Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 2023-6 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2023-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 Notes): (a) a Series 2023-6 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents; (b) the Series 2023-6 Liquidity Amount shall be less than the Series 2023-6 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents; (c) the Collection Account, the Series 2023-6 Collection Account, the Series 2023-6 Excess Collection Account or the Series 2023-6 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents); (d) all principal of and interest on any Class of the Series 2023-6 Notes is not paid in full on or before the Series 2023-6 Expected Final Distribution Date; (e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount; (f) from and after the funding of the Series 2023-6 Cash Collateral Account, the Series 2023-6 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Available Cash Collateral Account Amount from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Available Cash Collateral Account Amount, would be less than the Series 2023-6 Required Liquidity Amount; and (g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount.
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Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232019-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232019-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232019-6 2 Notes):
(a) a Series 20232019-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232019-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2023-6 Class A/B/C Liquidity Amount shall be less than the Series 2023-6 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232019-6 2 Collection Account, the Series 20232019-6 2 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2023-6 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232019-6 2 Notes is not paid in full on or before the Series 20232019-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2019-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20232019-6 2 Enhancement Deficiency would result from excluding the such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2023-6 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20232019-6 2 Cash Collateral Account, the such Series 20232019-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232019-6 2 Enhancement Deficiency would result from excluding the Series 2023-6 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2023-6 Class A/B/C Liquidity Amount, excluding therefrom the Series 2023-6 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2019-Series 2 Letter of Credit Provider or any MultiSeries 2019-Series 2 Letter of Credit Provider repudiates its MultiSeries 2019-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232019-6 2 Enhancement Deficiency would result from excluding the such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2023-6 Class A/B/C Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Samples: Amended and Restated Series 2019 2 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 2023-6 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2023-6 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 5 Notes):
(a) a Series 2023-6 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 2023-6 5 Liquidity Amount shall be less than the Series 2023-6 5 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 2023-6 5 Collection Account, the Series 2023-6 5 Excess Collection Account or the Series 2023-6 5 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 2023-6 5 Notes is not paid in full on or before the Series 2023-6 5 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2023-6 5 Enhancement Deficiency would result from excluding the Series 2023-6 5 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 5 Enhancement Amount or (y) the Series 2023-6 5 Liquidity Amount, excluding therefrom the Series 2023-6 5 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 5 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 5 Cash Collateral Account, the Series 2023-6 5 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2023-6 5 Enhancement Deficiency would result from excluding the Series 2023-6 5 Available Cash Collateral Account Amount from the Series 2023-6 5 Enhancement Amount or (y) the Series 2023-6 5 Liquidity Amount, excluding therefrom the Series 2023-6 5 Available Cash Collateral Account Amount, would be less than the Series 2023-6 5 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 5 Enhancement Deficiency would result from excluding the Series 2023-6 5 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 5 Enhancement Amount or (y) the Series 2023-6 5 Liquidity Amount, excluding therefrom the Series 2023-6 5 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 5 Required Liquidity Amount.
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Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base IndentureIndenture, any of the following shall be an Amortization Event with respect to the Series 20232006-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232006-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232006-6 1 Notes):
(a) a Series 20232006-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232006-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions conditions of the Indenture and the Related Documents;
(b) the Series 20232006-6 1 Liquidity Amount shall be less than the Series 20232006-6 Required 1 Required Liquidity Amount for at least two (2) Business Business Days; provided, however, that such event or condition condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232006-6 1 Collection Account, the Series 20232006-6 1 Excess Collection Account or the Series 20232006-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related DocumentsDocuments);
(d) all principal of and interest on any Class of the Series 20232006-6 1 Notes is not paid in full on or before the Series 20232006-6 1 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any MultiSeries 2006-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232006-6 1 Enhancement Deficiency would result from excluding the such Series 20232006-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232006-6 1 Enhancement Amount or (y) the Series 20232006-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232006-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232006-6 1 Required Liquidity Amount;
(fi) from and after the funding of the Series 20232006-6 1 Cash Collateral Account, the Series 20232006-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232006-6 1 Enhancement Deficiency would result from excluding the Series 20232006-6 1 Available Cash Collateral Account Amount from the Series 20232006-6 1 Enhancement Amount or (y) the Series 20232006-6 1 Liquidity Amount, excluding therefrom the Series 20232006-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232006-6 1 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2006-Series 1 Letter of Credit Provider or any MultiSeries 2006-Series 1 Letter of Credit Provider repudiates repudiates its MultiSeries 2006-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232006-6 1 Enhancement Deficiency would result from excluding the such Series 20232006-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232006-6 1 Enhancement Amount or (y) the Series 20232006-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232006-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232006-6 1 Required Liquidity Amount.
Appears in 1 contract
Samples: Series Supplement (Cendant Corp)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232015-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232015-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232015-6 1 Notes):
(a) a Series 20232015-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232015-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232015-6 1 Liquidity Amount shall be less than the Series 20232015-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232015-6 1 Collection Account, the Series 20232015-6 1 Excess Collection Account or the Series 20232015-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232015-6 1 Notes is not paid in full on or before the Series 20232015-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2015-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232015-6 1 Enhancement Deficiency would result from excluding the such Series 20232015-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232015-6 1 Enhancement Amount or (y) the Series 20232015-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232015-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232015-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232015-6 1 Cash Collateral Account, the Series 20232015-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232015-6 1 Enhancement Deficiency would result from excluding the Series 20232015-6 1 Available Cash Collateral Account Amount from the Series 20232015-6 1 Enhancement Amount or (y) the Series 20232015-6 1 Liquidity Amount, excluding therefrom the Series 20232015-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232015-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2015-Series 1 Letter of Credit Provider or any MultiSeries 2015-Series 1 Letter of Credit Provider repudiates its MultiSeries 2015-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232015-6 1 Enhancement Deficiency would result from excluding the such Series 20232015-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232015-6 1 Enhancement Amount or (y) the Series 20232015-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232015-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232015-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232010-6 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232010-6 4 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232010-6 4 Notes):
(a) a Series 20232010-6 4 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232010-6 4 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232010-6 4 Liquidity Amount shall be less than the Series 20232010-6 4 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232010-6 4 Collection Account, the Series 20232010-6 4 Excess Collection Account or the Series 20232010-6 4 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232010-6 4 Notes is not paid in full on or before the Series 20232010-6 4 Expected Final Distribution Date;
(e) any MultiSeries 2010-Series 4 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232010-6 4 Enhancement Deficiency would result from excluding the such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 4 Letter of Credit from the Series 20232010-6 4 Enhancement Amount or (y) the Series 20232010-6 4 Liquidity Amount, excluding therefrom the available amount under such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 4 Letter of Credit, would be less than the Series 20232010-6 4 Required Liquidity Amount;
(f) from and after the funding of the Series 20232010-6 4 Cash Collateral Account, the Series 20232010-6 4 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232010-6 4 Enhancement Deficiency would result from excluding the Series 20232010-6 4 Available Cash Collateral Account Amount from the Series 20232010-6 4 Enhancement Amount or (y) the Series 20232010-6 4 Liquidity Amount, excluding therefrom the Series 20232010-6 4 Available Cash Collateral Account Amount, would be less than the Series 20232010-6 4 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2010-Series 4 Letter of Credit Provider or any MultiSeries 2010-Series 4 Letter of Credit Provider repudiates its MultiSeries 2010-Series 4 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232010-6 4 Enhancement Deficiency would result from excluding the such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 4 Letter of Credit from the Series 20232010-6 4 Enhancement Amount or (y) the Series 20232010-6 4 Liquidity Amount, excluding therefrom the available amount under such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 4 Letter of Credit, would be less than the Series 20232010-6 4 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232017-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture AMERICAS 93983148 (2K) 51 with respect to the Series 20232017-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232017-6 2 Notes):
