Corridor Agreement Clause Samples
A Corridor Agreement is a contractual arrangement that grants a party the right to use or access a specific strip of land, typically for purposes such as installing utilities, pipelines, or transportation routes. This clause outlines the boundaries, permitted uses, and any restrictions associated with the corridor, often specifying maintenance responsibilities and access rights for both parties. Its core practical function is to clearly define the terms of access and use for the designated area, thereby preventing disputes and ensuring both parties understand their rights and obligations regarding the corridor.
Corridor Agreement. On each Payment Date for which the Securities Administrator has received a payment under the Corridor Agreement, the Securities Administrator shall apply such amounts to make payments pursuant to clauses (iii), (iv) and (viii) of Section 3.05(e), in that order, and in each case prior to the application of any Net Monthly Excess Cashflow pursuant to such clauses.
Corridor Agreement. The Corridor Supplemental Interest Trust Trustee shall deposit any amounts received from time to time with respect to the Corridor Agreement into the Corridor Contract Reserve Fund. The Corridor Supplemental Interest Trust Trustee shall prepare and deliver any notices required to be delivered under the Corridor Agreement. The Corridor Provider shall act as calculation agent and/or shall terminate the Corridor Agreement, in each case upon the occurrence of certain events of default or termination events to the extent specified in or pursuant to the Corridor Confirmation. Upon any such termination, the Corridor Provider will be obligated to pay the Corridor Supplemental Interest Trust Trustee for the benefit of the Certificateholders an amount in respect of such termination. Any amounts received by the Corridor Supplemental Interest Trust Trustee in respect of such termination shall be deposited and held in the Corridor Contract Reserve Fund to pay Unpaid Realized Loss Amounts and Net Rate Carryover on the Classes of Offered Certificates as provided in Section 4.11 hereof on the Distribution Dates following such termination to and including the Corridor Agreement Scheduled Termination Date. On the Corridor Agreement Scheduled Termination Date, after all other distributions to be made on such date have been made pursuant to the terms of this Agreement, if any such amounts received by the Corridor Supplemental Interest Trust Trustee with respect thereto in respect of such termination remain in the Corridor Contract Reserve Fund, such amounts shall be distributed by the Securities Administrator to the Holder of the Class C Certificate. The Corridor Provider shall be an express third-party beneficiary of this Agreement to the extent of its express rights to receive any payments under this Agreement or any other express rights of each Corridor Provider explicitly stated in this Agreement, and shall have the right to enforce such rights under this Agreement as if it were a party hereto. In the event that the Corridor Provider fails to perform any of its obligations under the Corridor Agreement (including, without limitation, its obligation to make any payment or transfer collateral), or breaches any of its representations and warranties thereunder, or in the event that any Event of Default, Termination Event, or Additional Termination Event (each as defined in the Corridor Agreement) occurs with respect to the Corridor Agreement, the Corridor Supplemental Interest...
Corridor Agreement. (a) On or prior to the Closing Date, the Trustee, on behalf of the Trust Fund, is hereby authorized to, and will enter into the Corridor Agreement for the benefit of the Holders of the Class A Certificates and the Subordinated Certificates. The Corridor Agreement will be an asset of the Trust Fund but not be an asset of any REMIC.
(b) The Trustee will prepare and deliver any notices required to be delivered by it to the Corridor Provider under the Corridor Agreement.
(c) The Trustee shall terminate the Corridor Provider upon the occurrence of an event of default under the Corridor Agreement of which a Responsible Officer of the Trustee has actual knowledge. Upon such termination, the Corridor Provider may be required to pay an amount to the Trustee in respect of market quotations for the replacement cost of the Corridor Agreement. Any such amounts shall be held in the Excess Reserve Fund Account and applied as necessary until the Corridor Agreement termination date.
(d) The Trustee shall deposit any amounts received on the Corridor Agreement into the Excess Reserve Fund and distribute such amounts as provided in Section 4.01(e)(except as otherwise provided therein).
Corridor Agreement. The Supplemental Interest Trust Trustee is hereby authorized and directed to, and agrees that it shall enter into the Corridor Agreement on behalf of the Supplemental Interest Trust. The Supplemental Interest Trust Trustee shall be afforded all the rights and protections provided to the Trustee as described in this Article V. The Supplement Interest Trust Trustee shall be subject to each provision of this Article V to the extent that the Trustee was subject to such provision and such provision is applicable to the Supplemental Interest Trust Trustee's duties and obligations under this Agreement.
Corridor Agreement. (a) On the Closing Date, the Supplemental Interest Trust Trustee shall (i) establish and maintain in its name, in trust for the benefit of the Certificateholders, the Supplemental Interest Trust Account, which shall be a segregated non-interest bearing trust account, and (ii) for the benefit of the RALI 2008-QR1 Trust, enter into the Corridor Agreement with the Corridor Provider. It is intended that the Supplemental Interest Trust be classified for federal income tax purposes as a grantor trust under Subpart E, part I of subchapter J of chapter 1 of the Code, of which Credit Suisse Securities (USA) LLC is the owner, rather than a partnership, an association taxable as a corporation or a taxable mortgage pool; and the powers granted and obligations undertaken in this Agreement shall be construed so as to further such intent. The primary activities of the Supplemental Interest Trust created pursuant to this Agreement shall be: (i) holding the Corridor Agreement; (ii) receiving collections or making payments with respect to the Corridor Agreement; and (iii) engaging in other activities that are necessary or incidental to accomplish these limited purposes, which activities cannot be contrary to the status of the Supplemental Interest Trust as a qualified special purpose entity under existing accounting literature. The Company and the Certificateholders (by acceptance of their Trust Certificates) acknowledge and agree that (i) the Supplemental Interest Trust Trustee shall execute and deliver the Corridor Agreement on behalf of Party B (as defined therein), and (ii) the Supplemental Interest Trust Trustee shall exercise the rights, perform the obligations, and make the representations of Party B thereunder, solely in its capacity as Supplemental Interest Trust Trustee on behalf of Party B (as defined therein) and not in its individual capacity. Every provision of this Agreement relating to the conduct or affecting the liability of or affording protection to the Trustee shall apply to the Trustee's execution (as Supplemental Interest Trust Trustee) of the Corridor Agreement, and the performance of its duties and satisfaction of its obligations thereunder.
(b) The Supplemental Interest Trust Account shall be an Eligible Account. The Supplemental Interest Trust Account constitutes an "outside reserve fund" within the meaning of Treasury Regulation Section 1.860G 2(h) and is not an asset of the REMICs. Credit Suisse Securities (USA) LLC shall be the owner of the Sup...