Common use of Cap Collateral Accounts Clause in Contracts

Cap Collateral Accounts. The Securities Administrator is hereby directed to perform the obligations of the Custodian as defined under the Group IA Cap Credit Support Annex, the Group IB Cap Credit Support Annex and the Group II Cap Credit Support Annex (in each case, the “Cap Custodian”). On or before the Closing Date, the Cap Custodian shall establish a Cap Collateral Account with respect to each of the Group IA Cap Contract (the “Group I Cap Collateral Account”), the Group IB Cap Contract (the “Group IB Cap Collateral Account”) and the Group II Cap Contract (the “Group II Cap Collateral Account”). The Group IA Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-1A Certificates and Mezzanine Certificates. The Group IA Cap Collateral Account shall be an Eligible Account and shall be entitled “Group IA Cap Collateral Account, Xxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP6, Class A-1A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group IB Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-1B Certificates and Mezzanine Certificates. The Group IB Cap Collateral Account shall be an Eligible Account and shall be entitled “Group IB Cap Collateral Account, Xxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP6, Class X-0X, Xxxxx X-0, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group II Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-2 Certificates and Mezzanine Certificates. The Group II Cap Collateral Account shall be an Eligible Account and shall be entitled “Group II Cap Collateral Account, Xxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP6, Class A-2, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Cap Custodian shall credit to the applicable Cap Collateral Account all collateral (whether in the form of cash or securities) posted by the Cap Counterparty to secure the obligations of the Cap Counterparty Provider in accordance with the terms of the related Cap Contract. Except for investment earnings, the Cap Counterparty shall not have any legal, equitable or beneficial interest in any Cap Collateral Account other than in accordance with the related Cap Contract and applicable law. The Cap Custodian shall maintain and apply all collateral and earnings thereon on deposit in any Cap Collateral Account in accordance with the Group IA Cap Credit Support Annex, Group IB Cap Credit Support Annex or the Group II Cap Credit Support Annex, as applicable (each, a “Cap Credit Support Annex”). Cash collateral posted by the Cap Counterparty in accordance with the related Cap Credit Support Annex shall be invested at the direction of the Cap Counterparty in Permitted Investments that mature no later than the Business Day prior to the next succeeding Distribution Date. If no investment direction is received or provided, the Securities Administrator shall invest the funds in the Xxxxx Fargo Advantage Prime Investment Money Market Fund. All amounts earned on amounts on deposit in a Cap Collateral Account (whether cash collateral or securities) shall be taxable to the Cap Counterparty. Upon the occurrence of an Event of Default, a Termination Event, or an Additional Termination Event (each as defined in the related Cap Contact), amounts in the related Cap Collateral Account shall be withdrawn by the related Cap Custodian and applied to the payment of any termination payment due to Party B (as defined in the related Cap Contract) in accordance with the related Cap Credit Support Annex. Any excess amounts held in such Cap Collateral Account after payment of all amounts owing to Party B under the related Cap Contract shall be withdrawn from such Cap Collateral Account and paid to the Cap Counterparty in accordance with the related Cap Credit Support Annex.

Cap Collateral Accounts. The Securities Administrator is hereby directed to perform the obligations of the Custodian as defined under the Group IA Cap Credit Support Annex, the Group IB I Cap Credit Support Annex and the Group II Cap Credit Support Annex (in each case, the “Cap Custodian”). On or before the Closing Date, the Cap Custodian shall establish a Cap Collateral Account with respect to each of the Group IA I Cap Contract (the “Group I Cap Collateral Account”), the Group IB Cap Contract (the “Group IB Cap Collateral Account”) and the Group II Cap Contract (the “Group II Cap Collateral Account”). The Group IA I Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-1A A-1 Certificates and Mezzanine Certificates. The Group IA I Cap Collateral Account shall be an Eligible Account and shall be entitled “Group IA I Cap Collateral Account, Xxxxx Wxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 20062007-ASAP6HE1, Class A-1AA-1, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group IB Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-1B Certificates and Mezzanine Certificates. The Group IB Cap Collateral Account shall be an Eligible Account and shall be entitled “Group IB Cap Collateral Account, Xxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP6, Class X-0X, Xxxxx X-0, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group II Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-2 Certificates and Mezzanine Certificates. The Group II Cap Collateral Account shall be an Eligible Account and shall be entitled “Group II Cap Collateral Account, Xxxxx Wxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 20062007-ASAP6HE1, Class A-2, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group II Cap Collateral Account may be a subaccount of the Group I Collateral Account. The Cap Custodian shall credit to the applicable Cap Collateral Account all collateral (whether in the form of cash or securities) posted by the Cap Counterparty to secure the obligations of the Cap Counterparty Provider in accordance with the terms