Common use of Class B Letter of Credit Expiration Date Clause in Contracts

Class B Letter of Credit Expiration Date. If prior to the date which is sixteen (16) Business Days prior to the then scheduled Class B Letter of Credit Expiration Date with respect to any Class B Letter of Credit, excluding the amount available to be drawn under such Class B Letter of Credit but taking into account each substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (i) the Class A Adjusted Enhancement Amount would be equal to or greater than the Class A Required Enhancement Amount, (ii) the Class B Enhancement Amount would be equal to or greater than the Class B Required Enhancement Amount, (iii) the Class B Liquidity Amount would be equal to or greater than the Class B Required Liquidity Amount or (iv) if the expiring Class B Letter of Credit is a Class B Non-Ford Letter of Credit, the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount would be equal to or greater than the Series 2005-4 Demand Note Payment Amount, then the Administrator shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class B Letter of Credit Expiration Date of such determination. If prior to the date which is sixteen (16) Business Days prior to the then scheduled Class B Letter of Credit Expiration Date with respect to any Class B Letter of Credit, excluding such Class B Letter of Credit but taking into account any substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (i) the Class A Adjusted Enhancement Amount would be less than the Class A Required Enhancement Amount, (ii) the Class B Adjusted Enhancement Amount would be less than the Class B Required Enhancement Amount , (iii) the Class B Adjusted Liquidity Amount would be less than the Class B Required Liquidity Amount or (iv) if the expiring Class B Letter of Credit is a Class B Non-Ford Letter of Credit, the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount would be less than the Series 2005-4 Demand Note Payment Amount, then the Administrator shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class B Letter of Credit Expiration Date of (x) the greatest of (A) the excess, if any, of the Class A Required Enhancement Amount over the Class A Adjusted Enhancement Amount, excluding such Class B Letter of Credit but taking into account any substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (B) the excess, if any, of the Class B Required Enhancement Amount over the Class B Adjusted Enhancement Amount, excluding such Class B Letter of Credit but taking into account any substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (C) the excess, if any, of the Class B Required Liquidity Amount over the Class B Adjusted Liquidity Amount, excluding such Class B Letter of Credit but taking into account each substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, and (D) solely with respect to a Class B Non-Ford Letter of Credit, the excess, if any, of the Series 2005-4 Demand Note Payment Amount over the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount, excluding such Class B Non-Ford Letter of Credit but taking into account each substitute Class B Non-Ford Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider and is in full force and effect on such date and (y) the amount available to be drawn on such expiring Class B 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 10:00 a.m. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (x) and (y) above on such Class B Letter of Credit by presenting a draft accompanied by a Class B Certificate of Termination Demand and shall cause the Class B LOC Termination Disbursements to be deposited in the Class B Non-Ford Cash Collateral Account, in the case of a Class B LOC Termination Disbursement under a Class B Non-Ford Letter of Credit, and the Class B Ford Cash Collateral Account, in the case of a Class B LOC Termination Disbursement under a Class B Ford Letter of Credit. If the Trustee does not receive the notice from the Administrator described above on or prior to the date that is fifteen (15) Business Days prior to each Class B Letter of Credit Expiration Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day draw the full amount of such Class B Letter of Credit by presenting a draft accompanied by a Class B Certificate of Termination Demand and shall cause the Class B LOC Termination Disbursements to be deposited in the applicable Class B Cash Collateral Account.

