Common use of Interest Rate Caps Clause in Contracts

Interest Rate Caps. (a) The Trustee hereby acknowledges that the Class A Interest Rate Cap has been obtained for the benefit of the Class A Certificateholders and the Class B Interest Rate Cap for the benefit of the Class B Certificateholders. Each of the Interest Rate Caps provides that (i) the Trust shall not be required to make any payments thereunder and (ii) the Trust shall be entitled to receive a payment (determined in accordance with the respective Interest Rate Cap) from the Interest Rate Cap Provider on or prior to each Transfer Date if LIBOR plus 0.14% for the related Interest Accrual Period exceeds the Class A Cap Rate or LIBOR plus 0.34% for the related Interest Accrual Period exceeds the Class B Cap Rate. The Interest Rate Cap Provider will make a payment on or prior to each Transfer Date to the Trustee, on behalf of the Trust, in an amount equal to the product of (i) the amount by which, in the case of the Class A Interest Rate Cap, LIBOR plus 0.14% exceeds the Class A Cap Rate or, in the case of the Class B Interest Rate Cap, LIBOR plus 0.34% exceeds the Class B Cap Rate, as applicable, (ii) the Class A Notional Amount or the Class B Notional Amount, as applicable, for the related Calculation Period, and (iii) the actual number of days in such Calculation Period divided by 360. Payments pursuant to the Class A Interest Rate Cap will be deposited in the Distribution Account for payment to the Class A Certificateholders on the following Distribution Date. Payments pursuant to the Class B Interest Rate Cap will be deposited in the Distribution Account for payment to the Class B Certificateholders on the following Distribution Date.

Interest Rate Caps. (a) The Trustee hereby acknowledges that the Class A Interest Rate Cap has been obtained for the benefit of the Class A Certificateholders and the Class B Interest Rate Cap for the benefit of the Class B Certificateholders. Each of the Interest Rate Caps provides that (i) the Trust shall not be required to make any payments thereunder and (ii) the Trust shall be entitled to receive a payment (determined in accordance with the respective Interest Rate Cap) from the Interest Rate Cap Provider on or prior to each Transfer Date if LIBOR plus 0.140.13% for the related Interest Accrual Period exceeds the Class A Cap Rate or LIBOR plus 0.340.33% for the related Interest Accrual Period exceeds the Class B Cap Rate. The Interest Rate Cap Provider will make a payment on or prior to each Transfer Date to the Trustee, on behalf of the Trust, in an amount equal to the product of (i) the amount by which, in the case of the Class A Interest Rate Cap, LIBOR plus 0.140.13% exceeds the Class A Cap Rate or, in the case of the Class B Interest Rate Cap, LIBOR plus 0.340.33% exceeds the Class B Cap Rate, as applicable, (ii) the Class A Notional Amount or the Class B Notional Amount, as applicable, for the related Calculation Period, and (iii) the actual number of days in such Calculation Period divided by 360. Payments pursuant to the Class A Interest Rate Cap will be deposited in the Distribution Account for payment to the Class A Certificateholders on the following Distribution Date. Payments pursuant to the Class B Interest Rate Cap will be deposited in the Distribution Account for payment to the Class B Certificateholders on the following Distribution Date.

Interest Rate Caps. (a) The Trustee hereby acknowledges that the Class A Interest Rate Cap has been obtained for the benefit of the Class A Certificateholders and the Class B Interest Rate Cap for the benefit of the Class B Certificateholders. Each of the Interest Rate Caps provides that (i) the Trust shall not be required to make any payments thereunder and (ii) the Trust shall be entitled to receive a payment (determined in accordance with the respective Interest Rate Cap) from the Interest Rate Cap Provider on or prior to each Transfer Date if LIBOR plus 0.14[____]% for the related Interest Accrual Period exceeds the Class A Cap Rate or LIBOR plus 0.34[____]% for the related Interest Accrual Period exceeds the Class B Cap Rate. The Interest Rate Cap Provider will make a payment on or prior to each Transfer Date to the Trustee, on behalf of the Trust, in an amount equal to the product of (i) the amount by which, in the case of the Class A Interest Rate Cap, LIBOR plus 0.14[____]% exceeds the Class A Cap Rate or, in the case of the Class B Interest Rate Cap, LIBOR plus 0.34[____]% exceeds the Class B Cap Rate, as applicable, (ii) the Class A Notional Amount or the Class B Notional Amount, as applicable, for the related Calculation Period, and (iii) the actual number of days in such Calculation Period divided by 360. Payments pursuant to the Class A Interest Rate Cap will be deposited in the Distribution Account for payment to the Class A Certificateholders on the following Distribution Date. Payments pursuant to the Class B Interest Rate Cap will be deposited in the Distribution Account for payment to the Class B Certificateholders on the following Distribution Date.

Interest Rate Caps. (a) The Trustee hereby acknowledges that the Class A Interest Rate Cap has been obtained for the benefit of the Class A Certificateholders and the Class B Interest Rate Cap for the benefit of the Class B Certificateholders. Each of the Interest Rate Caps provides that (i) the Trust shall not be required to make any payments thereunder and (ii) the Trust shall be entitled to receive a payment (determined in accordance with the respective Interest Rate Cap) from the Interest Rate Cap Provider on or prior to each Transfer Date if LIBOR plus 0.140.29% for the related Interest Accrual Period exceeds the Class A Cap Rate or LIBOR plus 0.340.58% for the related Interest Accrual Period exceeds the Class B Cap Rate. The Interest Rate Cap Provider will make a payment on or prior to each Transfer Date to the Trustee, on behalf of the Trust, in an amount equal to the product of (i) the amount by which, in the case of the Class A Interest Rate Cap, LIBOR plus 0.140.29% exceeds the Class A Cap Rate or, in the case of the Class B Interest Rate Cap, LIBOR plus 0.340.58% exceeds the Class B Cap Rate, as applicable, (ii) the Class A Notional Amount or the Class B Notional Amount, as applicable, for the related Calculation Period, and (iii) the actual number of days in such Calculation Period divided by 360. Payments pursuant to the Class A Interest Rate Cap will be deposited in the Distribution Account for payment to the Class A Certificateholders on the following Distribution Date. Payments pursuant to the Class B Interest Rate Cap will be deposited in the Distribution Account for payment to the Class B Certificateholders on the following Distribution Date.

