Common use of Cap Agreements Clause in Contracts

Cap Agreements. (a) The Securities Administrator shall establish and maintain an Eligible Account in its name, in trust for the benefit of the Certificateholders, the Cap Account. (b) The Securities Administrator shall deposit any Cap Receipts received on any Cap Agreement Distribution Date into the Cap Account. Amounts on deposit in the Cap Account shall remain uninvested. (c) On each Distribution Date, the Securities Administrator shall distribute the amounts received by the Trust under each Cap Agreement to holders of the Certificates in the following order of priority: (i) concurrently, pro rata, in proportion to the amount of Basis Risk Shortfall applicable to each such Class, to the Senior Certificates, any applicable Basis Risk Shortfall for each such Class and such Distribution Date; (ii) to the Class [ ] Certificates, any applicable Basis Risk Shortfall for such Class and such Distribution Date; (iii) to the Class [ ] Certificates, any applicable Basis Risk Shortfall for such Class and such Distribution Date; and (iv) to the Class R Certificate any amount remaining on such Distribution Date after application pursuant to clauses (i) through (iii) above. If such amounts are insufficient to cover the total amount of any Basis Risk Shortfall, the only other source of coverage will be the Monthly Excess Cashflow, if any, that would otherwise be payable to the Ownership Certificate. (d) On the date on which the Cap Agreements have terminated and any amounts therefrom have been paid in accordance with Section 6.05(c) above, any amounts remaining in the Cap Account shall be paid by the Securities Administrator to the Ownership Certificate, and the Cap Account shall be terminated by the Securities Administrator.]