Common use of Initial Credit Enhancement Clause in Contracts

Initial Credit Enhancement. The Master Servicer hereby represents with respect to the Initial Credit Enhancement and shall be deemed to represent with respect to any successor Credit Enhancement that (i) the Master Servicer has provided for the Credit Enhancement for the account of the Trustee and for the benefit of the Investor Certificateholders, (ii) the Master Servicer has entered into a Credit Enhancement Agreement, (iii) the Credit Enhancement permits the Trustee or the Master Servicer, acting as the Trustee's attorney-in-fact or otherwise, to make Credit Enhancement Drawings from time to time in an amount up to the Total Available Credit Enhancement Amount at such time, for the purposes set forth in this Agreement and (iv) the Credit Enhancement and the respective Credit Enhancement Agreement may be terminated by the Trustee without penalty if (x) the Master Servicer elects to obtain a successor Credit Enhancement and such successor Credit Enhancement does not cause the ratings of the Investor Certificates of the Series established hereby to be withdrawn or lowered by either of the Rating Agencies from the respective ratings of such Investor Certificates immediately prior to such election or (y) if the Credit Enhancement is not Funded Credit Enhancement, the Credit Enhancement Provider ceases to be a Qualified Credit Enhancement Provider.

Initial Credit Enhancement. The Master Servicer hereby represents with respect to the Initial Credit Enhancement and shall be deemed to represent with respect to any successor Credit Enhancement that (i) the Master Servicer has provided for the Credit Enhancement for the account of the Trustee and for the benefit of the Investor Certificateholders, (ii) the Master Servicer has entered into a Credit Enhancement Agreement, (iii) the Credit Enhancement permits the Trustee or the Master Servicer, acting as the Trustee's ’s attorney-in-fact or otherwise, to make Credit Enhancement Drawings from time to time in an amount up to the Total Available Credit Enhancement Amount at such time, for the purposes set forth in this Agreement and (iv) the Credit Enhancement and the respective Credit Enhancement Agreement may be terminated by the Trustee without penalty if (x) the Master Servicer elects to obtain a successor Credit Enhancement and such successor Credit Enhancement does not cause the ratings of the Investor Certificates of the Series established hereby to be withdrawn or lowered by either of the Rating Agencies from the respective ratings of such Investor Certificates immediately prior to such election or (y) if the Credit Enhancement is not Funded Credit Enhancement, the Credit Enhancement Provider ceases to be a Qualified Credit Enhancement Provider.

Initial Credit Enhancement. The Master Servicer hereby represents with respect to the Initial Credit Enhancement and shall be deemed to represent with respect to any successor Credit Enhancement that (i) the Master Servicer has provided for the Credit Enhancement for the account of the Trustee and for the benefit of the Investor Certificateholders, (ii) the Master Servicer has entered into a Credit Enhancement Agreement, (iii) the Credit Enhancement permits the Trustee or the Master Servicer, acting as the Trustee's ’s attorney-in-fact or otherwise, to make Credit Enhancement Drawings from time to time in an amount up to the Total Available Credit Enhancement Amount at such time, for the purposes set forth in this Agreement and (iv) the Credit Enhancement and the respective Credit Enhancement Agreement may be terminated by the Trustee Master Servicer without penalty if (x) the Master Servicer elects to obtain a successor Credit Enhancement and Enhancement, provided that such successor Credit Enhancement termination does not cause the ratings of the Investor Certificates of the Series established hereby to be lowered or withdrawn or lowered by either of the Rating Agencies from and, provided, further, that all amounts owing to the Credit Enhancement Provider under the respective ratings of such Investor Certificates immediately prior Credit Enhancement Agreement with respect to such election principal and interest on the Credit Enhancement have been paid in full or (y) if the Credit Enhancement is not Funded Credit Enhancement, the Credit Enhancement Provider ceases to be a Qualified Credit Enhancement Provider.