(a) a Series 20232017-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232017-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232017-6 2 Liquidity Amount shall be less than the Series 20232017-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232017-6 2 Collection Account, the Series 20232017-6 2 Excess Collection Account or the Series 20232017-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232017-6 2 Notes is not paid in full on or before the Series 20232017-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2017-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232017-6 2 Enhancement Deficiency would result from excluding the such Series 20232017-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232017-6 2 Enhancement Amount or (y) the Series 20232017-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232017-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232017-6 2 Required Liquidity Amount;
(f) from and after the funding of the Series 20232017-6 2 Cash Collateral Account, the Series 20232017-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232017-6 2 Enhancement Deficiency would result from excluding the Series 20232017-6 2 Available Cash Collateral Account Amount from the Series 20232017-6 2 Enhancement Amount or (y) the Series 20232017-6 2 Liquidity Amount, excluding therefrom the Series 20232017-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232017-6 2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2017-Series 2 Letter of Credit Provider or any MultiSeries 2017-Series 2 Letter of Credit Provider repudiates its MultiSeries 2017-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232017-6 2 Enhancement Deficiency would result from excluding the such Series 20232017-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232017-6 2 Enhancement Amount or (y) the Series 20232017-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232017-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232017-6 2 Required Liquidity Amount.. AMERICAS 93983148 (2K) 52
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20232005-6 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(j) of the Base Indenture with respect to the Series 20232005-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 3 Notes)::
(a) HVF defaults in the payment of any interest on, or other amount payable in respect of, the Series 2005-3 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) HVF defaults in the payment of any principal of the Series 20232005-6 3 Notes when the same becomes due and payable on the applicable Legal Final Payment Date;
(c) a Class Enhancement Deficiency shall occur and continue for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(bd) a Class Liquidity Deficiency shall occur and continue for at least three (3) Business Days;
(e) (i) all principal of and interest on the Class A-1 Notes, the Class B-1 Notes and the Class B-2 Notes is not paid in full on or before the Three-Year Notes Expected Final Payment Date, or (ii) all principal of and interest on the Class A-2 Notes, the Class B-3 Notes and the Class B-4 Notes is not paid in full on or before the Five-Year Notes Expected Final Payment Date;
(f) the Series 2023-6 Liquidity Class A Asset Amount shall be less than the Class A Required Asset Amount for at least three (3) Business Days or the Class B Asset Amount shall be less than the Series 20232005-6 3 Required Liquidity Asset Amount for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(cg) the Collection Insured Principal Deficit Amount shall be greater than zero;
(h) the Class A Reserve Account, a Class A Cash Collateral Account, the Class B Reserve Account, a Class B Cash Collateral Account, the Series 20232005-6 Collection Account, the Series 2023-6 3 Excess Collection Account or the Series 2023-6 Reserve any HVF Exchange Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(da Permitted Lien) all principal of and interest on any Class of the Series 2023-6 Notes is not paid in full on or before the Series 2023-6 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two three (23) Business Days and (x) either a Series 2023-6 Class Enhancement Deficiency or a Class Liquidity Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to amount on deposit in any such Multi-Series Letter of Credit from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 Cash Collateral Account, the Series 2023-6 Cash Collateral Account shall be account that is subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documentsa Permitted Lien) for at least two three (23) Business Days and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Available Cash Collateral Account Amount from the Series 2023-6 Class Enhancement Amount or (y) the Series 2023-6 Class Liquidity Amount, excluding therefrom to the Series 2023-6 Available Cash Collateral Account Amount, would be less than the Series 2023-6 Required Liquidity Amount; andextent applicable;
(gi) the Trustee shall make a demand for payment under the Insurance Policy;
(j) the occurrence of an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses the Insurer;
(k) the Insurer fails to honor a proper draw thereon demand for payment made in accordance with the requirements of the Insurance Policy;
(l) (i) with respect to the Three-Year Notes, in the event that One-Month LIBOR exceeds 7.75%, HVF shall fail to obtain, within 30 days of such an occurrence, one or more Series 2005-3 Interest Rate Xxxxxx from one or more Eligible Interest Rate Hedge Providers in an aggregate initial notional amount equal to the aggregate Principal Amount of the Three Year Notes, each with a strike rate equal to no more than 8.75% or (ii) with respect to the Five-Year Notes, in the event that One-Month LIBOR exceeds 8.25%, HVF shall fail to obtain, within 30 days of such an occurrence, one or more Series 2005-3 Interest Rate Xxxxxx from one or more Eligible Interest Rate Hedge Provider in an aggregate initial notional amount equal to the aggregate Principal Amount of the Five Year Notes, each with a strike rate equal to no more than 9.25%;
(m) the Trustee shall for any reason cease to have a valid and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding perfected first priority security interest in the Series 20232005-6 Applicable Multi-Series L/C Amount attributable 3 Collateral (other than the Initial Hertz Vehicles and the Service Vehicles) or any of the Lessee, HVF or any Affiliate of either so asserts in writing;
(n) the occurrence of a Servicer Event of Default;
(o) HVF fails to such Multi-Series Letter comply with any of Credit from its other agreements or covenants in, or provisions of, the Series 20232005-6 Enhancement Amount 3 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series 2005-3 Noteholders or the Insurer and continues to materially and adversely affect the interests of the Series 2005-3 Noteholders or the Insurer for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (yii) the Series 2023-6 Liquidity Amountdate on which written notice of such failure, excluding therefrom requiring the same to be remedied, shall have been given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 20232005-6 Applicable Multi-Series L/C Amount attributable to 3 Notes; or
(p) any representation made by HVF in the Indenture or any Related Document is false and such Multi-Series Letter false representation materially and adversely affects the interests of Credit, would be less than the Series 20232005-6 3 Noteholders or the Insurer and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date that written notice thereof is given to HVF by the Trustee or to HVF and the Trustee by the Required Liquidity AmountNoteholders with respect to the Series 2005-3 Notes. In the case of
(i) any event described in clauses (a) through (m) above, an Amortization Event with respect to the Series 2005-3 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2005-3 Noteholder or
(ii) any event described in clauses (n) through (p) above, either the Trustee may, by written notice to HVF or the Required Noteholders with respect to the Series 2005-3 Notes may, by written notice to HVF and the Trustee declare that an Amortization Event with respect to the Series 2005-3 Notes has occurred as of the date of the notice. Amortization Events with respect to the Series 2005-3 Notes described in clauses (j) and (k) above will not be subject to waiver. An Amortization Event with respect to the Series 2005-3 Notes described in clauses (a) through (i) and clauses (l) through (p) above will be subject to waiver in accordance with Section 9.4 of the Base Indenture. Notwithstanding anything herein to the contrary, an Amortization Event with respect to the Series 2005-3 Notes described in clause (m) above shall be curable at any time.
Appears in 1 contract
Samples: Amended and Restated Series Supplement (Hertz Global Holdings Inc)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232012-6 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232012-6 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232012-6 3 Notes):
(a) a Series 20232012-6 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232012-6 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232012-6 3 Liquidity Amount shall be less than the Series 20232012-6 3 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232012-6 3 Collection Account, the Series 20232012-6 3 Excess Collection Account or the Series 20232012-6 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232012-6 3 Notes is not paid in full on or before the Series 20232012-6 3 Expected Final Distribution Date;
(e) any MultiSeries 2012-Series 3 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232012-6 3 Enhancement Deficiency would result from excluding the such Series 20232012-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit from the Series 20232012-6 3 Enhancement Amount or (y) the Series 20232012-6 3 Liquidity Amount, excluding therefrom the available amount under such Series 20232012-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit, would be less than the Series 20232012-6 3 Required Liquidity Amount;
(f) from and after the funding of the Series 20232012-6 3 Cash Collateral Account, the Series 20232012-6 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232012-6 3 Enhancement Deficiency would result from excluding the Series 20232012-6 3 Available Cash Collateral Account Amount from the Series 20232012-6 3 Enhancement Amount or (y) the Series 20232012-6 3 Liquidity Amount, excluding therefrom the Series 20232012-6 3 Available Cash Collateral Account Amount, would be less than the Series 20232012-6 3 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2012-Series 3 Letter of Credit Provider or any MultiSeries 2012-Series 3 Letter of Credit Provider repudiates its MultiSeries 2012-Series 3 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232012-6 3 Enhancement Deficiency would result from excluding the such Series 20232012-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit from the Series 20232012-6 3 Enhancement Amount or (y) the Series 20232012-6 3 Liquidity Amount, excluding therefrom the available amount under such Series 20232012-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit, would be less than the Series 20232012-6 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20232008-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(j) of the Base Indenture with respect to the Series 20232008-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 1 Notes)::
(a) HVF defaults in the payment of any interest on, or other amount payable in respect of, the Series 2008-1 Notes (other than the payments described in clause (b) below) when the same becomes due and payable and such default continues for a period of three (3) Business Days;
(b) HVF defaults in the payment of any principal of the Series 2008-1 Notes when the same becomes due and payable on the applicable Legal Final Payment Date;
