Common use of The Corridor Contract Clause in Contracts

The Corridor Contract. (a) The Depositor hereby directs the Securities Administrator, solely in its capacity as Securities Administrator hereunder and not in its individual capacity, to execute and deliver the Corridor Contract concurrently with the execution and delivery of this Agreement. Except as may be directed in writing by the Depositor or by a majority in interest of the Holders of a Class of Certificates that have the benefit of the Corridor Contract, the Securities Administrator shall have no duty or responsibility to enter into any other interest rate cap contract or agreement upon the expiration or termination of the Corridor Contract. The Corridor Contract will be an asset of the Trust Fund but will not be an asset of any REMIC. The Securities Administrator shall deposit any amounts received from the Corridor Contract Counterparty with respect to the Corridor Contract into the Reserve Fund. (b) The Securities Administrator will prepare and deliver any notices required to be delivered to the Corridor Contract Counterparty under the Corridor Contract. (c) The Securities Administrator, on behalf of the Trustee shall terminate the Corridor Contract Counterparty upon the occurrence of an event of default under the Corridor Contract of which a Responsible Officer of the Securities Administrator has actual knowledge. Upon such a termination, the Corridor Contract Counterparty may be required to pay an amount to the Securities Administrator, on behalf of the Trustee, in respect of market quotations for the replacement cost of the Corridor Contract. (d) On each Distribution Date, following the distribution of any amounts in respect of interest pursuant to Section 5.02(a)(2)(iii), the Securities Administrator shall distribute amounts on deposit in the Reserve Fund from the Class 2-A-1 Corridor Contract, to the holders of the Class 2-A-1 Certificates. Amounts withdrawn from the Reserve Fund shall be distributed as follows: from any Class 2-A-1 Corridor Contract Payment on deposit in the Reserve Fund with 91 respect to any Distribution Date on prior to the Corridor Contract Termination Date on which one-month LIBOR exceeds 4.85%, an amount equal to interest for the related Interest Accrual Period on the Class Principal Balance of the Class 2-A-1 Certificates immediately prior to such Distribution Date at a rate equal to the excess of (i) the lesser of one-month LIBOR and 8.80% over (ii) 4.85%, to the holders of the Class 2-A-1 Certificates; For so long as the Corridor Contract is outstanding, in the event that there are any payments made under the Corridor Contract on any Distribution Date in excess of the Yield Supplement Amount for the Class 2-A-1 Certificates for that Distribution Date, those amounts will be distributed to the Corridor Contract Counterparty and will not be available to make payments on the Class 2-A-1 Certificates on that Distribution Date or any future Distribution Dates.

