Common use of Downgrade Drawings Clause in Contracts

Downgrade Drawings. The Initial Credit Facility Provider shall notify the Issuers, the Cash Manager and the Policy Provider promptly upon the occurrence of a Downgrade Event. If at any time a Downgrade Event has occurred and within 10 days after notice of such event (but not later than the expiration date of the Initial Credit Facility) (i) the Initial Credit Facility Provider or the Issuer or the Guarantor does not arrange to replace the Initial Credit Facility with a Replacement Credit Facility, (ii) the Initial Credit Facility Provider shall not have received a Rating Agency Confirmation with respect to the Downgrade Event and the written consent of the Policy Provider to the retention of such Initial Credit Facility Provider shall not have been obtained or (iii) the Policy Provider shall not have confirmed in writing that such downgrading will not constitute a Downgrade Event, on such 10th day (or if such 10th day is not a Business Day, on the next succeeding Business Day) (or, if earlier, the expiration date of the Initial Credit Facility), then the Cash Manager shall, upon the occurrence of a Downgrade Event with respect to the Initial Credit Facility, request a drawing in accordance with and to the extent permitted by the Initial Credit Facility (such drawing, a "Downgrade Drawing") of the Available Amount thereunder. Amounts drawn pursuant to a Downgrade Drawing shall be deposited into the Credit Facility Reserve Account.

Downgrade Drawings. The Initial Credit Facility Provider shall notify the Issuers, the Cash Manager and the Policy Provider promptly upon the occurrence of a Downgrade Event. If at any time a Downgrade Event has occurred and within 10 days after notice of such event (but not later than the expiration date of the Initial Credit Facility) (i) the Initial Credit Facility Provider or the Issuer or the Guarantor does not arrange to replace the Initial Credit Facility with a Replacement Credit Facility, (ii) the Initial Credit Facility Provider shall not have received a Rating Agency Confirmation with respect to the Downgrade Event and the written consent of the Policy Provider to the retention of such Initial Credit Facility Provider shall not have been obtained or (iii) the Policy Provider shall not have confirmed in writing that such downgrading will not constitute a Downgrade Event, on such 10th day (or if such 10th day is not a Business Day, on the next succeeding Business Day) (or, if earlier, the expiration date of the Initial Credit Facility), then the Cash Manager shall, upon the occurrence of a Downgrade Event with respect to the Initial Credit Facility, request a drawing in accordance with and to the extent permitted by the Initial Credit Facility (such drawing, a "“Downgrade Drawing"”) of the Available Amount thereunder. Amounts drawn pursuant to a Downgrade Drawing shall be deposited into the Credit Facility Reserve Account.

Downgrade Drawings. The Initial Credit Facility Primary Liquidity Provider shall notify the Issuers, the Cash Manager Issuer and the Policy Provider promptly upon the occurrence of a Downgrade EventEvent with respect to the Initial Primary Liquidity Provider. If at any time Upon the occurrence of a Downgrade Event has occurred with respect to the Initial Primary Liquidity Facility, unless (i) the Initial Primary Liquidity Provider or the Issuer arranges for a Replacement Primary Liquidity Provider to issue and deliver a Replacement Primary Liquidity Facility to the Issuer within 10 days after receiving notice of such event Downgrade Event (but not later than the expiration date of the Initial Credit Primary Liquidity Facility) (i) the Initial Credit Facility Provider or the Issuer or the Guarantor does not arrange to replace the Initial Credit Facility with a Replacement Credit Facility, (ii) the Initial Credit Primary Liquidity Facility Provider shall not have received a Rating Agency Confirmation for the Class G Notes with respect to the Downgrade Event (and the written consent of the Policy Provider to the retention of such Initial Credit Primary Liquidity Facility Provider shall not have been obtained or (iii) and the Policy Provider shall not have confirmed in writing that such downgrading will not constitute a “Downgrade Event” with respect to the Initial Primary Liquidity Facility) within such 10-day period, the Cash Manager shall, on such 10th day (or if such 10th day is not a Business Day, on the next succeeding Business Day) (or, if earlier, the expiration date of the Initial Credit Primary Liquidity Facility), then the Cash Manager shall, upon the occurrence of a Downgrade Event with respect to the Initial Credit Facility, request a drawing in accordance with and to the extent permitted by the Initial Credit Primary Liquidity Facility (such drawing, a "“Downgrade Drawing"”) of the Available Amount thereunder. Amounts drawn pursuant to a Downgrade Drawing shall be deposited into the Credit Facility Initial Primary Liquidity Reserve Account.

