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

Class B Letter of Credit Providers. The Administrator shall notify the Trustee and Fitch in writing within one Business Day of becoming aware that the short-term debt credit rating of any Class B 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 B 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 B Letter of Credit Provider, a “Class B Downgrade Event”). On the thirtieth (30th) day after the occurrence of a Class B Downgrade Event with respect to any Class B Letter of Credit Provider, the Administrator shall notify the Trustee 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 B Letter of Credit issued by such Class B Letter of Credit Provider, on such date, (B) 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 B Letter of Credit issued by such Class B Letter of Credit Provider, on such date, (C) the excess, if any, of the Class B Required Liquidity Amount over the Class B Adjusted Liquidity Amount, excluding the available amount under such Class B Letter of Credit, on such date, and (D) solely with respect to a Class B Non-Ford Letter of Credit, the excess, if any, of the Series 2005-3 Demand Note Payment Amount minus the Class A Non-Ford Letter of Credit Liquidity Amount over the Class B Non-Ford Letter of Credit Liquidity Amount, excluding the available amount under such Class B Letter of Credit, on such date, and (ii) the amount available to be drawn on such Class B Non-Ford 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 B 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 B Certificate of Termination Demand and shall cause the Class B LOC Termination Disbursement to be deposited in a 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.

Class B Letter of Credit Providers. The Administrator shall notify the Trustee and Fitch in writing within one Business Day of becoming aware that the short-term debt credit rating of any Class B 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 B 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 B Letter of Credit Provider, a “Class B Downgrade Event”). On the thirtieth (30th) day after the occurrence of a Class B Downgrade Event with respect to any Class B Letter of Credit Provider, the Administrator shall notify the Trustee 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 B Letter of Credit issued by such Class B Letter of Credit Provider, on such date, (B) 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 B Letter of Credit issued by such Class B Letter of Credit Provider, on such date, (C) the excess, if any, of the Class B Required Liquidity Amount over the Class B Adjusted Liquidity Amount, excluding the available amount under such Class B Letter of Credit, on such date, and (D) solely with respect to a Class B Non-Ford Letter of Credit, the excess, if any, of the Series 2005-3 4 Demand Note Payment Amount minus the Class A Non-Ford Letter of Credit Liquidity Amount over the Class B Non-Ford Letter of Credit Liquidity Amount, excluding the available amount under such Class B Letter of Credit, on such date, and (ii) the amount available to be drawn on such Class B Non-Ford 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 B 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 B Certificate of Termination Demand and shall cause the Class B LOC Termination Disbursement to be deposited in a 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.

Class B Letter of Credit Providers. The Administrator shall notify the Trustee and Fitch in writing within one Business Day of becoming aware that the short-term debt credit rating of any Class B 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 B 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 B Letter of Credit Provider, a “Class B Downgrade Event”). On the thirtieth (30th) day after the occurrence of a Class B Downgrade Event with respect to any Class B Letter of Credit Provider, the Administrator shall notify the Trustee 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 B Letter of Credit issued by such Class B Letter of Credit Provider, on such date, (B) 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 B Letter of Credit issued by such Class B Letter of Credit Provider, on such date, (C) the excess, if any, of the Class B Required Liquidity Amount over the Class B Adjusted Liquidity Amount, excluding the available amount under such Class B Letter of Credit, on such date, and (D) solely with respect to a Class B Non-Ford Letter of Credit, the excess, if any, of the Series 2005-3 2 Demand Note Payment Amount minus the Class A Non-Ford Letter of Credit Liquidity Amount over the Class B Non-Ford Letter of Credit Liquidity Amount, excluding the available amount under such Class B Letter of Credit, on such date, and (ii) the amount available to be drawn on such Class B Non-Ford 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 B 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 B Certificate of Termination Demand and shall cause the Class B LOC Termination Disbursement to be deposited in a 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.

Class B Letter of Credit Providers. The Administrator shall notify the Trustee and Fitch in writing within one Business Day of becoming aware that the short-term debt credit rating of any Class B 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 B 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 B Letter of Credit Provider, a “Class B Downgrade Event”). On the thirtieth (30th) day after the occurrence of a Class B Downgrade Event with respect to any Class B Letter of Credit Provider, the Administrator shall notify the Trustee in writing on such date of (i) the greatest greater 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 B Letter of Credit issued by such Class B Letter of Credit Provider, on such date, (B) 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 B Letter of Credit issued by such Class B Letter of Credit Provider, on such date, date and (CB) the excess, if any, of the Class B Required Liquidity Amount over the Class B Adjusted Liquidity Amount, excluding the available amount under such Class B Letter of Credit, on such date, and (D) solely with respect to a Class B Non-Ford Letter of Credit, the excess, if any, of the Series 2005-3 Demand Note Payment Amount minus the Class A Non-Ford Letter of Credit Liquidity Amount over the Class B Non-Ford Letter of Credit Liquidity Amount, excluding the available amount under such Class B Letter of Credit, on such date, and (ii) the amount available to be drawn on such Class B Non-Ford 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 B 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 B Certificate of Termination Demand and shall cause the Class B LOC Termination Disbursement to be deposited in a 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.