Common use of Successor Third Party Credit Enhancement Clause in Contracts

Successor Third Party Credit Enhancement. (i) If the provider of the Third Party Credit Enhancement ceases to be a Qualified Third Party Credit Enhancement Provider, the Servicer shall exercise its best efforts to obtain a successor Third Party Credit Enhancement (a) which will be issued by a Qualified Third Party Credit Enhancement Provider and (b) with respect to which the representations set forth in Section 10(a) will be satisfied; provided, however, that the Servicer shall not be required to continue efforts to obtain a successor Third Party Credit Enhancement if the then existing Third Party Credit Enhancement Provider again becomes a Qualified Third Party Credit Enhancement Provider and remains such; and provided, further, that unless otherwise agreed to by the Rating Agencies, the Third Party Credit Enhancement and Third Party Credit Enhancement Agreement will not be terminated and no successor Third Party Credit Enhancement Provider shall be selected if the successor Third Party Credit Enhancement, the successor Third Party Credit Enhancement Agreement, or the selection of such successor Third Party Credit Enhancement Provider would cause a Ratings Event. The Servicer, the Trustee and the Seller shall promptly enter into any such successor Third Party Credit Enhancement Agreement, and the Servicer shall use its best efforts to secure the signature of any other required party to such agreement. (ii) The Servicer may elect, at any time, to obtain a successor Third Party Credit Enhancement, provided that such successor Third Party Credit Enhancement does not cause a Ratings Event. (iii) In any case, subject to the foregoing, any successor Third Party Credit Enhancement obtained by the Servicer need not consist of the same type of Third Party Credit Enhancement as the Initial Third Party Credit Enhancement, but may consist of a different type of facility, including, but not limited to, a reserve account, a cash collateral account, an irrevocable standby letter of credit, a surety bond or a combination of any of the above. Upon issuance of, or other provision for, any such successor Third Party Credit Enhancement, the Trustee may terminate the prior Third Party Credit Enhancement and the Third Party Credit Enhancement Agreement.

Successor Third Party Credit Enhancement. (i) If the provider of the Third Party Credit Enhancement ceases to be a Qualified Third Party Credit Enhancement Provider, the Servicer shall exercise its best efforts to obtain a successor Third Party Credit Enhancement (a) which will be issued by a Qualified Third Party Credit Enhancement Provider and (b) with respect to which the representations set forth in Section 10(a) will be satisfied; provided, however, that the Servicer shall not be required to continue efforts to obtain a successor Third Party Credit Enhancement if the then existing Third Party Credit Enhancement Provider again becomes a Qualified Third Party Credit Enhancement Provider and remains such; and provided, further, that unless otherwise agreed to by the Rating Agencies, the Third Party Credit Enhancement and Third Party Credit Enhancement Agreement will not be terminated and no successor Third Party Credit Enhancement Provider shall be selected if the successor Third Party Credit Enhancement, the successor Third Party Credit Enhancement Agreement, or the selection of such successor Third Party Credit Enhancement Provider would cause a Ratings Event. The Servicer, the Trustee and the Seller shall promptly enter into any such successor Third Party Credit Enhancement Agreement, and the Servicer shall use its best efforts to secure the signature of any other required party to such agreement. (iii) The Servicer may elect, at any time, to obtain a successor Third Party Credit Enhancement, provided that such successor Third Party Credit Enhancement does not cause a Ratings Event. (iii) In any case, subject to the foregoing, any successor Third Party Credit Enhancement obtained by the Servicer need not consist of the same type of Third Party Credit Enhancement as the Initial Third Party Credit Enhancement, but may consist of a different type of facility, including, but not limited to, a reserve account, a cash collateral account, an irrevocable standby letter of credit, a surety bond or a combination of any of the above. Upon issuance of, or other provision for, any such successor Third Party Credit Enhancement, the Trustee may terminate the prior Third Party Credit Enhancement and the Third Party Credit Enhancement Agreement.

