Common use of Repayments of Downgrade Advances Clause in Contracts

Repayments of Downgrade Advances. (a) Amounts advanced hereunder in respect of a Downgrade Advance shall be deposited in the Class B Cash Account, and invested and withdrawn from the Class B Cash Account, as set forth in Sections 3.6(c), (e) and (f) of the Intercreditor Agreement. The Borrower agrees to pay to the Liquidity Provider, on each Regular Distribution Date, commencing on the first Regular Distribution Date after the making of a Downgrade Advance, interest on the principal amount of any such Downgrade Advance as provided in Section 3.07; provided, however, that (i) any distribution to the Liquidity Provider of Investment Earnings pursuant to Section 3.6(f) of the Intercreditor Agreement shall constitute a payment of interest on such Downgrade Advance in the amount of such Investment Earnings (not to exceed the amount specified in Section 3.07) and (ii) amounts in respect of a Downgrade Advance withdrawn from the Class B Cash Account for the purpose of paying interest on the Class B Pass Through Certificates in accordance with Section 3.6(f) of the Intercreditor Agreement (the amount of any such withdrawal being an "Applied Downgrade Advance") shall be treated as an Interest Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon. Immediately upon the withdrawal of any amounts from the Class B Cash Account on account of a reduction in the Required Amount, the Borrower shall repay the Downgrade Advances in a principal amount equal to the amount of such reduction, plus interest on the principal amount repaid as provided in Section 3.07. (b) At any time when an Applied Downgrade Advance (or any portion thereof) is outstanding, upon the deposit in the Class B Cash Account of any amount pursuant to clause "third" of Section 2.4(b), clause "third" of Section 3.2 or clause "fourth" of Section 3.3 of the Intercreditor Agreement (any such amount being a "Replenishment Amount") for the purpose of replenishing the balance thereof up to the Required Amount at such time, (i) the aggregate outstanding principal amount of all Applied Downgrade Advances shall be automatically reduced by the amount of such Replenishment Amount and (ii) the principal amount of the outstanding Downgrade Advance shall be automatically increased by the amount of such Replenishment Amount. (c) Upon the provision of a Replacement Liquidity Facility in replacement of this Agreement in accordance with Section 3.6(e) of the Intercreditor Agreement, and prior to the effectiveness of any Replacement Liquidity Facility, the Borrower agrees that all amounts owing to the Liquidity Provider shall be repaid in full, whether from advances made by the Replacement Liquidity Provider, from amounts remaining on deposit in the Class B Cash Account after giving effect to any application of funds therefrom to any payment of interest on the Class B Pass Through Certificates on the date of such replacement, or otherwise.

Repayments of Downgrade Advances. (a) Amounts advanced hereunder in respect of a Downgrade Advance shall be deposited in the Class B A Cash Account, and invested and withdrawn from the Class B A Cash Account, as set forth in Sections 3.6(c), (e) and (f) of the Intercreditor Agreement. The Borrower agrees to pay to the Liquidity Provider, on each Regular Distribution Date, commencing on the first Regular Distribution Date after the making of a Downgrade Advance, interest on the principal amount of any such Downgrade Advance as provided in Section 3.07; provided, however, that (i) any distribution to the Liquidity Provider of Investment Earnings pursuant to Section 3.6(f) of the Intercreditor Agreement shall constitute a payment of interest on such Downgrade Advance in the amount of such Investment Earnings (not to exceed the amount specified in Section 3.07) and (ii) amounts in respect of a Downgrade Advance withdrawn from the Class B A Cash Account for the purpose of paying interest on the Class B A Pass Through Certificates in accordance with Section 3.6(f) of the Intercreditor Agreement (the amount of any such withdrawal being an "Applied Downgrade Advance") shall be treated as an Interest Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon. Immediately upon the withdrawal of any amounts from the Class B A Cash Account on account of a reduction in the Required Amount, the Borrower shall repay the Downgrade Advances in a principal amount equal to the amount of such reduction, plus interest on the principal amount repaid as provided in Section 3.07. (b) At any time when an Applied Downgrade Advance (or any portion thereof) is outstanding, upon the deposit in the Class B A Cash Account of any amount pursuant to clause "third" of Section 2.4(b), clause "third" of Section 3.2 or clause "fourth" of Section 3.3 of the Intercreditor Agreement (any such amount being a "Replenishment Amount") for the purpose of replenishing the balance thereof up to the Required Amount at such time, (i) the aggregate outstanding principal amount of all Applied Downgrade Advances shall be automatically reduced by the amount of such Replenishment Amount and (ii) the principal amount of the outstanding Downgrade Advance shall be automatically increased by the amount of such Replenishment Amount. (c) Upon the provision of a Replacement Liquidity Facility in replacement of this Agreement in accordance with Section 3.6(e) of the Intercreditor Agreement, and prior to the effectiveness of any Replacement Liquidity Facility, the Borrower agrees that all amounts owing to the Liquidity Provider shall be repaid in full, whether from advances made by the Replacement Liquidity Provider, from amounts remaining on deposit in the Class B A Cash Account after giving effect to any application of funds therefrom to any payment of interest on the Class B A Pass Through Certificates on the date of such replacement, or otherwise.