Downgrade Drawings. The Initial Credit Liquidity Facility Provider shall notify the IssuersIssuer, the Cash Manager and the Policy Provider promptly upon the occurrence of a Downgrade Event. If at any time a Downgrade Event has occurred and within 10 days after notice of such event Downgrade Event (but not later than the expiration date of the Initial Credit Liquidity Facility) (i) the Initial Credit Liquidity Facility Provider or the Issuer or the Guarantor does not arrange to replace the Initial Credit Liquidity Facility with a Replacement Credit Liquidity Facility, (ii) the Initial Credit Liquidity Facility Provider shall not have received a Rating Agency Confirmation for the Class G-1 Notes with respect to the Downgrade Event and the written consent of the Policy Provider to the retention of such Initial Credit Facility Provider shall not have been obtained or (iii) the Policy Provider shall not have confirmed in writing that such downgrading will not constitute a Downgrade Event, on such 10th day (or if such 10th day is not a Business Day, on the next succeeding Business Day) (or, if earlier, the expiration date of the Initial Credit Liquidity Facility), then the Cash Manager shall, upon the occurrence of a Downgrade Event with respect to the Initial Credit Liquidity Facility, request a drawing in accordance with and to the extent permitted by the Initial Credit Liquidity Facility (such drawing, a "“Downgrade Drawing"”) of the Available Amount and, if prior to the Budgeted Cash Termination Date, the Available Budgeted Cash Amount thereunder. Amounts drawn pursuant to a Downgrade Drawing shall be deposited into (x) the Credit Liquidity Facility Reserve AccountAccount to the extent of the Available Amount and (y) the Budgeted Cash Reserve Account to the extent of the Available Budgeted Cash Amount.

Downgrade Drawings. The Initial Credit Liquidity Facility Provider shall notify the IssuersIssuer, the Cash Manager and the Policy Provider promptly upon the occurrence of a Downgrade Event. If at any time a Downgrade Event has occurred and within 10 days after notice of such event Downgrade Event (but not later than the expiration date of the Initial Credit Liquidity Facility) (i) the Initial Credit Liquidity Facility Provider or the Issuer or the Guarantor does not arrange to replace the Initial Credit Liquidity Facility with a Replacement Credit Liquidity Facility, (ii) the Initial Credit Liquidity Facility Provider shall not have received a Rating Agency Confirmation for the Class G-1 Notes with respect to the Downgrade Event and the written consent of the Policy Provider to the retention of such Initial Credit Facility Provider shall not have been obtained or (iii) the Policy Provider shall not have confirmed in writing that such downgrading will not constitute a Downgrade Event, on such 10th day (or if such 10th day is not a Business Day, on the next succeeding Business Day) (or, if earlier, the expiration date of the Initial Credit Liquidity Facility), then the Cash Manager shall, upon the occurrence of a Downgrade Event with respect to the Initial Credit Liquidity Facility, request a drawing in accordance with and to the extent permitted by the Initial Credit Liquidity Facility (such drawing, a "“Downgrade Drawing"”) of the Available Amount thereunderAmount. Amounts drawn pursuant to a Downgrade Drawing shall be deposited into the Credit Liquidity Facility Reserve AccountAccount to the extent of the Available Amount.