(c) a Series 20232008-6 1 Enhancement Deficiency shall occur and continue for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(bd) a Series 2008-1 Liquidity Deficiency shall occur and continue for at least three (3) Business Days;
(e) all principal of and interest on the Series 2008-1 Notes is not paid in full on or before the Expected Final Payment Date;
(f) the Series 20232008-6 Liquidity 1 Asset Amount shall be less than the Series 20232008-6 1 Required Liquidity Asset Amount for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(cg) the Principal Deficit Amount shall be greater than zero;
(h) the Collection Account, the any Collateral Account, any Series 20232008-6 Collection 1 Series Account, the Series 20232008-6 Excess Collection 1 Distribution Account or any HVF Exchange Account shall be subject to an injunction, estoppel or other stay or a Lien (other than a Permitted Lien) and 30 days shall have elapsed without such Lien having been released or discharged;
(A) the Series 20232008-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(da Permitted Lien) all principal of and interest on any Class of the Series 2023-6 Notes is not paid in full on or before the Series 2023-6 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two three (23) Business Days or (B) the Trustee shall cease to have a valid and perfected first priority security interest in the Series 2008-1 Reserve Account Collateral (or any of the Lessee, HVF or any Affiliate of either so assets in writing) and, in each case, either (x) either a Series 20232008-6 1 Enhancement Deficiency would result from excluding the Series 20232008-6 Applicable Multi-Series L/C 1 Available Reserve Account Amount attributable to such Multi-Series Letter of Credit from the Series 20232008-6 1 Enhancement Amount or (y) the Series 20232008-6 1 Adjusted Liquidity Amount, excluding therefrom the Series 20232008-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit1 Available Reserve Account Amount, would be less than the Series 20232008-6 1 Required Liquidity Amount;
(fj) from and after the funding of the Series 20232008-6 1 Cash Collateral Account, (A) the Series 20232008-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documentsa Permitted Lien) for at least two three (23) Business Days or (B) the Trustee shall cease to have a valid and perfected first priority security interest in the Series 2008-1 Cash Collateral Account Collateral (or any of the Lessee, HVF or any Affiliate of either so assets in writing) and, in each case, either (x) a Series 20232008-6 1 Enhancement Deficiency would result from excluding the Series 20232008-6 1 Available Cash Collateral Account Amount from the Series 20232008-6 1 Enhancement Amount or (y) the Series 20232008-6 1 Adjusted Liquidity Amount, excluding therefrom the Series 20232008-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232008-6 1 Required Liquidity Amount; and;
(gk) a Change of Control shall have occurred;
(l) HVF shall fail to acquire or maintain in force a Series 2008-1 Interest Rate Cap at the times and in the notional amounts required by the terms of Section 3.12;
(m) the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2008-1 Collateral (other than the Series 2008-1 Reserve Account Collateral and the Series 2008-1 Cash Collateral Account Collateral) or any of the Lessee, HVF or any Affiliate of either so asserts in writing;
(n) the occurrence of a Servicer Event of Default;
(o) the occurrence of a Servicer Default or an Administrator Default;
(p) an Amortization Event of Bankruptcy shall have occurred with respect to any MultiExisting Series of Notes shall have occurred (other than an Insurer Related Amortization Event with respect to any such Existing Series of Notes);
(q) HVF fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2008-1 Notes, the Indenture, this Series Letter of Credit Provider Supplement or any Multi-Series Letter other Related Document and the failure to so comply materially and adversely affects the interests of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 20232008-6 Applicable Multi-Series L/C Amount attributable 1 Noteholders and continues to such Multi-Series Letter materially and adversely affect the interests of Credit from the Series 20232008-6 Enhancement 1 Noteholders for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF by the Trustee or to HVF and the Trustee by the Administrative Agent; or
(r) any representation made by HVF in the Indenture, this Series Supplement or any other Related Document is false and such false representation materially and adversely affects the interests of the Series 2008-1 Noteholders and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date that written notice thereof is given to HVF by the Trustee or to HVF and the Trustee by the Administrative Agent. In the case of
(i) any event described in clauses (a) through (m) above, an Amortization Event with respect to the Series 2008-1 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2008-1 Noteholder or
(ii) any event described in clauses (n) through (r) above, either the Trustee may, by written notice to HVF or the Required Noteholders with respect to the Series 2008-1 Notes may, by written notice to HVF and the Trustee declare that an Amortization Event with respect to the Series 2008-1 Notes has occurred as of the date of the notice. An Amortization Event with respect to the Series 2008-1 Notes described in clauses (a) through (k), (m) through (p) and (q) (with respect to any agreement, covenant or provision in the Series 2008-1 Notes, the Indenture, this Series Supplement or any other Related Document the amendment or modification of which requires the consent of Series 2008-1 Noteholders holding more than 662/3% of the Series 2008-1 Principal Amount or (y) which otherwise prohibits HVF from taking any action without the consent of Series 2008-1 Noteholders holding more than 662/3 of the Series 20230000-6 Liquidity Amount, excluding therefrom 0 Xxxxxxxxx Xxxxxx) above may be waived solely with the written consent of Series 2008-1 Noteholders holding 100% of the Series 20230000-6 Applicable Multi-Series L/C Amount attributable 0 Xxxxxxxxx Xxxxxx. An Amortization Event with respect to such Multi-Series Letter of Credit, would be less than the Series 20232008-6 Required Liquidity Amount1 Notes described in clauses (l), (q) (other than with respect to any agreement, covenant or provision in the Series 2008-1 Notes, the Indenture, this Series Supplement or any other Related Document the amendment or modification of which requires the consent of Series 2008-1 Noteholders holding more than 662/3% of the Series 2008-1 Principal Amount or which otherwise prohibits HVF from taking any action without the consent of Series 2008-1 Noteholders holding more than 662/3% of the Series 0000-0 Xxxxxxxxx Xxxxxx) and (r) may be waived in accordance with Section 9.4 of the Base Indenture. In the event of a waiver of any Amortization Event described above, the Trustee shall provide notification thereof to each Rating Agency. Notwithstanding anything herein to the contrary, an Amortization Event with respect to the Series 2008-1 Notes described in clause (m) above shall be curable at any time.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232010-6 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232010-6 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232010-6 5 Notes):
(a) a Series 20232010-6 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232010-6 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232010-6 5 Liquidity Amount shall be less than the Series 20232010-6 5 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232010-6 5 Collection Account, the Series 20232010-6 5 Excess Collection Account or the Series 20232010-6 5 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232010-6 5 Notes is not paid in full on or before the Series 20232010-6 5 Expected Final Distribution Date;
(e) any MultiSeries 2010-Series 5 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232010-6 5 Enhancement Deficiency would result from excluding the such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 5 Letter of Credit from the Series 20232010-6 5 Enhancement Amount or (y) the Series 20232010-6 5 Liquidity Amount, excluding therefrom the available amount under such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 5 Letter of Credit, would be less than the Series 20232010-6 5 Required Liquidity Amount;
(f) from and after the funding of the Series 20232010-6 5 Cash Collateral Account, the Series 20232010-6 5 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232010-6 5 Enhancement Deficiency would result from excluding the Series 20232010-6 5 Available Cash Collateral Account Amount from the Series 20232010-6 5 Enhancement Amount or (y) the Series 20232010-6 5 Liquidity Amount, excluding therefrom the Series 20232010-6 5 Available Cash Collateral Account Amount, would be less than the Series 20232010-6 5 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2010-Series 5 Letter of Credit Provider or any MultiSeries 2010-Series 5 Letter of Credit Provider repudiates its MultiSeries 2010-Series 5 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232010-6 5 Enhancement Deficiency would result from excluding the such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 5 Letter of Credit from the Series 20232010-6 5 Enhancement Amount or (y) the Series 20232010-6 5 Liquidity Amount, excluding therefrom the available amount under such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 5 Letter of Credit, would be less than the Series 20232010-6 5 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232017-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232017-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232017-6 2 Notes):
(a) a Series 20232017-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232017-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2023-6 Class A/B/C Liquidity Amount shall be less than the Series 2023-6 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232017-6 2 Collection Account, the Series 20232017-6 2 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2023-6 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232017-6 2 Notes is not paid in full on or before the Series 20232017-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2017-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20232017-6 2 Enhancement Deficiency would result from excluding the such Series 20232017-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2023-6 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20232017-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20232017-6 2 Cash Collateral Account, the such Series 20232017-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232017-6 2 Enhancement Deficiency would result from excluding the Series 2023-6 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2023-6 Class A/B/C Liquidity Amount, excluding therefrom the Series 2023-6 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2017-Series 2 Letter of Credit Provider or any MultiSeries 2017-Series 2 Letter of Credit Provider repudiates its MultiSeries 2017-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232017-6 2 Enhancement Deficiency would result from excluding the such Series 20232017-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2023-6 Class A/B/C Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20232017-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Samples: Amended and Restated Series Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232018-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232018-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232018-6 2 Notes):
(a) a Series 20232018-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232018-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232018-6 2 Liquidity Amount shall be less than the Series 20232018-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232018-6 2 Collection Account, the Series 20232018-6 2 Excess Collection Account or the Series 20232018-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232018-6 2 Notes is not paid in full on or before the Series 20232018-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2018-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232018-6 2 Enhancement Deficiency would result from excluding the such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232018-6 2 Enhancement Amount or (y) the Series 20232018-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232018-6 2 Required Liquidity Amount;; AMERICAS 96004183 52
