Examples of Series 2008-1 Letter of Credit in a sentence
Other than pursuant to a demand thereon pursuant to Section 3.5, ABRCF shall not reduce the amount of the Series 2008-1 Demand Notes or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2008-1 Demand Notes after such reduction or forgiveness is less than the Series 2008-1 Letter of Credit Liquidity Amount.
On or prior to the date of any drawing under a Series 2008-1 Letter of Credit pursuant to Section 3.8(b) or (c) above, ABRCF shall establish and maintain in the name of the Trustee for the benefit of the Series 2008-1 Noteholders, or cause to be established and maintained, an account (the “Series 2008-1 Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2008-1 Noteholders.
If there is more than one Series 2008-1 Letter of Credit on the date of any draw on the Series 2008-1 Letters of Credit pursuant to the terms of this Supplement, the Administrator shall instruct the Trustee, in writing, to draw on each Series 2008-1 Letter of Credit in an amount equal to the LOC Pro Rata Share of the Series 2008-1 Letter of Credit Provider issuing such Series 2008-1 Letter of Credit of the amount of such draw on the Series 2008-1 Letters of Credit.
On the Business Day after Series 2008-1 Letter of Credit Termination Date, the Trustee shall transfer the amount on deposit in the Series 2008-1 Reserve Account to the Series 2008-1 Cash Collateral Account.
Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Series 2008-1 Letter of Credit Termination Date, the Administrator shall determine the Series 2008-1 Demand Note Payment Amount as of the Series 2008-1 Letter of Credit Termination Date.
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 2008-1 Letter of Credit Provider has fallen below “A” as determined by Standard & Poor’s or “A1” as determined by Xxxxx’x or (ii) the short-term senior unsecured debt credit rating of any Series 2008-1 Letter of Credit Provider has fallen below “A-1” as determined by Standard & Poor’s or “P-1” as determined by Xxxxx’x.
By this transfer, all rights of the undersigned beneficiary in the Series 2008-1 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 2008-1 Letter of Credit pertaining to transfers.
The Series 2008-1 Letter of Credit is returned herewith and in accordance therewith we ask that this transfer be effective and that the Issuing Bank transfer the Series 2008-1 Letter of Credit to our transferee and that the Issuing Bank endorse the Series 2008-1 Letter of Credit returned herewith in favor of the transferee or, if requested by the transferee, issue a new irrevocable letter of credit in favor of the transferee with provisions consistent with the Series 2008-1 Letter of Credit.
THE HERTZ CORPORATION By Title: Acknowledged and Agreed: The undersigned hereby acknowledges receipt of the Reimbursement Amount (as defined above) in the amount set forth above and agrees that the undersigned’s Series 2008-1 Letter of Credit Amount is in an amount equal to $ as of this day of , 200 after taking into account the reinstatement of the Series 2008-1 Letter of Credit Amount by an amount equal to the Reimbursement Amount.
On or prior to the date of any drawing under a Series 2008-1 Letter of Credit pursuant to Section 3.9(b) or (c) of this Series Supplement, HVF shall establish and maintain in the name of the Trustee for the benefit of the Series 2008-1 Noteholders, an account (the “Series 2008-1 Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2008-1 Noteholders.