Common use of Failure to Remain an Eligible Interest Rate Clause in Contracts

Failure to Remain an Eligible Interest Rate. Cap Provider. Each Series 2021-A Interest Rate Cap shall provide that, if as of any date of determination the Interest Rate Cap Provider (or if the present and future obligations of such Interest Rate Cap Provider are guaranteed pursuant to a guarantee (in form and in substance which satisfies the other requirements set forth in such Series 2021-A Interest Rate Cap), the related guarantor) with respect thereto is not an Eligible Interest Rate Cap Provider as of such date of determination, then such Interest Rate Cap Provider will be required, at such Interest Rate Cap Provider’s expense, to obtain a replacement interest rate cap on the same terms as such Series 2021-A Interest Rate Cap from an Eligible Interest Rate Cap Provider within the time period specified in the related Series 2021-A Interest Rate Cap and, simultaneously with such replacement, HVF III shall terminate the Series 2021-A Interest Rate Cap being replaced or such Interest Rate Cap Provider shall obtain a guarantee from a replacement guarantor that satisfies the Initial Counterparty Required Ratings with respect to the present and future obligations of such Interest Rate Cap Provider under such Series 2021-A Interest Rate Cap; provided that, no termination of the Series 2021-A Interest Rate Cap shall occur until HVF III has entered into a replacement Series 2021-A Interest Rate Cap or obtained a guarantee pursuant to this Section 4.4(b) (Failure to Remain an Eligible Interest Rate Cap Provider).

Failure to Remain an Eligible Interest Rate. Cap Provider. Each Series 20212013-A Interest Rate Cap shall provide that, if as atas of any date timedate of determination the Interest Rate Cap Provider (or if the present and future obligations of such Interest Rate Cap Provider are guaranteed pursuant to a guarantee (in form and in substance which satisfies satisfactory to the Rating Agencies and satisfying the other requirements set forth in such Series 20212013-A Interest Rate Cap), the related guarantor) with respect thereto is not an Eligible Interest Rate Cap Provider as of such date of determination, then such Interest Rate Cap Provider will be required, at such Interest Rate Cap Provider’s expense, to obtain a replacement interest rate cap on the same terms as such Series 20212013-A Interest Rate Cap (or with such modifications as are acceptable to the Rating Agencies) from an Eligible Interest Rate Cap Provider within the time period specified in the related Series 20212013-A Interest Rate Cap and, simultaneously with such replacement, HVF III II shall terminate the Series 20212013-A Interest Rate Cap being replaced or such Interest Rate Cap Provider shall obtain a guarantee (in form and in substance satisfactory to the Rating Agencies) from a replacement guarantor that satisfies the Initial DBRS TriggerInitial Counterparty Required Ratings with respect to the present and future obligations of such Interest Rate Cap Provider under such Series 20212013-A Interest Rate Cap; provided that, no termination of the Series 20212013-A Interest Rate Cap shall occur until HVF III II has entered into a replacement Series 20212013-A Interest Rate Cap or obtained a guarantee pursuant to this Section 4.4(b) (Failure to Remain an Eligible Interest Rate Cap Provider).

Failure to Remain an Eligible Interest Rate. Cap Provider. Each Series 20212013-A B Interest Rate Cap shall provide that, if as of any date of determination the Interest Rate Cap Provider (or if the present and future obligations of such Interest Rate Cap Provider are guaranteed pursuant to a guarantee (in form and in substance which satisfies satisfactory to the Rating Agencies and satisfying the other requirements set forth in such Series 20212013-A B Interest Rate Cap), the related guarantor) with respect thereto is not an Eligible Interest Rate Cap Provider as of such date of determination, then such Interest Rate Cap Provider will be required, at such Interest Rate Cap Provider’s expense, to obtain a replacement interest rate cap on the same terms as such Series 20212013-A B Interest Rate Cap (or with such modifications as are acceptable to the Rating Agencies) from an Eligible Interest Rate Cap Provider within the time period specified in the related Series 20212013-A B Interest Rate Cap and, simultaneously with such replacement, HVF III II shall terminate the Series 20212013-A B Interest Rate Cap being replaced or such Interest Rate Cap Provider shall obtain a guarantee (in form and in substance satisfactory to the Rating Agencies) from a replacement guarantor that satisfies the Initial Counterparty Required Ratings with respect to the present and future obligations of such Interest Rate Cap Provider under such Series 20212013-A B Interest Rate Cap; provided that, no termination of the Series 20212013-A B Interest Rate Cap shall occur until HVF III II has entered into a replacement Series 20212013-A B Interest Rate Cap or obtained a guarantee pursuant to this Section 4.4(b) (Failure to Remain an Eligible Interest Rate Cap Provider).

Failure to Remain an Eligible Interest Rate. Cap Provider. Each Series 20212013-A Interest Rate Cap shall provide that, if as of at any date of determination time the Interest Rate Cap Provider (or if the present and future obligations of such Interest Rate Cap Provider are guaranteed pursuant to a guarantee (in form and in substance which satisfies satisfactory to the Rating Agencies and satisfying the other requirements set forth in such Series 20212013-A Interest Rate Cap), the related guarantor) with respect thereto is not an Eligible Interest Rate Cap Provider as of such date of determinationProvider, then such Interest Rate Cap Provider will be required, at such Interest Rate Cap Provider’s expense, to obtain a replacement interest rate cap on the same terms as such Series 20212013-A Interest Rate Cap (or with such modifications as are acceptable to the Rating Agencies) from an Eligible Interest Rate Cap Provider within the time period specified in the related Series 20212013-A Interest Rate Cap and, simultaneously with such replacement, HVF III II shall terminate the Series 20212013-A Interest Rate Cap being replaced or such Interest Rate Cap Provider shall obtain a guarantee (in form and in substance satisfactory to the Rating Agencies) from a replacement guarantor that satisfies the Initial Counterparty DBRS Trigger Required Ratings with respect to the present and future obligations of such Interest Rate Cap Provider under such Series 20212013-A Interest Rate Cap; provided that, no termination of the Series 20212013-A Interest Rate Cap shall occur until HVF III II has entered into a replacement Series 20212013-A Interest Rate Cap or obtained a guarantee pursuant to this Section 4.4(b) (Failure to Remain an Eligible Interest Rate Cap Provider).