of the related Cap Contract. Except for investment earnings, the Cap Counterparty shall not have any legal, equitable or beneficial interest in any Cap Collateral Account other than in accordance with the related Cap Contract and applicable law. The Cap Custodian shall maintain and apply all collateral and earnings thereon on deposit in any Cap Collateral Account in accordance with the Group IA Cap Credit Support Annex, Group IB I Cap Credit Support Annex or the Group II Cap Credit Support Annex, as applicable (each, a “Cap Credit Support Annex”). Cash collateral posted by the Cap Counterparty in accordance with the related Cap Credit Support Annex shall be invested at the direction of the Cap Counterparty in Permitted Investments that mature no later than in accordance with the Business Day prior to requirements of the next succeeding Distribution Date. If no investment direction is received or provided, the Securities Administrator shall invest the funds in the Xxxxx Fargo Advantage Prime Investment Money Market Fundrelated Cap Credit Support Annex. All amounts earned on amounts on deposit in a the Cap Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to the Cap Counterparty. If no investment direction is provided, funds will be held uninvested. Upon the occurrence of an Event of Default, a Termination Event, Default or an Additional Termination Event Specified Condition (each as defined in the related Cap Contact)Contracts) with respect to the Cap Counterparty or upon occurrence or designation of an Early Termination Date (as defined in the Cap Contracts) as a result of any such Event of Default or Specified Condition with respect to the Cap Counterparty, amounts and, in either such case, unless the Cap Counterparty has paid in full all of its Obligations (as defined in the related Cap Collateral Account shall be withdrawn Credit Support Annex) that are then due, then any collateral posted by the Cap Counterparty in accordance with the related Cap Custodian and Credit Support Annex shall be applied to the payment of any termination payment Obligations due to Party B (as defined in the related Cap ContractContracts) in accordance with the related Cap Credit Support Annex. Any excess amounts held in such Cap Collateral Account after payment of all amounts owing to Party B under the related Cap Contract Contracts shall be withdrawn from such the Cap Collateral Account and paid to the Cap Counterparty in accordance with the related Cap Credit Support Annex.

Cap Collateral Accounts. The Securities Administrator is hereby directed to perform the obligations of the Custodian as defined under the Group IA Cap Credit Support Annex, the Group IB Cap Credit Support Annex and the Group II Cap Credit Support Annex (in each case, the “Cap Custodian”). On or before the Closing Date, the Cap Custodian shall establish a Cap Collateral Account with respect to each of the Group IA I Cap Contract (the “Group I Cap Collateral Account”), the Group IB Cap Contract (the “Group IB Cap Collateral Account”) and the Group II Cap Contract (the “Group II Cap Collateral Account”). The Group IA I Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-1A A-1 Certificates and Mezzanine Certificates. The Group IA I Cap Collateral Account shall be an Eligible Account and shall be entitled “Group IA I Cap Collateral Account, Xxxxx Wxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 20062007-ASAP6ASAP2, Class A-1AA-1, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group IB Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-1B Certificates and Mezzanine Certificates. The Group IB Cap Collateral Account shall be an Eligible Account and shall be entitled “Group IB Cap Collateral Account, Xxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP6, Class X-0X, Xxxxx X-0, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group II Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-2 Certificates and Mezzanine Certificates. The Group II Cap Collateral Account shall be an Eligible Account and shall be entitled “Group II Cap Collateral Account, Xxxxx Wxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 20062007-ASAP6ASAP2, Class A-2, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group II Cap Collateral Account may be a subaccount of the Group I Collateral Account. The Cap Custodian shall credit to the applicable Cap Collateral Account all collateral (whether in the form of cash or securities) posted by the Cap Counterparty to secure the obligations of the Cap Counterparty Provider in accordance with the terms of the related Cap Contract. Except for investment earnings, the Cap Counterparty shall not have any legal, equitable or beneficial interest in any Cap Collateral Account other than in accordance with the related Cap Contract and applicable law. The Cap Custodian shall maintain and apply all collateral and earnings thereon on deposit in any Cap Collateral Account in accordance with the Group IA Cap Credit Support Annex, Group IB Cap Credit Support Annex or the Group II Cap Credit Support Annex, as applicable (each, a “Cap Credit Support Annex”). Cash collateral posted by the Cap Counterparty in accordance with the related Cap Credit Support Annex shall be invested at the direction of the Cap Counterparty in Permitted Investments that mature no later than in accordance with the Business Day prior to requirements of the next succeeding Distribution Date. If no investment direction is received or provided, the Securities Administrator shall invest the funds in the Xxxxx Fargo Advantage Prime Investment Money Market Fundrelated Cap Credit Support Annex. All amounts earned on amounts on deposit in a the Cap Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to the Cap Counterparty. If no investment direction is provided, funds will be held uninvested. Upon the occurrence of an Event of