Common use of Termination Prior to Maturity Date; and Optional Redemption Clause in Contracts

Termination Prior to Maturity Date; and Optional Redemption. (a) On the payment on or after which the Note Principal Amount (after giving effect to payments of principal on such Payment Date) declines to 10% or less of the Original Note Principal Amount (“Optional Redemption Date”), the Master Servicer, acting directly or through one or more Affiliates, may purchase from the Issuer all (but not fewer than all) of the Mortgage Loans and all other property, with the consent of the Insurer if such purchase will result in a draw on the Policy or any Reimbursement Amounts are owing to the Insurer or will be owing to the Insurer as a result of such purchase, of the Issuer at a cash price equal to the Optional Redemption Price. The Master Servicer shall deliver written notice of its intention to exercise such option to the Issuer, the Insurer, the Indenture Trustee and the Master Servicer not less than ten days prior to the applicable Payment Date. In connection with such purchase, the Master Servicer shall remit to the Indenture Trustee all amounts then on deposit in the Collection Account in respect of the related Total Distribution Amount for deposit to the Distribution Account, which deposit shall be deemed to have occurred immediately preceding such purchase. Promptly following any such purchase, the Indenture Trustee or the applicable Custodian shall release the Mortgage Files to the purchaser of such Mortgage Loans pursuant to this Section 6.02, or otherwise upon its order Section 8.03 [Reserved].

Termination Prior to Maturity Date; and Optional Redemption. (a) On the payment on or after which the Note Principal Amount (after giving effect to payments of principal on such Payment Date) declines to 10% or less of the Original Note Principal Amount (“Optional Redemption Date”), the Master Servicer, acting directly or through one or more Affiliates, may purchase from the Issuer all (but not fewer than all) of the Mortgage Loans and all other property, with the consent of the Insurer if such purchase will result in a draw on the Policy or any Reimbursement Amounts are owing to the Insurer or will be owing to the Insurer as a result of such purchase, of the Issuer at a cash price equal to the Optional Redemption Price. The Master Servicer shall deliver written notice of its intention to exercise such option to the Issuer, the Insurer, the Indenture Trustee and the Master Servicer not less than ten days prior to the applicable Payment Date. In connection with such purchase, the Master Servicer shall remit to the Indenture Trustee all amounts then on deposit in the Collection Account in respect of the related Total Distribution Amount for deposit to the Distribution Account, which deposit shall be deemed to have occurred immediately preceding such purchase. Promptly following any such purchase, the Indenture Trustee or the applicable Custodian shall release the Mortgage Files to the purchaser of such Mortgage Loans pursuant to this Section 6.02, or otherwise upon its order Section 8.03 [Reserved].order