The Corridor Contract Sample Clauses

The Corridor Contract. CHL shall cause The Bank of New York to enter into the Corridor Contract Administration Agreement and shall assign all of its right, title and interest in and to the interest rate corridor transaction evidenced by the Corridor Contract to, and shall cause all of its obligations in respect of such transaction to be assumed by, the Corridor Contract Administrator, on the terms and conditions set forth in the Corridor Contract Assignment Agreement. The Trustee's rights to receive certain proceeds of the Corridor Contract as provided in the Corridor Contract Administration Agreement will be an asset of the Trust Fund but will not be an asset of any REMIC. The Trustee shall deposit any amounts received from time to time with respect to the Corridor Contract into the Carryover Reserve Fund. The Master Servicer shall deposit any amounts received on behalf of the Trustee from time to time with respect to the Corridor Contract into the Carryover Reserve Fund. No later than two Business Days following each Distribution Date, the Trustee shall provide the Corridor Contract Administrator with information regarding the Certificate Principal Balance of the Class A-1 Certificates after all distributions on such Distribution Date. The Trustee shall direct the Corridor Contract Administrator to terminate the Corridor Contract upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Corridor Contract Counterparty will be obligated to pay the Corridor Contract Administrator an amount in respect of such termination, and the portion of such amount that is distributable to the Trust Fund pursuant to the Corridor Contract Administration Agreement and received by the Trustee or the Master Servicer for the benefit of the Trust Fund, as the case may be, in respect of such termination shall be deposited and held in the Carryover Reserve Fund to pay Net Rate Carryover for the Class A-1 Certificates as provided in Section 4.04(d) on the Distribution Dates following such termination to and including the Corridor Contract Termination Date, but shall not be available for distribution to the Class C Certificates pursuant to Section 4.07(c) until such Corridor Contract Termination Date. On the Corridor Contract Termination Date, after all other distributions on such date, if any such amount in respect of early termination of the Corridor Contract remains in the Carryover Reserve Fund, such amounts shall be dis...

The Corridor Contract. The Supplemental Interest Trustee will enter into the Corridor Contract with the Corridor Contract Counterparty for the benefit of the Covered Certificates. The Corridor Contract will not be an asset of the Trust Fund or any REMIC. The Corridor Contract instead will be an asset of the Supplemental Interest Trust. The Trustee, on behalf of the Supplemental Interest Trust, shall cause to be deposited any amounts received from time to time with respect to the Corridor Contract into the Corridor Contract Reserve Fund. The Trustee, on behalf of the Supplemental Interest Trust, shall act as calculation agent and/or shall terminate the Corridor Contract, upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Corridor Contract Counterparty will be obligated to pay the Trustee, for the benefit of the Supplemental Interest Trust, an amount in respect of such termination. Any amounts received by the Trustee for the benefit of the Supplemental Interest Trust in respect of the termination of a Corridor Contract shall be deposited and held in the Corridor Contract Reserve Fund and applied on future Distribution Dates to pay the related Yield Supplement Amount on the Covered Certificates. Any amounts remaining in the Corridor Contract Reserve Fund on the Distribution Date immediately following the earlier of (x) the termination of this Agreement and (y) the date on which the Class Certificate Balance of the Covered Certificates has been reduced to zero, will be distributed to the Underwriter (Senior), and will not be available for payment of any Yield Supplement Amounts on the Covered Certificates.

The Corridor Contract. The Trustee on behalf of the Trust Fund, shall enter into the interest rate cap transaction evidenced by the Corridor Contract, on the terms and conditions set forth in the Corridor Contract Assignment Agreement. The Corridor Contract will be an asset of the Trust Fund but will not be an asset of any REMIC. The Securities Administrator, on behalf of the Trustee, shall deposit any amounts received from time to time with respect to the Corridor Contract into the Basis Risk Shortfall Reserve Fund. The Securities Administrator, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the Corridor Contract. The Securities Administrator, on behalf of the Trustee, shall terminate the Corridor Contract upon the occurrence of certain events of default or termination events to the extent specified thereunder.

