TO WAIVE ANY REMEDY EVENT UNDER THIS AGREEMENT.
UNLESS SUCH WAIVER
EXPRESSLY PROVIDES TO THE CONTRARY, ANY WAIVER SO GRANTED SHALL EXTEND ONLY TO
THE SPECIFIC EVENT OR OCCURRENCE WHICH GAVE RISE TO THE REMEDY EVENT SO WAIVED
AND NOT TO ANY OTHER SIMILAR EVENT OR OCCURRENCE WHICH OCCURS SUBSEQUENT TO THE
DATE OF SUCH WAIVER.
Section 7.3
Release Events; Bond Purchase Loans.
(A)
EXERCISE OF RIGHT OF SPONSOR TO FUND OR CAUSE FUNDING IN
CONNECTION WITH RELEASE EVENT.
SUBJECT TO THE LAST SENTENCE OF THIS
SECTION 7.3(A), UPON THE OCCURRENCE OF CIRCUMSTANCES WHICH CONSTITUTE A RELEASE
EVENT UNDER ANY SERIES CERTIFICATE AGREEMENT, THE SPONSOR SHALL HAVE THE RIGHT
TO DIRECT FREDDIE MAC TO DESIGNATE A RELEASE EVENT WITH RESPECT TO THE RELATED
ISSUE OF BONDS, ALONG WITH THE RIGHT ECONOMICALLY TO FUND OR CAUSE THE FUNDING
OF THE PURCHASE OF SUCH BONDS AS PROVIDED IN THIS SECTION 7.3(A).
(THE SPONSOR
SHALL BE REQUIRED TO EXERCISE SUCH RIGHT AND TO FUND OR CAUSE SUCH FUNDING WHEN
REQUIRED TO BY FREDDIE MAC IN CONNECTION WITH A REPURCHASE INACCURACY PURSUANT
TO SECTION 2.4.)
IF THE SPONSOR ELECTS TO EXERCISE ANY SUCH RIGHT BY GIVING
NOTICE TO FREDDIE MAC (OR IS REQUIRED TO DO SO PURSUANT TO SECTION 2.4), THE
SPONSOR SHALL PROVIDE OR CAUSE TO BE PROVIDED SUFFICIENT IMMEDIATELY AVAILABLE
FUNDS TO FREDDIE MAC TO FUND THE OUTSTANDING PRINCIPAL BALANCE, TOGETHER WITH
ALL ACCRUED INTEREST THEREON (THE "PURCHASE PRICE") OF THE AFFECTED BONDS NOT
LATER THAN 11:00 A.M. WASHINGTON, D.C. TIME, ON THE BUSINESS DAY PRIOR TO THE
RELEASE EVENT DATE DESIGNATED BY FREDDIE MAC, TOGETHER WITH HYPOTHETICAL GAIN
SHARE, IF ANY, IN CONNECTION WITH SUCH RELEASE EVENT.
(IF THE SPONSOR MAKES
SUCH ELECTION AND FAILS TO PROVIDE OR CAUSE TO BE PROVIDED SUCH FUNDS TO FREDDIE
MAC WHEN REQUIRED, SUCH RELEASE EVENT SHALL BE CANCELLED.)
ALL MONEYS PROVIDED
OR CAUSED TO HAVE BEEN PROVIDED BY THE SPONSOR TO FREDDIE MAC FOR THE PURCHASE
OF SUCH BONDS, SHALL BE APPLIED AS PROVIDED IN THE SERIES CERTIFICATE
AGREEMENT.
TO THE EXTENT THAT SUCH APPLICATION RESULTS IN THE REDEMPTION OF ALL
CLASS A CERTIFICATES WITHIN THE RELATED SERIES POOL(S), THE BALANCE, IF ANY, OF
SUCH PURCHASE PRICE WILL BE USED TO REDEEM CLASS B CERTIFICATES AND SHALL BE
PAID TO THE PLEDGE CUSTODIAN UNDER THIS AGREEMENT.
PURSUANT TO, AND TO THE
EXTENT REQUIRED IN SECTION 8.8 RELATING TO SPECIAL ADJUSTMENT EVENTS, SUCH
MONIES, ALONG WITH THE LIQUIDATION PROCEEDS FROM ANY REMAINING RELATED BONDS,
SHALL BE USED TO PURCHASE CLASS A CERTIFICATES IN THE UNRELATED SERIES POOL
DESIGNATED IN THE SERIES CERTIFICATE AGREEMENT FOR SUCH PURPOSE, AND THOSE
CLASS A CERTIFICATES SO PURCHASED SHALL BE DEEMED PLEDGED CLASS A CERTIFICATES
AND HELD UNDER ARTICLE
47
VIII OF THIS AGREEMENT.
ANY SUCH PLEDGED CLASS A CERTIFICATES SHALL NOT BE
REMARKETED WITHOUT THE PRIOR WRITTEN CONSENT OF FREDDIE MAC IN ITS SOLE
DISCRETION.
THE FOREGOING NOTWITHSTANDING, THE SPONSOR MAY ONLY EXERCISE ITS
OPTION TO DIRECT FREDDIE MAC TO DESIGNATE A RELEASE EVENT AS AFORESAID AND FOR