Repayments of Downgrade Advances. (a) Amounts advanced hereunder in respect of a Downgrade Advance shall be deposited in the Class B A Cash Collateral Account, and invested and withdrawn from the Class B A Cash Account, Collateral Account as set forth in Sections 3.6(c), (e) and (f) of the Intercreditor Agreement. The Borrower agrees to pay to the Liquidity Provider, on each Regular Distribution Date, commencing on the first Regular Distribution Date after the making of a Downgrade Advance, interest on the principal amount of any such Downgrade Advance as provided in Section 3.07; provided, however, that (i) any distribution to the Liquidity Provider of Investment Earnings pursuant to Section 3.6(f) of the Intercreditor Agreement shall constitute a payment of interest on such Downgrade Advance in the amount of such Investment Earnings (not to exceed the amount specified in Section 3.07) and (ii) amounts in respect of a Downgrade Advance withdrawn from the Class B A Cash Collateral Account for the purpose of paying interest on the Class B Pass Through A Certificates in accordance with Section 3.6(f) of the Intercreditor Agreement (the amount of any such withdrawal being an "Applied Downgrade Advance") shall thereafter (subject to Section 2.06(b)) be treated as an Interest Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon; provided further, however, that if, following the making of a Downgrade Advance, the Liquidity Provider delivers a Notice of Conversion to Final Advance (substantially in the form of Annex IV to this Agreement) to the Borrower, such Downgrade Advance shall thereafter be treated as a Final Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon. Immediately Subject to Sections 2.07 and 2.09 hereof, immediately upon the withdrawal of any amounts from the Class B A Cash Collateral Account on account of a reduction in the Required Amount, the Borrower shall repay to the Liquidity Provider a portion of the Downgrade Advances in a principal amount equal to the amount of such reduction, plus interest on the principal amount repaid prepaid as provided in Section 3.073.07 hereof. (b) At any time when an Applied Downgrade Advance (or any portion thereof) is outstanding, upon the deposit in the Class B A Cash Collateral Account of any amount pursuant to clause "third" of Section 2.4(b)) of the Intercreditor Agreement, clause "third" of Section 3.2 of the Intercreditor Agreement or clause "fourth" of Section 3.3 of the Intercreditor Agreement (any such amount being a "Replenishment Amount") for the purpose of replenishing or increasing the balance thereof up to the Required Amount at such time, (i) the aggregate outstanding principal amount of all Applied Downgrade Advances (and of Downgrade Advances treated as an Interest Advance for purposes of determining the Applicable Liquidity Rate for interest payable thereon) shall be automatically reduced by the amount of such Replenishment Amount and (ii) the aggregate outstanding principal amount of the outstanding all Unapplied Downgrade Advance Advances shall be automatically increased by the amount of such Replenishment Amount. (c) Upon the provision of a Replacement Liquidity Facility in replacement of this Agreement in accordance with Section 3.6(e) of the Intercreditor Agreement, and prior to the effectiveness of any Replacement Liquidity Facility, the Borrower agrees that all amounts owing to the Liquidity Provider shall be repaid in full, whether from advances made by the Replacement Liquidity Provider, from amounts remaining on deposit in the Class B Cash Account after giving effect to any application of funds therefrom to any payment of interest on the Class B Pass Through Certificates on the date of such replacement, or otherwise.remaining