Initial Credit Enhancement. The Master Servicer hereby represents with respect to the Initial Credit Enhancement and shall be deemed to represent with respect to any successor Credit Enhancement that (i) the Master Servicer has provided for the Credit Enhancement for the account of the Trustee and for the benefit of the Investor Certificateholders, (ii) the Master Servicer has entered into a Credit Enhancement Agreement, (iii) the Credit Enhancement permits the Trustee or the Master Servicer, acting as the Trustee's attorney-in-fact or otherwise, to make Credit Enhancement Drawings from time to time in an amount up to the Total Available Credit Enhancement Amount at such time, for the purposes set forth in this Agreement and (iv) the Credit Enhancement and the respective Credit Enhancement Agreement may be terminated by the Trustee without penalty if (x) the Master Servicer elects to obtain a successor Credit Enhancement and such successor Credit Enhancement does not cause the ratings of the Investor Certificates of the Series established hereby to be withdrawn or lowered by either of the Rating Agencies from the respective ratings of such Investor Certificates immediately prior to such election or (y) if the Credit Enhancement is not Funded Credit Enhancement, the Credit Enhancement Provider ceases to be a Qualified Credit Enhancement Provider.such

Initial Credit Enhancement. The Master Servicer hereby represents with respect to the Initial Credit Enhancement and shall be deemed to represent with respect to any successor Credit Enhancement that (i) the Master Servicer has provided for the Credit Enhancement for the account of the Trustee and for the benefit of the Investor Certificateholders, (ii) the Master Servicer has entered into a Credit Enhancement Agreement, (iii) the Credit Enhancement permits the Trustee or the Master Servicer, acting as the Trustee's attorney-in-fact or otherwise, to make Credit Enhancement Drawings from time to time in an amount up to the Total Available Credit Enhancement Amount at such time, for the purposes set forth in this Agreement and (iv) the 54 Credit Enhancement and the respective Credit Enhancement Agreement may be terminated by the Trustee without penalty if (x) the Master Servicer elects to obtain a successor Credit Enhancement and such successor Credit Enhancement does not cause the ratings of the Investor Certificates of the Series established hereby to be withdrawn or lowered by either of the Rating Agencies from the respective ratings of such Investor Certificates immediately prior to such election or (y) if the Credit Enhancement is not Funded Credit Enhancement, the Credit Enhancement Provider ceases to be a Qualified Credit Enhancement Provider.

Initial Credit Enhancement. The Master Servicer hereby represents with respect to the Initial Credit Enhancement and shall be deemed to represent with respect to any successor Credit Enhancement that (i) the Master Servicer has provided for the Credit Enhancement for the account of the Trustee and for the benefit of the Investor Certificateholders, (ii) the Master Servicer has entered into a Credit Enhancement Agreement, (iii) the Credit Enhancement permits the Trustee or the Master Servicer, acting as the Trustee's attorney-in-fact or otherwise, to make 55 Credit Enhancement Drawings from time to time in an amount up to the Total Available Credit Enhancement Amount at such time, for the purposes set forth in this Agreement and (iv) the Credit Enhancement and the respective Credit Enhancement Agreement may be terminated by the Trustee without penalty if (x) the Master Servicer elects to obtain a successor Credit Enhancement and such successor Credit Enhancement does not cause the ratings of the Investor Certificates of the Series established hereby to be withdrawn or lowered by either of the Rating Agencies from the respective ratings of such Investor Certificates immediately prior to such election or (y) if the Credit Enhancement is not Funded Credit Enhancement, the Credit Enhancement Provider ceases to be a Qualified Credit Enhancement Provider.

Initial Credit Enhancement. The Master Servicer hereby represents with respect to the Initial Credit Enhancement and shall be deemed to represent with respect to any successor Credit Enhancement that (i) the Master Servicer has provided for the Credit Enhancement for the account of the Trustee and for the benefit of the Investor Certificateholders, (ii) the Master Servicer has entered into a Credit Enhancement Agreement, (iii) the Credit Enhancement permits the Trustee or the Master Servicer, acting as the Trustee's attorney-in-fact or otherwise, to make Credit Enhancement Drawings from time to time in an amount up to the Total Available Credit Enhancement Amount at such time, for the purposes set forth in this Agreement and (iv) the Credit Enhancement and the respective Credit Enhancement Agreement may be terminated by the Trustee without penalty if (x) the Master Servicer elects to obtain a successor Credit Enhancement and such successor Credit Enhancement does not cause the ratings of the Investor Certificates of the Series established hereby to be withdrawn or lowered by either of the Rating Agencies from the respective ratings of such Investor Certificates immediately prior to such 46 57 election or (y) if the Credit Enhancement is not Funded Credit Enhancement, the Credit Enhancement Provider ceases to be a Qualified Credit Enhancement Provider.

