Sponsor Loss Coverage Obligation. CHL hereby agrees that, for the benefit of the Certificateholders and the Certificate Insurer, on the Business Day immediately preceding each Distribution Date it will remit to the Trustee for deposit into the Distribution Account the amount of any Loss Coverage Payment due for such Distribution Date as specified in the remittance report delivered by the Master Servicer. The obligation of CHL to remit Loss Coverage Payments will terminate when the Sponsor Loss Coverage Amount has been reduced to zero.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (CWHEQ Home Equity Loan Trust, Series 2006-S1), Pooling and Servicing Agreement (CWHEQ Home Equity Loan Trust, Series 2007-S1), Pooling and Servicing Agreement (CWHEQ Home Equity Loan Trust, Series 2007-S2)
