payment Date on or after the earlier of (i) the Payment Date on which the sum of the aggregate Stated Principal Balance of the Mortgage Group 1 Loans and Group 2 Loans as of the Group 1 Pre-Funded Amount end of the prior Due Period is less than or equal to 20% of the sum of the aggregate Stated Principal Balance of the Mortgage Group 1 Loans and Group 2 Loans as of the Cut-off Date and the sum of the Group 1 Original Pre-Funded Amount and Group 2 Original Pre-Funded Amount and (ii) the Payment Date occurring in October May 2014. The aggregate redemption price for the Bonds, other than the Class A-IO-1 Bonds and Class A-IO-2 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 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 InsurerTrustee) and plus an amount equal to any amounts owing to the Derivative Contract Counterparty under the Derivative Contracts.

OPTIONAL REDEMPTION OF THE BONDS. (a) The Majority Certificateholder shall have the option to redeem the Bonds, other than the Class A-IO-1 Bonds and Class A-IO-2 Bonds, in whole, but not in part, on any Payment Date on or after the earlier of (i) the Payment Date on which the sum of the aggregate Stated Principal Balance of the Mortgage Loans and as of the Group 1 Pre-Funded Amount end of the prior Due Period is less than or equal to 2025% of the sum of the aggregate Stated Principal Balance of the Mortgage Loans as of Cut-off Date and the Group 1 Original Pre-Funded Amount and (ii) the Payment Date in October January 2014. The aggregate redemption price for the Bonds, other than the Class A-IO-1 Bonds and Class A-IO-2 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 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 InsurerTrustee) and plus an amount equal to any amounts owing to the Derivative Contract Counterparty under the Derivative Contracts.

OPTIONAL REDEMPTION OF THE BONDS. (a) The Majority Certificateholder shall have the option to redeem the Bonds, other than the Class A-IO-1 Bonds and Class A-IO-2 Bonds, in whole, but not in part, on any Payment Date on or after the earlier of (i) the Payment Date on which the sum of the aggregate Stated Principal Balance of the Mortgage Loans and as of the Group 1 Pre-Funded Amount end of the prior Due Period is less than or equal to 20% of the sum of the aggregate Stated Principal Balance of the Mortgage Loans as of Cut-off Date and the aggregate amount deposited into the Group 1 Original Pre-Funded Amount Funding Account and Group 2 Pre-Funding Account on the Closing Date and (ii) the Payment Date in October July 2014. The aggregate redemption price for the Bonds, other than the Class A-IO-1 Bonds and Class A-IO-2 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 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 equal to any amounts owing to the Derivative Contract Counterparty under the Derivative Contracts.