The Corridor Contracts Sample Clauses
The Corridor Contracts. The Seller shall assign all of its right, title and interest in and to the interest rate cap transactions evidenced by the Corridor Contracts to, and shall cause all of its obligations in respect of such transaction to be assumed by, the Trustee on behalf of the Trust Fund, on the terms and conditions set forth in the Corridor Contract Assignment Agreement. The Corridor Contracts will be assets of the Trust Fund but will not be assets of any REMIC. The Master Servicer, on behalf of the Trustee, shall deposit any amounts received from time to time with respect to the Corridor Contracts into the Carryover Reserve Fund. The parties hereto acknowledge and agree that the Trustee is directed and authorized by the Depositor to sign the Corridor Contract Assignment Agreements and shall be fully protected in relying thereon. The representations made by the Bank of New York as Assignee under the Corridor Contract Assignment Agreements are made by the Trustee on behalf of, and solely as Trustee (and not in its individual capacity) for the Trust Fund. The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the Corridor Contracts. The Master Servicer, on behalf of the Trustee, shall act as calculation agent and/or shall terminate the Corridor Contracts, in each case upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Corridor Contract Counterparty will be obligated to pay the Trustee or the Master Servicer for the benefit of the Trust Fund an amount in respect of such termination. Any amounts received by the Trustee or the Master Servicer for the benefit of the Trust Fund, as the case may be, in respect of such termination shall be deposited and held in the Carryover Reserve Fund to pay Net Rate Carryover for the applicable Certificates (by deposit of the amount of any such Net Rate Carryover in the Carryover Reserve Fund for payment to the related Certificateholders) as provided in Section 4.04(a) on Distribution Dates following such termination to and including the related Corridor Contract Termination Date. On the related Corridor Contract Termination Date, after all other distributions on such date, if any such amounts in respect of early termination remain in the Carryover Reserve Fund, such amounts shall be distributed by the Trustee to the Class C Certificateholder.
The Corridor Contracts. (a) Countrywide shall cause Credit Suisse Management LLC, an affiliate of Credit Suisse Securities (USA) LLC, to assign all of its right, title and interest in and to the Class 1-A-1, Class 2-A-7 and Class 2-A-8 Corridor Contracts to, and shall cause all of its obligations in respect of such transaction to be assumed by, the Supplemental Interest Trustee on behalf of the Supplemental Interest Trust, on the terms and conditions set forth in the related Novation Confirmation. The Class 1-A-1, Class 2-A-7 and Class 2-A-8 Corridor Contracts will not be assets of the Trust Fund or of any REMIC. The Supplemental Interest Trustee shall cause to be deposited any amounts received from time to time with respect to the Class 1-A-1, Class 2-A-7 and Class 2-A-8 Corridor Contracts into the Combined Corridor Contract Reserve Fund. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall prepare and deliver any notices required to be delivered under the Class 1-A-1, Class 2-A-7 and Class 2-A-8 Corridor Contracts. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall act as calculation agent and/or shall terminate the Class 1-A-1, Class 2-A-7 or Class 2-A-8 Corridor Contract, upon the occurrence of certain events of default or termination events to the extent specified in the Corridor Contract. Upon any such termination, the Corridor Contract Counterparty will be obligated to pay the Supplemental Interest Trustee, for the benefit of the Supplemental Interest Trust, an amount in respect of such termination. Any amounts received by the Supplemental Interest Trustee in respect of the termination of the Class 1-A-1, Class 2-A-7 or Class 2-A-8 Corridor Contract shall be deposited and held in the Combined Corridor Contract Reserve Fund and applied on future Distribution Dates to pay the Yield Supplement Amount on the Class 1-A-1, Class 2-A-7 and Class 2-A-8 Certificates, as applicable. Any amounts remaining in the Combined Corridor Contract Reserve Fund on the Distribution Date immediately following the earlier of (x) the latest Corridor Contract Scheduled Termination Date related to the Class 1-A-1, Class 2-A-7 or Class 2-A-8 Certificates and (y) the date on which the aggregate Class Certificate Balance of the Class 1-A-1, Class 2-A-7 and Class 2-A-8 Certificates has been reduced to zero, will be distributed to the Underwriter (Senior).
(b) Countrywide shall cause The Bank of New York to enter into the Class 1-A-2 Corridor Contract Adminis...