(f) from and after the funding of the Series 20232018-6 2 Cash Collateral Account, the Series 20232018-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232018-6 2 Enhancement Deficiency would result from excluding the Series 20232018-6 2 Available Cash Collateral Account Amount from the Series 20232018-6 2 Enhancement Amount or (y) the Series 20232018-6 2 Liquidity Amount, excluding therefrom the Series 20232018-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232018-6 2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2018-Series 2 Letter of Credit Provider or any MultiSeries 2018-Series 2 Letter of Credit Provider repudiates its MultiSeries 2018-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232018-6 2 Enhancement Deficiency would result from excluding the such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232018-6 2 Enhancement Amount or (y) the Series 20232018-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232018-6 2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232021-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232021-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232021-6 2 Notes):
(a) a Series 20232021-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232021-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232021-6 2 Liquidity Amount shall be less than the Series 20232021-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232021-6 2 Collection Account, the Series 20232021-6 2 Excess Collection Account or the Series 20232021-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232021-6 2 Notes is not paid in full on or before the Series 20232021-6 2 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232021-6 2 Enhancement Deficiency would result from excluding the Series 20232021-6 2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232021-6 2 Enhancement Amount or (y) the Series 20232021-6 2 Liquidity Amount, excluding therefrom the Series 20232021-6 2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232021-6 2 Required Liquidity Amount;
(f) from and after the funding of the Series 20232021-6 2 Cash Collateral Account, the Series 20232021-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232021-6 2 Enhancement Deficiency would result from excluding the Series 20232021-6 2 Available Cash Collateral Account Amount from the Series 20232021-6 2 Enhancement Amount or (y) the Series 20232021-6 2 Liquidity Amount, excluding therefrom the Series 20232021-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232021-6 2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232021-6 2 Enhancement Deficiency would result from excluding the Series 20232021-6 2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232021-6 2 Enhancement Amount or (y) the Series 20232021-6 2 Liquidity Amount, excluding therefrom the Series 20232021-6 2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232021-6 2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232013-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232013-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232013-6 1 Notes):
(a) a Series 20232013-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232013-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232013-6 1 Liquidity Amount shall be less than the Series 20232013-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232013-6 1 Collection Account, the Series 20232013-6 1 Excess Collection Account or the Series 20232013-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232013-6 1 Notes is not paid in full on or before the Series 20232013-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2013-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232013-6 1 Enhancement Deficiency would result from excluding the such Series 20232013-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232013-6 1 Enhancement Amount or (y) the Series 20232013-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232013-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232013-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232013-6 1 Cash Collateral Account, the Series 20232013-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232013-6 1 Enhancement Deficiency would result from excluding the Series 20232013-6 1 Available Cash Collateral Account Amount from the Series 20232013-6 1 Enhancement Amount or (y) the Series 20232013-6 1 Liquidity Amount, excluding therefrom the Series 20232013-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232013-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2013-Series 1 Letter of Credit Provider or any MultiSeries 2013-Series 1 Letter of Credit Provider repudiates its MultiSeries 2013-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232013-6 1 Enhancement Deficiency would result from excluding the such Series 20232013-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232013-6 1 Enhancement Amount or (y) the Series 20232013-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232013-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232013-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232020-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232020-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232020-6 1 Notes):
(a) a Series 20232020-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232020-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2023-6 Class A/B/C Liquidity Amount shall be less than the Series 2023-6 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232020-6 1 Collection Account, the Series 20232020-6 1 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2023-6 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232020-6 1 Notes is not paid in full on or before the Series 20232020-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2020-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20232020-6 1 Enhancement Deficiency would result from excluding the such Series 20232020-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2023-6 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20232020-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20232020-6 1 Cash Collateral Account, the such Series 20232020-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232020-6 1 Enhancement Deficiency would result from excluding the Series 2023-6 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2023-6 Class A/B/C Liquidity Amount, excluding therefrom the Series 2023-6 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2020-Series 1 Letter of Credit Provider or any MultiSeries 2020-Series 1 Letter of Credit Provider repudiates its MultiSeries 2020-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232020-6 1 Enhancement Deficiency would result from excluding the such Series 20232020-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2023-6 Class A/B/C Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20232020-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Samples: Amended and Restated Series 2020 1 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 2023-6 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2023-6 4 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 4 Notes):
(a) a Series 2023-6 4 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 4 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 2023-6 4 Liquidity Amount shall be less than the Series 2023-6 4 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 2023-6 4 Collection Account, the Series 2023-6 4 Excess Collection Account or the Series 2023-6 4 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 2023-6 4 Notes is not paid in full on or before the Series 2023-6 4 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2023-6 4 Enhancement Deficiency would result from excluding the Series 2023-6 4 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 4 Enhancement Amount or (y) the Series 2023-6 4 Liquidity Amount, excluding therefrom the Series 2023-6 4 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 4 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 4 Cash Collateral Account, the Series 2023-6 4 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2023-6 4 Enhancement Deficiency would result from excluding the Series 2023-6 4 Available Cash Collateral Account Amount from the Series 2023-6 4 Enhancement Amount or (y) the Series 2023-6 4 Liquidity Amount, excluding therefrom the Series 2023-6 4 Available Cash Collateral Account Amount, would be less than the Series 2023-6 4 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 4 Enhancement Deficiency would result from excluding the Series 2023-6 4 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 4 Enhancement Amount or (y) the Series 2023-6 4 Liquidity Amount, excluding therefrom the Series 2023-6 4 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 4 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232013-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232013-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232013-6 2 Notes):
(a) a Series 20232013-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232013-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2023-6 Class A/B Liquidity Amount shall be less than the Series 2023-6 Class A/B Required Liquidity Amount for at least two (2) Business Days or (ii) the Class C Liquidity Amount shall be less than the Class C Required Liquidity Amount for at least two (2) Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232013-6 2 Collection Account, the Series 20232013-6 2 Excess Collection Account, the Class A/B Reserve Account or the Series 2023-6 Class C Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232013-6 2 Notes is not paid in full on or before the Series 20232013-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2013-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20232013-6 2 Enhancement Deficiency would result from excluding the such Series 20232013-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 2023-6 Class A/B Enhancement Amount or the Class C Enhancement Amount or (y) the Series 2023-6 Class A/B Liquidity Amount, Amount or the Class C Liquidity Amount excluding therefrom the available amount under such Series 20232013-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 2023-6 Class A/B Required Liquidity Amount or the Class C Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20232013-6 2 Cash Collateral Account, the such Series 20232013-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232013-6 2 Enhancement Deficiency would result from excluding the Series 2023-6 Class A/B Available Cash Collateral Account Amount or the Class C Available Cash Collateral Account Amount from the Series 2023-6 Class A/B Enhancement Amount or the Class C Enhancement Amount, respectively, (y) the Series 2023-6 Class A/B Liquidity Amount, excluding therefrom the Series 2023-6 Class A/B Available Cash Collateral Account Amount, would be less than the Series 2023-6 Class A/B Required Liquidity Amount or (z) the Class C Liquidity Amount, excluding therefrom the Class C Available Cash Collateral Amount, would be less than the Class C Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2013-Series 2 Letter of Credit Provider or any MultiSeries 2013-Series 2 Letter of Credit Provider repudiates its MultiSeries 2013-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232013-6 2 Enhancement Deficiency would result from excluding the such Series 20232013-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 2023-6 Class A/B Enhancement Amount or the Class C Enhancement Amount or (y) the Series 2023-6 Class A/B Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20232013-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 2023-6 Class A/B Required Liquidity Amount or the Class C Required Liquidity Amount, respectively.
