Common use of Initial Third Party Credit Enhancement Clause in Contracts

Initial Third Party Credit Enhancement. If applicable, the Servicer hereby represents with respect to the Initial Third Party Credit Enhancement and shall be deemed to represent with respect to any successor Third Party Credit Enhancement that (i) the Servicer has provided for the Third Party Credit Enhancement for the account of the Trustee and for the benefit of the Certificateholders, (ii) the Servicer has entered into a Third Party Credit Enhancement Agreement, (iii) the Third Party Credit Enhancement permits the Trustee or the Servicer, acting as the Trustee's attorney-in-fact or otherwise, to make Third Party Credit Enhancement Drawings from time to time in an amount up to the Total Available Third Party Credit Enhancement Amount at such time, for the purposes set forth in this Agreement and (iv) the Third Party Credit Enhancement and the respective Third Party Credit Enhancement Agreement may be terminated by the Trustee without penalty if the Servicer elects to obtain a successor Third Party Credit Enhancement and such election does not cause a Ratings Event.

Initial Third Party Credit Enhancement. If applicable, the Servicer hereby represents with respect to the Initial Third Party Credit Enhancement and shall be deemed to represent with respect to any successor Third Party Credit Enhancement that (i) the Servicer has provided for the Third Party Credit Enhancement for the account of the Trustee and for the benefit of the Certificateholders, (ii) the Servicer has entered into a Third Party Credit Enhancement Agreement, (iii) the Third Party Credit Enhancement permits the Trustee or the Servicer, acting as the Trustee's attorney-in-fact or otherwise, to make Third Party Credit Enhancement Drawings from time to time in an amount up to the Total Available Third Party Credit Enhancement Amount at such time, for the purposes set forth in this 88 97 Agreement and (iv) the Third Party Credit Enhancement and the respective Third Party Credit Enhancement Agreement may be terminated by the Trustee without penalty if the Servicer elects to obtain a successor Third Party Credit Enhancement and such election does not cause a Ratings Event.