The Corridor Contracts. The Trustee on behalf of the Trust Fund, shall enter into two interest rate cap transactions evidenced by the Corridor Contracts, on the terms and conditions set forth in the Corridor Contract Assignment Agreements. The Corridor Contracts will be an asset of the Trust Fund but will not be an asset of any REMIC. The Securities Administrator, on behalf of the Trustee, shall deposit any amounts received from time to time with respect to the Corridor Contracts into the Basis Risk Shortfall Reserve Fund. The Securities Administrator, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the Corridor Contracts. The Securities Administrator, on behalf of the Trustee, shall terminate the Corridor Contracts upon the occurrence of certain events of default or termination events to the extent specified thereunder.
The Corridor Contracts. The Corridor Contracts will be an asset of the Trust Fund but will not be an asset of any REMIC. The Master Servicer, on behalf of the Trustee, shall cause to be deposited any amounts received from time to time with respect to the Corridor Contracts into the Corridor Contract Reserve Fund. The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the Corridor Contracts. The Master Servicer, on behalf of the Trustee, shall act as calculation agent and/or shall terminate the Corridor Contracts, upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the related Corridor Contract Counterparty will be obligated to pay the Trustee, for the benefit of the Trust Fund, an amount in respect of such termination. Any amounts received by the Trustee for the benefit of the Trust Fund in respect of the termination of the Corridor Contracts shall be deposited and held in the Corridor Contract Reserve Fund and applied on future Distribution Dates to pay any related Yield Supplement Amounts on the Class of Covered Certificates. Any amounts remaining in the Corridor Contract Reserve Fund on the Distribution Date immediately following the earlier of (x) the latest Corridor Contract Scheduled Termination Date and (y) the date on which the aggregate Class Certificate Balance of the Covered Certificates has been reduced to zero, will be distributed to Banc of America Securities LLC.
The Corridor Contracts. The Corridor Contracts will not be assets of the Trust Fund or of any REMIC. The Supplemental Interest Trustee shall cause to be deposited into the Corridor Contract Reserve Fund any amounts received from time to time with respect to each Corridor Contract. The Trustee shall prepare and deliver any notices required to be delivered under each Corridor Contract. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall act as calculation agent and/or shall terminate each Corridor Contract upon the occurrence of certain events of default or termination events to the extent specified in such Corridor Contract. Upon any such termination, the Corridor Contract Counterparty will be obligated to pay the Supplemental Interest Trustee, for the benefit of the Supplemental Interest Trust, an amount in respect of such termination. Any amounts received by the Supplemental Interest Trustee in respect of the termination of a Corridor Contract shall be deposited and held in the Corridor Contract Reserve Fund and applied on future Distribution Dates to pay the Yield Supplement Amount on the related Class of Covered Certificates. Any amounts remaining in the Corridor Contract Reserve Fund on the Distribution Date immediately following the earlier of (i) the reduction of the aggregate Class Certificate Balance of the Covered Certificates to zero, and (ii) the latest Corridor Contract Scheduled Termination Date will be distributed to the Underwriter (Senior).
The Corridor Contracts. The Master Servicer shall cause Countrywide (or its relevant affiliate) to assign all of its right, title and interest in and to the Corridor Contracts to, and shall cause all of Countrywide's obligations in respect of such transactions to be assumed by, the Trustee on behalf of the Trust Fund, on the terms and conditions set forth in the Assignment Agreement. The Corridor Contracts will be assets of the Trust Fund but will not be assets of any REMIC. The Master Servicer, on behalf of the Trustee, shall cause to be deposited any amounts received from time to time with respect to the Corridor Contracts into the Corridor Contract Reserve Fund. The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the Corridor Contracts. The Master Servicer, on behalf of the Trustee, shall, upon receipt of direction from Countrywide, act as calculation agent and/or shall terminate the Corridor Contracts, in each case upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the applicable Corridor Contract Counterparty will be obligated to pay the Trustee, for the benefit of the Trust Fund, an amount in respect of such termination. Any amounts received by the Trustee for the benefit of the Trust Fund in respect of such termination shall be deposited and held in the Corridor Contract Reserve Fund and applied on future Distribution Dates to pay any related Yield Supplement Amount on the Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 1-A-5 and Class 5-A-1 Certificates, as applicable. Any amounts remaining in the Corridor Contract Reserve Fund, after the earlier of (i) the date on which the Class Certificate Balances of the Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 1-A-5 and Class 5-A-1 Certificates have been reduced to zero and (ii) the applicable Corridor Contract Scheduled Termination Date, will be distributed to the Underwriter.
