Common use of Effect of Payments by the Surety Provider Clause in Contracts

Effect of Payments by the Surety Provider. Anything herein to the contrary notwithstanding, any distribution of principal of or interest on the Series 2003-5 Notes that is made with moneys received pursuant to the terms of the Surety Bond shall not (except for the purpose of calculating the Principal Deficit Amount) be considered payment of the Series 2003-5 Notes by AFC-II. The Trustee acknowledges that, without the need for any further action on the part of the Surety Provider, (i) to the extent the Surety Provider makes payments, directly or indirectly, on account of principal of or interest on the Series 2003-5 Notes to the Trustee for the benefit of the Series 2003-5 Noteholders or to the Series 2003-5 Noteholders (including any Preference Amounts as defined in the Surety Bond), the Surety Provider will be fully subrogated to the rights of such Series 2003-5 Noteholders to receive such principal and interest and will be deemed to the extent of the payments so made to be a Series 2003-5 Noteholder and (ii) the Surety Provider shall be paid principal and interest in its capacity as a Series 2003-5 Noteholder until all such payments by the Surety Provider have been fully reimbursed, but only from the sources and in the manner provided herein for the distribution of such principal and interest and in each case only after the Series 2003-5 Noteholders have received all payments of principal and interest due to them hereunder on the related Distribution Date.

Effect of Payments by the Surety Provider. Anything herein to the contrary notwithstanding, any distribution of principal of or interest on the Series 20032006-5 1 Notes that is made with moneys received pursuant to the terms of the Surety Bond shall not (except for the purpose of calculating the Principal Deficit Amount) be considered payment of the Series 20032006-5 1 Notes by AFC-IICRCF. The Trustee acknowledges that, without the need for any further action on the part of the Surety Provider, (i) to the extent the Surety Provider makes payments, directly or indirectly, on account of principal of or interest on the Series 20032006-5 1 Notes to the Trustee for the benefit of the Series 20032006-5 1 Noteholders or to the Series 20032006-5 1 Noteholders (including any Preference Amounts as defined in the Surety Bond), the Surety Provider will be fully subrogated to the rights of such Series 20032006-5 1 Noteholders to receive such principal princi­pal and interest and will be deemed to the extent of the payments so made to be a Series 20032006-5 1 Noteholder and (ii) the Surety Provider shall be paid principal and interest in its capacity as a Series 20032006-5 1 Noteholder until all such payments by the Surety Provider have been fully reimbursed, but only from the sources and in the manner provided herein for the distribution of such principal and interest and in each case only after the Series 20032006-5 1 Noteholders have received all payments of principal and interest due to them hereunder on the related Distribution Date.

Effect of Payments by the Surety Provider. Anything herein to the contrary notwithstanding, any distribution of principal of or interest on the Series 20032005-5 1 Notes that is made with moneys received pursuant to the terms of the Surety Bond shall not (except for the purpose of calculating the Principal Deficit Amount) be considered payment of the Series 20032005-5 1 Notes by AFC-IICRCF. The Trustee acknowledges that, without the need for any further action on the part of the Surety Provider, (i) to the extent the Surety Provider makes payments, directly or indirectly, on account of principal of or interest on the Series 20032005-5 1 Notes to the Trustee for the benefit of the Series 20032005-5 1 Noteholders or to the Series 20032005-5 1 Noteholders (including any Preference Amounts as defined in the Surety Bond), the Surety Provider will be fully subrogated to the rights of such Series 20032005-5 1 Noteholders to receive such principal and interest and will be deemed to the extent of the payments so made to be a Series 20032005-5 1 Noteholder and (ii) the Surety Provider shall be paid principal and interest in its capacity as a Series 20032005-5 1 Noteholder until all such payments by the Surety Provider have been fully reimbursed, but only from the sources and in the manner provided herein for the distribution of such principal and interest and in each case only after the Series 20032005-5 1 Noteholders have received all payments of principal and interest due to them hereunder on the related Distribution Date.

