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 Mega Distribution Amount and SMBS Class Distribution Amount, as applicable, 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 a Class of Certificates (other than an Interest Only Class), after giving effect to payments under clause (i) of this Section 5.05, the amount needed to reduce the Aggregate Certificate Balance of such Class 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 Mega Principal Distribution Amount, with respect to a Mega Issue, and the SMBS Class Principal Distribution Amount, with respect to an SMBS Series, 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 Mega Distribution Amount and SMBS Class Distribution Amount(net of the Holders’ Prepayment Premium Portion, as applicable, if any) 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 a Class an Issue of Certificates (other than an Interest Only Class)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 such Class 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 Mega Principal Distribution Amount, with respect to a Mega Issue, and the SMBS Class Principal Distribution Amount, with respect to an SMBS Series, Amount for purposes of all future calculations of Factors.

Guaranty Payments. The (i) In the event that the amount on deposit in the applicable Certificate Account on any Distribution Date is less than the Mega Distribution Amount or any SMBS Class Distribution Amount, as applicable, required to be distributed on such Distribution Date pursuant to Section 4.01, the Guarantor unconditionally and irrevocably agrees to pay to the related Trust the following amounts amount of any insufficiency and will transfer such amount 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 Account or directly to the Mega Distribution Amount and SMBS Class Distribution Amount, as applicable, as required to be distributed on applicable Paying Agent for distribution by such Distribution Date pursuant to Paying Agent in accordance with Section 4.01 for that Trust on such Distribution Date; and4.01. (ii) In the event that the amount on deposit in the applicable Certificate Account on the Final Distribution Date for a Class of Certificates (other than an Interest Only Class), after giving effect to payments under clause (i) of this Section 5.05, the amount needed is not sufficient to reduce the Aggregate Certificate Balance of such Class 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 unconditionally and irrevocably agrees to pay to the related Trust the amount of any insufficiency and will transfer any such amounts to cover the insufficiency to one or more Certificate Accounts or amount directly to the applicable Paying Agent for distribution by 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 accordance with Section 5.05. 4.01. (iii) 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 Mega Principal Distribution Amount, with respect to a Mega Issue, and the SMBS Class Principal Distribution Amount, with respect to an SMBS Series, for purposes of all future calculations of Factors.