Class B Letter of Credit Expiration Date. If prior to the date which is sixteen (16) Business Days prior to the then scheduled Class B Letter of Credit Expiration Date with respect to any Class B Letter of Credit, excluding the amount available to be drawn under such Class B Letter of Credit but taking into account each substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (i) the Class A Adjusted Enhancement Amount would be equal to or greater than the Class A Required Enhancement Amount, (ii) the Class B Enhancement Amount would be equal to or greater than the Class B Required Enhancement Amount, (iii) the Class B Liquidity Amount would be equal to or greater than the Class B Required Liquidity Amount or (iv) if the expiring Class B Letter of Credit is a Class B Non-Ford Letter of Credit, the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount would be equal to or greater than the Series 2005-4 2 Demand Note Payment Amount, then the Administrator shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class B Letter of Credit Expiration Date of such determination. If prior to the date which is sixteen (16) Business Days prior to the then scheduled Class B Letter of Credit Expiration Date with respect to any Class B Letter of Credit, excluding such Class B Letter of Credit but taking into account any substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (i) the Class A Adjusted Enhancement Amount would be less than the Class A Required Enhancement Amount, (ii) the Class B Adjusted Enhancement Amount would be less than the Class B Required Enhancement Amount Amount, (iii) the Class B Adjusted Liquidity Amount would be less than the Class B Required Liquidity Amount or (iv) if the expiring Class B Letter of Credit is a Class B Non-Ford Letter of Credit, the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount would be less than the Series 2005-4 2 Demand Note Payment Amount, then the Administrator shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class B Letter of Credit Expiration Date of (x) the greatest of (A) the excess, if any, of the Class A Required Enhancement Amount over the Class A Adjusted Enhancement Amount, excluding such Class B Letter of Credit but taking into account any substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (B) the excess, if any, of the Class B Required Enhancement Amount over the Class B Adjusted Enhancement Amount, excluding such Class B Letter of Credit but taking into account any substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (C) the excess, if any, of the Class B Required Liquidity Amount over the Class B Adjusted Liquidity Amount, excluding such Class B Letter of Credit but taking into account each substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, and (D) solely with respect to a Class B Non-Ford Letter of Credit, the excess, if any, of the Series 2005-4 2 Demand Note Payment Amount over the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount, excluding such Class B Non-Ford Letter of Credit but taking into account each substitute Class B Non-Ford Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider and is in full force and effect on such date and (y) the amount available to be drawn on such expiring Class B 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 10:00 10:30 a.m. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (x) and (y) above on such Class B Letter of Credit by presenting a draft accompanied by a Class B Certificate of Termination Demand and shall cause the Class B LOC Termination Disbursements to be deposited in the Class B Non-Ford Cash Collateral Account, in the case of a Class B LOC Termination Disbursement under a Class B Non-Ford Letter of Credit, and the Class B Ford Cash Collateral Account, in the case of a Class B LOC Termination Disbursement under a Class B Ford Letter of Credit. If the Trustee does not receive the notice from the Administrator described above on or prior to the date that is fifteen (15) Business Days prior to each Class B Letter of Credit Expiration Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day draw the full amount of such Class B Letter of Credit by presenting a draft accompanied by a Class B Certificate of Termination Demand and shall cause the Class B LOC Termination Disbursements to be deposited in the applicable Class B Cash Collateral Account.

Class B Letter of Credit Expiration Date. If prior to the date which is sixteen (16) Business Days prior to the then scheduled Class B Letter of Credit Expiration Date with respect to any Class B Letter of Credit, excluding the amount available to be drawn under such Class B Letter of Credit but taking into account each substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (i) the Class A B Adjusted Enhancement Amount would be equal to or greater than the Class A Required Enhancement Amount, (ii) the Class B Enhancement Amount would be equal to or greater than the Class B Required Enhancement Amount, Amount and (iiiii) the Class B Liquidity Adjusted Amount would be equal to or greater than the Class B Required Liquidity Amount or (iv) if the expiring Class B Letter of Credit is a Class B Non-Ford Letter of Credit, the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount would be equal to or greater than the Series 2005-4 Demand Note Payment Amount, then the Administrator shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class B Letter of Credit Expiration Date of such determination. If prior to the date which is sixteen (16) Business Days prior to the then scheduled Class B Letter of Credit Expiration Date with respect to any Class B Letter of Credit, excluding such Class B Letter of Credit but taking into account any substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (i) the Class A Adjusted Enhancement Amount would be less than the Class A Required Enhancement Amount, (ii) the Class B Adjusted Enhancement Amount would be less than the Class B Required Enhancement Amount , or (iiiii) the Class B Adjusted Liquidity Amount would be less than the Class B Required Liquidity Amount or (iv) if the expiring Class B Letter of Credit is a Class B Non-Ford Letter of Credit, the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount would be less than the Series 2005-4 Demand Note Payment Amount, then the Administrator shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class B Letter of Credit Expiration Date of (x) the greatest greater of (A) the excess, if any, of the Class A Required Enhancement Amount over the Class A Adjusted Enhancement Amount, excluding such Class B Letter of Credit but taking into account any substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (B) the excess, if any, of the Class B Required Enhancement Amount over the Class B Adjusted Enhancement Amount, excluding such Class B Letter of Credit but taking into account any substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, and (CB) the excess, if any, of the Class B Required Liquidity Amount over the Class B Adjusted Liquidity Amount, excluding such Class B Letter of Credit but taking into account each substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, and (D) solely with respect to a Class B Non-Ford Letter of Credit, the excess, if any, of the Series 2005-4 Demand Note Payment Amount over the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount, excluding such Class B Non-Ford Letter of Credit but taking into account each substitute Class B Non-Ford Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider and is in full force and effect on such date and (y) the amount available to be drawn on such expiring Class B 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 10:00 10:30 a.m. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (x) and (y) above on such Class B Letter of Credit by presenting a draft accompanied by a Class B Certificate of Termination Demand and shall cause the Class B LOC Termination Disbursements to be deposited in the applicable Class B Non-Ford Cash Collateral Account, in the case of a Class B LOC Termination Disbursement under a Class B Non-Ford Letter of Credit, and the Class B Ford Cash Collateral Account, in the case of a Class B LOC Termination Disbursement under a Class B Ford Letter of Credit. If the Trustee does not receive the notice from the Administrator described above on or prior to the date that is fifteen (15) Business Days prior to each Class B Letter of Credit Expiration Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day draw the full amount of such Class B Letter of Credit by presenting a draft accompanied by a Class B Certificate of Termination Demand and shall cause the Class B LOC Termination Disbursements to be deposited in the applicable Class B Cash Collateral Account.

