Cap Contracts. 7 Cash-Out Refinancing.....................................................7 Certificate..............................................................7
Cap Contracts. The Group 1 Certificate Cap Contract, the Group 1 Basis Risk Cap Contract, the Group 2 Certificate Cap Contract, the Group 2 Basis Risk Cap Contract, and the Class 2-2A3 Basis Risk Cap Contract. Cap Provider: Swiss Re Financial Products Corporation. Cenlar: Cenlar, FSB, and its successors and assigns, in its capacity as Servicer of the Cenlar Mortgage Loans.
Cap Contracts. (a) On or prior to the Closing Date, the Trustee, on behalf of the Trust Fund, is hereby authorized to, and will enter into (i) Cap Contract A for the benefit of the Holders of the Group I and Subordinated Certificates and (ii) Cap Contract B for the benefit of the Holders of the Group II and Subordinated Certificates. The Cap Contracts 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 either of the Cap Contracts.
(c) The Trustee shall terminate the Cap Contract Counterparty with respect to a Cap Contract upon the occurrence of an event of default under the applicable 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 applicable Cap Contract. Any such amounts shall be held in the Excess Reserve Fund Account and applied as necessary until the applicable Cap Contract termination date.
(d) The Trustee shall deposit any amounts received on the Cap Contracts into the Excess Reserve Fund and distribute such amounts as provided in Section 4.02(IV)(except as set forth in (c) above).
Cap Contracts. The Master Servicer shall cause Deutsche Bank AG, New York Branch (or its relevant affiliate) to assign all of its right, title and interest in and to the Cap Contracts to, and shall cause all of Deutsche Bank AG, New York Branch's obligations in respect of such transactions to be assumed by, the Trustee on behalf of the Trust Fund, on the terms and conditions set forth in the Assignment Agreements. Each of the Cap Contracts will be an asset of the Trust Fund but will not be an asset of any REMIC. The Master Servicer, on behalf of the Trustee, shall cause to be deposited (x) any amounts received from time to time with respect to the Class 1-A-1 Cap Contract into the Class 1-A-1 Reserve Fund and (y) any amounts received from time to time with respect to the Class 1-A-2 Cap Contract into the Class 1-A-2 Reserve Fund The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the Cap Contracts. The Master Servicer, on behalf of the Trustee, shall act as calculation agent and/or shall terminate the Cap Contracts, in each case upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Class 1-A-1 Cap Contract Counterparty and/or the Class 1-A-2 Cap Contract Counterparty, as applicable, will be obligated to pay the Trustee, for the benefit of the Trust Fund, an amount in respect of such termination. Any amounts received by the Trustee for the benefit of the Trust Fund in respect of the termination of the Class 1-A-1 Cap Contract shall be deposited and held in the Class 1-A-1 Reserve Fund and applied on future Distribution Dates to pay any Class 1-A-1 Supplemental Amount on the Class 1-A-1 Certificates. Any amounts received by the Trustee for the benefit of the Trust Fund in respect of the termination of the Class 1-A-2 Cap Contract shall be deposited and held in the Class 1-A-2 Reserve Fund and applied on future Distribution Dates to pay any Class 1-A-2 Supplemental Amount on the Class 1-A-2 Certificates. Any amounts remaining in the Class 1-A-1 Reserve Fund on the Distribution Date immediately following the earlier of (x) the Class 1-A-1 Cap Contract Scheduled Termination Date and (y) the date on which the Class Certificate Balance of the Class 1-A-1 Certificates has been reduced to zero, will be distributed to Deutsche Bank AG, New York Branch, and will not be available for payment of the Class 1-A-1 Supplemental Amount on the ...
Cap Contracts. Any of the Class I-A-1 Cap Contract, Class II-AR-1 Cap Contract, Class II-AR-2 Cap Contract, Class II-MR-1 Cap Contract, Class II-MR-2 Cap Contract and Class II-MR-3 Cap Contract.
