Common use of Optional Redemption of the Notes Clause in Contracts

Optional Redemption of the Notes. (a) The Seller may, at its option, redeem the Notes on any Payment Date on or after the Optional Redemption Date, by purchasing, on such Payment Date, all of the outstanding Mortgage Loans and REO Properties at a price equal to the greater of (I) the sum of (w) 100% of the aggregate Principal Balance of the Mortgage Loans plus (x) the lesser of (A) the appraised value of any REO Property as determined by the higher of two appraisals completed by two independent appraisers selected by the Seller and at the Seller’s expense and (B) the Principal Balance of the Mortgage Loan related to such REO Property plus (y) in each case, the greater of (i) the aggregate amount of accrued and unpaid interest on the Mortgage Loans through the related Due Period and (ii) thirty (30) days’ accrued interest thereon at a rate equal to the Loan Rate, in each case net of the Servicing Fee and the Master Servicing Fee and (II) the sum of (a) the fair market value of the assets of the Trust and (b) the greater of (i) the aggregate amount of accrued and unpaid interest on the Mortgage Loans through the related Due Period and (ii) thirty (30) days’ accrued interest thereon at a rate equal to the Loan Rate, in each case net of the Servicing Fee and the Master Servicing Fee (the “Redemption Price”); provided, however, that the Seller hereby covenants and agrees not to exercise its rights under this Section 8.07 on any Payment Date unless the Redemption Price is sufficient to redeem in full all of the Class N Notes (including all accrued and unpaid interest thereon).

Optional Redemption of the Notes. (a) The Seller may, at its option, redeem Issuer shall retire the Notes on any Payment Date on or after in the Optional Redemption Date, by purchasing, on such Payment Date, all event that the Servicer exercises its optional purchase right pursuant to Section 2.09 of the outstanding Mortgage Loans Sale and REO Properties at a price equal Servicing Agreement to purchase all the greater of (I) remaining Sold Assets held by the sum of (w) 100% Issuer and the Issuer Loan Trustee for the benefit of the Issuer. The aggregate Principal Balance redemption price for the remaining Sold Assets in connection with the exercise of the Mortgage Loans plus (x) the lesser of (A) the appraised value of any REO Property as determined by the higher of two appraisals completed by two independent appraisers selected by the Seller and at the Seller’s expense and (B) the Principal Balance of the Mortgage Loan related to such REO Property plus (y) option described in each case, the greater of (i) the aggregate amount of accrued and unpaid interest on the Mortgage Loans through the related Due Period and (ii) thirty (30) days’ accrued interest thereon at a rate equal to the Loan Rate, in each case net of the Servicing Fee and the Master Servicing Fee and (II) the sum of this clause (a) the fair market value of the assets of the Trust and (b) the greater of (i) the aggregate amount of accrued and unpaid interest on the Mortgage Loans through the related Due Period and (ii) thirty (30) days’ accrued interest thereon at a rate equal to the Loan Rate, in each case net of the Servicing Fee and the Master Servicing Fee (the “Redemption Price”)) will be equal to the then aggregate fair market value of all of the Sold Assets as of the date which is five (5) Business Days prior to the Payment Date such option is exercised; provided, however, provided that the Seller hereby covenants and agrees option described in this clause (a) shall not to exercise its rights under this Section 8.07 on any Payment Date be exercised unless the Redemption Price is sufficient equals or exceeds the sum of (i) the amount necessary to redeem in full all of the Class N Notes in full (including all including, the Aggregate Note Principal Balance on the Record Date preceding the final Payment Date identified in Section 8.08(c) plus accrued and unpaid interest thereon)on each Class of Notes then Outstanding up to, but excluding, the final Payment Date) on the final Payment Date in accordance with Section 8.06 (taking into account all amounts of Available Funds and any other amounts then on deposit in the Note Accounts and available to be distributed pursuant to Section 8.06 on the final Payment Date) and (ii) any expenses, indemnification amounts or other amounts owed to the Indenture Trustee, the Account Bank, the Note Registrar, the Servicer, the Owner Trustee, the Depositor Loan Trustee, the Issuer Loan Trustee and the Back-up Servicer.

Optional Redemption of the Notes. (a) The Seller may, at its option, redeem the Notes on any Payment Date on or after the Optional Redemption Date, by purchasing, on such Payment Date, all of the outstanding Mortgage Loans and REO Properties at a price equal to the greater of (I) the sum of (w) 100% of the aggregate Principal Balance of the Mortgage Loans plus (x) the lesser of (A) the appraised value of any REO Property as determined by the higher of two appraisals completed by two independent appraisers selected by the Seller and at the Seller’s 's expense and (B) the Principal Balance of the Mortgage Loan related to such REO Property plus (y) in each case, the greater of (i) the aggregate amount of accrued and unpaid interest on the Mortgage Loans through the related Due Period and (ii) thirty (30) days’ ' accrued interest thereon at a rate equal to the Loan Rate, in each case net of the Servicing Fee and the Master Servicing Fee and (II) the sum of (a) the fair market value of the assets of the Trust and (b) the greater of (i) the aggregate amount of accrued and unpaid interest on the Mortgage Loans through the related Due Period and (ii) thirty (30) days’ ' accrued interest thereon at a rate equal to the Loan Rate, in each case net of the Servicing Fee and the Master Servicing Fee (the “"Redemption Price”"); providedPROVIDED, however, that the Seller hereby covenants and agrees not to exercise its rights under this Section 8.07 on any Payment Date unless the Redemption Price is sufficient to redeem in full all of the Class N Notes (including all accrued and unpaid interest thereon).

