Common use of Cap Contract Clause in Contracts

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. The Cap Contract Administrator and the Cap Contract Counterparty have entered into the Cap Contract Administration Agreement. The Indenture Trustee's ’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.