Class HE Clause Samples

Class HE. B-2 Limited Guaranty ------------------------------ (i) No later than the third Business Day prior to each Payment Date, the Servicer (if other than the Company) shall notify the Company of the amount of the Class HE: B-2 Guaranty Payment (if any) for such Payment Date. Not later than the Business Day preceding each Payment Date, the Company shall deposit the Class HE: B-2 Guaranty Payment, if any, for such Payment Date into the Collection Account. Any Class HE: B-2 Guaranty Payment shall be distributable to Class HE: B-2 Certificateholders pursuant to Section 5.2 of the Trust Agreement. (ii) The obligations of the Company under this Section 6.05(b) shall not terminate upon or otherwise be affected by a Service Transfer pursuant to Article VII of this Agreement. (iii) The obligation of the Company to provide the Class HE: B-2 Limited Guaranty under this Agreement shall terminate on the Final Payment Date. (iv) The obligation of the Company to make the Class HE: B-2 Guaranty Payments described in subsection (1) above shall be unconditional and irrevocable. The Company acknowledges that its obligation to make the Class HE: B-2 Guaranty Payments described in subsection (1) above shall be deemed a guaranty by the Company of indebtedness of the Trust for money borrowed from the Class HE: B-2 Certificateholders. (v) If the Company fails to make a Class HE: B-2 Guaranty Payment in whole or in part, the Company shall promptly notify the Owner Trustee, and the Owner Trustee shall promptly notify [the Rating Agencies]. (vi) In consideration of providing the Class HE: B-2 Limited Guaranty, the Company shall be entitled to the Class HE: B-2 Guarantee Fee payable in accordance with Section 5.2(d)(15) of the Trust Agreement.