The Corridor Contracts. 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 transactions evidenced by the Corridor Contracts to, and shall cause all of its obligations in respect of such transactions 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 Contracts 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 any 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 any 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 aggregate Certificate Principal Balance of the Class(es) of Certificates related to each Corridor Contract after all distributions on such Distribution Date. The Trustee shall direct the Corridor Contract Administrator to terminate a 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 applicable Classes of Certificates as provided in Section 4.04(e) on the Distribution Dates following such termination to and including the applicable Corridor Contract Termination Date, but shall not be available for distribution to the applicable Class of Class C Certificates pursuant to Section 4.08(c) until such Corridor Contract Termination Date. On each Corridor Contract Termination Date, after all other distributions on such date, if any such amounts in respect of early termina...
The Corridor Contracts. (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 each of the Corridor Contracts 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 a 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 any of the Corridor Contracts. The Corridor Contracts will be assets of the Trust Fund but will not be assets of any REMIC. The Securities Administrator shall deposit any amounts received from the Corridor Contract Counterparty with respect to the Corridor Contracts into the Reserve Fund.
(b) The Securities Administrator will prepare and deliver any notices required to be delivered to the Corridor Contract Counterparty under any 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 any 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 related Corridor Contract.
(d) On each Distribution Date, following the distribution of any amounts in respect of interest pursuant to Section 5.02(a)(ii)(2), with respect to the Class A-1, Class A-2 and Class A-3 Certificates, Section 5.02(a)(vi)(A), Section 5.02(a)(vi)(C) and Section 5.02(a)(vi)(E) with respect to the Class M-1, Class M-2 and Class M-3 Certificates, respectively and Section 5.02(a)(vi)(G), Section 5.02(a)(vi)(I) and Section 5.02(a)(vi)(K) with respect to the Class M-4, Class M-5 and Class M-6 Certificates, respectively, the Securities Administrator shall distribute amounts on deposit in the Reserve Fund from (a) the Class A-1 Corridor Contract, to the holders of the Class A-1 Certificates, (b) the Class A-2 Corridor Contract, to the holders of the Class A-2 Certificates, (c) the Class A-3 Corridor Contract, to the holders of the Class A-3 Certificates, (d) the Class M Senior Corridor Contract, to the holders of the C...
The Corridor Contracts. The Trustee on behalf of the Trust Fund, shall enter into two interest rate cap transactions evidenced by the Corridor Contracts, on the terms and conditions set forth in the Corridor Contract Assignment Agreements. The Corridor Contracts 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 Contracts 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 Contracts. The Securities Administrator, on behalf of the Trustee, shall terminate the Corridor Contracts upon the occurrence of certain events of default or termination events to the extent specified thereunder.
The Corridor Contracts. The Corridor Contracts 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 Contracts 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 Contracts. The Master Servicer, on behalf of the Trustee, shall act as calculation agent and/or shall terminate the Corridor Contracts, upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the related 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 Contracts shall be deposited and held in the Corridor Contract Reserve Fund and applied on future Distribution Dates to pay any related Yield Supplement Amounts on the Class of Covered Certificates. Any amounts remaining in the Corridor Contract Reserve Fund on the Distribution Date immediately following the earlier of (x) the latest Corridor Contract Scheduled Termination Date and (y) the date on which the aggregate Class Certificate Balance of the Covered Certificates has been reduced to zero, will be distributed to Banc of America Securities LLC.
The Corridor Contracts. The Supplemental Interest Trustee will enter into the Corridor Contracts with the Corridor Contract Counterparty for the benefit of the Covered Certificates. The Corridor Contracts will not be assets of the trust or any REMIC. The Corridor Contracts instead will be an assets 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 Contracts 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 Contracts, 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 applicable Class of Covered Certificates. Any amounts remaining in the Corridor Contract Reserve Fund on the Distribution Date immediately following the earlier of (x) the latest Corridor Contract Scheduled Termination Date and (y) the date on which the aggregate Class Certificate Balance of the Covered Certificates has been reduced to zero, will be distributed to Xxxxxx Xxxxxxx & Co. Incorporated, and will not be available for payment of any Yield Supplement Amounts on the Covered Certificates.
The Corridor Contracts. The Corridor Contracts will not be assets 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 each Corridor Contract. The Trustee shall prepare and deliver any notices required to be delivered under each Corridor Contract. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall act as calculation agent and/or shall terminate each 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 related 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 aggregate Class Certificate Balance of the Covered Certificates to zero, and (ii) the latest Corridor Contract Scheduled Termination Date will be distributed to the Underwriter (Senior).