Appears in 1 contract
Samples: Amended and Restated Series 2013 2 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232020-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232020-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232020-6 1 Notes):
(a) a Series 20232020-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232020-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232020-6 1 Liquidity Amount shall be less than the Series 20232020-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232020-6 1 Collection Account, the Series 20232020-6 1 Excess Collection Account or the Series 20232020-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232020-6 1 Notes is not paid in full on or before the Series 20232020-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2020-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232020-6 1 Enhancement Deficiency would result from excluding the such Series 20232020-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232020-6 1 Enhancement Amount or (y) the Series 20232020-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232020-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232020-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232020-6 1 Cash Collateral Account, the Series 20232020-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232020-6 1 Enhancement Deficiency would result from excluding the Series 20232020-6 1 Available Cash Collateral Account Amount from the Series 20232020-6 1 Enhancement Amount or (y) the Series 20232020-6 1 Liquidity Amount, excluding therefrom the Series 20232020-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232020-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2020-Series 1 Letter of Credit Provider or any MultiSeries 2020-Series 1 Letter of Credit Provider repudiates its MultiSeries 2020-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232020-6 1 Enhancement Deficiency would result from excluding the such Series 20232020-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232020-6 1 Enhancement Amount or (y) the Series 20232020-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232020-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232020-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232010-6 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232010-6 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232010-6 3 Notes):
(a) a Series 20232010-6 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232010-6 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232010-6 3 Liquidity Amount shall be less than the Series 20232010-6 3 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232010-6 3 Collection Account, the Series 20232010-6 3 Excess Collection Account or the Series 20232010-6 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232010-6 3 Notes is not paid in full on or before the Series 20232010-6 3 Expected Final Distribution Date;
(e) any MultiSeries 2010-Series 3 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232010-6 3 Enhancement Deficiency would result from excluding the such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit from the Series 20232010-6 3 Enhancement Amount or (y) the Series 20232010-6 3 Liquidity Amount, excluding therefrom the available amount under such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit, would be less than the Series 20232010-6 3 Required Liquidity Amount;
(f) from and after the funding of the Series 20232010-6 3 Cash Collateral Account, the Series 20232010-6 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232010-6 3 Enhancement Deficiency would result from excluding the Series 20232010-6 3 Available Cash Collateral Account Amount from the Series 20232010-6 3 Enhancement Amount or (y) the Series 20232010-6 3 Liquidity Amount, excluding therefrom the Series 20232010-6 3 Available Cash Collateral Account Amount, would be less than the Series 20232010-6 3 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2010-Series 3 Letter of Credit Provider or any MultiSeries 2010-Series 3 Letter of Credit Provider repudiates its MultiSeries 2010-Series 3 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232010-6 3 Enhancement Deficiency would result from excluding the such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit from the Series 20232010-6 3 Enhancement Amount or (y) the Series 20232010-6 3 Liquidity Amount, excluding therefrom the available amount under such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit, would be less than the Series 20232010-6 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20232005-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(j) of the Base Indenture with respect to the Series 20232005-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 2 Notes)::
(a) HVF defaults in the payment of any interest on, or other amount payable in respect of, the Series 2005-2 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) HVF defaults in the payment of any principal of the Series 20232005-6 2 Notes when the same becomes due and payable on the applicable Legal Final Payment Date;
(c) a Class Enhancement Deficiency shall occur and continue for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(bd) a Class Liquidity Deficiency shall occur and continue for at least three (3) Business Days;
(e) (i) all principal of and interest on the Class A-1 Notes, the Class A-2 Notes, the Class B-1 Notes and the Class B-2 Notes is not paid in full on or before the Three-Year Notes Expected Final Payment Date, (ii) all principal of and interest on the Class A-3 Notes, the Class A-4 Notes, the Class B-3 Notes and the Class B-4 Notes is not paid in full on or before the Four-Year Notes Expected Final Payment Date or (iii) all principal of and interest on the Class A-5 Notes, the Class A-6 Notes, the Class B-5 Notes and the Class B-6 Notes is not paid in full on or before the Five-Year Notes Expected Final Payment Date;
(f) the Series 2023-6 Liquidity Class A Asset Amount shall be less than the Class A Required Asset Amount for at least three (3) Business Days or the Class B Asset Amount shall be less than the Series 20232005-6 2 Required Liquidity Asset Amount for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(cg) the Collection Insured Principal Deficit Amount shall be greater than zero;
(h) the Class A Reserve Account, a Class A Cash Collateral Account, the Class B Reserve Account, a Class B Cash Collateral Account, the Series 20232005-6 Collection Account, the Series 2023-6 2 Excess Collection Account or the Series 2023-6 Reserve any HVF Exchange Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(da Permitted Lien) all principal of and interest on any Class of the Series 2023-6 Notes is not paid in full on or before the Series 2023-6 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two three (23) Business Days and (x) either a Series 2023-6 Class Enhancement Deficiency or a Class Liquidity Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to amount on deposit in any such Multi-Series Letter of Credit from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 Cash Collateral Account, the Series 2023-6 Cash Collateral Account shall be account that is subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documentsa Permitted Lien) for at least two three (23) Business Days and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Available Cash Collateral Account Amount from the Series 2023-6 Class Enhancement Amount or (y) the Series 2023-6 Class Liquidity Amount, excluding therefrom to the Series 2023-6 Available Cash Collateral Account Amount, would be less than the Series 2023-6 Required Liquidity Amount; andextent applicable;
(gi) the Trustee shall make a demand for payment under the Insurance Policy;
(j) the occurrence of an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses the Insurer;
(k) the Insurer fails to honor a proper draw thereon demand for payment made in accordance with the requirements of the Insurance Policy;
(l) the Trustee shall for any reason cease to have a valid and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding perfected first priority security interest in the Series 20232005-6 Applicable Multi-Series L/C Amount attributable 2 Collateral (other than the Initial Hertz Vehicles and the Service Vehicles) or any of the Lessee, HVF or any Affiliate of either so asserts in writing;
(m) the occurrence of a Servicer Event of Default;
(n) HVF fails to such Multi-Series Letter comply with any of Credit from its other agreements or covenants in, or provisions of, the Series 20232005-6 Enhancement Amount 2 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series 2005-2 Noteholders or the Insurer and continues to materially and adversely affect the interests of the Series 2005-2 Noteholders or the Insurer for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (yii) the Series 2023-6 Liquidity Amountdate on which written notice of such failure, excluding therefrom requiring the same to be remedied, shall have been given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 20232005-6 Applicable Multi-Series L/C Amount attributable to 2 Notes; or
(o) any representation made by HVF in the Indenture or any Related Document is false and such Multi-Series Letter false representation materially and adversely affects the interests of Credit, would be less than the Series 20232005-6 2 Noteholders or the Insurer and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date that written notice thereof is given to HVF by the Trustee or to HVF and the Trustee by the Required Liquidity AmountNoteholders with respect to the Series 2005-2 Notes. In the case of
(i) any event described in clauses (a) through (l) above, an Amortization Event with respect to the Series 2005-2 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2005-2 Noteholder or
(ii) any event described in clauses (m) through (o) above, either the Trustee may, by written notice to HVF or the Required Noteholders with respect to the Series 2005-2 Notes may, by written notice to HVF and the Trustee declare that an Amortization Event with respect to the Series 2005-2 Notes has occurred as of the date of the notice. Amortization Events with respect to the Series 2005-2 Notes described in clauses (j) and (k) above will not be subject to waiver. An Amortization Event with respect to the Series 2005-2 Notes described in clauses (a) through (i) and clauses (l) through (o) above will be subject to waiver in accordance with Section 9.4 of the Base Indenture. Notwithstanding anything herein to the contrary, an Amortization Event with respect to the Series 2005-2 Notes described in clause (l) above shall be curable at any time.
Appears in 1 contract
Samples: Amended and Restated Series Supplement (Hertz Global Holdings Inc)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232018-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232018-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232018-6 1 Notes):
(a) a Series 20232018-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232018-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2023-6 Class A/B/C Liquidity Amount shall be less than the Series 2023-6 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232018-6 1 Collection Account, the Series 20232018-6 1 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2023-6 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232018-6 1 Notes is not paid in full on or before the Series 20232018-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2018-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20232018-6 1 Enhancement Deficiency would result from excluding the such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2023-6 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20232018-6 1 Cash Collateral Account, the such Series 20232018-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232018-6 1 Enhancement Deficiency would result from excluding the Series 2023-6 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2023-6 Class A/B/C Liquidity Amount, excluding therefrom the Series 2023-6 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2018-Series 1 Letter of Credit Provider or any MultiSeries 2018-Series 1 Letter of Credit Provider repudiates its MultiSeries 2018-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232018-6 1 Enhancement Deficiency would result from excluding the such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2023-6 Class A/B/C Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Samples: Amended and Restated Series Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232024-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232024-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232024-6 2 Notes):
(a) a Series 20232024-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232024-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232024-6 2 Liquidity Amount shall be less than the Series 20232024-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232024-6 2 Collection Account, the Series 20232024-6 2 Excess Collection Account or the Series 20232024-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232024-6 2 Notes is not paid in full on or before the Series 20232024-6 2 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232024-6 2 Enhancement Deficiency would result from excluding the Series 20232024-6 2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232024-6 2 Enhancement Amount or (y) the Series 20232024-6 2 Liquidity Amount, excluding therefrom the Series 20232024-6 2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232024-6 2 Required Liquidity Amount;
(f) from and after the funding of the Series 20232024-6 2 Cash Collateral Account, the Series 20232024-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232024-6 2 Enhancement Deficiency would result from excluding the Series 20232024-6 2 Available Cash Collateral Account Amount from the Series 20232024-6 2 Enhancement Amount or (y) the Series 20232024-6 2 Liquidity Amount, excluding therefrom the Series 20232024-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232024-6 2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232024-6 2 Enhancement Deficiency would result from excluding the Series 20232024-6 2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232024-6 2 Enhancement Amount or (y) the Series 20232024-6 2 Liquidity Amount, excluding therefrom the Series 20232024-6 2 Applicable Multi-Multi- Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232024-6 2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232018-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232018-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232018-6 2 Notes):
(a) a Series 20232018-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232018-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2023-6 Class A/B/C Liquidity Amount shall be less than the Series 2023-6 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232018-6 2 Collection Account, the Series 20232018-6 2 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2023-6 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232018-6 2 Notes is not paid in full on or before the Series 20232018-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2018-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20232018-6 2 Enhancement Deficiency would result from excluding the such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2023-6 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20232018-6 2 Cash Collateral Account, the such Series 20232018-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232018-6 2 Enhancement Deficiency would result from excluding the Series 2023-6 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2023-6 Class A/B/C Liquidity Amount, excluding therefrom the Series 2023-6 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2018-Series 2 Letter of Credit Provider or any MultiSeries 2018-Series 2 Letter of Credit Provider repudiates its MultiSeries 2018-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232018-6 2 Enhancement Deficiency would result from excluding the such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2023-6 Class A/B/C Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Samples: Amended and Restated Series 2018 2 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232021-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232021-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232021-6 1 Notes):