Initial Credit Enhancement. The Master Servicer hereby represents with respect to the Initial Credit Enhancement and shall be deemed to represent with respect to any successor Credit Enhancement that (i) the Master Servicer has provided for the Credit Enhancement for the 47 58 account of the Trustee and for the benefit of the Investor Certificateholders, (ii) the Master Servicer has entered into a Credit Enhancement Agreement, (iii) the Credit Enhancement permits the Trustee or the Master Servicer, acting as the Trustee's attorney-in-fact or otherwise, to make Credit Enhancement Drawings from time to time in an amount up to the Total Available Credit Enhancement Amount at such time, for the purposes set forth in this Agreement and (iv) the Credit Enhancement and the respective Credit Enhancement Agreement may be terminated by the Trustee without penalty if (x) the Master Servicer elects to obtain a successor Credit Enhancement and such successor Credit Enhancement does not cause the ratings of the Investor Certificates of the Series established hereby to be withdrawn or lowered by either of the Rating Agencies from the respective ratings of such Investor Certificates immediately prior to such election or (y) if the Credit Enhancement is not Funded Credit Enhancement, the Credit Enhancement Provider ceases to be a Qualified Credit Enhancement Provider.

Initial Credit Enhancement. The Master Servicer hereby represents with respect to the Initial Credit Enhancement and shall be deemed to represent with respect to any successor Credit Enhancement that (i) the Master Servicer has provided for the Credit Enhancement for the account of the Trustee and for the benefit of the Investor Certificateholders, (ii) the Master Servicer has entered into a Credit Enhancement Agreement, (iii) the Credit Enhancement permits the Trustee or the Master Servicer, acting as the Trustee's attorney-in-fact or otherwise, to make Credit Enhancement Drawings from time to time in an amount up to the Total Available Credit Enhancement Amount at such time, for the purposes set forth in this Agreement and (iv) the Credit Enhancement and the respective Credit Enhancement Agreement may be terminated by the Trustee without penalty if (x) the Master Servicer elects to obtain a successor Credit 47 Enhancement and such successor Credit Enhancement does not cause the ratings of the Investor Certificates of the Series established hereby to be withdrawn or lowered by either of the Rating Agencies from the respective ratings of such Investor Certificates immediately prior to such election or (y) if the Credit Enhancement is not Funded Credit Enhancement, the Credit Enhancement Provider ceases to be a Qualified Credit Enhancement Provider.

Initial Credit Enhancement. The Master Servicer hereby represents with respect to the Initial Credit Enhancement and shall be deemed to represent with respect to any successor Credit Enhancement that (i) the Master Servicer has provided for the Credit Enhancement for the account of the Trustee and for the benefit of the Investor Certificateholders, (ii) the Master Servicer has entered into a Credit Enhancement Agreement, (iii) the Credit Enhancement permits the Trustee or the Master Servicer, acting as the Trustee's attorney-in-fact or otherwise, to make Credit Enhancement Drawings from time to time in an amount up to the Total Available Credit Enhancement Amount at such time, for the purposes set forth in this Agreement and (iv) the Credit Enhancement and the respective Credit Enhancement Agreement may be terminated by the Trustee without penalty if (x) the Master Servicer elects to obtain a successor Credit Enhancement and such successor Credit Enhancement does not cause the ratings of the Investor Certificates of the Series established hereby to be withdrawn or lowered by either of the Rating Agencies from the respective ratings of such Investor Certificates immediately prior to such 45 56 election or (y) if the Credit Enhancement is not Funded Credit Enhancement, the Credit Enhancement Provider ceases to be a Qualified Credit Enhancement Provider.