Common use of Early Termination of the Cap Contract Clause in Contracts

Early Termination of the Cap Contract. In the event that the Cap Contract is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Sponsor shall, to the extent a replacement contract is available, direct the Trustee to execute a replacement contract comparable to the Cap Contract which was cancelled or otherwise terminated, providing interest rate protection which is equal to the then-existing protection provided by the Cap Contract, which was cancelled or otherwise terminated provided, however, that the cost of any such replacement contract providing the same interest rate protection provided by such replacement contract may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment. If the Trustee is unable to locate a qualified successor Cap Provider, any early termination payment will be remitted to the Net WAC Reserve Fund for the benefit of the Class A-1 Certificates for distribution by the Securities Administrator to the Class A-1 Certificates in accordance with Section 5.04(a), clause Third, item 3.

Early Termination of the Cap Contract. In the event that the Cap Contract is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Sponsor shall, to the extent a replacement contract is available, direct the Trustee to execute a replacement contract comparable to the Cap Contract which was cancelled or otherwise terminated, providing interest rate protection which is equal to the then-existing protection provided by the Cap Contract, which was cancelled or otherwise terminated provided, however, that the cost of any such replacement contract providing the same interest rate protection provided by such replacement contract may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment. If the Trustee is unable to locate a qualified successor Cap Provider, any early termination payment will be remitted to the Net WAC Reserve Fund for the benefit of the Class A-1 A-4 Certificates for distribution by the Securities Administrator to the Class A-1 A-4 Certificates in accordance with paragraph (4) of clause Third of Section 5.04(a), clause Third, item 3.

Early Termination of the Cap Contract. In the event that the Cap Contract is canceled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Sponsor shall, to the extent a replacement contract is available, direct the Trustee to execute a replacement contract comparable to the Cap Contract which was cancelled or otherwise terminated, providing interest rate protection which is equal to the then-existing protection provided by the Cap Contract, which was cancelled or otherwise terminated provided, however, that the cost of any such replacement contract providing the same interest rate protection provided by such replacement contract may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment. If the Trustee is unable to locate a qualified successor Cap Provider, any early termination payment will be remitted to the Net WAC Reserve Fund for the benefit of the Class A-1 I-A-1A Certificates for distribution by the Securities Administrator to the Class A-1 I-A-1A Certificates in accordance with Section 5.04(a), clause Third, item 3.