(a) a Series 20232021-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232021-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232021-6 1 Liquidity Amount shall be less than the Series 20232021-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232021-6 1 Collection Account, the Series 20232021-6 1 Excess Collection Account or the Series 20232021-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232021-6 1 Notes is not paid in full on or before the Series 20232021-6 1 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232021-6 1 Enhancement Deficiency would result from excluding the Series 20232021-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232021-6 1 Enhancement Amount or (y) the Series 20232021-6 1 Liquidity Amount, excluding therefrom the Series 20232021-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232021-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232021-6 1 Cash Collateral Account, the Series 20232021-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232021-6 1 Enhancement Deficiency would result from excluding the Series 20232021-6 1 Available Cash Collateral Account Amount from the Series 20232021-6 1 Enhancement Amount or (y) the Series 20232021-6 1 Liquidity Amount, excluding therefrom the Series 20232021-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232021-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232021-6 1 Enhancement Deficiency would result from excluding the Series 20232021-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232021-6 1 Enhancement Amount or (y) the Series 20232021-6 1 Liquidity Amount, excluding therefrom the Series 20232021-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232021-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232009-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232009-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232009-6 2 Notes):
(a) a Series 20232009-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232009-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232009-6 2 Liquidity Amount shall be less than the Series 20232009-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232009-6 2 Collection Account, the Series 20232009-6 2 Excess Collection Account or the Series 20232009-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232009-6 2 Notes is not paid in full on or before the Series 20232009-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2009-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232009-6 2 Enhancement Deficiency would result from excluding the such Series 20232009-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232009-6 2 Enhancement Amount or (y) the Series 20232009-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232009-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232009-6 2 Required Liquidity Amount;
(f) from and after the funding of the Series 20232009-6 2 Cash Collateral Account, the Series 20232009-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232009-6 2 Enhancement Deficiency would result from excluding the Series 20232009-6 2 Available Cash Collateral Account Amount from the Series 20232009-6 2 Enhancement Amount or (y) the Series 20232009-6 2 Liquidity Amount, excluding therefrom the Series 20232009-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232009-6 2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2009-Series 2 Letter of Credit Provider or any MultiSeries 2009-Series 2 Letter of Credit Provider repudiates its MultiSeries 2009-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232009-6 2 Enhancement Deficiency would result from excluding the such Series 20232009-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232009-6 2 Enhancement Amount or (y) the Series 20232009-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232009-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232009-6 2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232011-6 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232011-6 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232011-6 3 Notes):
(a) a Series 20232011-6 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232011-6 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232011-6 3 Liquidity Amount shall be less than the Series 20232011-6 3 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232011-6 3 Collection Account, the Series 20232011-6 3 Excess Collection Account or the Series 20232011-6 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232011-6 3 Notes is not paid in full on or before the Series 20232011-6 3 Expected Final Distribution Date;
(e) any MultiSeries 2011-Series 3 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232011-6 3 Enhancement Deficiency would result from excluding the such Series 20232011-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit from the Series 20232011-6 3 Enhancement Amount or (y) the Series 20232011-6 3 Liquidity Amount, excluding therefrom the available amount under such Series 20232011-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit, would be less than the Series 20232011-6 3 Required Liquidity Amount;
(f) from and after the funding of the Series 20232011-6 3 Cash Collateral Account, the Series 20232011-6 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232011-6 3 Enhancement Deficiency would result from excluding the Series 20232011-6 3 Available Cash Collateral Account Amount from the Series 20232011-6 3 Enhancement Amount or (y) the Series 20232011-6 3 Liquidity Amount, excluding therefrom the Series 20232011-6 3 Available Cash Collateral Account Amount, would be less than the Series 20232011-6 3 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2011-Series 3 Letter of Credit Provider or any MultiSeries 2011-Series 3 Letter of Credit Provider repudiates its MultiSeries 2011-Series 3 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232011-6 3 Enhancement Deficiency would result from excluding the such Series 20232011-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit from the Series 20232011-6 3 Enhancement Amount or (y) the Series 20232011-6 3 Liquidity Amount, excluding therefrom the available amount under such Series 20232011-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit, would be less than the Series 20232011-6 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232010-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(1) of the Base Indenture with respect to the Series 20232010-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232010-6 1 Notes):
(a) a Series 20232010-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232010-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Series 2010-1 Related Documents;
(b) the Series 20232010-6 1 Liquidity Amount shall be less than the Series 20232010-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Series 2010-1 Related Documents;
(c) the Collection Account, the Series 2023-6 Group II Collection Account, the Series 20232010-6 Excess 1 Collection Account, the Series 2010-1 Principal Subaccount, the Series 2010-1 Accrued Interest Account, the Series 2010-1 Distribution Account or the Series 20232010-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Series 2010-1 Related Documents);
(d) all principal of and interest on any Class of the Series 20232010-6 Notes is 1 Invested Amount shall not paid in full have been reduced to zero on or before prior to the Series 20232010-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2010-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20232010-6 1 Enhancement Deficiency would result from excluding the such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232010-6 1 Enhancement Amount or (y) the Series 20232010-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232010-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232010-6 1 Cash Collateral Account, the Series 20232010-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Series 2010-1 Related Documents) for at least two (2) Business Days and either (x) a Series 20232010-6 1 Enhancement Deficiency would result from excluding the Series 20232010-6 1 Available Cash Collateral Account Amount from the Series 20232010-6 1 Enhancement Amount or (y) the Series 20232010-6 1 Liquidity Amount, excluding therefrom the Series 20232010-6 1 Available Cash Collateral Account AmountAccount, would be less than the Series 20232010-6 1 Required Liquidity Amount; and;
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2010-Series 1 Letter of Credit Provider or any MultiSeries 2010-Series 1 Letter of Credit Provider repudiates its MultiSeries 2010-Series 1 Letter of Credit or refuses to honor a proper draw thereon and such repudiation or refusal is not cured, or such Series 2010-1 Letter of Credit is not replaced, within two (2) Business Days, and either (x) a Series 20232010-6 1 Enhancement Deficiency would result from excluding the such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232010-6 1 Enhancement Amount or (y) the Series 20232010-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232010-6 1 Required Liquidity Amount; or
(h) a Borrowing Base Deficiency shall occur and continue for at least ten (10) days. Upon the occurrence of an Amortization Event with respect to the Series 2010-1 Notes, all Collections shall be allocated and distributed to the Series 2010-1 Noteholders in accordance with Article IV hereof. Notwithstanding any provision to the contrary in this Indenture, (i) the occurrence of an Amortization Event described in clause (d) of this Article V shall constitute a Limited Liquidation Event of Default if such Amortization Event is not cured or otherwise waived within 30 days of the occurrence thereof and (ii) upon the occurrence of any such Limited Liquidation Event of Default described in the foregoing clause (i), the Trustee shall, without any further direction or other action on the part of any of the Series 2010-1 Noteholders, promptly commence, or cause CPF to commence, the sale of Group II CPF Trucks to third parties in an amount sufficient to pay all interest and principal on the Series 2010-1 Notes.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20231999-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(f) of the Base Indenture with respect to the Series 20231999-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 1 Notes)::
(a) a Series 20231999-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 2023-6 Liquidity Amount shall be less than Issuer defaults in the payment of any interest on, or other amount payable in respect of, the Series 20231999-6 Required Liquidity Amount 1 Notes when the same becomes due and payable and such default continues for at least two a period of five (25) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, Issuer defaults in the payment of any principal of the Series 20231999-6 Collection Account, 1 Notes when the Series 2023-6 Excess Collection Account or the Series 2023-6 Reserve Account shall be subject to an injunction, estoppel or other stay or same becomes due and payable and such default continues for a Lien period of one (other than Liens permitted under the Related Documents)1) Business Day;
(d) all principal of and interest on any Class of the Series 20231999-6 1 Notes is not paid in full on or before the Series 20231999-6 Expected Final Distribution 1 Termination Date;
(e) the Issuer fails to comply with any Multiof its other agreements or covenants in, or provisions of, the Series 1999-1 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series Letter 1999-1 Noteholder and continues to materially and adversely affect the interests of Credit the Series 1999-1 Noteholder for a period of forty-five (45) days after the earlier of (i) the date on which the Issuer obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Issuer by the Trustee or to the Issuer and the Trustee by the ARG Trustee or the Series 1999-1 Required Noteholders;
(f) any representation made by the Issuer in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 1999-1 Noteholder and such false representation is not cured for a period of forty-five (45) days after the earlier of (i) the date on which the Issuer obtains knowledge thereof or (ii) the date that written notice thereof is given to the Issuer by the Trustee or to the Issuer and the Trustee by the ARG Trustee or the Series 1999-1 Required Noteholders;
(g) (i) any Lease Event of Default described in Section 17.1.1(i) or 17.1.5 of any Leasing Company Lease shall occur, whether or not subsequently waived by the Issuer, or (ii) any other Lease Event of Default under any Leasing Company Lease shall occur, whether or not subsequently waived by the Issuer;
(h) the Lease is terminated for any reason; or
(i) any of the Related Documents (other than any Related Document relating solely to another Series of Notes) or any material portion thereof shall not be in full force and effect, enforceable in accordance with its terms (other than any Related Document that has been terminated in accordance with its terms or any Manufacturer Program which is not in full force and effect for at least two or unenforceable, in its entirety or with respect to any material portion solely as a result of the occurrence of an Event of Bankruptcy with respect to the related Manufacturer) or the Issuer, any Lessee or the Servicer shall so assert in writing. In the case of (2i) Business Days and any event described in clause (xa), (b), (c), (d), (g)(i), or (h) either a Series 2023-6 Enhancement Deficiency would result from excluding above, an Amortization Event with respect to the Series 20231999-6 Applicable Multi1 Notes shall immediately occur without any notice or other action on the part of the Trustee or any Series 1999-Series L/C Amount attributable 1 Noteholder or (ii) any event described in clause (e), (f), (g)(ii) or (i) above, either the Trustee, by written notice to such Multi-Series Letter of Credit from the Issuer, or the Series 20231999-6 Enhancement Amount 1 Required Noteholders, by written notice to the Issuer and the Trustee, may declare that an Amortization Event has occurred with respect to the Series 1999-1 Notes as of the date of the notice. An Amortization Event described in clause (e), (f), (g)(ii), or (yi) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 Cash Collateral Account, the Series 2023-6 Cash Collateral Account above shall be subject to an injunctionwaiver in accordance with Section 9.4 of the Base Indenture. An Amortization Event described in clause (a), estoppel (b), (c), (d), (g)(i), or other stay or a Lien (other than Liens permitted under the Related Documentsh) for at least two (2) Business Days and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding shall be subject to waiver by all of the Series 20231999-6 Available Cash Collateral Account Amount from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Available Cash Collateral Account Amount, would be less than the Series 2023-6 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount1 Noteholders.
