Cap Contract. The Cap Contract will not be an asset of the Trust Fund nor of any REMIC. The Supplemental Interest Trust Trustee shall cause to be deposited any amounts received from time to time with respect to the Cap Contract into the Cap Account. The Supplemental Interest Trust Trustee shall prepare and deliver any notices required to be delivered under the Cap Contract. The Supplemental Interest Trust Trustee shall terminate the Cap Contract upon the occurrence of certain events of default or termination events to the extent specified in or pursuant to the Confirmation. Upon any such termination, the Cap Contract Counterparty will be obligated to pay Supplemental Interest Trust Trustee an amount in respect of such termination. Any amounts received by the Supplemental Interest Trust Trustee in respect of such termination shall be deposited and held in the Cap Account to pay Unpaid Realized Loss Amounts and Net Rate Carryover Amounts on the Classes of Offered Certificates as provided in Section 4.07 hereof on the Distribution Dates following such termination to and including the Cap Contract Scheduled Termination Date. On the Cap Contract Scheduled Termination Date, after all other distributions to be made on such date have been made pursuant to the terms of this Agreement, if any such amounts received by the Supplemental Interest Trust Trustee with respect thereto in respect of such termination remain in the Cap Account, such amounts shall be distributed by the Supplemental Interest Trust Trustee to UBS Securities LLC.
Cap Contract. The Cap Contract Administrator and the Cap Counterparty have entered into the Cap Contract Administration Agreement. The Indenture Trustee's rights to receive certain proceeds of the Cap Contract as provided in the Cap Contract Administration Agreement shall be rights of the Indenture Trustee as Cap Trustee under this Indenture, shall be an asset of the Cap Trust, and shall not be an asset of the Trust or of any REMIC. The Cap Contract Administrator and the Master Servicer shall remit any amounts received from time to time with respect to the Cap Contract to the Cap Trustee, and the Cap Trustee shall deposit the Cap Payment (Cap Trust Share) portion of any amounts received from time to time with respect to the Cap Contract into the Cap Contract Account, and shall remit to Countrywide Home Loans, Inc. the excess of any amounts received with respect to the Cap Contract for a related Payment Date over the Cap Payment (Cap Trust Share) for the related Payment Date. No later than two Business Days following each Payment Date, the Cap Trustee shall notify the Cap Contract Administrator of the aggregate Note Principal Balance of the Class 2-A Certificates after all distributions on the Payment Date. Upon a Responsible Officer of the Cap Trustee obtaining actual knowledge of an Event of Default (as defined in the Cap Contract) or Termination Event (as defined in the Cap Contract) for which the Cap Contract Administrator has the right to designate an Early Termination Date (as defined in the Cap Contract), the Cap Trustee shall act at the written direction of the Depositor as to whether to direct the Cap Contract Administrator to designate an Early Termination Date. The Cap Trustee shall provide written notice to each Rating Agency following the Event of Default or Termination Event. Upon the termination of the Cap Contract under the circumstances contemplated by this Section and at the expense of the Depositor, the Cap Trustee shall use commercially reasonable efforts to enforce the rights of the Cap Contract Administrator under the Cap Contract, consistent with this Indenture, and the Cap Contract Administrator shall use commercially reasonable efforts to procure a replacement cap contract with terms approximating those of the original Cap Contract.
Cap Contract. The Cap Contract Administrator and the Cap Contract Counterparty have entered into the Cap Contract Administration Agreement. The Indenture Trustee's rights to receive certain proceeds of the Cap Contract as provided in the Cap Contract Administration Agreement shall be rights of the Indenture Trustee under this Indenture and shall not be an asset of any REMIC. The Cap Contract Administrator and the Master Servicer shall remit any amounts received from time to time with respect to the Cap Contract, and the Cap Contract Administrator shall deposit the Cap Payment portion of any amounts received from time to time with respect to the Cap Contract into the Cap Contract Account, and shall remit to Countrywide Home Loans, Inc. the excess of any amounts received with respect to the Cap Contract for a related Payment Date over the related Cap Payment for the related Payment Date. Upon a Responsible Officer of the Cap Contract Administrator obtaining actual knowledge of an Event of Default (as defined in the Cap Contract) or Termination Event (as defined in the Cap Contract) for which the Cap Contract Administrator has the right to designate an Early Termination Date for the Cap Contract (as defined in the Cap Contract), the Cap Contract Administrator shall act at the written direction of the Depositor as to whether to designate an Early Termination Date with respect to the Cap Contract. The Cap Contract Administrator shall provide written notice to each Rating Agency following the Event of Default or Termination Event. Upon the termination of the Cap Contract under the circumstances contemplated by this Section and at the expense of the Depositor, the Cap Contract Administrator shall use commercially reasonable efforts to enforce its rights under the Cap Contract, consistent with this Indenture, and the Cap Contract Administrator shall use commercially reasonable efforts to procure a replacement cap contract with terms approximating those of that original Cap Contract.
