Common use of OPTIONAL REDEMPTION OF THE BONDS Clause in Contracts

OPTIONAL REDEMPTION OF THE BONDS. (a) The 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 Group 1 Loans and Group 2 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 Group 1 Loans and Group 2 Loans as of the Cut-off Date and the sum of the Group 1 Original Pre-Funded Amount and Group 2 Original Pre-Funded Amount and (ii) the Payment Date occurring in April 2014. The holder of the Owner Trust Certificates, or, if there is no single holder, the majority holder of the Owner Trust Certificates, may purchase the Group 3 Bonds from the trust, effecting the early retirement of the Group 3 Bonds, on or after the earlier of (i) the Payment Date on which the aggregate Stated Principal Balance of the Group 3 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 Group 3 Loans as of the Cut-off Date and (ii) the Payment Date occurring in April 2014. The purchase price for the Group 1 Bonds and Group 2 Bonds will be equal to 100% of the aggregate outstanding Bond Principal Balance of these Bonds and accrued and unpaid interest thereon (including any related Unpaid Interest Shortfall, Class 2-A Net WAC Shortfall Carry-Forward Amount and Basis Risk Shortfall Carry-Forward Amount) at the Bond Interest Rate through the date on which these Bonds are redeemed in full together with all amounts due and owing to the Indenture Trustee and the Grantor Trustee in relation to these called Bonds, plus an amount equal to any amounts owing to the Derivative Contract Counterparty under the related Derivative Contracts. The purchase price for the Group 3 Bonds will be equal to 100% of the aggregate outstanding Bond Principal Balance of the related Bonds and accrued and unpaid interest thereon (including any related Unpaid Interest Shortfall and Basis Risk Shortfall Carry-Forward Amount) at the Bond Interest Rate through the date on which these Bonds are redeemed in full together with all amounts due and owing to the Indenture Trustee and the Grantor Trustee in relation to these called Bonds, plus an amount equal to any amounts owing to the Derivative Contract Counterparty under the related Derivative Contracts.

OPTIONAL REDEMPTION OF THE BONDS. (a) The Majority ------------------------------------ Certificateholder shall have the option to redeem the Group 1 Bonds and the Group 2 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 Group 1 Loans and the Group 2 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 Group 1 Loans and Group 2 Loans as of the Cut-off Date and the sum of the Group 1 Original Pre-Funded Amount Balance and Group 2 Original PreCut-Funded Amount off Date Balance and (ii) the Payment Date occurring in April October 2014; provided, that if the Majority Certificateholder fails to exercise such option, the Bond Insurer will have the right to purchase the Group 1 Bonds and Group 2 Bonds at the same price and in the same manner as effected by the Majority Certificateholder. The holder of Majority Certificateholder shall have the Owner Trust Certificates, or, if there is no single holder, the majority holder of the Owner Trust Certificates, may purchase option to redeem the Group 3 Bonds from the trustin whole, effecting the early retirement of the Group 3 Bondsbut 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 Group 3 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 Group 3 Loans as of the Cut-off Date Balance and (ii) the Payment Date occurring in April October 2014. The purchase aggregate redemption price for the each Group 1 Bonds and Group 2 of Bonds will be equal to 100% of the aggregate outstanding unpaid Bond Principal Balance of these such Bonds and 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, Class 2-A Net WAC Shortfall Carry-Forward Amount and Basis Risk Shortfall Carry-Forward Amount) at ), plus an amount sufficient to pay in full all amounts owing to the Bond Interest Rate through Insurer and the date on Indenture Trustee under this Indenture and the Insurance Agreement (which these Bonds are redeemed amounts shall be specified in full together with all amounts due and owing to writing upon request of the Issuer by the Indenture Trustee and the Grantor Trustee in relation to these called Bonds, Bond Insurer) and plus an amount equal to any amounts owing to the Derivative Contract Counterparty under the related Derivative Contracts. The purchase price for the Group 3 Bonds will be equal to 100% of the aggregate outstanding Bond Principal Balance of the related Bonds and accrued and unpaid interest thereon (including any related Unpaid Interest Shortfall and Basis Risk Shortfall Carry-Forward Amount) at the Bond Interest Rate through the date on which these Bonds are redeemed in full together with all amounts due and owing to the Indenture Trustee and the Grantor Trustee in relation to these called Bonds, plus an amount equal to any amounts owing to the Derivative Contract Counterparty under the related Derivative Contracts.

OPTIONAL REDEMPTION OF THE BONDS. (a) The Majority Certificateholder shall have the option to redeem the Group 1 Bonds, the Group 2 Bonds and the Group 3 Bonds in whole, but not in part, on any Payment Date on or after the earlier of (i) the Payment Date on which the sum of the Group 2 Pre-Funded Amount and the aggregate Stated Principal Balance of the Group 1 Loans, the Group 2 Loans and the Group 3 Loans as of the end of the prior Due Period is less than or equal to 20% of the sum of the Group 2 Original Pre-Funded Amount and the aggregate Group 1 Cut-off Date Balance, Group 2 Cut-off Date Balance and Group 3 Cut-off Date Balance and (ii) the Payment Date occurring in November 2014; provided, that if the Majority Certificateholder fails to exercise such option, the Bond Insurer will have the right to purchase the Group 1 Bonds and Group 2 Bonds at the same price and in the same manner as effected by the Majority Certificateholder. The Majority Certificateholder shall have the option to redeem the Group 4 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 Group 1 Loans and Group 2 4 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 Group 1 Loans and Group 2 Loans as of the 4 Cut-off Date and the sum of the Group 1 Original Pre-Funded Amount and Group 2 Original Pre-Funded Amount Balance and (ii) the Payment Date occurring in April November 2014. The holder aggregate redemption price for each Group of Bonds will be equal to the Owner Trust Certificates, or, if there is no single holder, the majority holder unpaid Bond Principal Balance of the Owner Trust Certificates, may purchase the Group 3 such Bonds from the trust, effecting the early retirement as of the Group 3 Bonds, on or after the earlier of (i) the Payment Date on which the aggregate Stated Principal Balance of proposed redemption will take place in accordance with the Group 3 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 Group 3 Loans as of the Cut-off Date and (ii) the Payment Date occurring in April 2014. The purchase price for the Group 1 Bonds and Group 2 Bonds will be equal to 100% of the aggregate outstanding Bond Principal Balance of these Bonds and foregoing, together with accrued and unpaid interest thereon at the applicable Bond Interest Rate through such Payment Date (including any related Unpaid Interest Shortfall, Class 2-A Net WAC Shortfall Carry-Forward Amount and Basis Risk Shortfall Carry-Forward Amount) at ), plus an amount sufficient to pay in full all amounts owing to the Bond Interest Rate through Insurer and the date on Indenture Trustee under this Indenture and the Insurance Agreement (which these Bonds are redeemed amounts shall be specified in full together with all amounts due and owing to writing upon request of the Issuer by the Indenture Trustee and the Grantor Trustee in relation to these called Bonds, Bond Insurer) and plus an amount equal to any amounts owing to the Derivative Contract Counterparty under the related Derivative Contracts. The purchase price for the Group 3 Bonds will be equal to 100% of the aggregate outstanding Bond Principal Balance of the related Bonds and accrued and unpaid interest thereon (including any related Unpaid Interest Shortfall and Basis Risk Shortfall Carry-Forward Amount) at the Bond Interest Rate through the date on which these Bonds are redeemed in full together with all amounts due and owing to the Indenture Trustee and the Grantor Trustee in relation to these called Bonds, plus an amount equal to any amounts owing to the Derivative Contract Counterparty under the related Derivative Contracts.