Common use of Treatment of Collateral Posted Clause in Contracts

Treatment of Collateral Posted. Each Series 2013-A Noteholder by its acceptance of a Series 2013-A Note hereby acknowledges and agrees, and directs the Trustee to acknowledge and agree, and the Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to clause (b) or (c) above (A) is collateral solely for the obligations of such Interest Rate Cap Provider under its Series 2013-A Interest Rate Cap, (B) does not constitute collateral for the Series 2013-A Notes (provided that in order to secure and provide for the payment of the Note Obligations with respect to the Series 2013-A Notes, HVF II has pledged each Series 2013-A Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 2013-A Notes), (C) will in no event be available to satisfy any obligations of HVF II hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 2013-A Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 2013-A Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider, and (D) shall be held by the Trustee in a segregated account in accordance with the terms of the applicable Credit Support Annex.

Treatment of Collateral Posted. Each Series 2013-A Noteholder by its acceptance of a Series 2013-A an Issuer Note hereby acknowledges and agrees, and directs the Issuer Security Trustee to acknowledge and agree, and the Issuer Security Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to clause Sub-Clauses (b) or (c) above (A) is collateral solely for the obligations of such Interest Rate Cap Provider under its Series 2013-A Interest Rate Cap, (B) does not constitute collateral for the Series 2013-A Issuer Notes (provided that in order to secure and provide for the payment of the Note Issuer Secured Obligations with respect to the Series 2013-A Issuer Notes, HVF II the Issuer has pledged each Series 2013-A Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 2013-A Issuer Notes), (C) will in no event be available to satisfy any obligations of HVF II the Issuer hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 2013-A Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 2013-A Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider, and (D) shall be held by the Trustee in a segregated account in accordance with the terms of the applicable Credit Support Annex.

Treatment of Collateral Posted. Each Series 20132014-A Noteholder by its acceptance of a Series 20132014-A Note hereby acknowledges and agrees, and directs the Trustee to acknowledge and agree, and the Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to clause (b) or (c) above (A) is collateral solely for the obligations of such Interest Rate Cap Provider under its Series 20132014-A Interest Rate Cap, (B) does not constitute collateral for the Series 20132014-A Notes (provided that in order to secure and provide for the payment of the Note Obligations with respect to the Series 20132014-A Notes, HVF II has pledged each Series 20132014-A Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 20132014-A Notes), (C) will in no event be available to satisfy any obligations of HVF II hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 20132014-A Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 20132014-A Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider, and (D) shall be held by the Trustee in a segregated account in accordance with the terms of the applicable Credit Support Annex.

Treatment of Collateral Posted. Each Series 20132021-A Noteholder by its acceptance of a Series 20132021-A Note hereby acknowledges and agrees, and directs the Trustee to acknowledge and agree, and the Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to clause (b) or (c) above (A) is collateral solely for the obligations of such Interest Rate Cap Provider under its Series 20132021-A Interest Rate Cap, (B) does not constitute collateral for the Series 20132021-A Notes (provided that in order to secure and provide for the payment of the Note Obligations with respect to the Series 20132021-A Notes, HVF II III has pledged each Series 20132021-A Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 20132021-A Notes), (C) will in no event be available to satisfy any obligations of HVF II III hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 20132021-A Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 20132021-A Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider, and (D) shall be held by the Trustee in a segregated account in accordance with the terms of the applicable Credit Support Annex.

Treatment of Collateral Posted. Each Series 2013-A B Noteholder by its acceptance of a Series 2013-A B Note hereby acknowledges and agrees, and directs the Trustee to acknowledge and agree, and the Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to clause (b) or (c) above (A) is collateral solely for the obligations of such Interest Rate Cap Provider under its Series 2013-A B Interest Rate Cap, (B) does not constitute collateral for the Series 2013-A B Notes (provided that in order to secure and provide for the payment of the Note Obligations with respect to the Series 2013-A B Notes, HVF II has pledged each Series 2013-A B Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 2013-A B Notes), and (C) will in no event be available to satisfy any obligations of HVF II hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 2013-A B Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 2013-A B Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider, and (D) shall be held by the Trustee in a segregated account in accordance with the terms of the applicable Credit Support Annex.

Treatment of Collateral Posted. Each Series 2013-A B Noteholder by its acceptance of a Series 2013-A B Note hereby acknowledges and agrees, and directs the Trustee to acknowledge and agree, and the Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to clause (b) or (c) above (A) is collateral solely for the obligations of such Interest Rate Cap Provider under its Series 2013-A B Interest Rate Cap, (B) does not constitute collateral for the Series 2013-A B Notes (provided that in order to secure and provide for the payment of the Note Obligations with respect to the Series 2013-A B Notes, HVF II has pledged each Series 2013-A B Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 2013-A B Notes), (C) will in no event be available to satisfy any obligations of HVF II hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 2013-A B Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 2013-A B Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider, and (D) shall be held by the Trustee in a segregated account in accordance with the terms of the applicable Credit Support Annex.