The Corridor Contract. The Corridor Contract will not be an asset of the Trust Fund or of any REMIC. The Supplemental Interest Trustee shall cause to be deposited into the Corridor Contract Reserve Fund any amounts received from time to time with respect to the Corridor Contract. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall prepare and deliver any notices required to be delivered under the Corridor Contract. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall act as calculation agent and/or shall terminate the Corridor Contract upon the occurrence of certain events of default or termination events to the extent specified in such Corridor Contract. Upon any such termination, the Corridor Contract Counterparty will be obligated to pay the Supplemental Interest Trustee, for the benefit of the Supplemental Interest Trust, an amount in respect of such termination. Any amounts received by the Supplemental Interest Trustee in respect of the termination of a Corridor Contract shall be deposited and held in the Corridor Contract Reserve Fund and applied on future Distribution Dates to pay the Yield Supplement Amount on the Class of Covered Certificates. Any amounts remaining in the Corridor Contract Reserve Fund on the Distribution Date immediately following the earlier of (i) the reduction of the Class Certificate Balance of the Covered Certificates to zero, and (ii) the Corridor Contract Scheduled Termination Date will be distributed to the Underwriter (Senior).

The Corridor Contract. (a) The Depositor hereby directs the Securities Administrator, solely in its capacity as Securities Administrator hereunder and not in its individual capacity, to execute and deliver the Corridor Contract concurrently with the execution and delivery of this Agreement. Except as may be directed in writing by the Depositor or by a majority in interest of the Holders of a Class of Certificates that have the benefit of the Corridor Contract, the Securities Administrator shall have no duty or responsibility to enter into any other interest rate cap contract or agreement upon the expiration or termination of the Corridor Contract. The Corridor Contract will be an asset of the Trust Fund but will not be an asset of any REMIC. The Securities Administrator shall deposit any amounts received from the Corridor Contract Counterparty with respect to the Corridor Contract into the Reserve Fund. (b) The Securities Administrator will prepare and deliver any notices required to be delivered to the Corridor Contract Counterparty under the Corridor Contract. (c) The Securities Administrator, on behalf of the Trustee shall terminate the Corridor Contract Counterparty upon the occurrence of an event of default under the Corridor Contract of which a Responsible Officer of the Securities Administrator has actual knowledge. Upon such a termination, the Corridor Contract Counterparty may be required to pay an amount to the Securities Administrator, on behalf of the Trustee, in respect of market quotations for the replacement cost of the Corridor Contract. (d) On each Distribution Date, following the distribution of any amounts in respect of interest pursuant to Section 5.02(a)(2)(iii), the Securities Administrator shall distribute amounts on deposit in the Reserve Fund from the Class 2-A-1 Corridor Contract, to the holders of the Class 2-A-1 Certificates. Amounts withdrawn from the Reserve Fund shall be distributed as follows: from any Class 2-A-1 Corridor Contract Payment on deposit in the Reserve Fund with 91 respect to any Distribution Date on prior to the Corridor Contract Termination Date on which one-month LIBOR exceeds 4.85%, an amount equal to interest for the related Interest Accrual Period on the Class Principal Balance of the Class 2-A-1 Certificates immediately prior to such Distribution Date at a rate equal to the excess of (i) the lesser of one-month LIBOR and 8.80% over (ii) 4.85%, to the holders of the Class 2-A-1 Certificates; For so long as the Corridor Contract ...

The Corridor Contract. The Master Servicer shall cause Xxxxxx Xxxxxxx & Co. Incorporated (or its relevant affiliate) to assign all of its respective right, title and interest in and to the Corridor Contract to, and shall cause all of Xxxxxx Xxxxxxx & Co. Incorporated's obligations in respect of such transaction to be assumed by, the Trustee on behalf of the Trust Fund, on the terms and conditions set forth in the Assignment Agreement. The Corridor Contract 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 any amounts received from time to time with respect to the Corridor Contract into the Corridor Contract Reserve Fund. The Master Servicer, on behalf of the Trustee, shall prepare and deliver any notices required to be delivered under the Corridor Contract. The Master Servicer, on behalf of the Trustee, shall act as calculation agent and/or shall terminate the Corridor Contract, upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the Corridor Contract Counterparty 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 Corridor Contract shall be deposited and held in the Corridor Contract Reserve Fund and applied on future Distribution Dates to pay the Yield Supplement Amount on the Class A-1 and Class A-5 Certificates. Any amounts remaining in the Corridor Contract Reserve Fund on the Distribution Date immediately following the earlier of (x) the Corridor Contract Scheduled Termination Date and (y) the date on which the aggregate Class Certificate Balance of the Class A-1 and Class A-5 Certificates has been reduced to zero, will be distributed to the Corridor Contract Counterparty, and will not be available for payment of the Yield Supplement Amount on the Class A-1 and Class A-5 Certificates.