The Corridor Contract. (a) The Depositor hereby directs the Securities Administrator, solely Trust Administrator shall establish and maintain an Eligible Account in its capacity as Securities Administrator hereunder and not name, in its individual capacity, to execute and deliver the Corridor Contract concurrently with the execution and delivery of this Agreement. Except as may be directed in writing by the Depositor or by a majority in interest of the Holders of a Class of Certificates that have trust for the benefit of the Corridor ContractNoteholders, the Securities Administrator shall have no duty or responsibility to enter into any other interest rate cap contract or agreement upon the expiration or termination of the Corridor Contract. The Corridor Contract will be an asset of the Trust Fund but will not be an asset of any REMIC. The Securities Administrator shall deposit any amounts received from the Corridor Contract Counterparty with respect to the Corridor Contract into the Basis Risk Reserve Fund. (b) The Securities Trust Administrator will prepare and deliver any notices required to be delivered to shall deposit the Corridor Contract Counterparty under Receipt received on a Corridor Payment Date into the Corridor ContractBasis Risk Reserve Fund. Amounts on deposit in the Basis Risk Reserve Fund shall remain uninvested. (c) The Securities Administrator, on behalf of the Indenture Trustee shall terminate the Corridor Contract Counterparty upon the occurrence of an event of default or termination event under the a Corridor Contract of which a Responsible Officer of the Securities Administrator Indenture Trustee has actual knowledge. Upon such a termination, In the event that the Corridor Contract Counterparty may be required to pay an amount is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Trust Administrator shall, at the direction of Noteholders evidencing Voting Rights not less than 50% of the Notes, and to the Securities Administrator, on behalf extent a replacement contract is available (from a counterparty designated by the Seller and acceptable to Noteholders evidencing Voting Rights not less than 50% of the TrusteeNotes), in respect of market quotations for execute a replacement contract that the replacement cost of Seller has determined comparable to such Corridor Contract providing interest rate protection which is equal to the then-existing protection provided by the Corridor Contract; provided however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Corridor Counterparty. (d) [Reserved] (e) [Reserved] (f) On each Distribution Date, following the distribution of any amounts in respect of interest pursuant to Section 5.02(a)(2)(iii), the Securities Administrator shall distribute amounts on deposit in the Reserve Fund from the Class 2-A-1 Corridor Contract, to the holders of the Class 2-A-1 Certificates. Amounts withdrawn from the Reserve Fund shall be distributed as follows: from any Class 2-A-1 Corridor Contract Payment on deposit in the Reserve Fund with 91 respect to any Distribution Date on prior to the Corridor Contract Termination Date on during which one-month LIBOR exceeds 4.85%, an amount equal to interest for the related Interest Accrual Period on the Class Principal Balance of the Class 2-A-1 Certificates immediately prior to such Distribution Date at a rate equal to the excess of (i) the lesser of one-month LIBOR and 8.80% over (ii) 4.85%, to the holders of the Class 2-A-1 Certificates; For so long as the Corridor Contract is outstandingin effect, the Trust Administrator shall withdraw from the Basis Risk Reserve Fund the Corridor Receipt to make payments to the Notes, to the extent of any Basis Risk Shortfalls on such Notes, in the event order and priority described in Section 6.02(f)(i)(b) or (f)(ii)(k), as applicable. Any Corridor Receipts that there are any payments made under not applied to the Corridor Contract on any Distribution Date payment of Basis Risk Shortfalls in excess the manner described in the preceding sentence shall be paid by the Trust Administrator to the holder of the Yield Supplement Amount for the Class 2-A-1 Certificates for that Distribution Date, those amounts will be distributed to the Corridor Contract Counterparty and will not be available to make payments on the Class 2-A-1 Certificates on that Distribution Date or any future Distribution DatesOwnership Certificate.

The Corridor Contract. (a) The Depositor hereby directs the Securities Administrator, solely in its capacity as Securities Administrator hereunder and not in its individual capacity, to execute and deliver the Corridor Contract concurrently with the execution and delivery of this Agreement. Except as may be directed in writing by the Depositor or by a majority in interest of the Holders of a Class of Certificates that have the benefit of the Corridor Contract, the Securities Administrator shall have no duty or responsibility to enter into any other interest rate cap contract or agreement upon the expiration or termination of the Corridor Contract. The Corridor Contract will be an asset of the Trust Fund but will not be an asset of any REMIC. The Securities Administrator shall deposit any amounts received from the Corridor Contract Counterparty with respect to the Corridor Contract into the Reserve Fund. (b) The Securities Administrator will prepare and deliver any notices required to be delivered to the Corridor Contract Counterparty under the Corridor Contract. (c) The Securities Administrator, on behalf of the Trustee shall terminate the Corridor Contract Counterparty upon the occurrence of an event of default under the Corridor Contract of which a Responsible Officer of the Securities Administrator has actual knowledge. Upon such a termination, the Corridor Contract Counterparty may be required to pay an amount to the Securities Administrator, on behalf of the Trustee, in respect of market quotations for the replacement cost of the Corridor Contract. (d) On each Distribution Date, following the distribution of any amounts in respect of interest pursuant to Section 5.02(a)(2)(iii5.02(a)(1)(iii), the Securities Administrator shall distribute amounts on deposit in the Reserve Fund from the Class 21-A-1 Corridor Contract, to the holders of the Class 21-A-1 Certificates. Amounts withdrawn from the Reserve Fund shall be distributed as follows: from any Class 21-A-1 Corridor Contract Payment on deposit in the Reserve Fund with 91 respect to any Distribution Date on prior to the Corridor Contract Termination Date on which one-month LIBOR exceeds 4.855.05%, an amount equal to interest for the related Interest Accrual Period on the Class Principal Balance of the Class 21-A-1 Certificates immediately prior to such Distribution Date at a rate equal to the excess of (i) the lesser of one-month LIBOR and 8.80% over (ii) 4.855.05%, to the holders of the Class 21-A-1 Certificates; For so long as the Corridor Contract is outstanding, in the event that there are any payments made under the Corridor Contract on any Distribution Date in excess of the Yield Supplement Amount for the Class 21-A-1 Certificates for that Distribution Date, those amounts will be distributed to the Corridor Contract Counterparty and will not be available to make payments on the Class 21-A-1 Certificates on that Distribution Date or any future Distribution Dates.