Examples of Series 2005-3 Letter of Credit in a sentence
By this transfer, all rights of the undersigned beneficiary in the Series 2005-3 Letter of Credit are transferred to the transferee and the transferee shall hereafter have the sole rights as beneficiary thereof; provided, however, that no rights shall be deemed to have been transferred to the transferee until such transfer complies with the requirements of the Series 2005-3 Letter of Credit pertaining to transfers.
Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Series 2005-3 Letter of Credit Termination Date, the Administrator shall determine the Series 2005-3 Demand Note Payment Amount as of the Series 2005-3 Letter of Credit Termination Date.
Annex G Page 2 The Series 2005-3 Letter of Credit is returned herewith and in accordance therewith we ask that this transfer be effective and that the Series 2005-3 Letter of Credit Provider transfer the Series 2005-3 Letter of Credit to our transferee or that, if so requested by the transferee, the Series 2005-3 Letter of Credit Provider issue a new irrevocable letter of credit in favor of the transferee with provisions consistent with the Series 2005-3 Letter of Credit.
On the Business Day after Series 2005-3 Letter of Credit Termination Date, the Trustee shall transfer the amount on deposit in the Series 2005-3 Reserve Account to the Series 2005-3 Cash Collateral Account.
The Administrator shall notify the Trustee in writing within one Business Day of becoming aware that (i) the long-term senior unsecured debt credit rating of any Series 2005-3 Letter of Credit Provider has fallen below “A” as determined by Standard & Poor’s or “A2” as determined by Moody’s or (ii) the short-term senior unsecured debt credit rating of any Series 2005-3 Letter of Credit Provider has fallen below “A-1” as determined by Standard & Poor’s or “P-1” as determined by Moody’s.
If there is more than one Series 2005-3 Letter of Credit on the date of any draw on the Series 2005-3 Letters of Credit pursuant to the terms of this Supplement, the Administrator shall instruct the Trustee, in writing, to draw on each Series 2005-3 Letter of Credit in an amount equal to the LOC Pro Rata Share of the Series 2005-3 Letter of Credit Provider issuing such Series 2005-3 Letter of Credit of the amount of such draw on the Series 2005-3 Letters of Credit.
On or prior to the date of any drawing under a Series 2005-3 Letter of Credit pursuant to Section 3.8(b) or (c) above, CRCF shall establish and maintain in the name of the Trustee for the benefit of the Series 2005-3 Noteholders, or cause to be estab-lished and maintained, an account (the “Series 2005-3 Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2005-3 Noteholders.
Other than pursuant to a demand thereon pursuant to Section 3.5 of this Supplement, CRCF shall not reduce the amount of the Series 2005-3 Demand Notes or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2005-3 Demand Notes after such reduction or forgiveness is less than the Series 2005-3 Letter of Credit Liquidity Amount.