Guarantor Fees. The following fees and expenses shall be due to the Guarantor (such fees, “Guarantor Fees”); provided that the failure to pay any of the Guarantor Fees set forth below or in the Loan Guarantee Agreement shall not affect the existence of the Guarantee, the obligations of the Guarantor hereunder or the rights and remedies of the Lender or its assignees with respect to the Guarantee and without prejudice to the Guarantor’s rights and remedies under the Program Documents, the Series Securitization Documents or in law:
Guarantor Fees. Until the Financial Covenants Benchmark is satisfied, the Borrower shall not make any cash payment with respect to the Guarantor Fees. From and after satisfaction of the Financial Covenants Benchmark, Borrower may pay the Guarantor Fees in cash, so long as (i) no Default or Event of Default shall have occurred and be continuing or would occur as a result thereof, and (ii) the Borrower is in compliance with the financial covenants contained in Section 4.16(a) and (b) on a pro forma basis for the most recently ended Fiscal Quarter after giving effect thereto.
