Common use of Redemption of Certificates Clause in Contracts

Redemption of Certificates. Notwithstanding anything to the contrary in Section 10.02 of the Standard Terms, the obligations created by the Trust Agreement shall terminate (a) with respect to the Track 1 Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC I Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 1 Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related to the Track 1 Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track 1 Loans is equal to or less than 10% of the aggregate Scheduled Principal Balance of such Track 1 Loans as of the Cut-Off Date and (b) with respect to the Track 2 Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC II Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 2 Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related to the Track 2 Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track 2 Loans is equal to or less than 10% of the aggregate Scheduled Principal Balance of such Track 2 Loans as of the Cut-Off Date. Written notice of any such termination shall be given to each applicable Certificateholder, and the final distribution shall be made only upon surrender and cancellation of such Certificates at an office or agency appointed by the Trustee which will be specified in the notice of termination. Any repurchase of the assets of the Trust pursuant to this Section 4.03 shall be made at a price equal to the Termination Price.

Redemption of Certificates. Notwithstanding There shall be no right to redemption pursuant to Section 10.01 of the Standard Terms. Moreover, notwithstanding anything to the contrary in Section 10.02 of the Standard Terms, the obligations created by the this Trust Agreement shall will terminate (a) with respect to the Track 1 Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC I Distribution Account required to be paid to such the Certificateholders pursuant to the this Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 1 Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related by The Master Servicer (and if The Master Servicer does not notify the Trustee of its intention to purchase the assets within a period of five Business Days from the first date on which such condition is satisfied, the Depositor may cause The Master Servicer to (i) exercise such right and (ii) sell the Mortgage Loans to the Track 1 Loan Group by the Master Servicer Depositor) upon the date on which the aggregate Scheduled Principal Balance of the Track 1 Mortgage Loans is equal to or less than 101.00% of the aggregate Scheduled Principal Balance of such Track 1 Loans as of the Cut-Off Date and (b) with respect to the Track 2 Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC II Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 2 Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related to the Track 2 Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track 2 Loans is equal to or less than 10% of the aggregate Scheduled Principal Balance of such Track 2 Loans as of the Cut-Off Date. Written notice of any such termination shall be given to each applicable Certificateholder, and the final distribution shall be made only upon surrender and cancellation of such the Certificates at an office or agency appointed by the Trustee Securities Administrator, which will be specified in the notice of termination. Any repurchase of the assets of the Trust pursuant to this Section 4.03 shall be made at a price equal to the Termination Price.

Redemption of Certificates. Notwithstanding anything to the contrary in Section 10.02 of the Standard Terms, the obligations created by the Trust Agreement shall will terminate (a) with respect to the Track 1 Hybrid Group Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC I Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 1 Hybrid Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related to the Track 1 Hybrid Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track 1 Hybrid Group Loans is equal to or less than 10% of the aggregate Scheduled Principal Balance of such Track 1 Hybrid Group Loans as of the Cut-Off Date and (b) with respect to the Track 2 Seasoned Group Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC II Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 2 Seasoned Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related to the Track 2 Seasoned Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track 2 Seasoned Group Loans is equal to or less than 101% of the aggregate Scheduled Principal Balance of such Track 2 Seasoned Group Loans as of the Cut-Off Date. Written notice of any such termination shall be given to each applicable Certificateholder, and the final distribution shall be made only upon surrender and cancellation of such Certificates at an office or agency appointed by the Trustee which will be specified in the notice of termination. Any repurchase of the assets of the Trust pursuant to this Section 4.03 shall be made at a price equal to the Termination Price.

