Cap Trust Clause Samples
Cap Trust. There is hereby established a separate trust (the “Cap Trust”), into which the Cap Trustee shall deposit the Cap Contract. The Cap Trust shall be maintained by the Cap Trustee and administered on its behalf by the Cap Administrator. The sole assets of the Cap Trust shall be the Cap Contract and the Cap Trust Account. For the avoidance of doubt, the parties hereto acknowledge and agree that all functions of the Cap Trustee hereunder shall be performed on its behalf by the Cap Administrator.
Cap Trust. On the Closing Date, there is hereby established a separate trust (the "Cap Trust"), the assets of which shall consist of the Indenture Trustee's rights and obligations under the Cap Administration Agreement as Cap Contract Administrator. The Cap Trust shall be maintained by the Cap Trustee, who initially, shall be the Indenture Trustee. On each Payment Date, funds on deposit in the Cap Contract Account up to the Cap Shortfall shall be distributed to the Holders of the Class 2-A Notes and any funds remaining in the account after this payment on any Payment Date shall be paid to the Sponsor. For federal income tax purposes, the Cap Trust, including the Cap Contract Account, shall be owned by the Sponsor. In the event that an early termination payment is received with respect to an Early Termination Date, the early termination payment will be deposited by the Cap Trustee in the Cap Contract Account to cover future Cap Shortfalls on the Class 2-A Notes until the Cap Contract Termination Date and any remaining amount will be paid on that date to the Sponsor.
Cap Trust. On the Closing Date, there is hereby established a separate trust (the "Cap Trust"), the assets of which shall consist of the Indenture Trustee's rights and obligations under the Cap Administration Agreement as Cap Contract Administrator. The Cap Trust shall be maintained by the Cap Trustee, who initially, shall be the Indenture Trustee. On each Payment Date, funds on deposit in the Cap Contract Account up to the Cap Payment Entitlement shall be distributed to the Holders of the Class 2-A Notes as provided in Section 8.03(a) and any funds remaining in the account after this payment on any Payment Date shall be paid to the Sponsor. For federal income tax purposes, the Cap Trust, including the Cap Contract Account, shall be owned by the Sponsor. If an early termination payment is received with respect to an Early Termination Date, the early termination payment will be deposited by the Cap Trustee in the Cap Contract Account to cover future Cap Payment Entitlement on the Class 2-A Notes until the Cap Contract Termination Date and any remaining amount will be paid on that date to the Sponsor.
Cap Trust. On the Closing Date, there is hereby established a separate trust (the "Cap Trust"), the assets of which shall consist of the Indenture Trustee's rights and obligations under the Cap Administration Agreement as Cap Contract Administrator. The Cap Trust shall be maintained by the Cap Trustee, who initially, shall be the Indenture Trustee. Funds on deposit in the Cap Contract Account up to the Cap Shortfall shall be distributed as provided in Section 8.03(a)(xv) on each Payment Date and any funds remaining in the account after all payments pursuant to 8.03(a)(xv) on any Payment Date shall be distributed to the Holders of the Class C Certificates. For federal income tax purposes, the Cap Trust, including the Cap Contract Account, shall be owned by the Class C Certificates.
Cap Trust. On the Closing Date, there is hereby established a separate trust (the "Cap Trust"), the assets of which shall consist of the Indenture Trustee's rights and obligations under the Cap Administration Agreement as Cap Contract Administrator. The Cap Trust shall be maintained by the Cap Trustee, who initially, shall be the Indenture Trustee. On each Payment Date, funds on deposit in the Cap Contract Account up to the Cap Payment Entitlement shall be distributed to the Holders of the Class 2-A-1A Notes as proved in Section 8.03(a) and any funds remaining in the account after this payment on any Payment Date shall be paid to the Sponsor as provided in Section 8.07. For federal income tax purposes, the Cap Trust, including the Cap Contract Account, shall be owned by the Sponsor. If an early termination payment is received with respect to an Early Termination Date, the early termination payment will be deposited by the Cap Trustee in the Cap Contract Account to cover future Cap Payment Entitlement on the Class 2-A-1A Notes until the Cap Contract Termination Date and any remaining amount will be paid on that date to the Sponsor.