Repayments of Downgrade Advances. (a) Amounts advanced hereunder in respect of a Downgrade Advance shall be deposited in the Class B Primary Cash Account, Collateral Account and invested and withdrawn from the Class B Primary Cash Account, Collateral Account as set forth in Sections 3.6(c3.5(c), (e3.5(d), 3.5(e) and (f3.5(f) of the Intercreditor Agreement. The Subject to Sections 2.07 and 2.09, the Borrower agrees to pay to the Primary Liquidity Provider, on each Regular Distribution Date, commencing on the first Regular Distribution Date after the making of a Downgrade Advance, interest on the principal amount of any such Downgrade Advance as provided in Section 3.073.07 hereof; provided, however, that (i) any distribution to the Liquidity Provider of Investment Earnings pursuant to Section 3.6(f) of the Intercreditor Agreement shall constitute a payment of interest on such Downgrade Advance in the amount of such Investment Earnings (not to exceed the amount specified in Section 3.07) and (ii) amounts in respect of a Downgrade Advance withdrawn from the Class B Primary Cash Collateral Account for the purpose of paying interest on the Class B Pass Through G-1 Certificates in accordance with Section 3.6(f3.5(f) of the Intercreditor Agreement (the amount of any such withdrawal being an "Applied Downgrade Advance"" shall thereafter (subject to Section 2.06(b)) shall be treated as an Interest Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon; provided further, however, that if, following the making of a Downgrade Advance, the Primary Liquidity Provider delivers a Termination Notice to the Borrower pursuant to Section 6.01 hereof, such Downgrade Revolving Credit Agreement Advance shall thereafter be treated as a Final Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the obligation for repayment thereof and as an Applied Downgrade Advance, for purposes of Section 2.6(c) of the Intercreditor Agreement. Immediately Subject to Sections 2.07 and 2.09 hereof, immediately upon the withdrawal of any amounts from the Class B Primary Cash Collateral Account on account of a reduction in the Required Amount, the Borrower shall repay to the Primary Liquidity Provider a portion of the Downgrade Advances in a principal amount equal to the amount of such reduction, plus interest on the principal amount repaid prepaid as provided in Section 3.073.07 hereof. (b) At any time when an Applied Downgrade Advance (or any portion thereof) is outstanding, upon the deposit in the Class B Primary Cash Collateral Account of any amount pursuant to clause "third" of Section 2.4(b), clause "thirdfourth" of Section 3.2 or clause "fourth" of Section 3.3 of the Intercreditor Agreement (any such amount being a "Replenishment Amount") for the purpose of replenishing or increasing the balance thereof up to the Required Amount at such time, (i) the aggregate outstanding principal amount of all Applied Downgrade Advances (and of Downgrade Advances treated as an Interest Advance for purposes of determining the Applicable Liquidity Rate for interest payable thereon) shall be automatically reduced by the amount of such Replenishment Amount (if multiple Applied Downgrade Advances are outstanding, such Replenishment Amount to be applied in the order in which such Applied Downgrade Advances have been made, starting with the earliest) and (ii) the aggregate outstanding principal amount of the outstanding all Unapplied Downgrade Advance Advances shall be automatically increased by the amount of such Replenishment Amount. (c) Upon the provision of a Replacement Primary Liquidity Facility in replacement of this Agreement in accordance with Section 3.6(e3.5(e) of the Intercreditor Agreement, and prior to upon the effectiveness payment in full of any Replacement Liquidity Facilitythe Class G-1 Certificates, the Borrower agrees that all amounts owing to the Liquidity Provider shall be repaid in full, whether from advances made by the Replacement Liquidity Provider, from amounts remaining on deposit in the Class B Primary Cash Collateral Account after giving effect to any application of funds therefrom to any payment of interest on the Class B Pass Through Certificates Applied Downgrade Advance on the date of such replacementreplacement shall be reimbursed to the replaced Primary Liquidity Provider, or otherwisebut only to the extent such amounts are necessary to repay in full to the replaced Primary Liquidity Provider all amounts owing to it hereunder.