Failure to Remain an Eligible Interest Rate. Cap Provider. Each Series 20212014-A Interest Rate Cap shall provide that, if as atas of any date timedate of determination the Interest Rate Cap Provider (or if the present and future obligations of such Interest Rate Cap Provider are guaranteed pursuant to a guarantee (in form and in substance which satisfies satisfactory to the Rating Agencies and satisfying the other requirements set forth in such Series 20212014-A Interest Rate Cap), the related guarantor) with respect thereto is not an Eligible Interest Rate Cap Provider as of such date of determination, then such Interest Rate Cap Provider will be required, at such Interest Rate Cap Provider’s expense, to obtain a replacement interest rate cap on the same terms as such Series 20212014-A Interest Rate Cap (or with such modifications as are acceptable to the Rating Agencies) from an Eligible Interest Rate Cap Provider within the time period specified in the related Series 20212014-A Interest Rate Cap and, simultaneously with such replacement, HVF III II shall terminate the Series 20212014-A Interest Rate Cap being replaced or such Interest Rate Cap Provider shall obtain a guarantee (in form and in substance satisfactory to the Rating Agencies) from a replacement guarantor that satisfies the Initial Counterparty DBRS TriggerInitial Counterpary Required Ratings with respect to the present and future obligations of such Interest Rate Cap Provider under such Series 20212014-A Interest Rate Cap; provided that, no termination of the Series 20212014-A Interest Rate Cap shall occur until HVF III II has entered into a replacement Series 20212014-A Interest Rate Cap or obtained a guarantee pursuant to this Section 4.4(b) (Failure to Remain an Eligible Interest Rate Cap Provider).

Failure to Remain an Eligible Interest Rate. Cap Provider. Each Series 20212013-A B Interest Rate Cap shall provide that, if as of at any date of determination time the Interest Rate Cap Provider (or if the present and future obligations of such Interest Rate Cap Provider are guaranteed pursuant to a guarantee (in form and in substance which satisfies satisfactory to the Rating Agencies and satisfying the other requirements set forth in such Series 20212013-A B Interest Rate Cap), the related guarantor) with respect thereto is not an Eligible Interest Rate Cap Provider as of such date of determinationProvider, then such Interest Rate Cap Provider will be required, at such Interest Rate Cap Provider’s expense, to obtain a replacement interest rate cap on the same terms as such Series 20212013-A B Interest Rate Cap (or with such modifications as are acceptable to the Rating Agencies) from an Eligible Interest Rate Cap Provider within the time period specified in the related Series 20212013-A B Interest Rate Cap and, simultaneously with such replacement, HVF III II shall terminate the Series 20212013-A B Interest Rate Cap being replaced or such Interest Rate Cap Provider shall obtain a guarantee (in form and in substance satisfactory to the Rating Agencies) from a replacement guarantor that satisfies the Initial Counterparty DBRS Trigger Required Ratings with respect to the present and future obligations of such Interest Rate Cap Provider under such Series 20212013-A B Interest Rate Cap; provided that, no termination of the Series 20212013-A B Interest Rate Cap shall occur until HVF III II has entered into a replacement Series 20212013-A B Interest Rate Cap or obtained a guarantee pursuant to this Section 4.4(b) (Failure to Remain an Eligible Interest Rate Cap Provider).

Failure to Remain an Eligible Interest Rate. Cap Provider. Each Series 20212014-A Interest Rate Cap shall provide that, if as of at any date of determination time the Interest Rate Cap Provider (or if the present and future obligations of such Interest Rate Cap Provider are guaranteed pursuant to a guarantee (in form and in substance which satisfies satisfactory to the Rating Agencies and satisfying the other requirements set forth in such Series 20212014-A Interest Rate Cap), the related guarantor) with respect thereto is not an Eligible Interest Rate Cap Provider as of such date of determinationProvider, then such Interest Rate Cap Provider will be required, at such Interest Rate Cap Provider’s expense, to obtain a replacement interest rate cap on the same terms as such Series 20212014-A Interest Rate Cap (or with such modifications as are acceptable to the Rating Agencies) from an Eligible Interest Rate Cap Provider within the time period specified in the related Series 20212014-A Interest Rate Cap and, simultaneously with such replacement, HVF III II shall terminate the Series 20212014-A Interest Rate Cap being replaced or such Interest Rate Cap Provider shall obtain a guarantee (in form and in substance satisfactory to the Rating Agencies) from a replacement guarantor that satisfies the Initial Counterparty DBRS Trigger Required Ratings with respect to the present and future obligations of such Interest Rate Cap Provider under such Series 20212014-A Interest Rate Cap; provided that, no termination of the Series 20212014-A Interest Rate Cap shall occur until HVF III II has entered into a replacement Series 20212014-A Interest Rate Cap or obtained a guarantee pursuant to this Section 4.4(b) (Failure to Remain an Eligible Interest Rate Cap Provider).