Common use of Debt Service Advances Clause in Contracts

Debt Service Advances. If the Senior Notes Interest Shortfall Amount as determined on any Quarterly Calculation Date pursuant to Section 5.12(b) is greater than zero, in accordance with the terms and conditions of the Servicing Agreement, by 3:00 p.m. (New York City time) on the Business Day preceding such Quarterly Payment Date, the Servicer shall make a Debt Service Advance in such amount unless the Servicer notifies the Co-Issuers, the Managers, the Back-Up Manager and the Trustee by such time that it has, reasonably and in good faith, determined such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance or, on or after the 2021 Springing Amendments Implementation Date, the Managers elect to eliminate the obligation of the Servicer and/or the Trustee to provide Advances upon satisfaction of the Rating Agency Condition or an Advance Suspension Period is then in effect. If the Servicer fails to make such Debt Service Advance (unless the Servicer has, reasonably and in good faith, determined that such Debt Service Advance (and interest thereon) would be a Nonrecoverable Advance), pursuant to Section 10.1(l), the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance or, on or after the 2021 Springing Amendments Implementation Date, the Managers elect to eliminate the obligation of the Servicer and/or the Trustee to provide Advances upon satisfaction of the Rating Agency Condition or an Advance Suspension Period is then in effect. In determining whether any Debt Service Advance (and interest thereon) is a Nonrecoverable Advance, the Trustee may conclusively rely on the determination of the Servicer. All Debt Service Advances shall be deposited into the Senior Notes Interest Payment Account of the applicable Co-Issuer.

Debt Service Advances. If (a) If, on the Senior Notes Interest Shortfall Servicer Remittance Date, there are insufficient funds on deposit in the Collection Account properly available to pay the Monthly Payment Amount as determined on any Quarterly Calculation Date pursuant to Section 5.12(b) is greater than zero, in accordance with the terms and conditions priorities set forth in Article V of the Servicing AgreementIndenture, by 3:00 then the Servicer will be required to make a Debt Service Advance not later than 1:00 p.m. (New York City time) on the Business Day preceding such Quarterly Servicer Remittance Date for the related Payment Date, . To the extent that the Servicer shall fails to make a any Debt Service Advance in such amount unless the Servicer notifies the Co-Issuersrequired hereunder, the Managers, the Back-Up Manager and the Indenture Trustee by 1:00 p.m. (New York City time) on the related Payment Date shall make such time that it hasDebt Service Advance pursuant to the terms of this Agreement, reasonably and in good faitheach case unless such Advance is determined to be a Nonrecoverable Debt Service Advance. (b) Notwithstanding anything herein to the contrary, determined no Debt Service Advance shall be required to be made hereunder if such Debt Service Advance (and including interest thereon) is would, if made, constitute a Nonrecoverable Debt Service Advance. For the avoidance of doubt it is understood that the Servicer and the Indenture Trustee are not required to advance any principal due on the Notes, Class A Amortization Amounts, Class B Amortization Amounts, Prepayment Consideration, Post-ARD Additional Interest, Deferred Post-ARD Additional Interest, or any Reserves. The determination by the Servicer (or the Indenture Trustee, as applicable) that it has made a Nonrecoverable Debt Service Advance oror that any proposed Debt Service Advance, on if made, would constitute a Nonrecoverable Debt Service Advance, shall be made by such Person in its reasonable good faith judgment and shall be evidenced by a certificate of a Servicing Officer delivered to the Indenture Trustee (in the case of the Servicer), setting forth the basis for such determination accompanied by any other information or after reports that the 2021 Springing Amendments Implementation DatePerson making such determination may have obtained and that support such determination, the Managers elect cost of such reports shall constitute a Servicing Advance. The Indenture Trustee shall be entitled to eliminate rely conclusively on any nonrecoverability determination made by the obligation Servicer with respect to a particular Debt Service Advance. Any such determination will be conclusive and binding on the Indenture Trustee (if such determination is made by the Servicer) and Noteholders so long as it was made in accordance with the Servicing Standard (in the case of the Servicer). (c) The Servicer and/or and the Indenture Trustee shall each be entitled to provide Advances upon satisfaction receive Advance Interest accrued on the amount of the Rating Agency Condition or an each Debt Service Advance Suspension Period is then in effect. If the Servicer fails to make made thereby (with its own funds) for so long as such Debt Service Advance (unless the Servicer has, reasonably and in good faith, determined that such Debt Service Advance (and is outstanding. Such interest thereon) would be a Nonrecoverable Advance), pursuant with respect to Section 10.1(l), the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance or, on or after the 2021 Springing Amendments Implementation Date, the Managers elect to eliminate the obligation of the Servicer and/or the Trustee to provide Advances upon satisfaction of the Rating Agency Condition or an Advance Suspension Period is then in effect. In determining whether any Debt Service Advance (shall be payable out of general collections on deposit in the Collection Account in accordance with the Transaction Documents. The Servicer and interest thereon) is a Nonrecoverable Advance, the Indenture Trustee may conclusively rely on the determination will each be entitled to reimbursement of the Servicer. All any Debt Service Advances shall be deposited into made by it, to the Senior Notes Interest Payment extent permitted and in the priorities provided in the Indenture, from funds in the Collection Account in accordance with the priorities set forth in Section 5.01 of the applicable Co-IssuerIndenture (except if an Event of Default has occurred and is continuing or during an Amortization Period, the Servicer and the Indenture Trustee may each reimburse itself for Debt Service Advances with any funds available in the Collection Account without regard to the priorities set forth in Section 5.01 of the Indenture).

