Common use of Duties With Respect to the Cap Agreement Clause in Contracts

Duties With Respect to the Cap Agreement. With respect to the Cap Agreement, the Issuer will, or will cause the Administrator to: (a) prepare for execution all documents that are the duty of the Issuer to prepare or deliver pursuant to the Cap Agreement; (b) direct the Cap Counterparty to remit any Cap Payments into the Collection Account no later than the second Business Day preceding the related Payment Date; (c) if the Cap Counterparty is required to post collateral under the Cap Agreement, coordinate with the Servicer and the Indenture Trustee to establish a Cap Collateral Account (as set forth in the Cap Agreement and in Section 9.10 of the Transfer and Servicing Agreement), and coordinate the holding of securities deposited therein and the investment of any cash deposited therein; (d) provide to the Rating Agencies a copy of any proposed amendment or supplement to the Cap Agreement at least five (5) days prior to the effective date of such amendment or supplement. Such proposed amendment or supplement will be effective only after the Rating Agency Condition is satisfied, unless such amendment or supplement solely clarifies any term or provision, corrects any inconsistency, cures any ambiguity or corrects any typographical error in the Cap Agreement; (e) obtain from the Cap Counterparty the determination of One-Month LIBOR under the Cap Agreement and the amount of any Cap Payments payable on each Payment Date; and (f) use reasonable efforts to enforce the rights of the Issuer under the Cap Agreement.

Duties With Respect to the Cap Agreement. With respect to the Cap Agreement, the Issuer Trust will, or will cause the Administrator to: (a) prepare for execution all documents that are the duty of the Issuer Trust to prepare or deliver pursuant to the Cap Agreement; (b) direct the Cap Counterparty to remit any Cap Payments into the Collection Distribution Account no later than the second Business Day preceding the related Payment Date; (c) if the Cap Counterparty is required to post collateral under the Cap Agreement, coordinate with the Servicer and the Indenture Trustee to establish a Cap Collateral Account (as set forth in the Cap Agreement and in Section 9.10 of the Transfer and Servicing Agreement8.2(h)), and coordinate the holding of securities deposited therein and the investment of any cash deposited therein; (d) provide to the Rating Agencies a copy of any proposed amendment or supplement to the Cap Agreement at least five (5) days prior to the effective date of such amendment or supplement. Such proposed amendment or supplement will be effective only after the Rating Agency Condition is satisfied, unless such amendment or supplement solely clarifies any term or provision, corrects any inconsistency, cures any ambiguity or corrects any typographical error in the Cap Agreement; (e) obtain from the Cap Counterparty the determination of One-Month LIBOR under the Cap Agreement and the amount of any Cap Payments payable on each Payment Date; and (f) use reasonable efforts to enforce the rights of the Issuer Trust under the Cap Agreement.