Examples of Series 2010-6 Letter of Credit in a sentence
Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Series 2010-6 Letter of Credit Termination Date, the Administrator shall determine the Series 2010-6 Demand Note Payment Amount as of the Series 2010-6 Letter of Credit Termination Date.
If there is more than one Series 2010-6 Letter of Credit on the date of any draw on the Series 2010-6 Letters of Credit pursuant to the terms of this Supplement, the Administrator shall instruct the Trustee, in writing, to draw on each Series 2010-6 Letter of Credit in an amount equal to the LOC Pro Rata Share of the Series 2010-6 Letter of Credit Provider issuing such Series 2010-6 Letter of Credit of the amount of such draw on the Series 2010-6 Letters of Credit.
Other than pursuant to a demand thereon pursuant to Section 3.5, ABRCF shall not reduce the amount of the Series 2010-6 Demand Notes or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2010-6 Demand Notes after such reduction or forgiveness is less than the Series 2010-6 Letter of Credit Liquidity Amount.
Section 3.8(c) of the Series 2010-6 Supplement is hereby amended and restated as follows, (i) by deleting each term thereof which is lined out and (ii) by inserting each term thereof which is double underlined: (c) Series 2010-6 Letter of Credit Providers.
On or prior to the date of any drawing under a Series 2010-6 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 2010-6 Noteholders, or cause to be established and maintained, an account (the “Series 2010-6 Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2010-6 Noteholders.
The Administrator shall notify the Trustee in writing within one Business Day of becoming aware that any Series 2010-6 Letter of Credit Provider no longer qualifies as a Series 2010-6 Eligible Letter of Credit Provider.
On or prior to the date of any drawing under a Series 2010-6 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 2010-6 Noteholders, or cause to be established and maintained, an account (the “Series 2010-6 Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2010-6 Noteholders.
Section 3.8(c) of the Series 2010-6 Supplement is hereby amended and restated as follows, (i) by deleting each term thereof which is lined out and (ii) by inserting each term thereof which is double underlined:(c) Series 2010-6 Letter of Credit Providers.
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 2010-6 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 2010-6 Letter of Credit Provider has fallen below “A-1” as determined by Standard & Poor’s or “P-1” as determined by Xxxxx’x.
On or prior to the date of any drawing under a Series 2010-6 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 Class A Noteholders, or cause to be established and maintained, an account (the “Series 2010-6 Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Class A Noteholders.