Common use of Reduction of Class RR Principal Amount Clause in Contracts

Reduction of Class RR Principal Amount. (i) HVF III, upon three (3) Business Days’ notice to the Program Agent and the Class RR Committed Note Purchaser, may effect a reduction (but without prejudice to HVF III’s right to effect a Class RR Principal Increase in accordance with Section 2.1 (Initial Purchase; Additional Series 2021-A Notes)) of the Class RR Principal Amount; provided that, with respect to any such reduction effected pursuant to this clause (i), A. any such reduction must be in a minimum amount of $10,000,000, B. after giving effect to such reduction, the Class RR Principal Amount equals or exceeds $20,000,000, unless reduced to zero; and C. HVF III is in compliance with Section 6.4 (European Union Securitisation Risk Retention and United Kingdom Securitisation Risk Retention Representations and Undertaking). (ii) No later than one (1) Business Day following any reduction of the Class RR Principal Amount becoming effective, the Program Agent shall revise Schedule V to reflect such reduction, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder.

Reduction of Class RR Principal Amount. (i) HVF III, upon three (3) Business Days’ notice to the Program Agent and the Class RR Committed Note Purchaser, may effect a reduction (but without prejudice to HVF III’s right to effect a Class RR Principal Increase in accordance with Section 2.1 (Initial Purchase; Additional Series 2021-A Notes)) of the Class RR Principal Amount; provided that, with respect to any such reduction effected pursuant to this clause (i), A. any such reduction must be in a minimum amount of $10,000,00010.0 million, B. after giving effect to such reduction, the Class RR Principal Amount equals or exceeds $20,000,00020.0 million, unless reduced to zero; and C. HVF III is in compliance with Section 6.4 (European Union Securitisation Risk Retention and United Kingdom Securitisation Risk Retention Representations and Undertaking). (ii) No later than one (1) Business Day following any reduction of the Class RR Principal Amount becoming effective, the Program Agent shall revise Schedule V to reflect such reduction, which revision, for the avoidance of doubt, shall not require the consent of the Trustee or any Series 2021-A Noteholder.