Common use of Interest Deficit and Lease Interest Payment Deficit Events Clause in Contracts

Interest Deficit and Lease Interest Payment Deficit Events. Draws on Series 2021-A Letters of Credit. If HVF III determines on any Payment Date that there exists a Series 2021-A Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing to draw on the Series 2021-A Letters of Credit, if any, and, upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on such Payment Date, the Trustee, by 12:00 p.m. (New York City time) on such Payment Date, shall draw an amount, as set forth in such notice, equal to the least of (i) such Series 2021-A Reserve Account Interest Withdrawal Shortfall, (ii) the Series 2021-A Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2021-A Lease Interest Payment Deficit for such Payment Date, by presenting to each Series 2021-A Letter of Credit Provider a draft accompanied by a Series 2021-A Certificate of Credit Demand on the Series 2021-A Letters of Credit; provided that, if the Series 2021-A L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Series 2021-A L/C Cash Collateral Account and deposit into the Series 2021-A Interest Collection Account an amount equal to the lesser of (1) the Series 2021-A L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Series 2021-A Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Series 2021-A Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2021-A Letters of Credit and the proceeds of any such withdrawal from the Series 2021-A L/C Cash Collateral Account into the Series 2021-A Interest Collection Account on such Payment Date; provided that if HVF III fails to instruct the Trustee in writing to draw on the Series 2021-A Letters of Credit, the Program Agent may direct the Trustee to draw on the Series 2021-A Letters of Credit.

Interest Deficit and Lease Interest Payment Deficit Events. Draws on Series 20212013-A Letters of Credit. If HVF III II determines on any Payment Date that there exists a Series 20212013-A Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III II shall instruct the Trustee in writing to draw on the Series 20212013-A Letters of Credit, if any, and, upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on such Payment Date, the Trustee, by 12:00 p.m. (New York City time) on such Payment Date, shall draw an amount, as set forth in such notice, equal to the least of (i) such Series 20212013-A Reserve Account Interest Withdrawal Shortfall, (ii) the Series 20212013-A Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 20212013-A Lease Interest Payment Deficit for such Payment Date, by presenting to each Series 20212013-A Letter of Credit Provider a draft accompanied by a Series 20212013-A Certificate of Credit Demand on the Series 20212013-A Letters of Credit; provided that, if the Series 20212013-A L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Series 20212013-A L/C Cash Collateral Account and deposit into the Series 20212013-A Interest Collection Account an amount equal to the lesser of (1) the Series 20212013-A L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Series 20212013-A Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Series 20212013-A Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20212013-A Letters of Credit and the proceeds of any such withdrawal from the Series 20212013-A L/C Cash Collateral Account into the Series 20212013-A Interest Collection Account on such Payment Date; provided that if HVF III fails to instruct the Trustee in writing to draw on the Series 2021-A Letters of Credit, the Program Agent may direct the Trustee to draw on the Series 2021-A Letters of Credit.

Interest Deficit and Lease Interest Payment Deficit Events. Draws on Series 20212020-A 1 Letters of Credit. If HVF III HVIF determines on any Payment Date that there exists a Series 20212020-A 1 Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III HVIF shall instruct the Trustee in writing to draw on the Series 20212020-A 1 Letters of Credit, if any, and, upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on such Payment Date, the Trustee, by 12:00 p.m. (New York City time) on such Payment Date, shall draw an amount, as set forth in such notice, equal to the least of (i) such Series 20212020-A 1 Reserve Account Interest Withdrawal Shortfall, (ii) the Series 20212020-A 1 Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 20212020-A 1 Lease Interest Payment Deficit for such Payment Date, by presenting to each Series 20212020-A 1 Letter of Credit Provider a draft accompanied by a Series 20212020-A 1 Certificate of Credit Demand on the Series 20212020-A 1 Letters of Credit; provided that, if the Series 20212020-A 1 L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Series 20212020-A 1 L/C Cash Collateral Account and deposit into the Series 20212020-A 1 Interest Collection Account an amount equal to the lesser of (1) the Series 20212020-A 1 L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Series 20212020-A 1 Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Series 20212020-A 1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20212020-A 1 Letters of Credit and the proceeds of any such withdrawal from the Series 20212020-A 1 L/C Cash Collateral Account into the Series 20212020-A 1 Interest Collection Account on such Payment Date; provided that if HVF III fails to instruct the Trustee in writing to draw on the Series 2021-A Letters of Credit, the Program Agent may direct the Trustee to draw on the Series 2021-A Letters of Credit.

Interest Deficit and Lease Interest Payment Deficit Events. Draws on Series 2021-2021- A Letters of Credit. If HVF III determines on any Payment Date that there exists a Series 2021-A Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date, then HVF III shall instruct the Trustee in writing to draw on the Series 2021-A Letters of Credit, if any, and, upon receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York City time) on such Payment Date, the Trustee, by 12:00 p.m. (New York City time) on such Payment Date, shall draw an amount, as set forth in such notice, equal to the least of (i) such Series 2021-A Reserve Account Interest Withdrawal Shortfall, (ii) the Series 2021-2021- A Letter of Credit Liquidity Amount as of such Payment Date and (iii) the Series 2021-A Lease Interest Payment Deficit for such Payment Date, by presenting to each Series 2021-A Letter of Credit Provider a draft accompanied by a Series 2021-A Certificate of Credit Demand on the Series 2021-A Letters of Credit; provided that, if the Series 2021-A L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Series 2021-A L/C Cash Collateral Account and deposit into the Series 2021-A Interest Collection Account an amount equal to the lesser of (1) the Series 2021-A L/C Cash Collateral Percentage on such Payment Date of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Series 2021-A Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Series 2021-A Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2021-A Letters of Credit and the proceeds of any such withdrawal from the Series 2021-A L/C Cash Collateral Account into the Series 2021-A Interest Collection Account on such Payment Date; provided that if HVF III fails to instruct the Trustee in writing to draw on the Series 2021-A Letters of Credit, the Program Agent may direct the Trustee to draw on the Series 2021-A Letters of Credit.