Common use of The Class N Interest Rate Cap Agreement Clause in Contracts

The Class N Interest Rate Cap Agreement. (a) The Securities Administrator shall deposit any amounts received with respect to the Class N Interest Rate Cap Agreement on a related Interest Rate Cap Payment Date into the Payment Account. (b) The Securities Administrator shall terminate the Cap Provider upon the occurrence of an event of default or termination event under the Class N Interest Rate Cap Agreement of which a Responsible Officer of the Securities Administrator has actual knowledge. In the event that the Class N Interest Rate Cap Agreement is cancelled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Securities Administrator shall, at the direction of the Holders of not less than 50% of the aggregate Note Balance of the Class N Notes (or if the Class N Notes are not outstanding, the Certificates), and to the extent a replacement contract is available (from a counterparty designated by the Issuer and acceptable to the Holders of not less than 50% of the aggregate Note Balance of the Class N Notes (or if the Class N Notes are not outstanding, the Certificates)) execute a replacement contract comparable to the Class N Interest Rate Cap Agreement providing interest rate protection which is equal to the then-existing protection provided by the Class N Interest Rate Cap Agreement; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Cap Provider. (c) On any Payment Date prior to the related Interest Rate Cap Termination Date, if the Class Note Balance of the Class N Notes equals zero (but not including the Payment Date on which such Class Note Balance is reduced to zero), all amounts received by the Securities Administrator with respect to the Class N Interest Rate Cap Agreement shall be distributed directly to the Certificateholders. (d) Prior to the related Interest Rate Cap Termination Date and upon the redemption of the Class N Notes, the Class N Interest Rate Cap Agreement shall be assigned to the Certificateholders.

The Class N Interest Rate Cap Agreement. (a) The Securities Administrator shall deposit any amounts received with respect to the Class N Interest Rate Cap Agreement on a related an Interest Rate Cap Payment Date into the Payment Account. (b) The Securities Administrator shall terminate the Cap Provider upon the occurrence of an event of default or termination event under the Class N Interest Rate Cap Agreement of which a Responsible Officer of the Securities Administrator has actual knowledge. In the event that the Class N Interest Rate Cap Agreement is cancelled or otherwise terminated for any reason (other than the exhaustion of the interest rate protection provided thereby), the Securities Administrator shall, at the direction of the Holders of not less than 50% of the aggregate Note Balance of the Class N Notes (or if the Class N Notes are not outstanding, the Certificates), and to the extent a replacement contract is available (from a counterparty designated by the Issuer and acceptable to the Holders of not less than 50% of the aggregate Note Balance of the Class N Notes (or if the Class N Notes are not outstanding, the Certificates)) execute a replacement contract comparable to the Class N Interest Rate Cap Agreement providing interest rate protection which is equal to the then-existing protection provided by the Class N Interest Rate Cap Agreement; provided, however, that the cost of any such replacement contract providing the same interest rate protection may be reduced to a level such that the cost of such replacement contract shall not exceed the amount of any early termination payment received from the Cap Provider. (c) On any Payment Date prior to the related Interest Rate Cap Termination Date, if the Class Note Balance of the Class N Notes equals zero (but not including the Payment Date on which such Class Note Balance is reduced to zero), all amounts received by the Securities Administrator with respect to the Class N Interest Rate Cap Agreement shall be distributed directly to the Certificateholders. (d) Prior to the related Interest Rate Cap Termination Date and upon the redemption of the Class N Notes, the Class N Interest Rate Cap Agreement shall be assigned to the Certificateholders.