Common use of Basis Risk Cap Termination Receipts Clause in Contracts

Basis Risk Cap Termination Receipts. (a) In the event of an “Early Termination Event” as defined under the Basis Risk Cap Agreement, (i) any Basis Risk Cap Termination Payment made by the Basis Risk Cap Provider to the Basis Risk Cap Account (“Basis Risk Cap Termination Receipts”) shall be deposited in a segregated non-interest bearing account which shall be a subaccount of the Basis Risk Reserve Fund and which shall be an Eligible Account established by the Securities Administrator (the “Basis Risk Cap Termination Receipts Account”) and (ii) any amounts received from a replacement Basis Risk Cap Provider (“Basis Risk Cap Replacement Receipts”) will be deposited in a segregated non-interest bearing account which shall be a subaccount of the Basis Risk Reserve Fund and which shall be an Eligible Account established by the Securities Administrator (the “Basis Risk Cap Replacement Receipts Account”). In the absence of written instructions, such funds held in any Basis Risk Cap Termination Receipts Account and any Basis Risk Cap Replacement Receipts Account shall remain uninvested. (b) Unless otherwise permitted by the Rating Agencies as evidenced in a written confirmation, the Depositor shall arrange for replacement Basis Risk Cap Agreement(s) and the Securities Administrator shall promptly, with the assistance and cooperation of the Depositor, use amounts on deposit in the related Basis Risk Cap Termination Receipts Account, if necessary, to enter into replacement Basis Risk Cap Agreement(s) which shall be executed and delivered by the Securities Administrator on behalf of the Trust Fund upon receipt of written confirmation from each Rating Agency that such replacement Basis Risk Cap Agreement(s) will not result in the reduction or withdrawal of the rating of any outstanding Class of Certificates with respect to which it is a Rating Agency.

Basis Risk Cap Termination Receipts. (a) In the event of an “Early Termination EventDate” as defined under the Basis Risk Cap Agreement, (i) any Basis Risk Cap Termination Payment made by the Basis Risk Cap Provider to the Basis Risk Cap Account (“Basis Risk Cap Termination Receipts”) shall be deposited in a segregated non-interest bearing account which shall be a subaccount of the Basis Risk Reserve Fund and which shall be an Eligible Account established by the Securities Administrator (the “Basis Risk Cap Termination Receipts Account”) and (ii) any amounts received from a replacement Basis Risk Cap Provider (“Basis Risk Cap Replacement Receipts”) will be deposited in a segregated non-interest bearing account which shall be a subaccount of the Basis Risk Reserve Fund and which shall be an Eligible Account established by the Securities Administrator (the “Basis Risk Cap Replacement Receipts Account”). In the absence of written instructions, such funds held in any Basis Risk Cap Termination Receipts Account and any Basis Risk Cap Replacement Receipts Account shall remain uninvested. (b) Unless otherwise permitted by the Rating Agencies as evidenced in a written confirmation, the Depositor shall arrange for replacement Basis Risk Cap Agreement(s) and the Securities Administrator shall promptly, with the assistance and cooperation of the Depositor, use amounts on deposit in the related Basis Risk Cap Termination Receipts Account, if necessary, to enter into replacement Basis Risk Cap Agreement(s) which shall be executed and delivered by the Securities Administrator on behalf of the Trust Fund upon receipt of written confirmation from each Rating Agency that such replacement Basis Risk Cap Agreement(s) will not result in the reduction or withdrawal of the rating of any outstanding Class of Certificates with respect to which it is a Rating Agency.