Common use of The Corridor Contracts Clause in Contracts

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 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 ’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, A-1 and Class 1-A-2, Class 1-A-3, Class 1-A-5 and Class 5-A-1 A-4 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, A-1 and Class 1-A-2, Class 1-A-3, Class 1-A-5 and Class 5-A-1 A-4 Certificates have been reduced to zero and (ii) the applicable Corridor Contract Scheduled Termination Date, will be distributed to the Underwriter.