Debt Service Advances. If the Senior Notes Interest Shortfall Amount as determined on any Quarterly Calculation Date pursuant to Section 5.12(b) is greater than zero, in accordance with the terms and conditions of the Servicing Agreement, by 3:00 p.m. (New York City time) on the Business Day preceding such Quarterly Payment Date, the Servicer shall make a Debt Service Advance in such amount unless the Servicer notifies the Co-IssuersIssuer, the ManagersManager, the Back-Up Manager and the Trustee by such time that it has, reasonably and in good faith, determined such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance or, on or after the 2021 Springing Amendments Implementation Date, the Managers elect to eliminate the obligation of the Servicer and/or the Trustee to provide Advances upon satisfaction of the Rating Agency Condition or an Advance Suspension Period is then in effectAdvance. If the Servicer fails to make such Debt Service Advance (unless the Servicer has, reasonably and in good faith, determined that such Debt Service Advance (and interest thereon) would be a Nonrecoverable Advance), pursuant to Section 10.1(l), the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance or, on or after the 2021 Springing Amendments Implementation Date, the Managers elect to eliminate the obligation of the Servicer and/or the Trustee to provide Advances upon satisfaction of the Rating Agency Condition or an Advance Suspension Period is then in effect. In determining whether any Debt Service Advance (and interest thereon) is a Nonrecoverable Advance, the Trustee may conclusively rely on the determination of the Servicer. All Debt Service Advances shall be deposited into the Senior Notes Interest Payment Account Account. For the avoidance of doubt, no Debt Service Advance will be required to be made by the applicable Co-IssuerServicer or the Trustee in respect of any Class A-1 Notes Interest Adjustment Amount to the extent such Debt Service Advance would be duplicative of a Debt Service Advance already made with respect to such Quarterly Calculation Date.

Debt Service Advances. If (a) If, on the Senior Notes Interest Shortfall Servicer Remittance Date, there are insufficient funds on deposit in the Collection Account properly available to pay the Monthly Payment Amount as determined on any Quarterly Calculation Date pursuant to Section 5.12(b) is greater than zero, in accordance with the terms and conditions priorities set forth in Article V of the Servicing AgreementIndenture, by 3:00 then the Servicer will be required to make a Debt Service Advance not later than 1:00 p.m. (New York City time) on the Business Day preceding such Quarterly Servicer Remittance Date for the related Payment Date, . To the extent that the Servicer shall fails to make a any Debt Service Advance in such amount unless the Servicer notifies the Co-Issuersrequired hereunder, the Managers, the Back-Up Manager and the Indenture Trustee by 1:00 p.m. (New York City time) on the related Payment Date shall make such time that it hasDebt Service Advance pursuant to the terms of this Agreement, reasonably and in good faitheach case unless such Advance is determined to be a Nonrecoverable Debt Service Advance. (b) Notwithstanding anything herein to the contrary, determined no Debt Service Advance shall be required to be made hereunder if such Debt Service Advance (and including interest thereon) is would, if made, constitute a Nonrecoverable Debt Service Advance. For the avoidance of doubt it is understood that the Servicer and the Indenture Trustee are not required to advance any principal due on the Notes, Class C Amortization Amounts, Class D Amortization Amounts, Class F Amortization Amounts, Prepayment Consideration, Post-ARD Additional Interest, Deferred Post-ARD Additional Interest, or any Reserves. The determination by the Servicer (or the Indenture Trustee, as applicable) that it has made a Nonrecoverable Debt Service Advance oror that any proposed Debt Service Advance, on if made, would constitute a Nonrecoverable Debt Service Advance, shall be made by such Person in its reasonable good faith judgment and shall be evidenced by a certificate of a Servicing Officer delivered to the Indenture Trustee (in the case of the Servicer), setting forth the basis for such determination accompanied by any other information or after reports that the 2021 Springing Amendments Implementation DatePerson making such determination may have obtained and that support such determination, the Managers elect cost of such reports shall constitute a Servicing Advance. The Indenture Trustee shall be entitled to eliminate rely conclusively on any nonrecoverability determination made by the obligation Servicer with respect to a particular Debt Service Advance. Any such determination will be conclusive and binding on the Indenture Trustee (if such determination is made by the Servicer) and Noteholders so long as it was made in accordance with the Servicing Standard (in the case of the Servicer). (c) The Servicer and/or and the Indenture Trustee shall each be entitled to provide Advances upon satisfaction receive Advance Interest accrued on the amount of the Rating Agency Condition or an each Debt Service Advance Suspension Period is then in effect. If the Servicer fails to make made thereby (with its own funds) for so long as such Debt Service Advance (unless the Servicer has, reasonably and in good faith, determined that such Debt Service Advance (and is outstanding. Such interest thereon) would be a Nonrecoverable Advance), pursuant with respect to Section 10.1(l), the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance or, on or after the 2021 Springing Amendments Implementation Date, the Managers elect to eliminate the obligation of the Servicer and/or the Trustee to provide Advances upon satisfaction of the Rating Agency Condition or an Advance Suspension Period is then in effect. In determining whether any Debt Service Advance (shall be payable out of general collections on deposit in the Collection Account in accordance with the Transaction Documents. The Servicer and interest thereon) is a Nonrecoverable Advance, the Indenture Trustee may conclusively rely on the determination will each be entitled to reimbursement of the Servicer. All any Debt Service Advances shall be deposited into made by it, to the Senior Notes Interest Payment extent permitted and in the priorities provided in the Indenture, from funds in the Collection Account in accordance with the priorities set forth in Section 5.01 of the applicable Co-IssuerIndenture (except if an Event of Default has occurred and is continuing or during an Amortization Period, the Servicer and the Indenture Trustee may each reimburse itself for Debt Service Advances with any funds available in the Collection Account without regard to the priorities set forth in Section 5.01 of the Indenture).