Effect of Payments by the Surety Provider. Anything herein to the contrary notwithstanding, any distribution of principal of or interest on the Series 20032004-5 2 Notes that is made with moneys received pursuant to the terms of the Surety Bond shall not (except for the purpose of calculating the Principal Deficit Amount) be considered payment of the Series 20032004-5 2 Notes by AFC-II. The Trustee acknowledges that, without the need for any further action on the part of the Surety Provider, (i) to the extent the Surety Provider makes payments, directly or indirectly, on account of principal of or interest on the Series 20032004-5 2 Notes to the Trustee for the benefit of the Series 20032004-5 2 Noteholders or to the Series 20032004-5 2 Noteholders (including any Preference Amounts as defined in the Surety Bond), the Surety Provider will be fully subrogated to the rights of such Series 20032004-5 2 Noteholders to receive such principal and interest and will be deemed to the extent of the payments so made to be a Series 20032004-5 2 Noteholder and (ii) the Surety Provider shall be paid principal and interest in its capacity as a Series 20032004-5 2 Noteholder until all such payments by the Surety Provider have been fully reimbursed, but only from the sources and in the manner provided herein for the distribution of such principal and interest and in each case only after the Series 20032004-5 2 Noteholders have received all payments of principal and interest due to them hereunder on the related Distribution Date.

Effect of Payments by the Surety Provider. Anything herein to the contrary notwithstanding, any distribution of principal of or interest on the Series 20032005-5 2 Notes that is made with moneys received pursuant to the terms of the Surety Bond shall not (except for the purpose of calculating the Principal Deficit Amount) be considered payment of the Series 20032005-5 2 Notes by AFC-IIABRCF. The Trustee acknowledges that, without the need for any further action on the part of the Surety Provider, (i) to the extent the Surety Provider makes payments, directly or indirectly, on account of principal of or interest on the Series 20032005-5 2 Notes to the Trustee for the benefit of the Series 20032005-5 2 Noteholders or to the Series 20032005-5 2 Noteholders (including any Preference Amounts as defined in the Surety Bond), the Surety Provider will be fully subrogated to the rights of such Series 20032005-5 2 Noteholders to receive such principal and interest and will be deemed to the extent of the payments so made to be a Series 20032005-5 2 Noteholder and (ii) the Surety Provider shall be paid principal and interest in its capacity as a Series 20032005-5 2 Noteholder until all such payments by the Surety Provider have been fully reimbursed, but only from the sources and in the manner provided herein for the distribution of such principal and interest and in each case only after the Series 20032005-5 2 Noteholders have received all payments of principal and interest due to them hereunder on the related Distribution Date.

Effect of Payments by the Surety Provider. Anything herein to the contrary notwithstanding, any distribution of principal of or interest on the Series 2003-5 4 Notes that is made with moneys received pursuant to the terms of the Surety Bond shall not (except for the purpose of calculating the Principal Deficit Amount) be considered payment of the Series 2003-5 4 Notes by AFC-II. The Trustee acknowledges that, without the need for any further action on the part of the Surety Provider, (i) to the extent the Surety Provider makes payments, directly or indirectly, on account of principal of or interest on the Series 2003-5 4 Notes to the Trustee for the benefit of the Series 2003-5 4 Noteholders or to the Series 2003-5 4 Noteholders (including any Preference Amounts as defined in the Surety Bond), the Surety Provider will be fully subrogated to the rights of such Series 2003-5 4 Noteholders to receive such principal and interest and will be deemed to the extent of the payments so made to be a Series 2003-5 4 Noteholder and (ii) the Surety Provider shall be paid principal and interest in its capacity as a Series 2003-5 4 Noteholder until all such payments by the Surety Provider have been fully reimbursed, but only from the sources and in the manner provided herein for the distribution of such principal and interest and in each case only after the Series 2003-5 4 Noteholders have received all payments of principal and interest due to them hereunder on the related Distribution Date.

