Common use of The Corridor Contracts Clause in Contracts

The Corridor Contracts. (a) The Depositor hereby directs the Securities Administrator, solely in its capacity as Securities Administrator hereunder and not in its individual capacity, to execute and deliver each of the Corridor Contracts concurrently with the execution and delivery of this Agreement. Except as may be directed in writing by the Depositor or by a majority in interest of the Holders of a Class of Certificates that have the benefit of a Corridor Contract, the Securities Administrator shall have no duty or responsibility to enter into any other interest rate cap contract or agreement upon the expiration or termination of any of the Corridor Contracts. The Corridor Contracts will be assets of the Trust Fund but will not be assets of any REMIC. The Securities Administrator shall deposit any amounts received from the Corridor Contract Counterparty with respect to the Corridor Contracts into the Reserve Fund.