Successor Third Party Credit Enhancement. (i) If the provider of the Third Party Credit Enhancement ceases to be a Qualified Third Party Credit Enhancement Provider, the Servicer shall exercise its best efforts to obtain a successor Third Party Credit Enhancement (a) which will be issued by a Qualified Third Party Credit Enhancement Provider and (b) with respect to which the representations set forth in Section 10(a) will be satisfied; provided, however, that the Servicer shall not be required to continue efforts to obtain a successor Third Party Credit Enhancement if the then existing Third Party Credit Enhancement Provider again becomes a Qualified Third Party Credit Enhancement Provider and remains such; and provided, further, that unless otherwise agreed to by the Rating Agencies, the Third Party Credit Enhancement and Third Party Credit Enhancement Agreement will not be terminated and no successor Third Party Credit Enhancement Provider shall be selected if the successor Third Party Credit Enhancement, the successor Third Party Credit Enhancement Agreement, or the selection of such successor Third Party Credit Enhancement Provider would cause a Ratings Event. The Servicer, the Trustee and the Seller shall promptly enter into any such successor Third Party Credit Enhancement Agreement, and the Servicer shall use its best efforts to secure the signature of any other required party to such agreement. . (ii) The Servicer may elect, at any time, to obtain a successor Third Party Credit Enhancement, provided that such successor Third Party Credit Enhancement does not cause a Ratings Event. (iii) In any case, subject to the foregoing, any successor Third Party Credit Enhancement obtained by the Servicer need not consist of the same type of Third Party Credit Enhancement as the Initial Third Party Credit Enhancement, but may consist of a different type of facility, including, but not limited to, a reserve account, a cash collateral account, an irrevocable standby letter of credit, a surety bond or a combination of any of the above. Upon issuance of, or other provision for, any such successor Third Party Credit Enhancement, the Trustee may terminate the prior Third Party Credit Enhancement and the Third Party Credit Enhancement Agreement.

Successor Third Party Credit Enhancement. (i) If the provider of the Third Party Credit Enhancement ceases to be a Qualified Third Party Credit Enhancement Provider, the Servicer shall exercise its best efforts to obtain a successor Third Party Credit Enhancement (a) which will be issued by a Qualified Third Party Credit Enhancement Provider and (b) with respect to which the representations set forth in Section 10(a) will be satisfied; provided, however, that the Servicer shall not be required to continue efforts to obtain a successor Third Party Credit Enhancement if the then existing Third Party Credit Enhancement Provider again becomes a Qualified Third Party Credit Enhancement Provider and remains such; and provided, further, ,that unless otherwise agreed to by the Rating Agencies, the Third Party Credit Enhancement and Third Party Credit Enhancement Agreement will not be terminated and no successor Third Party Credit Enhancement Provider shall be selected if the successor Third Party Credit Enhancement, the successor Third Party Credit Enhancement Agreement, or the selection of such successor Third Party Credit Enhancement Provider would cause a Ratings Event. The Servicer, the Trustee and the Seller shall promptly enter into any such successor Third Party Credit Enhancement Agreement, and the Servicer shall use its best efforts to secure the signature of any other required party to such agreement. (ii) The Servicer may elect, at any time, to obtain a successor Third Party Credit Enhancement, provided that such successor Third Party Credit Enhancement does not cause a Ratings Event. (iii) In any case, subject to the foregoing, any successor Third Party Credit Enhancement obtained by the Servicer need not consist of the same type of Third Party Credit Enhancement as the Initial Third Party Credit Enhancement, but may consist of a different type of facility, including, but not limited to, a reserve account, a cash collateral account, an irrevocable standby letter of credit, a surety bond or a combination of any of the above. Upon issuance of, or other provision for, any such successor Third Party Credit Enhancement, the Trustee may terminate the prior Third Party Credit Enhancement and the Third Party Credit Enhancement Agreement.

Successor Third Party Credit Enhancement. (i) If the provider of the Third Party Credit Enhancement ceases to be a Qualified Third Party Credit Enhancement Provider, the Servicer shall exercise its best efforts to obtain a successor Third Party Credit Enhancement (a) which will be issued by a Qualified Third Party Credit Enhancement Provider and (b) with respect to which the representations set forth in Section 10(a) will be satisfied; provided, however, that the Servicer shall not be required to continue efforts to obtain a successor Third Party Credit Enhancement if the then existing Third Party Credit Enhancement Provider again becomes a Qualified Third Party Credit Enhancement Provider and remains such; and provided, further, that unless otherwise agreed to by the Rating Agencies, the Third Party Credit Enhancement and Third Party Credit Enhancement Agreement will not be terminated and no successor Third Party Credit Enhancement Provider shall be selected if the successor Third Party Credit Enhancement, the successor Third Party Credit Enhancement Agreement, or the selection of such successor Third Party Credit Enhancement Provider would cause a Ratings Event. The Servicer, the Trustee and the Seller shall promptly enter into any such successor Third Party Credit Enhancement Agreement, and the Servicer shall use its best efforts to secure the signature of any other required party to such agreement. (ii) The Servicer may elect, at any time, to obtain a successor Third Party Credit Enhancement, provided that such successor Third Party Credit Enhancement does not cause a Ratings Event. (iii) In any case, subject to the foregoing, any successor Third Party Credit Enhancement obtained by the Servicer need not consist of the same type of Third Party Credit Enhancement as the Initial Third Party Credit Enhancement, but may consist of a different type of facility, including, but not limited to, a reserve account, a cash collateral account, an irrevocable standby letter of credit, a surety bond or a combination of any of the above. Upon issuance of, or other provision for, any such successor Third Party Credit Enhancement, the Trustee may terminate the prior Third Party Credit Enhancement and the Third Party Credit Enhancement Agreement. SECTION 11.