Common use of Servicer Letter of Credit Clause in Contracts

Servicer Letter of Credit. (a) If the Servicer has obtained a Servicer Letter of Credit, on any Distribution Date which immediately follows a Collection Period during which the Servicer is permitted to remit collections on a monthly rather than a daily basis pursuant to Section 14.02 and the Servicer shall have failed to make in full the remittances to the Certificate Account pursuant to Section 14.02 required for distribution to Certificateholders on such Distribution Date by 12:00 P.M., New York City time, on the Business Day immediately preceding such Distribution Date, the Trustee shall immediately deliver a demand for payment under the Servicer Letter of Credit to the Letter of Credit Bank requesting payment in the amount of the shortfall between the amount of funds that are required to be remitted by the Servicer to the Certificate Account as set forth in the related Servicer's Certificate and the amount of funds actually so remitted. Upon receipt of a completed demand for payment by the Trustee under the Servicer Letter of Credit, the Letter of Credit Bank shall pay or cause to be paid, at the time and in the manner provided in the Servicer Letter of Credit, an amount equal to the lesser of (i) the amount demanded by the Trustee and (ii) the amount available under the Servicer Letter of Credit (the "Servicer Letter of Credit Amount") to the Trustee for deposit to the Certificate Account. Except as otherwise provided in the Servicer Letter of Credit, the Servicer Letter of Credit Amount shall equal the lesser of (x) the product of the Initial Servicer Letter of Credit Amount and the Reset Percentage, or (y) the Pool Balance as of the related Record Date. For the purpose of Section 14.07 or 19.01(i), amounts deposited by the Trustee pursuant to this Section shall be deemed to constitute Servicer remittances with respect to which the demand on the Servicer Letter of Credit was made.

Servicer Letter of Credit. (a) If the Servicer has obtained a Servicer Letter of CreditIf, on with respect to any Distribution Date which immediately follows a Collection Period during which the Servicer is permitted to remit collections on a monthly rather than a daily basis pursuant to Section 14.02 and because the Servicer has obtained a Servicer Letter of Credit, the Servicer shall have failed to make in full the remittances to the Certificate Account pursuant to Section 14.02 14.02(b) required for distribution to Certificateholders on such Distribution Date by 12:00 P.M.9:00 A.M., New York City Los Angeles time, on the Business Day immediately preceding such Distribution Date, the Trustee shall immediately shall, by 11:00 A.M., Los Angeles time, deliver a demand for payment under the Servicer Letter of Credit to the Letter of Credit Bank requesting payment in the amount of the shortfall between the amount of funds that are required to be remitted by the Servicer to the Certificate Account as set forth in the related Servicer's Certificate and the amount of funds actually so remitted. Upon receipt of a completed demand for payment by the Trustee under the Servicer Letter of Credit, the Letter of Credit Bank shall pay or cause to be paid, at the time and in the manner provided in the Servicer Letter of Credit, an amount equal to the lesser of (i) the amount demanded by the Trustee and (ii) the amount available under the Servicer Letter of Credit (the "Servicer Letter of Credit Amount") to the Trustee for deposit credit to the Certificate Account. Except as otherwise provided in the Servicer Letter of Credit, the Servicer Letter of Credit Amount shall equal the lesser of (xA) the product of the Initial Servicer Letter of Credit Amount and the Reset Percentage, or (yB) the Pool Balance as of the last day of the related Record DateCollection Period. The Trustee hereby agrees to deliver a Reduction Certificate substantially in the form of an Annex to the Servicer Letter of Credit, appropriately completed to the Letter of Credit Bank after each Reset Date if doing so would have the effect of reducing the Servicer Letter of Credit Amount as then in effect. For the purpose of Section 14.07 14.06 or 19.01(i18.01(a), amounts deposited by the Trustee pursuant to this Section shall be deemed to constitute Servicer remittances with respect to which the demand on the Servicer Letter of Credit was made.

