Common use of OPTIONAL REDEMPTION OF THE BONDS Clause in Contracts

OPTIONAL REDEMPTION OF THE BONDS. (a) The Holder of the Certificates shall have the option to redeem the 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 Loans as of the end of the prior Due Period is less than or equal to 25% of the aggregate Stated Principal Balance of the Mortgage Loans as of Cut-off Date, but not earlier than the Payment Date occurring in February 2005 and (ii) the Payment Date in September 2012. The aggregate redemption price for the Bonds will be equal to the sum of (i) 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), (ii) the Class A-IO Adjusted Issue Price for the Class A-IO Bonds and (iii) an amount sufficient to pay in full all amounts owing to the Bond Insurer and the Indenture Trustee under this Indenture and the Insurance Agreement (which amounts shall be specified in writing upon request of the Issuer by the Indenture Trustee and the Bond Insurer).

OPTIONAL REDEMPTION OF THE BONDS. (a) The Holder of the Certificates shall have the option to redeem the 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 Loans as of the end of the prior Due Period is less than or equal to 2520% of the sum of the aggregate Stated Principal Balance of the Mortgage Loans as of Cut-off Date, but not earlier than Date and the Payment Date occurring in February 2005 Original Pre-Funded Amount and (ii) the Payment Date in September May 2012. The aggregate redemption price for the Bonds will be equal to the sum of (i) 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), (ii) the Class A-IO Adjusted Issue Price for the Class A-IO Bonds and (iii) plus an amount sufficient to pay in full all amounts owing to the Bond Insurer and the Indenture Trustee under this Indenture and the Insurance Agreement (which amounts shall be specified in writing upon request of the Issuer by the Indenture Trustee and the Bond Insurer).

OPTIONAL REDEMPTION OF THE BONDS. (a) The Holder of the Certificates Majority Certificateholder shall have the option to redeem the 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 Loans as of the end of the prior Due Period is less than or equal to 25% of the sum of the aggregate Stated Principal Balance of the Initial Mortgage Loans as of Cut-off Date, but not earlier than Date and the Payment Date occurring in February 2005 Original Pre- Funded Amount and (ii) the Payment Date in September 2012August 2013. The aggregate redemption price for the Bonds will be equal to the sum of (i) 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), (ii) the Class A-IO Adjusted Issue Price for the Class A-IO Bonds and (iii) plus an amount sufficient to pay in full all amounts owing to the Bond Insurer and the Indenture Trustee under this Indenture and the Insurance Agreement (which amounts shall be specified in writing upon request of the Issuer by the Indenture Trustee and the Bond Insurer).Indenture

OPTIONAL REDEMPTION OF THE BONDS. (a) The Holder of the Certificates shall have the option to redeem the 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 Loans as of the end of the prior Due Period is less than or equal to 2520% of the sum of the aggregate Stated Principal Balance of the Mortgage Loans as of Cut-off Date, but not earlier than Date and the Payment Date occurring in February 2005 Original Pre-Funded Amount and (ii) the Payment Date in September July 2012. The aggregate redemption price for the Bonds will be equal to the sum of (i) 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), (ii) the Class A-IO Adjusted Issue Price for the Class A-IO Bonds and (iii) plus an amount sufficient to pay in full all amounts owing to the Bond Insurer and the Indenture Trustee under this Indenture and the Insurance Agreement (which amounts shall be specified in writing upon request of the Issuer by the Indenture Trustee and the Bond Insurer).

OPTIONAL REDEMPTION OF THE BONDS. (a) The Holder of On or after the Certificates Payment Date in January 2006, the Majority Certificateholder shall have the option to redeem the Bonds Bonds, other than the Class A-IO 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 Loans as of the end of the prior Due Period is less than or equal to 2520% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, but not earlier than the Payment Date occurring in February 2005 and (ii) the Payment Date in September 2012July 2013. The aggregate redemption price for the Bonds will be equal to the sum of (i) 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 or Basis Risk Shortfall Carry-Forward Amount), (ii) the Class A-IO Adjusted Issue Price for the Class A-IO Bonds and (iii) plus an amount sufficient to pay in full all amounts owing to the Bond Insurer and the Indenture Trustee under this Indenture and the Insurance Agreement (which amounts shall be specified in writing upon request of the Issuer by the Indenture Trustee and the Bond InsurerTrustee).