Default, a Termination Event, Default or an Additional Termination Event Specified Condition (each as defined in the related Cap Contact)Contracts) with respect to the Cap Counterparty or upon occurrence or designation of an Early Termination Date (as defined in the Cap Contracts) as a result of any such Event of Default or Specified Condition with respect to the Cap Counterparty, amounts and, in either such case, unless the Cap Counterparty has paid in full all of its Obligations (as defined in the related Cap Collateral Account shall be withdrawn Credit Support Annex) that are then due, then any collateral posted by the Cap Counterparty in accordance with the related Cap Custodian and Credit Support Annex shall be applied to the payment of any termination payment Obligations due to Party B (as defined in the related Cap ContractContracts) in accordance with the related Cap Credit Support Annex. Any excess amounts held in such Cap Collateral Account after payment of all amounts owing to Party B under the related Cap Contract Contracts shall be withdrawn from such the Cap Collateral Account and paid to the Cap Counterparty in accordance with the related Cap Credit Support Annex.

Cap Collateral Accounts. The Securities Administrator is hereby directed to perform the obligations of the Custodian custodian as defined under the Group IA Cap Credit Support Annex, the Group IB Cap Credit Support Annex and the Group II Cap Credit Support Annex (in each case, the “Cap Custodian”). On or before the Closing Date, the Cap Custodian shall establish a Cap Collateral Account with respect to each of the Group IA I Cap Contract (the “Group I Cap Collateral Account”), the Group IB Cap Contract (the “Group IB Cap Collateral Account”) and the Group II Cap Contract (the “Group II Cap Collateral Account”, together with the Group I Cap Collateral Account, the “Cap Collateral Accounts”, and each a “Cap Collateral Account”). The Group IA I Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-1A A-1 Certificates and Mezzanine Certificates. The Group IA I Cap Collateral Account shall be an Eligible Account and shall be entitled “Group IA I Cap Collateral Account, Xxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 20062007-ASAP6HE5, Class A-1AA-1, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group IB Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-1B Certificates and Mezzanine Certificates. The Group IB Cap Collateral Account shall be an Eligible Account and shall be entitled “Group IB Cap Collateral Account, Xxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP6, Class X-0X, Xxxxx X-0, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group II Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-2 Certificates and Mezzanine Certificates. The Group II Cap Collateral Account shall be an Eligible Account and shall be entitled “Group II Cap Collateral Account, Xxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 20062007-ASAP6HE5, Class A-2, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group II Cap Collateral Account may be a sub-account of the Group I Collateral Account. The Cap Custodian shall credit to the applicable Cap Collateral Account all collateral (whether in the form of cash or securities) posted by the Cap Counterparty to secure the obligations of the Cap Counterparty Provider in accordance with the terms of the related Cap Contract. Except for investment earnings, the Cap Counterparty shall not have any legal, equitable or beneficial interest in any Cap Collateral Account other than in accordance with the related Cap Contract and applicable law. The Cap Custodian shall maintain and apply all collateral and earnings thereon on deposit in any Cap Collateral Account in accordance with the Group IA Cap Credit Support Annex, Group IB Cap Credit Support Annex or the Group II Cap Credit Support Annex, as applicable (each, a “Cap Credit Support Annex”). Cash collateral posted by the Cap Counterparty in accordance with the related Cap Credit Support Annex shall be invested at the direction of the Cap Counterparty in Permitted Investments that mature no later than in accordance with the Business Day prior to requirements of the next succeeding Distribution Date. If no investment direction is received or provided, the Securities Administrator shall invest the funds in the Xxxxx Fargo Advantage Prime Investment Money Market Fundrelated Cap Credit Support Annex. All amounts earned on amounts on deposit in a the Cap Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to the Cap Counterparty. If no investment direction is provided, funds will be held uninvested. Upon the occurrence of an Event of Default, a Termination Event, Default or an Additional Termination Event Specified Condition (each as defined in the related Cap Contact), amounts Contract) with respect to the Cap Counterparty or upon occurrence or designation of an Early Termination Date (as defined in the related Cap Collateral Account shall be withdrawn by Contract) as a result of any such Event of Default or Specified Condition with respect to the Cap Counterparty, and, in either such case, unless the Cap Counterparty has paid in full all of its Obligations (as defined in the related Cap Custodian and Credit Support Annex) that are then due, then any collateral posted by the Cap Counterparty in accordance with the related Cap Credit Support Annex shall be applied to the payment of any termination payment Obligations due to Party B (as defined in the related Cap Contract) in accordance with the related Cap Credit Support Annex. Any excess amounts held in such Cap Collateral Account after payment of all amounts owing to Party B under the related Cap Contract shall be withdrawn from such the Cap Collateral Account and paid to the Cap Counterparty in accordance with the related Cap Credit Support Annex.

