Common use of DEFERRAL OF PAYMENTS OF PRINCIPAL Clause in Contracts

DEFERRAL OF PAYMENTS OF PRINCIPAL. Any other provision of this Agreement notwithstanding, Borrower shall not be required at any time to make any payment of Principal other than from funds released to Borrower from any spread account, or similar account however denominated, established in connection with an asset-backed securities transaction utilizing Contracts transferred by Borrower, directly or indirectly, into the securitization trust of that asset-backed securities transaction or from the net proceeds of the voluntary sale of assets of Borrower other than to a securitization trust. Payments of Principal which accrue and are not paid by reason of this Section 2.5.2.4 shall continue to bear interest at the Interest Rate, until paid.

DEFERRAL OF PAYMENTS OF PRINCIPAL. Any other provision of this Agreement notwithstanding, Borrower shall not be required at any time to make any payment of Principal other than from funds released to Borrower from any spread account, or similar account however denominated, established in connection with an asset-backed securities transaction utilizing Contracts transferred by Borrower, directly or indirectly, into the securitization trust of that asset-backed securities transaction or from the net proceeds of the voluntary sale of assets of Borrower other than to a securitization trustBorrower. Payments of Principal which accrue and are not paid by reason of this Section 2.5.2.4 shall continue to bear interest at the Interest Rate, until paid.