Treatment of Collateral Posted. Each Series 2013-A Noteholder by its acceptance of a Series 2013-A an Issuer Note hereby acknowledges and agrees, and directs the Issuer Security Trustee to acknowledge and agree, and the Issuer Security Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to clause Sub- WEIL: Clauses (b) or (c) above (A) is collateral solely for the obligations of such Interest Rate Cap Provider under its Series 2013-A Interest Rate Cap, (B) does not constitute collateral for the Series 2013-A Issuer Notes (provided that in order to secure and provide for the payment of the Note Issuer Secured Obligations with respect to the Series 2013-A Issuer Notes, HVF II the Issuer has pledged each Series 2013-A Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 2013-A Issuer Notes), (C) will in no event be available to satisfy any obligations of HVF II the Issuer hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 2013-A Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 2013-A Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider, and (D) shall be held by the Trustee in a segregated account in accordance with the terms of the applicable Credit Support Annex.

Treatment of Collateral Posted. Each Series 20132021-A Noteholder by its acceptance of a Series 20132021-A Note hereby acknowledges and agrees, and directs the Trustee to acknowledge and agree, and the Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to clause (b) or (c) above (A) is collateral solely for the obligations of such Interest Rate Cap Provider under its Series 20132021-A Interest Rate Cap, (B) does not constitute collateral for the Series 20132021-A Notes (provided that in order to secure and provide for the payment of the Note Obligations with respect to the Series 20132021-A Notes, HVF II III has pledged each Series 20132021-A Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 20132021-A Notes), (C) will in no event be available to satisfy any obligations of HVF II III hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 2013-2021- A Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 20132021-A Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider, and (D) shall be held by the Trustee in a segregated account in accordance with the terms of the applicable Credit Support Annex.

Treatment of Collateral Posted. Each Series 20132009-A 1 Noteholder by its acceptance of a Series 20132009-A 1 Note hereby acknowledges and agrees, and directs the 69 Trustee to acknowledge and agree, and the Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to clause (b) or (c) above (A) is collateral solely for the obligations of such Interest Rate Cap Provider under its Series 20132009-A 1 Interest Rate Cap, (B) does not constitute collateral for the Series 20132009-A 1 Notes (provided that in order to secure and provide for the payment of the Note Obligations with respect to the Series 20132009-A 1 Notes, HVF II has pledged each Series 20132009-A 1 Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 20132009-A 1 Notes), (C) will in no event be available to satisfy any obligations of HVF II hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 20132009-A 1 Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 20132009-A 1 Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider, Provider and (D) shall be held by the Trustee in a segregated account in accordance with the terms of the applicable Credit Support Annex.

Treatment of Collateral Posted. Each Series 2013-A Noteholder by its acceptance of a Series 2013-A Note hereby acknowledges and agrees, and directs the Trustee to acknowledge and agree, and the Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to clause (b) or (c) above (A) is collateral solely for the obligations of such Interest Rate Cap Provider under its Series 2013-A Interest Rate Cap, (B) does not constitute collateral for the Series 2013-A Notes (provided that in order to secure and provide for the payment of the Note Obligations with respect to the Series 2013-A Notes, HVF II has pledged each Series 2013-A Interest Rate Cap and its security interest in any 103 collateral posted in connection therewith as collateral for the Series 2013-A Notes), (C) will in no event be available to satisfy any obligations of HVF II hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 2013-A Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 2013-A Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider, and (D) shall be held by the Trustee in a segregated account in accordance with the terms of the applicable Credit Support Annex.

Treatment of Collateral Posted. Each Series 2013-A B Noteholder by its acceptance of a Series 2013-A B Note hereby acknowledges and agrees, and directs the Trustee to acknowledge and agree, and the Trustee, at such direction, hereby acknowledges and agrees, that any collateral posted by an Interest Rate Cap Provider pursuant to clause (b) or (c) above (A) is collateral solely for the obligations of such 102 Interest Rate Cap Provider under its Series 2013-A B Interest Rate Cap, (B) does not constitute collateral for the Series 2013-A B Notes (provided that in order to secure and provide for the payment of the Note Obligations with respect to the Series 2013-A B Notes, HVF II has pledged each Series 2013-A B Interest Rate Cap and its security interest in any collateral posted in connection therewith as collateral for the Series 2013-A B Notes), (C) will in no event be available to satisfy any obligations of HVF II hereunder or otherwise unless and until such Interest Rate Cap Provider defaults in its obligations under its Series 2013-A B Interest Rate Cap and such collateral is applied in accordance with the terms of such Series 2013-A B Interest Rate Cap to satisfy such defaulted obligations of such Interest Rate Cap Provider, and (D) shall be held by the Trustee in a segregated account in accordance with the terms of the applicable Credit Support Annex.