Replacement Cap Contracts Clause Samples

Replacement Cap Contracts. The Cap Trustee shall, at the direction of CGMRC, as majority holder of the Class CE Certificates, or its designee, enforce all of its rights and exercise any remedies under the Cap Contract. In the event the Cap Contract is terminated as a result of the designation by either party thereto of an Early Termination Date (as defined therein), CGMRC, as majority holder of the Class CE Certificates, or its designee, shall find a replacement counterparty to enter into a replacement cap contract. Any Cap Termination Payment received by the Cap Trustee from the Cap Provider shall be deposited into the Cap Trust Account and shall be used to make any upfront payment required under a replacement cap contract and any upfront payment received from the counterparty to a replacement cap contract shall be used to pay any Cap Termination Payment owed to the Cap Provider. Notwithstanding anything contained herein, in the event that a replacement cap contract cannot be obtained within 30 days after receipt by the Cap Trustee of the Cap Termination Payment paid by the terminated Cap Provider, the Cap Trustee shall deposit such Cap Termination Payment into the Cap Trust Account and the Cap Trustee shall, on each Distribution Date, withdraw from such account, an amount equal to the Cap Payment, if any, that would have been paid to the Cap Trust by the original Cap Provider (computed in accordance with Exhibit A) and distribute such amount in accordance with Section 3(a) of this Agreement. On the Distribution Date immediately after the termination date of the original Cap Contract, the Cap Trustee shall withdraw any funds remaining in the Cap Account and distribute such amount in accordance with Section 3(a)(ii) of this Agreement. Upon an early termination of the Cap Contract, other than in connection with the optional termination of the Trust pursuant to Section 9.01 of the Pooling and Servicing Agreement, the Cap Trustee will use reasonable efforts to appoint a successor cap contract provider. The Cap Trustee will apply any termination payment received from the original Cap Provider in connection with such early termination of the Cap Contract to the upfront payment required to appoint the successor cap contract provider. If the Cap Trustee is unable to appoint a successor cap contract provider within 30 days of the early termination of the Cap Contract, then the Cap Trustee will establish, and will deposit any termination payment received from the original Cap Provider into, ...
View SourceView Similar (13)
Replacement Cap Contracts. The Trust Administrator shall, at the direction of the NIMS Insurer, if any, or, with the consent of the NIMS Insurer, if any, at the direction of CGMRC, enforce all of its rights and exercise any remedies under the Cap Contract. In the event the Cap Contract is terminated as a result of the designation by either party thereto of an Early Termination Date (as defined therein), the Trust Administrator shall, at the direction of CGMRC, find a replacement counterparty to enter into a replacement cap contract. Any Cap Termination Payment received by the Cap Administrator shall be deposited in the Cap Account and shall be used to make any upfront payment required under a replacement cap contract.
View SourceView Similar (4)
Replacement Cap Contracts. In the event of a default by a Cap Contract Counterparty with respect to the related Cap Contracts (a "Cap Contract Default"), the Issuer, at its expense, may, but shall not be required to, substitute a new cap contract for the existing Cap Contracts any other form of similar coverage for basis risk shortfalls; PROVIDED, HOWEVER, that the timing and mechanism for receiving payments under such new cap contracts shall be reasonably acceptable to the Indenture Trustee. It shall be a condition to substitution of any new cap contracts that there be delivered to the Indenture Trustee an Opinion of Counsel to the effect that such substitution would not (a) result in a "substantial modification" of the Bonds under Treasury Regulation section 1.1001-3, or adversely affect the status of the Bonds as indebtedness for federal income tax purposes, or (b) if 100% of the Certificates are not owned by IMH Assets Corp., cause the Trust to be subject to an entity level tax for federal income tax purposes.
View SourceView Similar (2)
Replacement Cap Contracts. In the event of a default by the Class A Cap Contract Counterparty or the Class B Cap Contract Counterparty with respect to the related Cap
View Source

Related to Replacement Cap Contracts

  • Securities Contract; Swap Agreement The parties hereto intend for (i) the Transaction to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code.

  • INTERIM ASSET SERVICING ARRANGEMENT With respect to each asset (or liability) designated from time to time by the Receiver to be serviced by the Assuming Bank pursuant to this Arrangement (such being designated as "Pool Assets"), during the term of this Arrangement, the Assuming Bank shall:

  • Banking Services and Swap Agreements Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services or Swap Agreements, written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary or Affiliate thereof to such Lender or Affiliate (whether matured or unmatured, absolute or contingent). In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to time after a significant change therein or upon a request therefor, a summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap Agreement Obligations. The most recent information provided to the Administrative Agent shall be used in determining which tier of the waterfall, contained in Section 2.18(b), such Banking Services Obligations and/or Swap Agreement Obligations will be placed.

  • Delinquent Child Support Obligations A child support obligor who is more than 30 days delinquent in paying child support and a business entity in which the obligor is a sole proprietor, partner, shareholder, or owner with an ownership interest of at least 25 percent is not eligible to receive payments from state funds under an agreement to provide property, materials, or services until all arrearages have been paid or the obligor is in compliance with a written repayment agreement or court order as to any existing delinquency. The Texas Family Code requires the following statement: “Under Section 231.006, Texas Family Code, the vendor or applicant certifies that the individual or business entity named in this contract, bid, or application is not ineligible to receive the specified grant, loan, or payment and acknowledges that this contract may be terminated and payment may be withheld if this certification is inaccurate.”

  • Delayed Delivery Contracts If the Prospectus provides for sales of Offered Securities pursuant to Delayed Delivery Contracts, the Company hereby authorizes the Underwriters to solicit offers to purchase Contract Securities on the terms and subject to the conditions set forth in the Prospectus pursuant to Delayed Delivery Contracts. Delayed Delivery Contracts may be entered into only with institutional investors approved by the Company of the types set forth in the Prospectus. On the Closing Date, the Company will pay to the Manager as compensation for the accounts of the Underwriters the commission set forth in the Underwriting Agreement in respect of the Contract Securities. The Underwriters will not have any responsibility in respect of the validity or the performance of any Delayed Delivery Contracts. If the Company executes and delivers Delayed Delivery Contracts with institutional investors, the aggregate amount of Offered Securities to be purchased by the several Underwriters shall be reduced by the aggregate amount of Contract Securities; such reduction shall be applied to the commitment of each Underwriter pro rata in proportion to the amount of Offered Securities set forth opposite such Underwriter's name in the Underwriting Agreement, except to the extent that the Manager determines that such reduction shall be applied in other proportions and so advises the Company; provided, however, that the total amount of Offered Securities to be purchased by all Underwriters shall be the aggregate amount set forth above, less the aggregate amount of Contract Securities.