Common use of The Corridor Contracts Clause in Contracts

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. 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 Corridor Contract 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. 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 an asset 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 the Corridor Contract Contracts 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 the Corridor ContractContracts. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall act as calculation agent and/or shall terminate each the Corridor ContractContracts, upon the occurrence of certain events of default or termination events to the extent specified in such the related 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 Classes of Covered Certificates.