Common use of The Cap Contracts Clause in Contracts

The Cap Contracts. The Seller shall assign all of its right, title and interest in and to the interest rate cap transactions evidenced by the Cap Contracts to, and shall cause all of its obligations in respect of each such transaction to be assumed by, the Trustee on behalf of the Trust Fund, on the terms and conditions set forth in the Cap Contract Assignment Agreements. The Cap Contracts will be assets of the Trust Fund but will not assets of any REMIC. The Master Servicer, on behalf of the Trustee, shall deposit any amounts received from time to time with respect to the Cap Contracts into the Carryover Reserve Fund. The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the Cap Contracts. The Master Servicer, on behalf of the Trustee, shall act as calculation agent and/or shall terminate the Cap Contracts, in each case upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Cap Contract Counterparty will be obligated to pay the Trustee or the Master Servicer for the benefit of the Trust Fund an amount in respect of such termination. Any amounts received by the Trustee or the Master Servicer for the benefit of the Trust Fund, as the case may be, in respect of such termination shall be deposited and held in the Carryover Reserve Fund to pay Net Rate Carryover for the Certificates (by deposit of the amount of any such Net Rate Carryover in the Carryover Reserve Fund for payment to the related Certificateholders) as provided in Section 4.04(a) on Distribution Dates following such termination to and including the related Cap Contract Termination Date. On the related Cap Contract Termination Date, after all other distributions on such date, if any such amounts in respect of early termination remain in the Carryover Reserve Fund, such amounts shall be distributed by the Trustee to the Class C Certificateholder.

The Cap Contracts. The Seller shall assign all of its right, title and interest in and to the interest rate cap transactions evidenced by the Cap Contracts to, and shall cause all of its obligations in respect of each such transaction transactions to be assumed by, the Trustee on behalf of the Trust Fund, on the terms and conditions set forth in the each Cap Contract Assignment AgreementsAgreement. The Cap Contracts will be assets of the Trust Fund but will not assets be an asset of any REMIC. The Master Servicer, on behalf of the Trustee, shall deposit any amounts received from time to time with respect to the any Cap Contracts Contract into the Carryover Reserve Fund. The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the a Cap ContractsContract. The Master Servicer, on behalf of the Trustee, shall act as calculation agent and/or shall terminate the a Cap ContractsContract, in each case upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Cap Contract Counterparty will be obligated to pay the Trustee or the Master Servicer for the benefit of the Trust Fund an amount in respect of such termination. Any amounts received by the Trustee or the Master Servicer for the benefit of the Trust Fund, as the case may be, in respect of such termination shall be deposited and held in the Carryover Reserve Fund to pay Net Rate Carryover for the applicable Classes of Certificates (by deposit of the amount of any such Net Rate Carryover in the Carryover Reserve Fund for payment to the related Certificateholders) as provided in Section 4.04(a4.04(b) on the Distribution Dates following such termination to and including the related applicable Cap Contract Termination Date, but shall not be available for distribution to the Class C Certificates pursuant to Section 4.08(c) or to the Seller pursuant to Section 4.08(c) until such applicable Cap Contract Termination Date. On the related Cap Contract Termination DateDate for the Class 1-A Cap Contract, the Class 3-A Cap Contract and the Subordinate Cap Contract, after all other distributions on such date, if any such amounts in respect of early termination of the Class 1-A Cap Contract, the Class 3-A Cap Contract or the Subordinate Cap Contract remain in the Carryover Reserve Fund, such amounts shall be distributed by the Trustee to the Class C CertificateholderCertificates.

The Cap Contracts. The Seller shall assign all of its right, title and interest in and to the interest rate cap transactions evidenced by by, respectively, the Cap Contracts Confirmation And Agreement 1, the Confirmation And Agreement 2 and the Confirmation And Agreement 3, to, and shall cause all of its obligations in respect of each such transaction to be assumed by, the Trustee on behalf of the Trust Fund, on the terms and conditions set forth in in, respectively, the Cap Contract 1 Assignment AgreementsAgreement, the Cap Contract 2 Assignment Agreement and the Cap Contract 3 Assignment Agreement. The Each Cap Contracts Contract will be assets an asset of the Trust Fund but will not assets be an asset of any REMIC. The Master Servicer, on behalf of the Trustee, shall deposit any amounts received from time to time with respect to the each Cap Contracts Contract into the Carryover Reserve FundDistribution Account. The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the each Cap ContractsContract. The Master Servicer, on behalf of the Trustee, shall act as calculation agent and/or shall terminate the each Cap ContractsContract, in each case upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Cap Contract Counterparty will be obligated to pay the Trustee or the Master Servicer for the benefit of the Trust Fund an amount in respect of such termination. Any amounts received by the Trustee or the Master Servicer for the benefit of the Trust Fund, as the case may be, in respect of such termination shall be deposited and held in the Carryover Reserve Fund Distribution Account to pay Net Rate Carryover for the Certificates (by deposit of the amount of any such Net Rate Carryover in the Carryover Reserve Fund for payment to the related Certificateholders) as provided in Section 4.04(a) on Distribution Dates following such termination to and including the related Cap Contract Termination Date. On the related Cap Contract Termination Date, after all other distributions on such date, if any such amounts in respect of early termination remain in the Carryover Reserve FundDistribution Account, such amounts shall be distributed by the Trustee to the Class C CertificateholderSeller.

