Examples of Class B Letter of Credit in a sentence
Other than pursuant to a payment made upon a demand thereon by the Trustee, HVF shall not reduce the amount of the Series 2005-1 Demand Note or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2005-1 Demand Note after such reduction or forgiveness is less than the sum of the Class A Letter of Credit Liquidity Amount and the Class B Letter of Credit Liquidity Amount.
Other than pursuant to a payment made upon a demand thereon by the Trustee, HVF shall not reduce the amount of the Series 2005-4 Demand Note or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2005-4 Demand Note after such reduction or forgiveness is less than the sum of the Class A Letter of Credit Liquidity Amount and the Class B Letter of Credit Liquidity Amount.
On or prior to the date of any drawing under a Class B Letter of Credit pursuant to Section 2.14(b) or Section 2.14(c) of this Series Supplement, HVF shall establish and maintain in the name of the Trustee for the benefit of the Class B Noteholders, an account (each such account a “Class B Cash Collateral Account”) for the deposit of any such draws, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Class B Noteholders.
This Series Supplement shall cease to be of further effect when (i) all Outstanding Series 2009-2 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2009-2 Notes which have been replaced or paid) to the Trustee for cancellation, (ii) HVF has paid all sums payable hereunder, and (iii) the Class A Letter of Credit Liquidity Amount and the Class B Letter of Credit Liquidity Amount is equal to zero.
The Administrator shall notify the Trustee 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 “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 “A1” as determined by Xxxxx’x (with respect to any Class B Letter of Credit Provider, a “Class B Downgrade Event”).
Other than pursuant to a payment made upon a demand thereon by the Trustee, HVF shall not reduce the amount of the Series 2005-2 Demand Note or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2005-2 Demand Note after such reduction or forgiveness is less than the sum of the Class A Letter of Credit Liquidity Amount and the Class B Letter of Credit Liquidity Amount.
Other than pursuant to a payment made upon a demand thereon by the Trustee, HVF shall not reduce the amount of the Series 2005-3 Demand Note or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2005-3 Demand Note after such reduction or forgiveness is less than the sum of the Class A Letter of Credit Liquidity Amount and the Class B Letter of Credit Liquidity Amount.