The Corridor Contracts. The Master Servicer shall cause Countrywide (or its relevant affiliate) to assign all of its right, title and interest in and to the Corridor Contracts to, and shall cause all of Countrywide's obligations in respect of such transactions 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 Contracts will be assets of the Trust Fund but will not be assets 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 Contracts 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 Contracts. The Master Servicer, on behalf of the Trustee, shall, upon receipt of direction from Countrywide, act as calculation agent and/or shall terminate the Corridor Contracts, in each case upon the occurrence of certain events of default or termination events to the extent specified thereunder. Upon any such termination, the applicable 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 such termination shall be deposited and held in the Corridor Contract Reserve Fund and applied on future Distribution Dates to pay any related Yield Supplement Amount on the Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 1-A-5 and Class 5-A-1 Certificates, as applicable. Any amounts remaining in the Corridor Contract Reserve Fund, after the earlier of (i) the date on which the Class Certificate Balances of the Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 1-A-5 and Class 5-A-1 Certificates have been reduced to zero and (ii) the applicable Corridor Contract Scheduled Termination Date, will be distributed to the Underwriter.
The Corridor Contracts. Countrywide shall assign all of its right, title and interest in and to the Corridor Contracts to, and shall cause all of its obligations in respect of such transactions to be assumed by, the Supplemental Interest Trustee on behalf of the Supplemental Interest Trust, on the terms and conditions set forth in the Corridor Contract Assignment Agreement. The Corridor Contracts will not be assets of the Trust Fund or of any REMIC. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall cause to be deposited any amounts received from time to time with respect to each Corridor Contract into the Corridor Contract Reserve Fund. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall prepare and deliver any notices required to be delivered under each Corridor Contract. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall act as calculation agent and/or shall terminate each 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 related 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 related Class of Covered Certificates.
The Corridor Contracts. The Corridor Contracts 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 Contracts 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 Contracts. The Master Servicer, on behalf of the Trustee, shall, upon receipt of direction from Countrywide, act as calculation agent and/or shall terminate the Corridor Contracts, in each case 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 such termination shall be deposited and held in the Corridor Contract Reserve Fund and applied on future Distribution Dates to pay any related Yield Supplement Amount on the Class 1-A-1, Class 1-A-10 and Class 1-A-11 Certificates, as applicable. Any amounts remaining in the Corridor Contract Reserve Fund, after the earlier of (i) the date on which the aggregate Class Certificate Balance of the Class 1-A-1, Class 1-A-10 and Class 1-A-11 Certificates has been reduced to zero and (ii) the related Corridor Contract Scheduled Termination Date, will be distributed to the Deutsche Bank Securities Inc.
The Corridor Contracts. (a) Countrywide shall cause Credit Suisse Management LLC, an affiliate of Credit Suisse Securities (USA) LLC, to assign all of its right, title and interest in and to the Class 1-A-1, Class 2-A-7 and Class 2-A-8 Corridor Contracts to, and shall cause all of its obligations in respect of such transaction to be assumed by, the Supplemental Interest Trustee on behalf of the Supplemental Interest Trust, on the terms and conditions set forth in the related Novation Confirmation. The Class 1-A-1, Class 2-A-7 and Class 2-A-8 Corridor Contracts will not be assets of the Trust Fund or of any REMIC. The Supplemental Interest Trustee shall cause to be deposited any amounts received from time to time with respect to the Class 1-A-1, Class 2-A-7 and Class 2-A-8 Corridor Contracts into the Combined Corridor Contract Reserve Fund. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall prepare and deliver any notices required to be delivered under the Class 1-A-1, Class 2-A-7 and Class 2-A-8 Corridor Contracts. The Master Servicer, on behalf of the Supplemental Interest Trustee, shall act as calculation agent and/or shall terminate the Class 1-A-1, Class 2-A-7 or Class 2-A-8 Corridor Contract, upon the occurrence of certain events of default or termination events to the extent specified in the 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 the Class 1-A-1, Class 2-A-7 or Class 2-A-8 Corridor Contract shall be deposited and held in the Combined Corridor Contract Reserve Fund and applied on future Distribution Dates to pay the Yield Supplement Amount on the Class 1-A-1, Class 2-A-7 and Class 2-A-8 Certificates, as applicable. Any amounts remaining in the Combined Corridor Contract Reserve Fund on the Distribution Date immediately following the earlier of (x) the latest Corridor Contract Scheduled Termination Date related to the Class 1-A-1, Class 2-A-7 or Class 2-A-8 Certificates and (y) the date on which the aggregate Class Certificate Balance of the Class 1-A-1, Class 2-A-7 and Class 2-A-8 Certificates has been reduced to zero, will be distributed to the Underwriter (Senior).
(b) Countrywide shall cause The Bank of New York to enter into the Class 1-A-2 Corridor Contract Adminis...