Servicer Letter of Credit. (a) If the Servicer has obtained a Servicer Letter of Credit, on any Distribution Date which immediately follows a Collection Period during which the Servicer is permitted to remit collections on a monthly rather than a daily basis pursuant to Section 14.02 6.02 and the Servicer shall have failed to make in full the remittances to the Certificate Collection Account pursuant to Section 14.02 6.02 required for distribution to Certificateholders on such Distribution Date by 12:00 P.M., New York City time, on the Business Day immediately preceding such Distribution Date, the Owner Trustee shall immediately deliver a demand for payment under the Servicer Letter of Credit to the Letter of Credit Bank requesting payment in the amount of the shortfall between the amount of funds that are required to be remitted by the Servicer to the Certificate Collection Account as set forth in the related Servicer's Certificate and the amount of funds actually so remitted. Upon receipt of a completed demand for payment by the Owner Trustee under the Servicer Letter of Credit, the Letter of Credit Bank shall pay or cause to be paid, at the time and in the manner provided in the Servicer Letter of Credit, an amount equal to the lesser of (i) the amount demanded by the Owner Trustee and (ii) the amount available under the Servicer Letter of Credit (the "Servicer Letter of Credit Amount") to the Owner Trustee for deposit to the Certificate Collection Account. Except as otherwise provided in the Servicer Letter of Credit, the Servicer Letter of Credit Amount shall equal the lesser of (xA) the product of the Initial Servicer Letter of Credit Amount and the Reset Percentage, Percentage or (yB) the Pool Balance as of the related Record Date. For the purpose purposes of Section 14.07 6.05 or 19.01(i9.01(a), amounts deposited by the Owner Trustee pursuant to this Section shall be deemed to constitute Servicer remittances with respect to which the demand on the Servicer Letter of Credit was made.

Servicer Letter of Credit. (a) If the Servicer has obtained a Servicer Letter of CreditIf, on with respect to any Distribution Date which immediately follows a Collection Period during which the Servicer is permitted to remit collections on a monthly rather than a daily basis pursuant to Section 14.02 and because the Servicer has obtained a Servicer Letter of Credit, the Servicer shall have failed to make in full the remittances to the Certificate Account pursuant to Section 14.02 14.02(b) required for distribution to Certificateholders on such Distribution Date by 12:00 P.M.9:00 A.M., New York City time, on the Business Day immediately preceding such Distribution Date, the Trustee shall immediately shall, by 11:00 A.M., New York time, deliver a demand for payment under the Servicer Letter of Credit to the Letter of Credit Bank requesting payment in the amount of the shortfall between the amount of funds that are required to be remitted by the Servicer to the Certificate Account as set forth in the related Servicer's Certificate and the amount of funds actually so remitted. Upon receipt of a completed demand for payment by the Trustee under the Servicer Letter of Credit, the Letter of Credit Bank shall pay or cause to be paid, at the time and in the manner provided in the Servicer Letter of Credit, an amount equal to the lesser of (i) the amount demanded by the Trustee and (ii) the amount available under the Servicer Letter of Credit (the "Servicer Letter of Credit Amount") to the Trustee for deposit credit to the Certificate Account. Except as otherwise provided in the Servicer Letter of Credit, the Servicer Letter of Credit Amount shall equal the lesser of (xA) the product of the Initial Servicer Letter of Credit Amount and the Reset Percentage, or (yB) the Pool Balance as of the last day of the related Record DateCollection Period. The Trustee hereby agrees to deliver a Reduction Certificate substantially in the form of an Annex to the Servicer Letter of Credit, appropriately completed to the Letter of Credit Bank after each Reset Date if doing so would have the effect of reducing the Servicer Letter of Credit Amount as then in effect. For the purpose of Section 14.07 14.06 or 19.01(i18.01(a), amounts deposited by the Trustee pursuant to this Section shall be deemed to constitute Servicer remittances with respect to which the demand on the Servicer Letter of Credit was made.