Common use of Guaranty Payments Clause in Contracts

Guaranty Payments. The Guarantor unconditionally and irrevocably agrees to pay to the related Trust the following amounts to the extent not otherwise available from funds in the Certificate Accounts pursuant to Section 5.04: (i) on each Distribution Date, an amount equal to the Distribution Amount as required to be distributed on such Distribution Date pursuant to Section 4.01 for that Trust on such Distribution Date; and (ii) on the Final Distribution Date for an Issue of Mega Certificates, after giving effect to payments under clause (i) of this Section 5.05, the amount needed to reduce the Aggregate Certificate Balance of the related Issue to zero on such Final Distribution Date. After the Guarantor is notified by the Trustee or Paying Agent of the insufficiency of funds in the Certificate Accounts to cover all such amounts, the Guarantor will transfer any such amounts to cover the insufficiency to one or more Certificate Accounts or directly to the Paying Agent in immediately available funds on or before the applicable Distribution Date for payment to each related Trust. The Guaranty is limited to payment of the amounts specified in this Section 5.05. Any Guaranty Payment paid to the Trust by the Guarantor pursuant to this Section 5.05 that constitutes a distribution of principal will be deemed to be part of the related Principal Distribution Amount for purposes of all future calculations of Factors.

Guaranty Payments. The Guarantor unconditionally and irrevocably agrees to pay to the related Trust the following amounts to the extent not otherwise available from funds in the Certificate Accounts pursuant to Section 5.04: (i) on each Distribution Date, an amount equal to the Distribution Amount as required to be distributed on such Distribution Date pursuant to Section 4.01 for that Trust on such Distribution Date; and (ii) on the Final Distribution Date for an Issue of Mega Certificates, after giving effect to payments under clause (i) of this Section 5.05, the amount needed to reduce the Aggregate Certificate Balance of the related Issue to zero on such Final Distribution Date. After the Guarantor is notified by the Trustee or Paying Agent of the insufficiency of funds in the Certificate Accounts to cover all such amounts, the Guarantor will transfer any such amounts to cover the insufficiency to one or more Certificate Accounts or directly to the Paying Agent in immediately available funds on or before the applicable Distribution Date for payment to each related Trust. The Guaranty is limited to payment of the amounts specified in this Section 5.05. Any Guaranty Payment paid to the Trust by the Guarantor pursuant to this Section 5.05 that constitutes a distribution of principal will be deemed to be part of the related Principal Distribution Amount for purposes of all future calculations of Factors.