Redemption of Certificates. Notwithstanding anything to Section 10.01 Redemption at the contrary in Section 10.02 Option of the Standard Terms, Transferor; Election to Redeem. The Transferor shall have the obligations created by the Trust Agreement shall terminate option to redeem (a) with respect to the Track 1 Loans upon payment to the applicable Certificateholders of all applicable amounts held at any time except as may be otherwise specified in the Collection Accountrelated Supplement, the Certificate Account and the REMIC I Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 1 Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets Outstanding Certificates of any Series of Class B Certificates at any time after the Trust related to Outstanding Principal Amount of such Class of Certificates in the Track 1 Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track 1 Loans Series is equal to or less than 10% of the aggregate Scheduled original Outstanding Principal Balance Amount of such Track 1 Loans Class of Certificates as of the Cut-Off related Delivery Date and provided that the Outstanding Principal Amount of the Related Series of Class A Certificates has been reduced to zero and (b) with respect to the Track 2 Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC II Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 2 Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets Outstanding Certificates of any Series of Class A Certificates, at any time after the Trust related to Outstanding Principal Amount of such Class of Certificates in the Track 2 Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track 2 Loans Series is equal to or less than 10% of the aggregate Scheduled Outstanding Principal Balance Amount of such Track 2 Loans Class of Certificates as of the Cut-Off related Funding Termination Date, in each case at the applicable Redemption Price plus any fees due hereunder and all amounts due to MBIA under the Insurance Agreement. Written notice With respect to any redemption permitted by clause (b) above, MBIA shall have the same option to redeem any Series of any such termination Class A Certificates in the absence of the exercise thereof by the Transferor. The Transferor shall be given to each applicable Certificateholder, set the Redemption Date and the final distribution Redemption Record Date for a Series of Certificates and give notice thereof to the Trustee pursuant to Section 10.02 hereof. Installments of interest and principal that are due regarding a Series of Certificates on or prior to the related Redemption Date shall continue to be made only upon surrender and cancellation payable to the Holders of such Certificates at an office or agency appointed by the Trustee which will be specified in the notice of termination. Any repurchase called for redemption as of the assets relevant Record Dates according to their terms and the provisions of Section 2.08 hereof. The election of the Trust Transferor or MBIA to redeem any Class A Certificates pursuant to this Section 4.03 shall be made at evidenced by a price equal Board Resolution or written notice from MBIA, respectively, directing the Trustee to make the Termination Pricepayment of the Redemption Price on all of the Certificates to be redeemed from monies deposited with the Trustee pursuant to Section 10.04 hereof.

Redemption of Certificates. Notwithstanding There shall be no right to redemption pursuant to Section 10.01 of the Standard Terms. Moreover, notwithstanding anything to the contrary in Section 10.02 of the Standard Terms, the obligations created by the this Trust Agreement shall will terminate (a) with respect to the Track 1 Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC I Distribution Account required to be paid to such the Certificateholders pursuant to the this Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 1 Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related by Xxxxx Fargo (and if Xxxxx Fargo does not notify the Trustee of its intention to purchase the assets within a period of five Business Days from the first date on which such condition is satisfied, the Depositor may cause Xxxxx Fargo to (i) exercise such right and (ii) sell the Mortgage Loans to the Track 1 Loan Group by the Master Servicer Depositor) upon the date on which the aggregate Scheduled Principal Balance of the Track 1 Mortgage Loans is equal to or less than 101.00% of the aggregate Scheduled Principal Balance of such Track 1 Loans as of the Cut-Off Date and (b) with respect to the Track 2 Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC II Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 2 Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related to the Track 2 Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track 2 Loans is equal to or less than 10% of the aggregate Scheduled Principal Balance of such Track 2 Loans as of the Cut-Off Date. Written notice of any such termination shall be given to each applicable Certificateholder, and the final distribution shall be made only upon surrender and cancellation of such the Certificates at an office or agency appointed by the Trustee Securities Administrator, which will be specified in the notice of termination. Any repurchase of the assets of the Trust pursuant to this Section 4.03 shall be made at a price equal to the Termination Price.

Redemption of Certificates. Notwithstanding anything to the contrary in Section 10.02 of the Standard Terms, the obligations created by the Trust Agreement shall terminate (a) with respect to the Track Group 1 Mortgage Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC I Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track Group 1 Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related to the Track Group 1 Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track Group 1 Mortgage Loans is equal to or less than 10% of the aggregate Scheduled Principal Balance of such Track 1 Mortgage Loans as of the Cut-Off Date and (b) with respect to the Track 2 Group 2, Group 3, Group 4 or Group 5 Mortgage Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC II Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 2 Loan Group 2, Group 3, Group 4 or Group 5 remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related to the Track 2 Loan Group 2, Group 3, Group 4 and Group 5 Mortgage Loans by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track 2 Group 2, Group 3, Group 4 and Group 5 Mortgage Loans is equal to or less than 10% of the aggregate Scheduled Principal Balance of such Track 2 Mortgage Loans as of the Cut-Off Date. Written notice of any such termination shall be given to each applicable Certificateholder, and the final distribution shall be made only upon surrender and cancellation of such Certificates at an office or agency appointed by the Trustee Securities Administrator which will be specified in the notice of termination. Any repurchase of the assets of the Trust pursuant to this Section 4.03 shall be made at a price equal to the Termination Price.