The Corridor Contract. (a) The Corridor Contract Administrator on behalf of the Trust Fund, shall enter into the Corridor Contract with the Cap Counterparty, on the terms and conditions set forth in the Corridor Contract Administration Agreement. The Corridor Contract will be an asset of the Trust Fund but will not be an asset of any REMIC. The Corridor Contract Administrator pursuant to the Corridor Contract Administration Agreement, shall deposit any amounts received from time to time with respect to the Corridor Contract into the Corridor Contract Account established pursuant to the Corridor Contract Administration Agreement and shall pay or cause to be paid from funds of the Trust the payment owed to the Cap Counterparty pursuant to the terms of the Corridor Contract. The Corridor Contract Administrator will make payments to the Securities Administrator with respect to the Corridor Contract pursuant to the Corridor Contract Administration Agreement, and the Securities Administrator will allocate any such payments in accordance with Section 4.01(o). The Corridor Contract Account is an “outside reserve fund” within the meaning of Treasury Regulation §1.860G-2(h) and shall not be an asset of any REMIC. Funds in the Corridor Contract Account shall remain uninvested. (b) The Corridor Contract Administrator pursuant to the Corridor Contract Administration Agreement shall prepare and deliver any notices required to be delivered under the Corridor Contract. (c) The Securities Administrator, on behalf of the Trust, shall direct the Corridor Contract Administrator to terminate the Corridor Contract upon the occurrence of certain events of default or termination events to the extent specified thereunder.

The Corridor Contract. The Depositor shall cause the Supplemental Interest Trustee to enter into an interest rate corridor transaction evidenced by the Corridor Contract. The Supplemental Interest Trustee's rights to receive certain proceeds of the Corridor Contract shall be rights of the Supplemental Interest Trust under this Agreement, shall be an asset of the Supplemental Interest Trust and shall not be an asset of the Trust Fund nor of any REMIC. The Supplemental Interest Trustee shall deposit any amounts received from time to time that constitute payment of Net Rate Carryover to the LIBOR Certificates from the Corridor Counterparty into the Distribution Account. The Supplemental Interest Trustee shall be subject to a standard of care identical to that of the Trustee under Article Eight of this Agreement.

The Corridor Contract. (a) The Depositor hereby directs the Securities Administrator, solely in its capacity as Securities Administrator hereunder and not in its individual capacity, to execute and deliver the Corridor Contract concurrently with the execution and delivery of this Agreement. Except as may be directed in writing by the Depositor or by a majority in interest of the Class 1-A-1 Certificates, the Securities Administrator shall have no duty or responsibility to enter into any other interest rate cap contract or agreement upon the expiration or termination of the Corridor Contract. The Corridor Contract will be an asset of the Supplemental Interest Trust. The Securities Administrator shall deposit any amounts received from the Corridor Contract Counterparty with respect to the Corridor Contract into the Class 1-A-1 Reserve Fund. (b) The Securities Administrator will prepare and deliver any notices required to be delivered to the Corridor Contract Counterparty under the Corridor Contract. (c) The Securities Administrator, on behalf of the Trustee shall terminate the Corridor Contract Counterparty with respect to the Corridor Contract upon the occurrence of an event of default under the Corridor Contract of which a Responsible Officer of the Securities Administrator has actual knowledge. Upon such a termination, the Corridor Contract Counterparty may be required to pay an amount to the Securities Administrator, on behalf of the Trustee, in respect of market quotations for the replacement cost of the Corridor Contract. (i) On each Distribution Date, following the distribution of any amounts in respect of interest pursuant to Section 5.02(a)(4)(ii), the Securities Administrator shall distribute amounts on deposit in the Class 1-A-1 Reserve Fund from the Corridor Contract, to the Holders of the Class 1-A-1

The Corridor Contract. The Depositor hereby directs the Securities Administrator, solely in its capacity as Securities Administrator hereunder and not in its individual capacity, to execute and deliver the Corridor Contract concurrently with the execution and delivery of this Agreement. Except as may be directed in writing by the Depositor or by a majority in interest of the Class 1-A-1 Certificates, the Securities Administrator shall have no duty or responsibility to enter into any other interest rate cap contract or agreement upon the expiration or termination of the Corridor Contract. The Corridor Contract will be an asset of the Supplemental Interest Trust. The Securities Administrator shall deposit any amounts received from the Corridor Contract Counterparty with respect to the Corridor Contract into the Reserve Fund.