Cap Contract. No later than the Closing Date, the Securities Administrator shall establish and maintain with itself, as agent for the Trustee, on behalf of the Supplement Interest Trust, a separate, segregated trust account (the “Cap Account”) titled, “Xxxxx Fargo Bank, N.A. as Securities Administrator, in trust for the registered holders of Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-AR2, Mortgage Pass-Through Certificates—Cap Account”. Such account shall be an Eligible Account and amounts therein shall be held uninvested. For federal and state income tax purposes, the Class CE Certificateholders shall be deemed to be the owners of the Cap Account. The Cap Account shall be an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust, or the payment in full of the Class A Certificate and the Subordinate Certificates, all amounts remaining on deposit in the Cap Account shall be released by the Trust and distributed to the Class CE Certificateholders. The Cap Account shall be part of the Trust but not part of any REMIC and any payments to the holders of the Class A Certificates and the Subordinate Certificates from the Cap Account shall not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). Upon receipt of any amounts paid under the Cap Contract, and following any distributions of Net Monthly Excess Cashflow pursuant to Section 4.1(a)(iii) above, the Securities Administrator shall deposit such amounts into the Cap Account for distribution pursuant to Section 4.1(a)(vi) above.
Cap Contract. 7 Cash-Out Refinancing........................................................................................7 Certificate.................................................................................................7
Cap Contract. The cap agreement between the Trustee and the Cap Provider, for the benefit of the Holders of the Class II-AR-2 Certificates.
Cap Contract. (a) On or prior to the Closing Date, the Trustee, on behalf of the Trust Fund, will enter into the Cap Contract for the benefit of the Holders of the Adjustable Rate Certificates. The Cap Contract will be an asset of the Trust Fund but will not be an asset of any REMIC.
(b) The Trustee will prepare and deliver any notices required to be delivered to the Cap Contract Counterparty under the Cap Contract.
(c) The Trustee shall terminate the Cap Contract Counterparty with respect to the Cap Contract upon the occurrence of an event of default under the Cap Contract of which a Responsible Officer of the Trustee has actual knowledge. Upon such termination, Cap Contract Counterparty may be required to pay an amount to the Trustee in respect of market quotations for the replacement cost of the Cap Contract. Any such amounts shall be held in the Excess Reserve Fund Account and applied as necessary until the Cap Contract termination date.
Cap Contract. The Securities Administrator shall deposit any amounts received from time to time with respect to the Cap Contract into the Cap Contract Reserve Fund. The Securities Administrator shall prepare and deliver any notices required to be delivered under the Cap Contract. The Cap Counterparty shall act as calculation agent and/or shall terminate the Cap Contract, in each case upon the occurrence of certain events of default or termination events to the extent specified in or pursuant to the Confirmations. Upon any such termination, the Cap Counterparty will be obligated to pay the Securities Administrator for the benefit of the Certificateholders an amount in respect of such termination. Any amounts received by the Securities Administrator in respect of such termination shall be deposited and held in the Cap Contract Reserve Fund to pay Allocated Realized Loss Amounts and Net Rate Shortfall Carry-Forward Amounts on the Classes of Offered Certificates as provided in Section 4.11 hereof on the Distribution Dates following such termination to and including the Cap Contract Scheduled Termination Date. On the Cap Contract Scheduled Termination Date, after all other distributions to be made on such date have been made pursuant to the terms of this Agreement, if any such amounts received by the Securities Administrator with respect thereto in respect of such termination remain in the Cap Contract Reserve Fund, such amounts shall be distributed by the Securities Administrator to the Underwriter.
Cap Contract. The Trustee acknowledges receipt of the Cap Contract (a form of which is attached hereto), the Sale Agreement and each Transfer Agreement.
Cap Contract. The cap agreement between the Trustee and Swiss Re, for the benefit of the Holders of the Class II-MR-3 Certificates.
