Common use of The Corridor Contracts Clause in Contracts

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).