Appears in 1 contract
Samples: Fifth Amended and Restated Series 1999 1 Supplement (Vanguard Car Rental Group Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20231999-6 l Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(f) of the Base Indenture with respect to the Series 20231999-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 1 Notes)::
(a) a Series 20231999-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 2023-6 Liquidity Amount shall be less than Issuer defaults in the payment of any interest on, or other amount payable in respect of, the Series 20231999-6 Required Liquidity Amount 1 Notes when the same becomes due and payable and such default continues for at least two a period of five (25) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, Issuer defaults in the payment of any principal of the Series 20231999-6 Collection Account, 1 Notes when the Series 2023-6 Excess Collection Account or the Series 2023-6 Reserve Account shall be subject to an injunction, estoppel or other stay or same becomes due and payable and such default continues for a Lien period of one (other than Liens permitted under the Related Documents)1) Business Day;
(d) all principal of and interest on any Class of the Series 20231999-6 1 Notes is not paid in full on or before the Series 20231999-6 Expected Final Distribution 1 Termination Date;
(e) the Issuer fails to comply with any Multiof its other agreements or covenants in, or provisions of, the Series 1999-1 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series Letter 1999-1 Noteholder and continues to materially and adversely affect the interests of Credit the Series 1999-1 Noteholder for a period of forty-five (45) days after the earlier of (i) the date on which the Issuer obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Issuer by the Trustee or to the Issuer and the Trustee by the ARG Trustee or the Series 1999-1 Required Noteholders;
(f) any representation made by the Issuer in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 1999-1 Noteholder and such false representation is not cured for a period of forty-five (45) days after the earlier of (i) the date on which the Issuer obtains knowledge thereof or (ii) the date that written notice thereof is given to the Issuer by the Trustee or to the Issuer and the Trustee by the ARG Trustee or the Series 1999-1 Required Noteholders;
(g) (i) any Lease Event of Default described in Section 17.1. l(i) or 17.1.5 of any Leasing Company Lease shall occur, whether or not subsequently waived by the Issuer, or (ii) any other Lease Event of Default under any Leasing Company Lease shall occur, whether or not subsequently waived by the Issuer;
(h) the Lease is terminated for any reason; or
(i) any of the Related Documents (other than any Related Document relating solely to another Series of Notes) or any material portion thereof shall not be in full force and effect, enforceable in accordance with its terms (other than any Related Document that has been terminated in accordance with its terms or any Manufacturer Program which is not in full force and effect for at least two or unenforceable, in its entirety or with respect to any material portion solely as a result of the occurrence of an Event of Bankruptcy with respect to the related Manufacturer) or the Issuer, any Lessee or he Servicer shall so assert in writing. In the case of (2i) Business Days and any event described in clause (xa), (b), (c), (d), (g)(i), or (h) either a Series 2023-6 Enhancement Deficiency would result from excluding above, an Amortization Event with respect to the Series 20231999-6 Applicable Multi1 Notes shall immediately occur without any notice or other action on the part of the Trustee or any Series 1999-Series L/C Amount attributable 1 Noteholder or (ii) any event described in clause (e), (ii), (g)(ii) or (i) above, either the Trustee, by written notice to such Multi-Series Letter of Credit from the Issuer, or the Series 20231999-6 Enhancement Amount 1 Required Noteholders, by written notice to the Issuer and the Trustee, may declare that an Amortization Event has occurred with respect to the Series 1999-1 Notes as of the date of the notice. An Amortization Event described in clause (e), (f), (g)(ii), or (yi) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 Cash Collateral Account, the Series 2023-6 Cash Collateral Account above shall be subject to an injunctionwaiver in accordance with Section 9.4 of the Base Indenture. An Amortization Event described in clause (a), estoppel (b), (c), (d), (g), (i), or other stay or a Lien (other than Liens permitted under the Related Documentsh) for at least two (2) Business Days and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding shall be subject to waiver by all of the Series 20231999-6 Available Cash Collateral Account Amount from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Available Cash Collateral Account Amount, would be less than the Series 2023-6 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount1 Noteholders.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20231998-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20231998-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20231998-6 1 Notes):) and shall not be subject to waiver:
(a) a Series 20231998-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20231998-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20231998-6 1 Liquidity Amount shall be less than the Series 20231998-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20231998-6 Collection Account, the Series 2023-6 Excess Collection Account or the Series 2023-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20231998-6 1 Notes is not paid in full on or before the Series 20231998-6 1 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any MultiSeries 1998-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20231998-6 1 Enhancement Deficiency would result from excluding the such Series 20231998-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20231998-6 1 Enhancement Amount or (y) the Series 20231998-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20231998-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20231998-6 1 Required Liquidity Amount;
(fi) from and after the funding of the Series 20231998-6 1 Cash Collateral Account, the Series 20231998-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20231998-6 1 Enhancement Deficiency would result from excluding the Series 20231998-6 1 Available Cash Collateral Account Amount from the Series 20231998-6 1 Enhancement Amount or (y) the Series 20231998-6 1 Liquidity Amount, excluding therefrom the Series 20231998-6 1 Available Cash Collateral Account Amount, would be less than the Series 20231998-6 1 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 1998-Series 1 Letter of Credit Provider or any MultiSeries 1998-Series 1 Letter of Credit Provider repudiates its MultiSeries 1998-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20231998-6 1 Enhancement Deficiency would result from excluding the such Series 20231998-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20231998-6 1 Enhancement Amount or (y) the Series 20231998-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20231998-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20231998-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232016-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232016-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232016-6 1 Notes):
(a) a Series 20232016-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232016-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232016-6 1 Liquidity Amount shall be less than the Series 20232016-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232016-6 1 Collection Account, the Series 20232016-6 1 Excess Collection Account or the Series 20232016-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232016-6 1 Notes is not paid in full on or before the Series 20232016-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2016-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232016-6 1 Enhancement Deficiency would result from excluding the such Series 20232016-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232016-6 1 Enhancement Amount or (y) the Series 20232016-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232016-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232016-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232016-6 1 Cash Collateral Account, the Series 20232016-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232016-6 1 Enhancement Deficiency would result from excluding the Series 20232016-6 1 Available Cash Collateral Account Amount from the Series 20232016-6 1 Enhancement Amount or (y) the Series 20232016-6 1 Liquidity Amount, excluding therefrom the Series 20232016-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232016-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2016-Series 1 Letter of Credit Provider or any MultiSeries 2016-Series 1 Letter of Credit Provider repudiates its MultiSeries 2016-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232016-6 1 Enhancement Deficiency would result from excluding the such Series 20232016-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232016-6 1 Enhancement Amount or (y) the Series 20232016-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232016-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232016-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232019-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232019-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232019-6 2 Notes):
(a) a Series 20232019-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232019-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232019-6 2 Liquidity Amount shall be less than the Series 20232019-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232019-6 2 Collection Account, the Series 20232019-6 2 Excess Collection Account or the Series 20232019-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232019-6 2 Notes is not paid in full on or before the Series 20232019-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2019-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232019-6 2 Enhancement Deficiency would result from excluding the such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232019-6 2 Enhancement Amount or (y) the Series 20232019-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232019-6 2 Required Liquidity Amount;
(f) from and after the funding of the Series 20232019-6 2 Cash Collateral Account, the Series 20232019-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232019-6 2 Enhancement Deficiency would result from excluding the Series 20232019-6 2 Available Cash Collateral Account Amount from the Series 20232019-6 2 Enhancement Amount or (y) the Series 20232019-6 2 Liquidity Amount, excluding therefrom the Series 20232019-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232019-6 2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2019-Series 2 Letter of Credit Provider or any MultiSeries 2019-Series 2 Letter of Credit Provider repudiates its MultiSeries 2019-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232019-6 2 Enhancement Deficiency would result from excluding the such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232019-6 2 Enhancement Amount or (y) the Series 20232019-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232019-6 2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232012-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232012-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232012-6 2 Notes):
(a) a Series 20232012-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232012-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232012-6 2 Liquidity Amount shall be less than the Series 20232012-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232012-6 2 Collection Account, the Series 20232012-6 2 Excess Collection Account or the Series 20232012-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232012-6 2 Notes is not paid in full on or before the Series 20232012-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2012-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232012-6 2 Enhancement Deficiency would result from excluding the such Series 20232012-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232012-6 2 Enhancement Amount or (y) the Series 20232012-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232012-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232012-6 2 Required Liquidity Amount;
(f) from and after the funding of the Series 20232012-6 2 Cash Collateral Account, the Series 20232012-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232012-6 2 Enhancement Deficiency would result from excluding the Series 20232012-6 2 Available Cash Collateral Account Amount from the Series 20232012-6 2 Enhancement Amount or (y) the Series 20232012-6 2 Liquidity Amount, excluding therefrom the Series 20232012-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232012-6 2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2012-Series 2 Letter of Credit Provider or any MultiSeries 2012-Series 2 Letter of Credit Provider repudiates its MultiSeries 2012-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232012-6 2 Enhancement Deficiency would result from excluding the such Series 20232012-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232012-6 2 Enhancement Amount or (y) the Series 20232012-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232012-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232012-6 2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232024-6 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232024-6 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232024-6 3 Notes):
(a) a Series 20232024-6 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232024-6 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232024-6 3 Liquidity Amount shall be less than the Series 20232024-6 3 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232024-6 3 Collection Account, the Series 20232024-6 3 Excess Collection Account or the Series 20232024-6 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232024-6 3 Notes is not paid in full on or before the Series 20232024-6 3 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232024-6 3 Enhancement Deficiency would result from excluding the Series 20232024-6 3 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232024-6 3 Enhancement Amount or (y) the Series 20232024-6 3 Liquidity Amount, excluding therefrom the Series 20232024-6 3 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232024-6 3 Required Liquidity Amount;
(f) from and after the funding of the Series 20232024-6 3 Cash Collateral Account, the Series 20232024-6 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232024-6 3 Enhancement Deficiency would result from excluding the Series 20232024-6 3 Available Cash Collateral Account Amount from the Series 20232024-6 3 Enhancement Amount or (y) the Series 20232024-6 3 Liquidity Amount, excluding therefrom the Series 20232024-6 3 Available Cash Collateral Account Amount, would be less than the Series 20232024-6 3 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232024-6 3 Enhancement Deficiency would result from excluding the Series 20232024-6 3 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232024-6 3 Enhancement Amount or (y) the Series 20232024-6 3 Liquidity Amount, excluding therefrom the Series 20232024-6 3 Applicable Multi-Multi- Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232024-6 3 Required Liquidity Amount.
