Common use of Cap Contracts Clause in Contracts

Cap Contracts. The Master Servicer shall cause Deutsche Bank Securities Inc. (or its relevant affiliate) to assign all of its right, title and interest in and to the Cap Contracts to, and shall cause all of Deutsche Bank Securities Inc.'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 Agreements. Each of the Cap 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 (x) any amounts received from time to time with respect to the Class A-1 Cap Contract into the Class A-1 Reserve Fund and (y) any amounts received from time to time with respect to the Combined Cap Contract into the Combined Reserve Fund The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the Cap Contracts. The Master Servicer, on behalf of the Trustee, shall act as calculation agent and/or shall terminate the Cap 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 Class A-1 Cap Contract Counterparty and/or the Combined Cap Contract Counterparty, as applicable, 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 Class A-1 Cap Contract shall be deposited and held in the Class A-1 Reserve Fund and applied on future Distribution Dates to pay any Class A-1 Supplemental Amount on the Class A-1 Certificates. Any amounts received by the Trustee for the benefit of the Trust Fund in respect of the termination of the Class A-2 Cap Contract shall be deposited and held in the Class A-2 Reserve Fund and applied on future Distribution Dates to pay any Class A-2 Supplemental Amount on the Class A-2 Certificates. Any amounts remaining in the Class A-1 Reserve Fund, after the Class Certificate Balance of the Class A-1 Certificates has been reduced to zero, will be distributed to Deutsche Bank Securities, Inc. Any amounts remaining in the Class A-2 Reserve Fund on the Distribution Date immediately following the earlier of (x) the Class A-2 Cap Contract Scheduled Termination Date and (y) the date on which the Class Certificate Balance of the Class A-2Certificates has been reduced to zero, will be distributed to Deutsche Bank Securities, Inc., and will not be available for payment of the Combined Supplemental Amount on the Class A-2 Certificates.

Cap Contracts. The Master Servicer shall cause Deutsche Bank Securities Inc. AG, New York Branch (or its relevant affiliate) to assign all of its right, title and interest in and to the Cap Contracts to, and shall cause all of Deutsche Bank Securities Inc.AG, New York Branch'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 Agreements. Each of the Cap 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 (x) any amounts received from time to time with respect to the Class 1-A-1 Cap Contract into the Class 1-A-1 Reserve Fund and (y) any amounts received from time to time with respect to the Combined Class 1-A-2 Cap Contract into the Combined Class 1-A-2 Reserve Fund The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the Cap Contracts. The Master Servicer, on behalf of the Trustee, shall act as calculation agent and/or shall terminate the Cap 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 Class 1-A-1 Cap Contract Counterparty and/or the Combined Class 1-A-2 Cap Contract Counterparty, as applicable, 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 Class 1-A-1 Cap Contract shall be deposited and held in the Class 1-A-1 Reserve Fund and applied on future Distribution Dates to pay any Class 1-A-1 Supplemental Amount on the Class 1-A-1 Certificates. Any amounts received by the Trustee for the benefit of the Trust Fund in respect of the termination of the Class 1-A-2 Cap Contract shall be deposited and held in the Class 1-A-2 Reserve Fund and applied on future Distribution Dates to pay any Class 1-A-2 Supplemental Amount on the Class 1-A-2 Certificates. Any amounts remaining in the Class 1-A-1 Reserve Fund, after the Class Certificate Balance of the Class A-1 Certificates has been reduced to zero, will be distributed to Deutsche Bank Securities, Inc. Any amounts remaining in the Class A-2 Reserve Fund on the Distribution Date immediately following the earlier of (x) the Class A-2 1-A-1 Cap Contract Scheduled Termination Date and (y) the date on which the Class Certificate Balance of the Class A-2Certificates 1-A-1 Certificates has been reduced to zero, will be distributed to Deutsche Bank SecuritiesAG, Inc.New York Branch, and will not be available for payment of the Combined Class 1-A-1 Supplemental Amount on the Class 1-A-1 Certificates. Any amounts remaining in the Class 1-A-2 CertificatesReserve Fund, after the Class Certificate Balance of the Class 1-A-2 Certificates has been reduced to zero, will be distributed to Deutsche Bank AG, New York Branch. Any amounts received under the Class 1-A-2 Cap Contract that would result in an interest and yield supplement amount on the Class 1-A-2 Certificates at a per annum rate greater than 9.50% will be deposited by the trustee in the Class 1-A-2 Reserve Fund, and may be used on future Distribution Dates to pay any Class 1-A-2 Supplemental Amounts not covered by the Class 1-A-2 Cap Contract until the Class Certificate Balance of the Class 1-A-2 Certificates is reduced to zero.