Examples of Series 2013-1 Letter of Credit in a sentence
Other than pursuant to a demand thereon pursuant to Section 2.5, ABRCF shall not reduce the amount of the Series 2013-1 Demand Notes or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2013-1 Demand Notes after such reduction or forgiveness is less than the Series 2013-1 Letter of Credit Liquidity Amount.
If there is more than one Class A/B Letter of Credit on the date of any draw on the Class A/B Letters of Credit pursuant to the terms of this Supplement, the Administrator shall instruct the Trustee, in writing, to draw on each Class A/B Letter of Credit in an amount equal to the Class A/B Pro Rata Share of the Series 2013-1 Letter of Credit Provider issuing such Class A/B Letter of Credit of the amount of such draw on the Class A/B Letters of Credit.
The Administrator shall notify the Trustee in writing within one (1) Business Day of becoming aware that (i) the long‑term senior unsecured debt credit rating of any Series 2013-1 Letter of Credit Provider has fallen below “A (high)” as determined by DBRS or “A1” as determined by Moody’s or (ii) the short‑term senior unsecured debt credit rating of any Series 2013-1 Letter of Credit Provider has fallen below “R-1” as determined by DBRS or “P‑1” as determined by Moody’s.
On or prior to the date of any drawing under a Series 2013-1 Letter of Credit pursuant to Section 2.8(b), (c) or (d) above, ABRCF shall establish and maintain in the name of the Trustee for the benefit of the Series 2013-1 Noteholders, or cause to be established and maintained, an account (the “Series 2013-1 Cash Collateral Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2013-1 Noteholders.
If there is more than one Class C Letter of Credit on the date of any draw on the Class C Letters of Credit pursuant to the terms of this Supplement, the Administrator shall instruct the Trustee, in writing, to draw on each Class C Letter of Credit in an amount equal to the Class C Pro Rata Share of the Series 2013-1 Letter of Credit Provider issuing such Class C Letter of Credit of the amount of such draw on the Class C Letters of Credit.
The Administrator shall notify the Trustee in writing within one (1) Business Day of becoming aware that (i) the long-term senior unsecured debt credit rating of any Series 2013-1 Letter of Credit Provider has fallen below “A (high)” as determined by DBRS or “A1” as determined by Xxxxx’x or (ii) the short-term senior unsecured debt credit rating of any Series 2013-1 Letter of Credit Provider has fallen below “R-1” as determined by DBRS or “P-1” as determined by Xxxxx’x.
Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Series 2013-1 Letter of Credit Termination Date, the Administrator shall determine the Series 2013-1 Demand Note Payment Amount, if any, as of the Series 2013-1 Letter of Credit Termination Date and, if the Series 2013-1 Demand Note Payment Amount is greater than zero, instruct the Trustee in writing to draw on the Class A/B Letters of Credit and/or the Class C Letters of Credit, as described herein.
Prior to 10:00 a.m. (New York City time) on the Business Day immediately succeeding the Series 2013-1 Letter of Credit Termination Date, the Administrator shall determine the Series 2013-1 Demand Note Payment Amount, if any, as of the Series 2013-1 Letter of Credit Termination Date and, if the Series 2013-1 Demand Note Payment Amount is greater than zero, instruct the Trustee in writing to draw on the Series 2013-1 Letters of Credit.
If there is more than one Series 2013-1 Letter of Credit on the date of any draw on the Series 2013-1 Letters of Credit pursuant to the terms of this Supplement, the Administrator shall instruct the Trustee, in writing, to draw on each Series 2013-1 Letter of Credit in an amount equal to the Pro Rata Share of the Series 2013-1 Letter of Credit Provider issuing such Series 2013-1 Letter of Credit of the amount of such draw on the Series 2013-1 Letters of Credit.