Common use of Mandatory Draw on Lender's Commitment Clause in Contracts

Mandatory Draw on Lender's Commitment. (a) If, at any time, either (a) a Lender fails to maintain the minimum rating requirement set out in Section 6.3, or (b) any Lender declines to extend or increase its Lender's Commitment as contemplated by Sections 2.3 and 6.2, respectively, and such Lender's Commitment is not assumed by one or more of the other Lenders at such time or one or more additional banks or other financial institutions are not found to assume such Lender's Commitment in accordance with Section 6.4(b) and the other provisions of this agreement within 30 days of the occurrence of such event, or the amount of outstanding Notes on such thirtieth day has not been reduced to an amount equal to or less than the Lenders' Commitment at such time (exclusive of the Lender's Commitment of the affected Lender), the Trust shall on such thirtieth day, fully draw the available Lender's Commitment of such Lender and, to the extent that such amounts are not used to repay maturing Notes on such date, such drawn amount shall be deposited into an Eligible Deposit Account established and maintained in the name of the Trust (the "Liquidity Funding Account"). (b) Funds on deposit the Liquidity Funding Account from time to time shall, pending their use to repay maturing Notes, be invested in Eligible Investments with maturities of no longer than one Business Day and the proceeds of any such investments will be invested in Eligible Investments of like maturities. All interest and other investment income accrued on amounts on deposit in the Liquidity Funding Account shall be paid to the affected Lender on a monthly basis on the same date as the standby fee is payable to the affected Lender pursuant to Section 5.1. For purposes of determining the Available Funding Amount on any date, the funds on deposit in the Liquidity Funding Account will be, and will be treated as, the functional equivalent of the Lender's Commitment of the affected Lender, exclusive of all investment earnings on the such funds which will be deemed to be not available or on deposit. Any withdrawals from the Liquidity Funding Account in respect of liquidity draws made under Section 4.2 shall be made in accordance with the terms of this agreement as if drawn on the affected Lender directly, and the available funds on deposit in the Liquidity Funding Account shall be used to fund such affected Lender's obligations in respect of any such draw under Section 4.2. During any period that funds are required to be maintained on deposit in the Liquidity Funding Account, any amounts receivable by the affected Lender in respect of maturing Notes purchased by such affected Lender under this agreement that would otherwise be distributed to such affected Lender shall be deposited into the Liquidity Funding Account until released to the affected Lender in accordance with paragraph (c) below. (c) On the earlier to occur of (i) the date that the obligations of the affected Lender under this agreement have been assigned to a replacement Lender in accordance with Section 13.6, (ii) the date that one or more of the other Lenders under this agreement have agreed to increase their respective Lender's Commitments under Section 6.2 to assume the obligations of the affected Lender under this agreement, (iii) the date that all outstanding Notes have been repaid in full, and (iv) the date that the outstanding amount of Notes has been reduced to an amount equal to or less than the Lenders' Commitment at such time (exclusive of the Lender's Commitment of the affected Lender), the Trust shall withdraw or cause to be withdrawn all amounts, if any, then on deposit in the Liquidity Funding Account and such amounts shall be paid to the affected Lender. (d) Notwithstanding anything herein to the contrary, none of the Trust, the Securitization Agent, the Liquidity Agent or any other Lender shall have any liability for any loss arising from any investment or reinvestment of any amounts on deposit in the Liquidity Funding Account made in accordance with, and pursuant to, the provisions hereof.

Mandatory Draw on Lender's Commitment. ‌ (a) If, at any time, either (a) a Lender fails to maintain the minimum rating requirement set out in Section 6.3, or (b) any Lender declines to extend or increase its Lender's Commitment as contemplated by Sections 2.3 and 6.2, respectively, and such Lender's Commitment is not assumed by one or more of the other Lenders at such time or one or more additional banks or other financial institutions are not found to assume such Lender's Commitment in accordance with Section 6.4(b) and the other provisions of this agreement within 30 days of the occurrence of such event, or the amount of outstanding Notes on such thirtieth day has not been reduced to an amount equal to or less than the Lenders' Commitment at such time (exclusive of the Lender's Commitment of the affected Lender), the Trust shall on such thirtieth day, fully draw the available Lender's Commitment of such Lender and, to the extent that such amounts are not used to repay maturing Notes on such date, such drawn amount shall be deposited into an Eligible Deposit Account established and maintained in the name of the Trust (the "Liquidity Funding Account"). (b) Funds on deposit the Liquidity Funding Account from time to time shall, pending their use to repay maturing Notes, be invested in Eligible Investments with maturities of no longer than one Business Day and the proceeds of any such investments will be invested in Eligible Investments of like maturities. All interest and other investment income accrued on amounts on deposit in the Liquidity Funding Account shall be paid to the affected Lender on a monthly basis on the same date as the standby fee is payable to the affected Lender pursuant to Section 5.1. For purposes of determining the Available Funding Amount on any date, the funds on deposit in the Liquidity Funding Account will be, and will be treated as, the functional equivalent of the Lender's Commitment of the affected Lender, exclusive of all investment earnings on the such funds which will be deemed to be not available or on deposit. Any withdrawals from the Liquidity Funding Account in respect of liquidity draws made under Section 4.2 shall be made in accordance with the terms of this agreement as if drawn on the affected Lender directly, and the available funds on deposit in the Liquidity Funding Account shall be used to fund such affected Lender's obligations in respect of any such draw under Section 4.2. During any period that funds are required to be maintained on deposit in the Liquidity Funding Account, any amounts receivable by the affected Lender in respect of maturing Notes purchased by such affected Lender under this agreement that would otherwise be distributed to such affected Lender shall be deposited into the Liquidity Funding Account until released to the affected Lender in accordance with paragraph (c) below. (c) On the earlier to occur of (i) the date that the obligations of the affected Lender under this agreement have been assigned to a replacement Lender in accordance with Section 13.6, (ii) the date that one or more of the other Lenders under this agreement have agreed to increase their respective Lender's Commitments under Section 6.2 to assume the obligations of the affected Lender under this agreement, (iii) the date that all outstanding Notes have been repaid in full, and (iv) the date that the outstanding amount of Notes has been reduced to an amount equal to or less than the Lenders' Commitment at such time (exclusive of the Lender's Commitment of the affected Lender), the Trust shall withdraw or cause to be withdrawn all amounts, if any, then on deposit in the Liquidity Funding Account and such amounts shall be paid to the affected Lender. (d) Notwithstanding anything herein to the contrary, none of the Trust, the Securitization Agent, the Liquidity Agent or any other Lender shall have any liability for any loss arising from any investment or reinvestment of any amounts on deposit in the Liquidity Funding Account made in accordance with, and pursuant to, the provisions hereof.Section