Common use of Letter of Credit Amount Clause in Contracts

Letter of Credit Amount. On each day prior to and on the Liquidity Commitment Expiration Date, the sum of (i) the amount of funds on deposit in the Reserve Account and (ii) the amount of the Letter of Credit that is in full force and effect shall equal the Letter of Credit Commitment; provided, however, that upon the downgrade or removal of S&P’s and Moody’s long-term unsecured debt rating of the Guarantor, BLFC or the Trust which requires the Letter of Credit Commitment to be increased in accordance with subsection 2.01(e) of the Letter of Credit Reimbursement Agreement, BAFC shall have thirty (30) days to either (x) obtain a substitute Letter of Credit or an amendment to the existing Letter of Credit reflecting the Letter of Credit Commitment as so increased or (y) deposit additional funds in the Reserve Account in an amount equal to the amount by which the Letter of Credit Commitment is required to be increased. Following the deposit by BAFC of any amounts in the Reserve Account, the Administrative Agent may, upon receipt of a Servicer’s Certificate or upon obtaining knowledge of the existence of a Defaulted Loan, request withdrawals from the Collateral Agent out of the Reserve Account of draw amounts with respect to Defaulted Loans and deposit of such amounts by the Collateral Agent into the Cash Collateral Account. The Administrative Agent shall provide notice to BAFC and the Servicer as promptly as practicable of the fact and amount of such drawings.

Letter of Credit Amount. On each day prior to and on the last Liquidity Commitment Tranche Expiration DateDate to occur, the sum of (i) the amount of funds on deposit in the Reserve Account and (ii) the amount of the Letter of Credit that is in full force and effect shall equal the Letter of Credit Commitment; provided, however, that upon the downgrade or removal of S&P’s and Moody’s Xxxxx’x long-term unsecured debt rating of the Guarantor, BLFC or the Trust Guarantor which requires the Letter of Credit Commitment to be increased in accordance with subsection 2.01(e) of the Letter of Credit Reimbursement Agreement, BAFC shall have thirty (30) days to either (x) obtain a substitute Letter of Credit or an amendment to the existing Letter of Credit reflecting the Letter of Credit Commitment as so increased or (y) deposit additional funds in the Reserve Account in an amount equal to the amount by which the Letter of Credit Commitment is required to be increased. Following the deposit by BAFC of any amounts in the Reserve Account, the Administrative Agent may, upon receipt of a Servicer’s Certificate or upon obtaining knowledge of the existence of a Defaulted Loan, request withdrawals from the Collateral Agent out of the Reserve Account of draw amounts with respect to Defaulted Loans and deposit of such amounts by the Collateral Agent into the Cash Collateral Account. The Administrative Agent shall provide notice to BAFC and the Servicer as promptly as practicable of the fact and amount of such drawings.

Letter of Credit Amount. On each day prior to and on the Liquidity Commitment Expiration Date, the sum of (i) the amount of funds on deposit in the Reserve Account and (ii) the amount of the Letter of Credit that is in full force and effect shall equal the Letter of Credit Commitment; providedPROVIDED, howeverHOWEVER, that upon the downgrade or removal of S&P’s 's and Moody’s 's long-term unsecured debt rating of the Guarantor, BLFC or the Trust Guarantor which requires the Letter of Credit Commitment to be increased in accordance with subsection 2.01(eSUBSECTION 2.01(E) of the Letter of Credit Reimbursement Agreement, BAFC shall have thirty (30) days to either (x) obtain a substitute Letter of Credit or an amendment to the existing Letter of Credit reflecting the Letter of Credit Commitment as so increased or (y) deposit additional funds in the Reserve Account in an amount equal to the amount by which the Letter of Credit Commitment is required to be increased. Following the deposit by BAFC of any amounts in the Reserve Account, the Administrative Agent may, upon receipt of a Servicer’s 's Certificate or upon obtaining knowledge of the existence of a Defaulted Loan, request withdrawals from the Collateral Agent out of the Reserve Account of draw amounts with respect to Defaulted Loans and deposit of such amounts by the Collateral Agent into the Cash Collateral Account. The Administrative Agent shall provide notice to BAFC and the Servicer as promptly as practicable of the fact and amount of such drawings.

Letter of Credit Amount. On each day prior to and on the Liquidity Commitment Expiration Date, the sum of (i) the amount of funds on deposit in the Reserve Account and (ii) the amount of the Letter of Credit that is in full force and effect shall equal the Letter of Credit Commitment; provided, however, that upon the downgrade or removal of S&P’s and Moody’s Xxxxx’x long-term unsecured debt rating of the Guarantor, BLFC or the Trust which requires the Letter of Credit Commitment to be increased in accordance with subsection 2.01(e) of the Letter of Credit Reimbursement Agreement, BAFC shall have thirty (30) days to either (x) obtain a substitute Letter of Credit or an amendment to the existing Letter of Credit reflecting the Letter of Credit Commitment as so increased or (y) deposit additional funds in the Reserve Account in an amount equal to the amount by which the Letter of Credit Commitment is required to be increased. Following the deposit by BAFC of any amounts in the Reserve Account, the Administrative Agent may, upon receipt of a Servicer’s Certificate or upon obtaining knowledge of the existence of a Defaulted Loan, request withdrawals from the Collateral Agent out of the Reserve Account of draw amounts with respect to Defaulted Loans and deposit of such amounts by the Collateral Agent into the Cash Collateral Account. The Administrative Agent shall provide notice to BAFC and the Servicer as promptly as practicable of the fact and amount of such drawings.