Redemption of Certificates. Notwithstanding anything to Section 10.01 Redemption at the contrary in Section 10.02 Option of the Standard Terms, Transferor; Election to Redeem. The Transferor shall have the obligations created by the Trust Agreement shall terminate option to redeem (a) with respect to the Track 1 Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC I Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 1 Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets Outstanding Class B Certificates at any time after the Class A Certificates have been redeemed or the Class A Certificate Balance has been reduced to zero and (b) all of the Trust related to Outstanding Class A Certificates at any time after the Track 1 Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Class A Certificate Balance of the Track 1 Loans is equal to or less than 10% of the aggregate Scheduled Principal Class A Certificate Balance of such Track 1 Loans as of the Cut-Off Date Closing Date, in each case at the applicable Redemption Price plus any fees due hereunder and all amounts due to MBIA under the Insurance Agreement. With respect to any redemption permitted by clause (b) with respect above, MBIA shall have the same option to redeem the Class A Certificates in the absence of the exercise thereof by the Transferor. The Transferor shall set the Redemption Date and the Redemption Record Date for the Certificates and give notice thereof to the Track 2 Loans upon payment Trustee pursuant to Section 10.02 hereof. Installments of principal and interest that are due regarding a Class of Certificates on or prior to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC II Distribution Account required related Redemption Date shall continue to be paid to such Certificateholders pursuant payable to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 2 Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related to the Track 2 Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track 2 Loans is equal to or less than 10% of the aggregate Scheduled Principal Balance Holders of such Track 2 Loans Certificates called for redemption as of the Cut-Off Date. Written notice of any such termination shall be given relevant Record Dates according to each applicable Certificateholder, the terms and the final distribution shall be made only upon surrender and cancellation provisions of such Certificates at an office or agency appointed by the Trustee which will be specified in the notice of terminationSection 2.08 hereof. Any repurchase The election of the assets of the Trust Transferor or MBIA to redeem any Certificates pursuant to this Section 4.03 shall be made at evidenced by a price equal Board Resolution or written notice from MBIA, respectively, directing the Trustee to make the Termination Pricepayment of the Redemption Price on all of the Certificates to be redeemed from monies deposited with the Trustee pursuant to Section 10.04 hereof.

Redemption of Certificates. Notwithstanding anything to the contrary in Section 10.02 of the Standard Terms, the obligations created by the Trust Agreement shall terminate (a) with respect to the Track 1 Short Reset Group Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC I Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 1 Short Reset Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related to the Track 1 Short Reset Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track 1 Short Reset Group Loans is equal to or less than 10% of the aggregate Scheduled Principal Balance of such Track 1 Short Reset Group Loans as of the Cut-Off Date and (b) with respect to the Track 2 Hybrid Group Loans upon payment to the applicable Certificateholders of all applicable amounts held in the Collection Account, the Certificate Account and the REMIC II Distribution Account required to be paid to such Certificateholders pursuant to the Trust Agreement, following the earlier of: (i) the final payment or other liquidation (or any Advance with respect thereto) of the last Mortgage Loan related to the Track 2 Hybrid Loan Group remaining in the Trust or the disposition of all property acquired upon foreclosure of any such Mortgage Loan and (ii) the repurchase of all of the assets of the Trust related to the Track 2 Hybrid Loan Group by the Master Servicer upon the date on which the aggregate Scheduled Principal Balance of the Track 2 Hybrid Group Loans is equal to or less than 10% of the aggregate Scheduled Principal Balance of such Track 2 Hybrid Group Loans as of the Cut-Off Date. Written notice of any such termination shall be given to each applicable Certificateholder, and the final distribution shall be made only upon surrender and cancellation of such Certificates at an office or agency appointed by the Trustee which will be specified in the notice of termination. Any repurchase of the assets of the Trust pursuant to this Section 4.03 shall be made at a price equal to the Termination Price.