Optional Redemption of the Notes. (a) The Seller Servicer (or an affiliate of the Servicer) may, at its option, purchase the Mortgage Loans in either Loan Group and redeem the Notes and the IX/N Interest or IIX/N Interest, as applicable, on any the next succeeding Payment Date on or after upon which the Optional Redemption Date, by purchasing, on such Payment Date, all aggregate current Principal Balance of the outstanding Group I Mortgage Loans and REO Properties at a price equal to the greater of (I) the sum of (w) 100or Group II Mortgage Loans, as applicable, is less than 10% of the aggregate Principal Balance of the Group I Mortgage Loans plus or Group II Mortgage Loans, as applicable, as of the Cut-Off Date by purchasing all of the outstanding (xi) Mortgage Loans in the lesser related Loan Group at a price equal to the sum of (A) the appraised value of any REO Property as determined by the higher of two appraisals completed by two independent appraisers selected by the Seller and at the Seller’s expense and (B) the outstanding Principal Balance of the related Mortgage Loan related Loans and except to such REO Property plus (y) in each casethe extent previously advanced by the Servicer, the greater of (i) the aggregate amount of accrued and unpaid interest on thereon at the weighted average of the Mortgage Loans Rates through the related Due end of the Collection Period preceding the final Payment Date plus unreimbursed Servicing Advances, Advances and any unpaid Servicing Fees and Special Servicing Fees allocable to such Mortgage Loans and (ii) thirty (30) days’ accrued interest thereon REO Properties in the related Loan Group at a rate price equal to their fair market value as determined in good faith by the Loan Rate, in each case net of Servicer (the Servicing Fee and "Redemption Price"). The Redemption Price for the Master Servicing Fee and (II) Group II Notes must be sufficient to equal the sum of (a) the fair market value 100% of the assets of the Trust and aggregate Note Balance then outstanding, (b) the greater aggregate of any Group II Allocated Realized Loss Amount on the Group II Notes remaining unpaid immediately prior to such Payment Date, (ic) the aggregate amount of accrued the Accrued Note Interest on the Group II Notes for such Payment Date, (d) the aggregate of any LIBOR Carryover Amounts on the Group II Notes for such Payment Date and unpaid interest on (e) the aggregate of any Interest Carry Forward Amounts for such Payment Date. The Servicer will not be permitted to terminate the Mortgage Loans through in Loan Group II unless the related Due Period and (ii) thirty (30) days’ accrued interest thereon at a rate equal redemption price set forth in the previous sentence is paid to the Loan Rate, in each case net Holders of the Servicing Fee and Group II Notes. In connection with any such purchase pursuant to the Master Servicing Fee preceding paragraph, the Servicer shall deliver to the Indenture Trustee for deposit in the Payment Account all amounts then on deposit in the Collection Account (less amounts permitted to be withdrawn by the “Redemption Price”Servicer pursuant to Section 3.07); provided, however, that which deposit shall be deemed to have occurred immediately following such purchase. Any such purchase shall be accomplished by delivery to the Seller hereby covenants and agrees not to exercise its rights under this Section 8.07 Indenture Trustee for deposit into the Payment Account as part of Available Funds on any the Determination Date before such Payment Date unless the Redemption Price is sufficient to redeem in full all of the Class N Notes (including all accrued and unpaid interest thereon)Termination Price.

Optional Redemption of the Notes. (a) The Seller may, at its option, redeem Majority Certificateholder shall have the Notes option to purchase the Mortgage Loans and REO Property on any Payment Date on or after 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 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of Cut-off Date (the "Optional Redemption Date, by purchasing, on such Payment Date, all of the outstanding Mortgage Loans and REO Properties at a "). The aggregate purchase price will be equal to the greater of (IA) the sum of (wx) 100% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans plus (xother than those referred to in clause (y) below), including accrued interest thereon, and (y) in the lesser of (A) the appraised value case of any REO Property as determined by property and any Mortgage Loans with respect to which foreclosure proceedings have been initiated or are otherwise 120 days or more delinquent, the higher fair market value of two appraisals completed by two independent appraisers selected by the Seller such REO property and at the Seller’s expense mortgage loans (disregarding accrued interest thereon) and (B) the Principal sum of the aggregate unpaid Note Balance of the Mortgage Loan related to such REO Property plus Notes (y) in each caseother than any Allocated Realized Loss Amounts), the greater of (i) the aggregate amount of all accrued and unpaid interest on the Mortgage Loans through the related Due Period thereon (other than any Basis Risk Shortfall Amounts), any unreimbursed Monthly Advances and (ii) thirty (30) days’ accrued interest thereon at a rate equal Servicing Advances and any Swap Termination Payment payable to the Loan Rate, in each case net of the Servicing Fee and the Master Servicing Fee and (II) the sum of (a) the fair market value of the assets of the Trust and (b) the greater of (i) the aggregate amount of accrued and Swap Provider then remaining unpaid interest on the Mortgage Loans through the related Due Period and (ii) thirty (30) days’ accrued interest thereon at a rate equal or which is due to the Loan Rate, in each case net exercise of the Servicing Fee and the Master Servicing Fee such option (the “"Redemption Price”"); provided, however, that the Seller hereby covenants and agrees Majority Certificateholder will not be permitted to exercise its rights under this Section 8.07 on any Payment Date purchase the Mortgage Loans unless the Redemption Price is sufficient to redeem in full pay the Indenture Trustee all amounts owing to it hereunder and to retire the Note Balance of the Class N remaining Notes (including all accrued and unpaid interest thereon)to zero.