Effect of Payments by the Surety Provider. Anything herein to the contrary notwithstanding, any distribution of principal of or interest on the Series 20032007-5 2 Notes that is made with moneys received pursuant to the terms of the Surety Bond shall not (except for the purpose of calculating the Principal Deficit Amount) be considered payment of the Series 20032007-5 2 Notes by AFC-IIABRCF. The Trustee acknowledges that, without the need for any further action on the part of the Surety Provider, (i) to the extent the Surety Provider makes payments, directly or indirectly, on account of principal of or interest on the Series 20032007-5 2 Notes to the Trustee for the benefit of the Series 20032007-5 2 Noteholders or to the Series 20032007-5 2 Noteholders (including any Preference Amounts as defined in the Surety Bond), the Surety Provider will be fully subrogated to the rights of such Series 20032007-5 2 Noteholders to receive such principal and interest and will be deemed to the extent of the payments so made to be a Series 20032007-5 2 Noteholder and (ii) the Surety Provider shall be paid principal and interest in its capacity as a Series 20032007-5 2 Noteholder until all such payments by the Surety Provider have been fully reimbursed, but only from the sources and in the manner provided herein for the distribution of such principal and interest and in each case only after the Series 20032007-5 2 Noteholders have received all payments of principal and interest due to them hereunder on the related Distribution Date.

Effect of Payments by the Surety Provider. Anything herein to the contrary notwithstanding, any distribution of principal of or interest on the Series 20032005-5 4 Notes that is made with moneys received pursuant to the terms of the Surety Bond shall not (except for the purpose of calculating the Principal Deficit Amount) be considered payment of the Series 20032005-5 4 Notes by AFC-IICRCF. The Trustee acknowledges that, without the need for any further action on the part of the Surety Provider, (i) to the extent the Surety Provider makes payments, directly or indirectly, on account of principal of or interest on the Series 20032005-5 4 Notes to the Trustee for the benefit of the Series 20032005-5 4 Noteholders or to the Series 20032005-5 4 Noteholders (including any Preference Amounts as defined in the Surety Bond), the Surety Provider will be fully subrogated to the rights of such Series 20032005-5 4 Noteholders to receive such principal and interest and will be deemed to the extent of the payments so made to be a Series 20032005-5 4 Noteholder and (ii) the Surety Provider shall be paid principal and interest in its capacity as a Series 20032005-5 4 Noteholder until all such payments by the Surety Provider have been fully reimbursed, but only from the sources and in the manner provided herein for the distribution of such principal and interest and in each case only after the Series 20032005-5 4 Noteholders have received all payments of principal and interest due to them hereunder on the related Distribution Date.

Effect of Payments by the Surety Provider. Anything herein to the contrary notwithstanding, any distribution of principal of or interest on the Series 20032005-5 2 Notes that is made with moneys received pursuant to the terms of the Surety Bond shall not (except for the purpose of calculating the Principal Deficit Amount) be considered payment of the Series 20032005-5 2 Notes by AFC-IICRCF. The Trustee acknowledges that, without the need for any further action on the part of the Surety Provider, (i) to the extent the Surety Provider makes payments, directly or indirectly, on account of principal of or interest on the Series 20032005-5 2 Notes to the Trustee for the benefit of the Series 20032005-5 2 Noteholders or to the Series 20032005-5 2 Noteholders (including any Preference Amounts as defined in the Surety Bond), the Surety Provider will be fully subrogated to the rights of such Series 20032005-5 2 Noteholders to receive such principal and interest and will be deemed to the extent of the payments so made to be a Series 20032005-5 2 Noteholder and (ii) the Surety Provider shall be paid principal and interest in its capacity as a Series 20032005-5 2 Noteholder until all such payments by the Surety Provider have been fully reimbursed, but only from the sources and in the manner provided herein for the distribution of such principal and interest and in each case only after the Series 20032005-5 2 Noteholders have received all payments of principal and interest due to them hereunder on the related Distribution Date.