Interest Rate Caps. (a) The Trustee hereby acknowledges ------------------ that the Class A Interest Rate Cap has been obtained for the benefit of the Class A Certificateholders and the Class B Interest Rate Cap for the benefit of the Class B Certificateholders. Each of the Interest Rate Caps provides that (i) the Trust shall not be required to make any payments thereunder and (ii) the Trust shall be entitled to receive a payment (determined in accordance with the respective Interest Rate Cap) from the Interest Rate Cap Provider on or prior to each Transfer Date if LIBOR plus 0.14[_____]% for the related Interest Accrual Period exceeds the Class A Cap Rate or LIBOR plus 0.34[_____]% for the related Interest Accrual Period exceeds the Class B Cap Rate. The Interest Rate Cap Provider will make a payment on or prior to each Transfer Date to the Trustee, on behalf of the Trust, in an amount equal to the product of (i) the amount by which, in the case of the Class A Interest Rate Cap, LIBOR plus 0.14[_____]% exceeds the Class A Cap Rate or, in the case of the Class B Interest Rate Cap, LIBOR plus 0.34[_____]% exceeds the Class B Cap Rate, as applicable, (ii) the Class A Notional Amount or the Class B Notional Amount, as applicable, for the related Calculation Period, and (iii) the actual number of days in such Calculation Period divided by 360. Payments pursuant to the Class A Interest Rate Cap will be deposited in the Distribution Account for payment to the Class A Certificateholders on the following Distribution Date. Payments pursuant to the Class B Interest Rate Cap will be deposited in the Distribution Account for payment to the Class B Certificateholders on the following Distribution Date.

Interest Rate Caps. (a) The Trustee hereby acknowledges that the Class A Interest Rate Cap has been obtained for the benefit of the Class A Certificateholders and the Class B Interest Rate Cap for the benefit of the Class B Certificateholders. Each of the Interest Rate Caps provides that (i) the Trust shall not be required to make any payments thereunder and (ii) the Trust shall be entitled to receive a payment (determined in accordance with the respective Interest Rate Cap) from the Interest Rate Cap Provider on or prior to each Transfer Date if LIBOR plus 0.140.[ ]% for the related Interest Accrual Period exceeds the Class A Cap Rate or LIBOR plus 0.340.[ ]% for the related Interest Accrual Period exceeds the Class B Cap Rate. The Interest Rate Cap Provider will make a payment on or prior to each Transfer Date to the Trustee, on behalf of the Trust, in an amount equal to the product of (i) the amount by which, in the case of the Class A Interest Rate Cap, LIBOR plus 0.140.[ ]% exceeds the Class A Cap Rate or, in the case of the Class B Interest Rate Cap, LIBOR plus 0.340.[ ]% exceeds the Class B Cap Rate, as applicable, (ii) the Class A Notional Amount or the Class B Notional Amount, as applicable, for the related Calculation Period, and (iii) the actual number of days in such Calculation Period divided by 360. Payments pursuant to the Class A Interest Rate Cap will be deposited in the Distribution Account for payment to the Class A Certificateholders on the following Distribution Date. Payments pursuant to the Class B Interest Rate Cap will be deposited in the Distribution Account for payment to the Class B Certificateholders on the following Distribution Date.

Interest Rate Caps. (a) The Trustee hereby acknowledges that the Class A Interest Rate Cap has been obtained for the benefit of the Class A Certificateholders and the Class B Interest Rate Cap for the benefit of the Class B Certificateholders. Each of the Interest Rate Caps provides that (i) the Trust shall not be required to make any payments thereunder and (ii) the Trust shall be entitled to receive a payment (determined in accordance with the respective Interest Rate Cap) from the Interest Rate Cap Provider on or prior to each Transfer Date if LIBOR plus 0.14% [ %] for the ---- related Interest Accrual Period exceeds the Class A Cap Rate or LIBOR plus 0.34% [____%] for the related Interest Accrual Period exceeds the Class B Cap Rate. The Interest Rate Cap Provider will make a payment on or prior to each Transfer Date to the Trustee, on behalf of the Trust, in an amount equal to the product of (i) the amount by which, in the case of the Class A Interest Rate Cap, LIBOR plus 0.14% [____%] exceeds the Class A Cap Rate or, in the case of the Class B Interest Rate Cap, LIBOR plus 0.34% [____%] exceeds the Class B Cap Rate, as applicable, (ii) the Class A Notional Amount or the Class B Notional Amount, as applicable, for the related Calculation Period, and (iii) the actual number of days in such Calculation Period divided by 360. Payments pursuant to the Class A Interest Rate Cap will be deposited in the Distribution Account for payment to the Class A Certificateholders on the following Distribution Date. Payments pursuant to the Class B Interest Rate Cap will be deposited in the Distribution Account for payment to the Class B Certificateholders on the following Distribution Date.