Cap Collateral Accounts. The Securities Administrator is hereby directed to perform the obligations of the Custodian as defined under the Group IA Cap Credit Support Annex, the Group IB Cap Credit Support Annex and the Group II Cap Credit Support Annex (in each case, the “Cap Custodian”). On or before the Closing Date, the Cap Custodian shall establish a Cap Collateral Account with respect to each of the Group IA I Cap Contract (the “Group I Cap Collateral Account”), the Group IB Cap Contract (the “Group IB Cap Collateral Account”) and the Group II Cap Contract (the “Group II Cap Collateral Account”). The Group IA I Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-1A A-1 Certificates and Mezzanine Certificates. The Group IA I Cap Collateral Account shall be an Eligible Account and shall be entitled “Group IA I Cap Collateral Account, Xxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 20062007-ASAP6ASAP1, Class A-1AA-1, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group IB Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-1B Certificates and Mezzanine Certificates. The Group IB Cap Collateral Account shall be an Eligible Account and shall be entitled “Group IB Cap Collateral Account, Xxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP6, Class X-0X, Xxxxx X-0, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group II Cap Collateral Account shall be held in the name of the Cap Custodian in trust for the benefit of the Class A-2 Certificates and Mezzanine Certificates. The Group II Cap Collateral Account shall be an Eligible Account and shall be entitled “Group II Cap Collateral Account, Xxxxx Fargo Bank, National Association for the benefit of holders of ACE Securities Corp. Home Equity Loan Trust, Series 20062007-ASAP6ASAP1, Class A-2, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9.” The Group II Cap Collateral Account may be a subaccount of the Group I Collateral Account. The Cap Custodian shall credit to the applicable Cap Collateral Account all collateral (whether in the form of cash or securities) posted by the Cap Counterparty to secure the obligations of the Cap Counterparty Provider in accordance with the terms of the related Cap Contract. Except for investment earnings, the Cap Counterparty shall not have any legal, equitable or beneficial interest in any Cap Collateral Account other than in accordance with the related Cap Contract and applicable law. The Cap Custodian shall maintain and apply all collateral and earnings thereon on deposit in any Cap Collateral Account in accordance with the Group IA Cap Credit Support Annex, Group IB Cap Credit Support Annex or the Group II Cap Credit Support Annex, as applicable (each, a “Cap Credit Support Annex”). Cash collateral posted by the Cap Counterparty in accordance with the related Cap Credit Support Annex shall be invested at the direction of the Cap Counterparty in Permitted Investments that mature no later than in accordance with the Business Day prior to requirements of the next succeeding Distribution Date. If no investment direction is received or provided, the Securities Administrator shall invest the funds in the Xxxxx Fargo Advantage Prime Investment Money Market Fundrelated Cap Credit Support Annex. All amounts earned on amounts on deposit in a the Cap Collateral Account (whether cash collateral or securities) shall be for the account of and taxable to the Cap Counterparty. Counterparty Upon the occurrence of an Event of Default, a Termination Event, Default or an Additional Termination Event Specified Condition (each as defined in the related Cap Contact)Contracts) with respect to the Cap Counterparty or upon occurrence or designation of an Early Termination Date (as defined in the Cap Contracts) as a result of any such Event of Default or Specified Condition with respect to the Cap Counterparty, amounts and, in either such case, unless the Cap Counterparty has paid in full all of its Obligations (as defined in the related Cap Collateral Account shall be withdrawn Credit Support Annex) that are then due, then any collateral posted by the Cap Counterparty in accordance with the related Cap Custodian and Credit Support Annex shall be applied to the payment of any termination payment Obligations due to Party B (as defined in the related Cap ContractContracts) in accordance with the related Cap Credit Support Annex. Any excess amounts held in such Cap Collateral Account after payment of all amounts owing to Party B under the related Cap Contract Contracts shall be withdrawn from such the Cap Collateral Account and paid to the Cap Counterparty in accordance with the related Cap Credit Support Annex.