Common use of Class A Letter of Credit Providers Clause in Contracts

Class A Letter of Credit Providers. The Administrator shall notify the Trustee, Fitch and the Insurer in writing within one Business Day of becoming aware that the short-term debt credit rating of any Class A Letter of Credit Provider has fallen below “A-1” as determined by Standard & Poor’s or “P-1” as determined by Xxxxx’x or the long-term debt credit rating of any Class A Letter of Credit Provider has fallen below “A+” as determined by Standard & Poor’s or “A1” as determined by Xxxxx’x (with respect to any Class A Letter of Credit Provider, a “Class A Downgrade Event”). On the thirtieth (30th) day after the occurrence of a Class A Downgrade Event with respect to any Class A Letter of Credit Provider, the Administrator shall notify the Trustee and the Insurer in writing on such date of (i) the greatest of (A) the excess, if any, of the Class A Required Enhancement Amount over the Class A Adjusted Enhancement Amount, excluding the available amount under the Class A Letter of Credit issued by such Class A Letter of Credit Provider, on such date, (B) the excess, if any, of the Class A Required Liquidity Amount over the Class A Adjusted Liquidity Amount, excluding the available amount under such Class A Letter of Credit, on such date, (C) the excess, if any, of the Class B Required Enhancement Amount over the Class B Adjusted Enhancement Amount, excluding the available amount under the Class A Letter of Credit issued by such Class A Letter of Credit Provider, on such date and (D) if the Class A Downgrade Event affects a Class A Non-Ford Letter of Credit, the excess, if any, of the Series 2005-2 Demand Note Payment Amount over the Class A Non-Ford Letter of Credit Liquidity Amount, excluding the available amount under such Class A Non-Ford Letter of Credit, on such date, and (ii) the amount available to be drawn on such Class A Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), draw on such Class A Letter of Credit in an amount equal to the lesser of the amount in clause (i) or clause (ii) of the immediately preceding sentence on such Business Day by presenting a draft accompanied by a Class A Certificate of Termination Demand and shall cause the Class A LOC Termination Disbursement to be deposited in a Class A Non-Ford Cash Collateral Account, in the case of a Class A LOC Termination Disbursement under a Class A Non-Ford Letter of Credit, and the Class A Ford Cash Collateral Account, in the case of a Class A LOC Termination Disbursement under a Class A Ford Letter of Credit.

Class A Letter of Credit Providers. The Administrator shall notify the Trustee, Fitch and the Insurer in writing within one Business Day of becoming aware that the short-term debt credit rating of any Class A Letter of Credit Provider has fallen below “A-1” as determined by Standard & Poor’s or “P-1” as determined by Xxxxx’x or the long-term debt credit rating of any Class A Letter of Credit Provider has fallen below “A+” as determined by Standard & Poor’s or “A1” as determined by Xxxxx’x (with respect to any Class A Letter of Credit Provider, a “Class A Downgrade Event”). On the thirtieth (30th) day after the occurrence of a Class A Downgrade Event with respect to any Class A Letter of Credit Provider, the Administrator shall notify the Trustee and the Insurer in writing on such date of (i) the greatest of (A) the excess, if any, of the Class A Required Enhancement Amount over the Class A Adjusted Enhancement Amount, excluding the available amount under the Class A Letter of Credit issued by such Class A Letter of Credit Provider, on such date, (B) the excess, if any, of the Class A Required Liquidity Amount over the Class A Adjusted Liquidity Amount, excluding the available amount under such Class A Letter of Credit, on such date, (C) the excess, if any, of the Class B Required Enhancement Amount over the Class B Adjusted Enhancement Amount, excluding the available amount under the Class A Letter of Credit issued by such Class A Letter of Credit Provider, on such date and (D) if the Class A Downgrade Event affects a Class A Non-Ford Letter of Credit, the excess, if any, of the Series 2005-2 4 Demand Note Payment Amount over the Class A Non-Ford Letter of Credit Liquidity Amount, excluding the available amount under such Class A Non-Ford Letter of Credit, on such date, and (ii) the amount available to be drawn on such Class A Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), draw on such Class A Letter of Credit in an amount equal to the lesser of the amount in clause (i) or clause (ii) of the immediately preceding sentence on such Business Day by presenting a draft accompanied by a Class A Certificate of Termination Demand and shall cause the Class A LOC Termination Disbursement to be deposited in a Class A Non-Ford Cash Collateral Account, in the case of a Class A LOC Termination Disbursement under a Class A Non-Ford Letter of Credit, and the Class A Ford Cash Collateral Account, in the case of a Class A LOC Termination Disbursement under a Class A Ford Letter of Credit.

