Common use of Application of Advances by Guarantor Clause in Contracts

Application of Advances by Guarantor. (a) The Initial Advance Commitment hereunder may only be used to purchase the Initial Covered Bond Portfolio from Seller in accordance with the terms of the Mortgage Sale Agreement. (b) Each Advance other than the initial Advance hereunder may only be used by the Guarantor: (i) To purchase New Loans and their Related Security pursuant to the terms of this Agreement and/or the Mortgage Sale Agreement; and/or (ii) to invest in Substitute Assets (in an amount up to but not exceeding the limit prescribed in Section 9.8 of the Guarantor Agreement); and/or (iii) subject to written confirmation from the Guarantor that the Asset Coverage Test is met on the relevant Drawdown Date (both before and immediately following the making of the relevant Advance), to make a Capital Distribution to any Seller (in its capacity as Partner) by way of distribution of that Partner’s equity in the Guarantor in an amount equal to the Advance or any part thereof, which shall be paid to the Partner on the relevant next Guarantor Payment Date by wire transfer or as otherwise directed by the Partner; and/or (iv) to make a deposit of the proceeds in the Guarantor Accounts (including, without limitation, to fund the Reserve Fund to an amount not exceeding the limit prescribed in Section 6.1 of the Guarantor Agreement); and/or (v) to fund the Pre-Maturity Liquidity Ledger.

Application of Advances by Guarantor. (a) The Initial Advance Commitment hereunder may only be used to purchase the Initial Covered Bond Portfolio from Seller in accordance with the terms of the Mortgage Sale Agreement. (b) Each Advance other than the initial Advance hereunder may only be used by the Guarantor: (ia) To to purchase New Loans and their Related Security pursuant to the terms of this Agreement and/or the Mortgage Sale Agreement; and/or; (iib) to invest in Substitute Substitution Assets (in an amount up to but not exceeding the limit prescribed set forth in Section 9.8 9.1 of the Guarantor Agreement); and/or; (iiic) to make a deposit of the proceeds in the GDA Account (or, as applicable, the Standby GDA Account) (including, without limitation, to fund the Reserve Fund to an amount not exceeding the limit prescribed in Section 6.1 of the Guarantor Agreement); (d) subject to written confirmation from the Guarantor Cash Manager that the Asset Coverage Test is met on the relevant Drawdown repayment date, in the case of a repayment to be made on a Calculation Date, or on a Calculation Date immediately prior to the relevant Guarantor Payment Date, in the case of a repayment to be made on a Guarantor Payment Date (both before and immediately following the making of the relevant Advancerepayment), to make a Capital Distribution to any the Seller (in its capacity as a Partner) by way of a distribution of that Partner’s equity in the Guarantor in an amount equal to the Advance or any part thereof, which shall be paid to the Partner on the relevant next Guarantor Payment Date by wire transfer or as otherwise directed by the Partner; and/orand (iv) to make a deposit of the proceeds in the Guarantor Accounts (including, without limitation, to fund the Reserve Fund to an amount not exceeding the limit prescribed in Section 6.1 of the Guarantor Agreement); and/or (ve) to fund the Pre-Maturity Liquidity Ledger.

Application of Advances by Guarantor. (a) The Initial Advance Commitment hereunder may only be used to purchase the Initial Covered Bond Portfolio from the Seller in accordance with the terms of the Mortgage Sale Agreement. (b) Each Advance other than the initial Advance hereunder may only be used by the Guarantor: (i) To to purchase New Loans and their Related Security pursuant to the terms of this Agreement and/or the Mortgage Sale Agreement; and/or (ii) to invest in Substitute Assets (in an amount up to but not exceeding the limit prescribed in Section 9.8 of the Guarantor Agreement); and/or (iii) subject to written confirmation from the Guarantor that the Asset Coverage Test is met on the relevant Drawdown Date (both before and immediately following the making of the relevant Advance), to make a Capital Distribution to any Seller (in its capacity as Partner) by way of distribution of that Partner’s equity in the Guarantor in an amount equal to the Advance or any part thereof, which shall be paid to the Partner on the relevant next Guarantor Payment Date by wire transfer or as otherwise directed by the Partner; and/or (iv) to make a deposit of the proceeds in the Guarantor Accounts (including, without limitation, to fund the Reserve Fund to an amount not exceeding the limit prescribed in Section 6.1 of the Guarantor Agreement)) or the Yield Supplement Fund; and/or (v) to fund the Pre-Maturity Liquidity Ledger.

Application of Advances by Guarantor. (a) The Initial Advance Commitment hereunder may only be used to purchase the Initial Covered Bond Portfolio from Seller in accordance with the terms of the Mortgage Sale Agreement. (b) Each Advance other than the initial Advance hereunder may only be used by the Guarantor:Guarantor:‌ (i) To purchase New Loans and their Related Security pursuant to the terms of this Agreement and/or the Mortgage Sale Agreement; and/or (ii) to invest in Substitute Assets (in an amount up to but not exceeding the limit prescribed in Section 9.8 of the Guarantor Agreement); and/or (iii) subject to written confirmation from the Guarantor that the Asset Coverage Test is met on the relevant Drawdown Date (both before and immediately following the making of the relevant Advance), to make a Capital Distribution to any Seller (in its capacity as Partner) by way of distribution of that Partner’s equity in the Guarantor in an amount equal to the Advance or any part thereof, which shall be paid to the Partner on the relevant next Guarantor Payment Date by wire transfer or as otherwise directed by the Partner; and/or (iv) to make a deposit of the proceeds in the Guarantor Accounts (including, without limitation, to fund the Reserve Fund to an amount not exceeding the limit prescribed in Section 6.1 of the Guarantor Agreement); and/or (v) to fund the Pre-Maturity Liquidity Ledger.

Application of Advances by Guarantor. (a) The Initial Advance Commitment hereunder may only be used to purchase the Initial Covered Bond Portfolio from Seller in accordance with the terms of the Mortgage Sale Agreement. (b) Each Advance other than the initial Advance hereunder may only be used by the Guarantor: (i) To purchase New Loans and their Related Security pursuant to the terms of this Agreement and/or the Mortgage Sale Agreement; and/orand/or MT DOCS 14908741v6 Intercompany Loan Agreement (ii) to invest in Substitute Assets (in an amount up to but not exceeding the limit prescribed in Section 9.8 of the Guarantor Agreement); and/or (iii) subject to written confirmation from the Guarantor that the Asset Coverage Test is met on the relevant Drawdown Date (both before and immediately following the making of the relevant Advance), to make a Capital Distribution to any Seller (in its capacity as Partner) by way of distribution of that Partner’s equity in the Guarantor in an amount equal to the Advance or any part thereof, which shall be paid to the Partner on the relevant next Guarantor Payment Date by wire transfer or as otherwise directed by the Partner; and/or (iv) to make a deposit of the proceeds in the Guarantor Accounts (including, without limitation, to fund the Reserve Fund to an amount not exceeding the limit prescribed in Section 6.1 of the Guarantor Agreement); and/or (v) to fund the Pre-Maturity Liquidity Ledger.