Common use of Class Interest Rate Caps Clause in Contracts

Class Interest Rate Caps. (a) In the event that the Master Servicer has obtained a Class Interest Rate Cap in favor of the Trustee for the benefit of a Class or Subclass that does not have a fixed or maximum Certificate Rate, the Master Servicer hereby represents that such Class Interest Rate Cap provides that (i) the Trust shall not be required to make any payments thereunder and (ii) the Trust shall be entitled to receive payments (determined in accordance with the Class Interest Rate Cap) from the Interest Rate Cap Provider on an Interest Payment Date if LIBOR or the Commercial Paper Rate, as applicable, for the related Calculation Period exceeds the Class Cap Rate for the applicable Class or Subclass. Any Class Interest Rate Cap Payment shall be deposited into the Series Interest Funding Account.

Class Interest Rate Caps. (a) In the event that the Master Servicer has obtained a Class Interest Rate Cap in favor of the Trustee for the benefit of a Class or Subclass that does not have a fixed or maximum 57 Certificate Rate, the Master Servicer hereby represents that such Class Interest Rate Cap provides that (i) the Trust shall not be required to make any payments thereunder and (ii) the Trust shall be entitled to receive payments (determined in accordance with the Class Interest Rate Cap) from the Interest Rate Cap Provider on an Interest Payment Date if LIBOR or the Commercial Paper Rate, as applicable, for the related Calculation Period exceeds the Class Cap Rate for the applicable Class or Subclass. Any Class Interest Rate Cap Payment shall be deposited into the Series Interest Funding Account.

Class Interest Rate Caps. (a) In the event that the Master Servicer has obtained a Class Interest Rate Cap in favor of the Trustee for the benefit of a Class or Subclass that does not have a fixed or maximum Certificate Rate, the Master Servicer hereby represents that such Class Interest Rate Cap provides 48 59 that (i) the Trust shall not be required to make any payments thereunder and (ii) the Trust shall be entitled to receive payments (determined in accordance with the Class Interest Rate Cap) from the Interest Rate Cap Provider on an Interest Payment Date if LIBOR or the Commercial Paper Rate, as applicable, for the related Calculation Period exceeds the Class Cap Rate for the applicable Class or Subclass. Any Class Interest Rate Cap Payment shall be deposited into the Series Interest Funding Account.

Class Interest Rate Caps. (a) In the event that the Master Servicer has obtained a Class Interest Rate Cap in favor of the Trustee for the benefit of a Class or Subclass that does not have a fixed or maximum Certificate Rate, the Master Servicer hereby represents that such Class Interest Rate Cap provides that (i) the Trust shall not be required to make any payments thereunder and (ii) the Trust shall be entitled to receive payments (determined in accordance with the Class Interest Rate Cap) from the Interest Rate Cap Provider on an Interest Payment Date if LIBOR or the Commercial Paper Rate, as applicable, for the related Calculation Period exceeds the Class Cap Rate for the applicable Class or Subclass. Any Class Interest Rate Cap Payment shall be deposited into the Series Interest Funding Account.. 50

Class Interest Rate Caps. (a) In the event that the Master Servicer has obtained a Class Interest Rate Cap in favor of the Trustee for the benefit of a Class or Subclass that does not have a fixed or maximum Certificate Rate, the Master Servicer hereby represents that such Class Interest Rate Cap provides that (i) the Trust shall not be required to make any payments thereunder and (ii) the Trust shall be 47 58 entitled to receive payments (determined in accordance with the Class Interest Rate Cap) from the Interest Rate Cap Provider on an Interest Payment Date if LIBOR or the Commercial Paper Rate, as applicable, for the related Calculation Period exceeds the Class Cap Rate for the applicable Class or Subclass. Any Class Interest Rate Cap Payment shall be deposited into the Series Interest Funding Account.