Examples of Series 2008-1 Letter of Credit in a sentence
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.
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.
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.
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.
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.
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.
The amount of any such withdrawal from the Series 2008-1 Cash Collateral Account shall be limited to the least of (a) the Series 2008-1 Available Cash Collateral Account Amount on such Payment Date, (b) the Series 2008-1 Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Series 2008-1 Letter of Credit Liquidity Amount on such Payment Date over the Series 2008-1 Demand Note Payment Amount on such Payment Date.
This Series Supplement shall cease to be of further effect when (i) all Outstanding Series 2008-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2008-1 Notes which have been replaced or paid) to the Trustee for cancellation, (ii) HVF has paid all sums payable hereunder and (iii) the Series 2008-1 Demand Note Payment Amount is equal to zero or the Series 2008-1 Letter of Credit Liquidity Amount is equal to zero.
The transferee has succeeded the undersigned as Trustee under the Base Indenture and the Series 2008-1 Supplement (as defined in the Series 2008-1 Letter of Credit).