The Cap Contracts. The Seller shall assign all of its right, title and interest in and to the interest rate cap transactions transaction evidenced by the Cap Contracts Contract to, and shall cause all of its obligations in respect of each such transaction to be assumed by, the Trustee on behalf of the Trust Fund, on the terms and conditions set forth in the Cap Contract Assignment AgreementsAgreement. The Cap Contracts will be assets of the Trust Fund but will not assets be an asset of any REMIC. The Master Servicer, on behalf of the Trustee, shall deposit any amounts received from time to time with respect to the a Cap Contracts Contract into the Carryover Reserve FundDistribution Account. The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the a Cap ContractsContract. The Master Servicer, on behalf of the Trustee, shall act as calculation agent and/or shall terminate the a Cap ContractsContract, in each case upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Cap Contract Counterparty will be obligated to pay the Trustee or the Master Servicer for the benefit of the Trust Fund an amount in respect of such termination. Any amounts received by the Trustee or the Master Servicer for the benefit of the Trust Fund, as the case may be, in respect of such termination shall be deposited and held in the Carryover Reserve Fund Distribution Account to pay Net Rate Carryover for the Certificates (by deposit of the amount of any such Net Rate Carryover in the Carryover Reserve Fund for payment to the related Certificateholders) as provided in Section 4.04(a4.04(b) on Distribution Dates following such termination to and including the related Cap Contract Termination Date. On the related Cap Contract Termination Date, after all other distributions on such date, if any such amounts in respect of early termination remain in the Carryover Reserve FundDistribution Account, such amounts shall be distributed by the Trustee to the Class C CertificateholderSeller.

The Cap Contracts. The Seller Master Servicer shall cause the Underwriter (or its relevant affiliate) to assign all of its right, title and interest in and to the interest rate cap transactions evidenced by the Cap Contracts to, and shall cause all of its the Underwriter's obligations in respect of each such transaction transactions to be assumed by, the Trustee on behalf of the Trust Fund, on the terms and conditions set forth in the Cap Contract Assignment AgreementsNovation Agreement. The Cap Contracts will be assets of the Trust Fund but will not be assets of any REMIC. The Master Servicer, on behalf of the Trustee, shall deposit cause to be deposited any amounts received from time to time with respect to the Cap Contracts into the Carryover Reserve Fund. The Master Servicer, on behalf of the Trustee, shall shall, upon receipt of direction from the Underwriter, prepare and deliver any notices required to be delivered under the Cap Contracts. The Master Servicer, on behalf of the Trustee, shall shall, upon receipt of direction from the Underwriter, act as calculation agent and/or shall terminate the Cap Contracts, in each case upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Cap Contract Counterparty will be obligated to pay the Trustee or the Master Servicer Trustee, for the benefit of the Trust Fund Fund, an amount in respect of such termination. Any amounts received by the Trustee or the Master Servicer for the benefit of the Trust Fund, as the case may be, Fund in respect of such termination shall be deposited and held in the Carryover Reserve Fund to pay Net Rate Carryover the related Yield Maintenance Amounts for the Certificates (by deposit of the amount of any such Net Rate Carryover in the Carryover Reserve Fund for payment to the related Certificateholders) Class 2-A-1 and Class 2-A-2 Certificates, as provided in Section 4.04(a) 4.09, on the Distribution Dates following such termination termination, to and including the related Cap Contract Scheduled Termination Date, but shall not be available for distribution to the Class 2-X-1 Certificates pursuant to Section 3.05 until such Cap Contract Scheduled Termination Date. On the related Cap Contract Scheduled Termination Date, after all other required distributions are made on such date, if any such amounts in respect of early termination of such Cap Contract (including any remaining investment earnings thereon) remain in the Carryover Reserve Fund, such amounts shall be distributed by the Trustee to the Class C Certificateholder2-X-1 Certificateholders on such date.

The Cap Contracts. The Seller shall assign all of its right, title and interest in and to the interest rate cap transactions evidenced by the Cap Contracts to, and shall cause all of its obligations in respect of each such transaction transactions to be assumed by, the Trustee on behalf of the Trust Fund, on the terms and conditions set forth in the each Cap Contract Assignment AgreementsAgreement. The Cap Contracts will be assets of the Trust Fund but will not assets be an asset of any REMIC. The Master Servicer, on behalf of the Trustee, shall deposit any amounts received from time to time with respect to the any Cap Contracts Contract into the Carryover Reserve Fund. The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the a Cap ContractsContract. The Master Servicer, on behalf of the Trustee, shall act as calculation agent and/or shall terminate the a Cap ContractsContract, in each case upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Cap Contract Counterparty will be obligated to pay the Trustee or the Master Servicer for the benefit of the Trust Fund an amount in respect of such termination. Any amounts received by the Trustee or the Master Servicer for the benefit of the Trust Fund, as the case may be, in respect of such termination shall be deposited and held in the Carryover Reserve Fund to pay Net Rate Carryover for the applicable Classes of Certificates (by deposit of the amount of any such Net Rate Carryover in the Carryover Reserve Fund for payment to the related Certificateholders) as provided in Section 4.04(a4.04(b) on the Distribution Dates following such termination to and including the related applicable Cap Contract Termination Date, but shall not be available for distribution to the Class C Certificates pursuant to Section 4.08(c) or to the Seller pursuant to Section 4.08(c) until such applicable Cap Contract Termination Date. On the related Cap Contract Termination DateDate for the Class 3-A Cap Contract and the Subordinate Cap Contract, after all other distributions on such date, if any such amounts in respect of early termination of the Class 3-A Cap Contract or the Subordinate Cap Contract remain in the Carryover Reserve Fund, such amounts shall be distributed by the Trustee to the Class C CertificateholderCertificates.