Common use of Optional Redemption of the Notes Clause in Contracts

Optional Redemption of the Notes. (a) The Holder of the Certificates, or, if there is no single Holder, the Majority Certificateholder, shall have the option to redeem the Notes in whole, but not in part, on any Payment Date on or after the Payment Date on which the aggregate Scheduled 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 Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date. The aggregate redemption price for the Notes will be equal to the unpaid Note Principal Balance of the Notes 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 Note Interest Rate through such Payment Date (including any Basis Risk Shortfall Carry-Forward Amounts), plus an amount sufficient to pay in full all amounts owing to the Indenture Trustee, the Master Servicer and the Securities Administrator pursuant to any Basic Document (which amounts shall be specified by such Person in writing upon request of the Issuer, the Master Servicer and the Securities Administrator, as applicable).

Optional Redemption of the Notes. (a) The Holder of the Certificates, or, if there is no single Holder, the Majority Certificateholder, shall have the option to redeem the Notes in whole, but not in part, on any Payment Date on or after the Payment Date on which the aggregate Scheduled 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 Scheduled Principal Balance of the Mortgage Loans as of the Cut-Cut- off Date. The aggregate redemption price for the Notes will be equal to the unpaid Note Principal Balance of the Notes 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 Note Interest Rate through such Payment Date (including any Basis Risk Shortfall Carry-Forward Amounts), plus an amount sufficient to pay in full all amounts owing to the Indenture Trustee, the Master Servicer and the Securities Administrator pursuant to any Basic Document (which amounts shall be specified by such Person in writing upon request of the Issuer, the Master Servicer and the Securities Administrator, as applicable).

Optional Redemption of the Notes. (a) The Holder of the Certificates, or, if there is no single Holder, the Majority Certificateholder, Certificateholder shall have the option to redeem the Notes (but only with the consent of the Holders of the Class N Notes, for so long as the Class N Notes remain outstanding) in whole, but not in part, on any Payment Date on or after the Payment Date on which the aggregate Scheduled Stated Principal Balance of the Mortgage Loans as of the end of the prior Due Period is less than or equal to 2010% of the aggregate Scheduled Stated Principal Balance of the Mortgage Loans as of the Cut-off Date. The aggregate redemption price for the Notes will shall be equal to the unpaid Note Principal Balance of the Notes as of the Payment Date on which the proposed redemption will shall take place in accordance with the foregoing, together with accrued and unpaid interest thereon at the applicable Note Interest Rate through such Payment Date (including any Basis Risk Shortfall Carry-Forward AmountsAmounts and Deferred Interest), plus an amount sufficient to pay in full all amounts owing to the Indenture Trustee, the Master Servicer and the Securities Administrator pursuant to any Basic Document (which amounts shall be specified by such Person in writing upon request of the Issuer, the Master Servicer and the Securities Administrator, as applicable)) and amounts due and owing to the Swap Provider.