Class B Letter of Credit Expiration Date. If prior to the date which is sixteen (16) Business Days prior to the then scheduled Class B Letter of Credit Expiration Date with respect to any Class B Letter of Credit, excluding the amount available to be drawn under such Class B Letter of Credit but taking into account each substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (i) the Class A Adjusted Enhancement Amount would be equal to or greater than the Class A Required Enhancement Amount, (ii) the Class B Enhancement Amount would be equal to or greater than the Class B Required Enhancement Amount, (iii) the Class B Liquidity Amount would be equal to or greater than the Class B Required Liquidity Amount or (iv) if the expiring Class B Letter of Credit is a Class B Non-Ford Letter of Credit, the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount would be equal to or greater than the Series 2005-4 3 Demand Note Payment Amount, then the Administrator shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class B Letter of Credit Expiration Date of such determination. If prior to the date which is sixteen (16) Business Days prior to the then scheduled Class B Letter of Credit Expiration Date with respect to any Class B Letter of Credit, excluding such Class B Letter of Credit but taking into account any substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (i) the Class A Adjusted Enhancement Amount would be less than the Class A Required Enhancement Amount, (ii) the Class B Adjusted Enhancement Amount would be less than the Class B Required Enhancement Amount , (iii) the Class B Adjusted Liquidity Amount would be less than the Class B Required Liquidity Amount or (iv) if the expiring Class B Letter of Credit is a Class B Non-Ford Letter of Credit, the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount would be less than the Series 2005-4 3 Demand Note Payment Amount, then the Administrator shall notify the Trustee in writing no later than fifteen (15) Business Days prior to such Class B Letter of Credit Expiration Date of (x) the greatest of (A) the excess, if any, of the Class A Required Enhancement Amount over the Class A Adjusted Enhancement Amount, excluding such Class B Letter of Credit but taking into account any substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (B) the excess, if any, of the Class B Required Enhancement Amount over the Class B Adjusted Enhancement Amount, excluding such Class B Letter of Credit but taking into account any substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, (C) the excess, if any, of the Class B Required Liquidity Amount over the Class B Adjusted Liquidity Amount, excluding such Class B Letter of Credit but taking into account each substitute Class B Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider or a Class B Eligible Ford Letter of Credit Provider, as applicable, and is in full force and effect on such date, and (D) solely with respect to a Class B Non-Ford Letter of Credit, the excess, if any, of the Series 2005-4 3 Demand Note Payment Amount over the sum of the Class A Non-Ford Letter of Credit Liquidity Amount and the Class B Non-Ford Letter of Credit Liquidity Amount, excluding such Class B Non-Ford Letter of Credit but taking into account each substitute Class B Non-Ford Letter of Credit which has been obtained from a Class B Eligible Letter of Credit Provider and is in full force and effect on such date and (y) the amount available to be drawn on such expiring Class B 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 10:00 a.m. (New York City time), by 12:00 p.m. (New York City time) on the next following Business Day), draw the lesser of the amounts set forth in clauses (x) and (y) above on such Class B Letter of Credit by presenting a draft accompanied by a Class B Certificate of Termination Demand and shall cause the Class B LOC Termination Disbursements to be deposited in the Class B Non-Ford Cash Collateral Account, in the case of a Class B LOC Termination Disbursement under a Class B Non-Ford Letter of Credit, and the Class B Ford Cash Collateral Account, in the case of a Class B LOC Termination Disbursement under a Class B Ford Letter of Credit. If the Trustee does not receive the notice from the Administrator described above on or prior to the date that is fifteen (15) Business Days prior to each Class B Letter of Credit Expiration Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Business Day draw the full amount of such Class B Letter of Credit by presenting a draft accompanied by a Class B Certificate of Termination Demand and shall cause the Class B LOC Termination Disbursements to be deposited in the applicable Class B Cash Collateral Account.