Common use of Cap Contract Clause in Contracts

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 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 will not be an asset of the Trust Fund or of any REMIC. The Cap Contract Administrator and Master Servicer, on behalf of the Master Servicer shall remit any amounts received from time to time with respect to the Cap Contract to the Cap Supplemental Interest Trustee, and the Cap Trustee shall deposit the Cap Payment (Cap Trust Share) portion of cause to be deposited any amounts received from time to time with respect to the Cap Contract into the Cap Contract AccountReserve Fund. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall prepare and shall remit deliver any notices required to Countrywide Home Loans, Inc. the excess of any amounts received with respect to be delivered under 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 DateContract. Upon a Responsible Officer of the Cap Supplemental Interest Trustee obtaining actual knowledge of an Event of Default a Failure to Pay or Deliver (as defined in the Cap Contractapplicable Confirmation) 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 Indenturethe Supplemental Interest Trustee shall demand payment from the Guarantor under the applicable Guarantee. The Master Servicer, and on behalf of the Supplemental Interest Trustee, 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 Confirmation. Upon any such termination, the Cap Contract Administrator shall use commercially reasonable efforts Counterparty will be obligated to procure a replacement cap contract with terms approximating those pay the Supplemental Interest Trustee for the benefit of the original Supplemental Interest Trust an amount in respect of such termination. Any amounts received by the Supplemental Interest Trustee or the Master Servicer for the benefit of the Supplemental Interest Trust in respect of such termination shall be deposited and held in the Cap ContractContract Reserve Fund to pay unpaid Current Interest, Interest Carry Forward Amounts, Unpaid Realized Loss Amounts and Net Rate Carryover Amounts on the Classes of LIBOR Certificates and to restore and maintain the Overcollateralization Amount at the required level as provided in Section 4.10 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 Trustee or the Master Servicer with respect thereto in respect of such termination remain in the Cap Contract Reserve Fund, such amounts shall be distributed by the Supplemental Interest Trustee to the Underwriter.

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 A-1A Notes 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 DepositorSection, 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 Cap contract with terms approximating those of the original Cap Contract.

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 DepositorSection, 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 Cap contract with terms approximating those of the original Cap Contract.

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 Notes 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 DepositorSection, 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 Cap contract with terms approximating those of the original Cap Contract.

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 A-2A 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 DepositorSection, 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 seek to procure a replacement cap Cap contract with terms approximating those of the original Cap Contract.