The Corridor Contracts. The Supplemental Interest Trustee will enter into the Corridor Contracts with the Corridor Contract Counterparty for the benefit of the Covered Certificates. The Corridor Contracts will not be assets of the Trust Fund or any REMIC. The Corridor Contracts instead will be assets of the Supplemental Interest Trust. The Trustee, on behalf of the Supplemental Interest Trust, shall cause to be deposited any amounts received from time to time with respect to the Corridor Contracts into the Corridor Contract Reserve Fund. The Trustee, on behalf of the Supplemental Interest Trust, shall act as calculation agent and/or shall terminate the Corridor Contracts, upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Corridor Contract Counterparty will be obligated to pay the Trustee, for the benefit of the Supplemental Interest Trust, an amount in respect of such termination. Any amounts received by the Trustee for the benefit of the Supplemental Interest Trust in respect of the termination of a Corridor Contract shall be deposited and held in the Corridor Contract Reserve Fund and applied on future Distribution Dates to pay the related Yield Supplement Amount on the Covered Certificates. Any amounts remaining in the Corridor Contract Reserve Fund on the Distribution Date immediately following the earlier of (x) the termination of this Agreement and (y) the date on which the aggregate Class Certificate Balance of the Covered Certificates has been reduced to zero, will be distributed to the Underwriter (Senior), and will not be available for payment of any Yield Supplement Amounts on the Covered Certificates.
The Corridor Contracts. Countrywide shall assign all of its right, title and interest in and to the Corridor Contracts to, and shall cause all of its obligations in respect of such transactions to be assumed by, the Supplemental Interest Trustee on behalf of the Supplemental Interest Trust, on the terms and conditions set forth in the applicable Assignment Agreement. The Corridor Contracts will not be assets of the Trust Fund or of any REMIC. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall cause to be deposited any amounts received from time to time with respect to each Corridor Contract into the Corridor Contract Reserve Fund. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall prepare and deliver any notices required to be delivered under each Corridor Contract. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall act as calculation agent and/or shall terminate each Corridor Contract, upon the occurrence of certain events of default or termination events to the extent specified in such Corridor Contract. Upon any such termination, the related Corridor Contract Counterparty will be obligated to pay the Supplemental Interest Trustee, for the benefit of the Supplemental Interest Trust, an amount in respect of such termination. Any amounts received by the Supplemental Interest Trustee in respect of the termination of a Corridor Contract shall be deposited and held in the Corridor Contract Reserve Fund and applied on future Distribution Dates to pay the Yield Supplement Amount on the related Class of Covered Certificates.
The Corridor Contracts. The Corridor Contracts will be an asset of the Trust Fund but will not be an asset of any REMIC. The Master Servicer, on behalf of the Trustee, shall cause to be deposited any amounts received from time to time with respect to the Corridor Contracts into the Corridor Contract Reserve Fund. The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the Corridor Contracts. The Master Servicer, on behalf of the Trustee, shall, upon receipt of direction from Countrywide, act as calculation agent and/or shall terminate the Corridor Contracts, in each case upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Corridor Contract Counterparty will be obligated to pay the Trustee, for the benefit of the Trust Fund, an amount in respect of such termination. Any amounts received by the Trustee for the benefit of the Trust Fund in respect of such termination shall be deposited and held in the Corridor Contract Reserve Fund and applied on future Distribution Dates to pay any related Yield Supplement Amount on the Class 1-A-1, Class 1-A-10 and Class 1-A-11 Certificates, as applicable. Any amounts remaining in the Corridor Contract Reserve Fund, after the earlier of (i) the date on which the aggregate Class Certificate Balance of the Class 1-A-1, Class 1-A-10 and Class 1-A-11 Certificates has been reduced to zero and (ii) the related Corridor Contract Scheduled Termination Date, will be distributed to the Deutsche Bank Securities Inc.
The Corridor Contracts. CHL shall assign all of its right, title and interest in and to the interest rate corridor transactions evidenced by the Corridor Contracts to, and shall cause all of its obligations in respect of such transactions to be assumed by, the Trustee on behalf of the Trust Fund, on the terms and conditions set forth in the Corridor Contract Assignment Agreement. The Corridor Contracts will be assets of the Trust Fund but will not be an asset of any REMIC. The Master Servicer, on behalf of the Trustee, shall deposit any amounts received from time to time with respect to any Corridor Contract into the Carryover Reserve Fund.