Cap Contracts. The Securities Administrator shall deposit any amounts received from time to time with respect to the Cap Contracts into the Reserve Fund. The Securities Administrator shall prepare and deliver any notices required to be delivered under the Cap Contracts. The Cap Contract Provider shall act as calculation agent and/or shall terminate each 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. On the related 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 Reserve Fund, such amounts shall be distributed by the Securities Administrator to the Class C Certificates. In the event that a Cap Contract is terminated prior to the related Cap Contract Scheduled Termination Date, the Securities Administrator, at the direction of the Depositor, shall use reasonable efforts to appoint a successor cap counterparty using any cap agreement termination payments paid by the Cap Counterparty. If the Securities Administrator is unable to locate a qualified successor cap counterparty within thirty (30) days of the Early Termination Date (as defined in the related Cap Contract), any cap agreement termination payments paid by the Cap Counterparty will be deposited into a separate non-interest bearing Eligible Account and the Securities Administrator, on each subsequent Distribution Date (until the termination date of the related Cap Contract or the appointment of a successor cap counterparty), will withdraw from the amount then remaining on deposit in such account an amount equal to the payment, if any, that would have been paid to the Securities Administrator by the original Cap Counterparty calculated in accordance with the terms of the related original Cap Contract, and distribute such amount to the Holders of the related Certificates in accordance with Section 4.11
Cap Contracts. The Cap Contract Administrator and the Cap Contracts Counterparty have entered into the Cap Contract Administration Agreement. The Indenture Trustee's rights to receive certain proceeds of the Cap Contracts 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 Contracts 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 a Cap Contract into the related Cap Contract Account, and shall remit to Countrywide Home Loans, Inc. the excess of any amounts received with respect to a Cap Contract for a related Payment Date over the related 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 each Class of 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 either Cap Contract) or Termination Event (as defined in either Cap Contract) for which the Cap Contract Administrator has the right to designate an Early Termination Date for the applicable Cap Contract (as defined in the applicable 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 with respect to the applicable Cap Contract. The Cap Trustee shall provide written notice to each Rating Agency following the Event of Default or Termination Event. Upon the termination of a 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 applicable 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 Contracts. (a) On or prior to the Closing Date, the Trustee, on behalf of the Trust Fund, is hereby authorized to, and will enter into (i) Cap Contract A for the benefit of the Holders of the Group I Certificates, (ii) Cap Contract B for the benefit of the Holders of the Group II Certificates and (iii) Cap Contract C for the benefit of the Holders of the Subordinated Certificates. The Cap Contracts will each be an asset of the Trust Fund but 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 any of the Cap Contracts.
(c) The Trustee shall terminate the Cap Contract Counterparty with respect to a Cap Contract upon the occurrence of an event of default under the applicable Cap Contract of which a Responsible Officer of the Trustee has actual knowledge. Upon such termination, the Cap Contract Counterparty may be required to pay an amount to the Trustee in respect of market quotations for the replacement cost of the applicable Cap Contract. Any such amounts shall be held in the Excess Reserve Fund Account and applied as necessary until the applicable Cap Contract termination date.
(d) The Trustee shall deposit any amounts received on the Cap Contracts into the Excess Reserve Fund and distribute such amounts as provided in Section 4.02(IV)(except as set forth in (c) above).
Cap Contracts. The interest rate Cap Contracts between the Owner Trustee (or assigned to the Owner Trustee) on behalf of the related Underlying Trust and the Derivative Counterparty primarily for the benefit of the Class M-1, Class M-2 and Class M-3 Notes.
Cap Contracts. (a) On or prior to the Closing Date, the Trustee, on behalf of the Trust Fund, is hereby authorized to, and will enter into (i) Cap Contract A for the benefit of the Holders of the Group I Certificates, (ii) Cap Contract B for the benefit of the Holders of the Group II Certificates and