Class A Letter of Credit Providers. The Administrator shall notify the Trustee, Fitch and the Insurer Trustee in writing within one Business Day of becoming aware that the short-term debt credit rating of any Class A Letter of Credit Provider has fallen below “A-1” as determined by Standard & Poor’s or “P-1” as determined by Xxxxx’x or the long-term debt credit rating of any Class A Letter of Credit Provider has fallen below “A+” as determined by Standard & Poor’s or “A1” as determined by Xxxxx’x (with respect to any Class A Letter of Credit Provider, a “Class A Downgrade Event”). On the thirtieth (30th) day after the occurrence of a Class A Downgrade Event with respect to any Class A Letter of Credit Provider, the Administrator shall notify the Trustee and the Insurer in writing on such date of (i) the greatest of (A) the excess, if any, of the Class A Required Enhancement Amount over the Class A Adjusted Enhancement Amount, excluding the available amount under the Class A Letter of Credit issued by such Class A Letter of Credit Provider, on such date, (B) the excess, if any, of the Class A Required Liquidity Amount over the Class A Adjusted Liquidity Amount, excluding the available amount under such Class A Letter of Credit, on such date, and (C) the excess, if any, of the Class B Required Enhancement Amount over the Class B Adjusted Enhancement Amount, excluding the available amount under the Class A Letter of Credit issued by such Class A Letter of Credit Provider, on such date and (D) if the Class A Downgrade Event affects a Class A Non-Ford Letter of Credit, the excess, if any, of the Series 2005-2 Demand Note Payment Amount over the Class A Non-Ford Letter of Credit Liquidity Amount, excluding the available amount under such Class A Non-Ford Letter of Credit, on such date, and (ii) the amount available to be drawn on such Class A Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), draw on such Class A Letter of Credit in an amount equal to the lesser of the amount in clause (i) or clause (ii) of the immediately preceding sentence on such Business Day by presenting a draft accompanied by a Class A Certificate of Termination Demand and shall cause the Class A LOC Termination Disbursement to be deposited in a the applicable Class A Non-Ford Cash Collateral Account, in the case of a Class A LOC Termination Disbursement under a Class A Non-Ford Letter of Credit, and the Class A Ford Cash Collateral Account, in the case of a Class A LOC Termination Disbursement under a Class A Ford Letter of Credit.

Class A Letter of Credit Providers. The Administrator shall notify the Trustee, Fitch and the Insurer Trustee in writing within one Business Day of becoming aware that the short-term debt credit rating of any Class A Letter of Credit Provider has fallen below “A-1” as determined by Standard & Poor’s or “P-1” as determined by Xxxxx’x or the long-term debt credit rating of any Class A Letter of Credit Provider has fallen below “A+” as determined by Standard & Poor’s or “A1” as determined by Xxxxx’x (with respect to any Class A Letter of Credit Provider, a “Class A Downgrade Event”). On the thirtieth (30th) day after the occurrence of a Class A Downgrade Event with respect to any Class A Letter of Credit Provider, the Administrator shall notify the Trustee and the Insurer in writing on such date of (i) the greatest of (A) the excess, if any, of the Class A Required Enhancement Amount over the Class A Adjusted Enhancement Amount, excluding the available amount under the Class A Letter of Credit issued by such Class A Letter of Credit Provider, on such date, date and (B) the excess, if any, of the Class A Required Liquidity Amount over the Class A Adjusted Liquidity Amount, excluding the available amount under such Class A Letter of Credit, on such date, (C) the excess, if any, of the Class B Required Enhancement Amount over the Class B Adjusted Enhancement Amount, excluding the available amount under the Class A Letter of Credit issued by such Class A Letter of Credit Provider, on such date and (D) if the Class A Downgrade Event affects a Class A Non-Ford Letter of Credit, the excess, if any, of the Series 2005-2 Demand Note Payment Amount over the Class A Non-Ford Letter of Credit Liquidity Amount, excluding the available amount under such Class A Non-Ford Letter of Credit, on such date, and (ii) the amount available to be drawn on such Class A Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), draw on such Class A Letter of Credit in an amount equal to the lesser of the amount in clause (i) or clause (ii) of the immediately preceding sentence on such Business Day by presenting a draft accompanied by a Class A Certificate of Termination Demand and shall cause the Class A LOC Termination Disbursement to be deposited in a the applicable Class A Non-Ford Cash Collateral Account, in the case of a Class A LOC Termination Disbursement under a Class A Non-Ford Letter of Credit, and the Class A Ford Cash Collateral Account, in the case of a Class A LOC Termination Disbursement under a Class A Ford Letter of Credit.

Class A Letter of Credit Providers. The Administrator shall notify the Trustee, Fitch and the Insurer in writing within one Business Day of becoming aware that the short-term debt credit rating of any Class A Letter of Credit Provider has fallen below “A-1” as determined by Standard & Poor’s or “P-1” as determined by Xxxxx’x or the long-term debt credit rating of any Class A Letter of Credit Provider has fallen below “A+” as determined by Standard & Poor’s or “A1” as determined by Xxxxx’x (with respect to any Class A Letter of Credit Provider, a “Class A Downgrade Event”). On the thirtieth (30th) day after the occurrence of a Class A Downgrade Event with respect to any Class A Letter of Credit Provider, the Administrator shall notify the Trustee and the Insurer in writing on such date of (i) the greatest of (A) the excess, if any, of the Class A Required Enhancement Amount over the Class A Adjusted Enhancement Amount, excluding the available amount under the Class A Letter of Credit issued by such Class A Letter of Credit Provider, on such date, (B) the excess, if any, of the Class A Required Liquidity Amount over the Class A Adjusted Liquidity Amount, excluding the available amount under such Class A Letter of Credit, on such date, (C) the excess, if any, of the Class B Required Enhancement Amount over the Class B Adjusted Enhancement Amount, excluding the available amount under the Class A Letter of Credit issued by such Class A Letter of Credit Provider, on such date and (D) if the Class A Downgrade Event affects a Class A Non-Ford Letter of Credit, the excess, if any, of the Series 2005-2 3 105 Demand Note Payment Amount over the Class A Non-Ford Letter of Credit Liquidity Amount, excluding the available amount under such Class A Non-Ford Letter of Credit, on such date, and (ii) the amount available to be drawn on such Class A Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), draw on such Class A Letter of Credit in an amount equal to the lesser of the amount in clause (i) or clause (ii) of the immediately preceding sentence on such Business Day by presenting a draft accompanied by a Class A Certificate of Termination Demand and shall cause the Class A LOC Termination Disbursement to be deposited in a Class A Non-Ford Cash Collateral Account, in the case of a Class A LOC Termination Disbursement under a Class A Non-Ford Letter of Credit, and the Class A Ford Cash Collateral Account, in the case of a Class A LOC Termination Disbursement under a Class A Ford Letter of Credit.