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Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20232009-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(j) of the Base Indenture with respect to the Series 20232009-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 2 Notes)::
(a) HVF defaults in the payment of any interest on, or other amount payable in respect of, the Series 2009-2 Notes (other than the payments described in clauses (b) and (e) below) when the same becomes due and payable and such default continues for a Series 2023-6 Enhancement Deficiency shall occur and continue for at least two period of five (25) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) HVF defaults in the payment of any principal of the Series 20232009-6 2 Notes when the same becomes due and payable on the applicable Legal Final Payment Date;
(c) a Class A Enhancement Deficiency shall exist and continue to exist for at least three (3) Business Days;
(d) a Class A Liquidity Deficiency shall exist and continue to exist for at least three (3) Business Days;
(i) all principal of and interest on the Class A-1 Notes is not paid in full on or before the Three-Year Notes Expected Final Payment Date or (ii) all principal of and interest on the Class A-2 Notes is not paid in full on or before the Five-Year Notes Expected Final Payment Date;
(f) the Class A Asset Amount shall be less than the Series 2023-6 Class A Required Liquidity Asset Amount for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(cg) the Collection Class A Reserve Account, a Class A Cash Collateral Account, the Series 20232009-6 2 Excess Collection Account, the Series 2023-6 Excess Collection Account or the Series 2023-6 Reserve any HVF Exchange Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(da Permitted Lien) all principal of and interest on any Class of the Series 2023-6 Notes is not paid in full on or before the Series 2023-6 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two three (23) Business Days and (x) either a Series 2023-6 Class A Enhancement Deficiency or a Class A Liquidity Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to amount on deposit in any such Multi-Series Letter of Credit from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 Cash Collateral Account, the Series 2023-6 Cash Collateral Account shall be account that is subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documentsa Permitted Lien) for at least two three (23) Business Days and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Available Cash Collateral Account Amount from the Series 2023-6 Class A Adjusted Enhancement Amount or (y) the Series 2023-6 Class A Adjusted Liquidity Amount, excluding therefrom to the extent applicable;
(h) the Trustee shall for any reason cease to have a valid and perfected first-priority security interest in the Series 20232009-6 Available Cash 2 Collateral Account Amountor any of the Lessee, would be less than HVF or any Affiliate of either so asserts in writing;
(i) the occurrence of a Servicer Event of Default;
(j) HVF fails to comply with any of its other agreements or covenants in, or provisions of, the Series 20232009-6 Required Liquidity Amount; and
2 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series 2009-2 Noteholders and continues to materially and adversely affect the interests of the Series 2009-2 Noteholders for a period of thirty (g30) an Event days after the earlier of Bankruptcy (i) the date on which HVF obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have occurred been given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 2009-2 Notes; or
(k) any Multi-Series Letter of Credit Provider representation made by HVF in the Indenture or any Multi-Series Letter Related Document is false and such false representation materially and adversely affects the interests of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 20232009-6 Applicable Multi-Series L/C Amount attributable 2 Noteholders and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date that written notice thereof is given to such Multi-Series Letter of Credit from HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 20232009-6 Enhancement Amount 2 Notes. In the case of
(i) any event described in clauses (a) through (h) above, an Amortization Event with respect to the Series 2009-2 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2009-2 Noteholder or
(yii) any event described in clauses (i) through (k) above, either the Trustee may, by written notice to HVF or the Required Noteholders with respect to the Series 2009-2 Notes may, by written notice to HVF and the Trustee declare that an Amortization Event with respect to the Series 2009-2 Notes has occurred as of the date of the notice. Subject to Section 12.2 of the Base Indenture, (A) the Series 2023Class A Noteholders owning an aggregate Principal Amount of Class A Notes in excess of 66-6 Liquidity 2/3% of the Class A Principal Amount, excluding therefrom by notice to the Trustee, may waive any existing Potential Amortization Event or Amortization Event with respect to the Series 20232009-6 Applicable Multi-Series L/C Amount attributable 2 Notes described in clauses (a) through (h) above and (B) the Required Noteholders with respect to such Multi-Series Letter of Credit, would be less than the Series 20232009-6 Required Liquidity Amount2 Notes, by notice to the Trustee, may waive any existing Potential Amortization Event or Amortization Event with respect to the Series 2009-2 Notes described in clauses (i) through (k) above. Upon any such waiver, such Potential Amortization Event shall cease to exist with respect to the Series 2009-2 Notes, and any Amortization Event with respect to the Series 2009-2 Notes arising therefrom shall be deemed to have been cured for every purpose of the Indenture, but no such waiver shall extend to any subsequent or other Potential Amortization Event or impair any right consequent thereon. The Trustee shall provide notice to each Rating Agency then-rating the Series 2009-2 Notes of any waiver by the Series 2009-2 Notes pursuant to this provision. Notwithstanding anything herein to the contrary, an Amortization Event with respect to the Series 2009-2 Notes described in clause (h) above shall be curable at any time.
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Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232019-6 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232019-6 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232019-6 3 Notes):
(a) a Series 20232019-6 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232019-6 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2023-6 Class A/B/C Liquidity Amount shall be less than the Series 2023-6 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232019-6 3 Collection Account, the Series 20232019-6 3 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2023-6 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232019-6 3 Notes is not paid in full on or before the Series 20232019-6 3 Expected Final Distribution Date;
(e) any MultiSeries 2019-Series 3 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20232019-6 3 Enhancement Deficiency would result from excluding the such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2023-6 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20232019-6 3 Cash Collateral Account, the such Series 20232019-6 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232019-6 3 Enhancement Deficiency would result from excluding the Series 2023-6 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2023-6 Class A/B/C Liquidity Amount, excluding therefrom the Series 2023-6 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2019-Series 3 Letter of Credit Provider or any MultiSeries 2019-Series 3 Letter of Credit Provider repudiates its MultiSeries 2019-Series 3 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232019-6 3 Enhancement Deficiency would result from excluding the such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit from the Series 2023-6 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2023-6 Class A/B/C Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit, would be less than the Series 2023-6 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Samples: Amended and Restated Series 2019 3 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232024-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232024-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232024-6 1 Notes):
(a) a Series 20232024-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232024-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232024-6 1 Liquidity Amount shall be less than the Series 20232024-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232024-6 1 Collection Account, the Series 20232024-6 1 Excess Collection Account or the Series 20232024-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232024-6 1 Notes is not paid in full on or before the Series 20232024-6 1 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232024-6 1 Enhancement Deficiency would result from excluding the Series 20232024-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232024-6 1 Enhancement Amount or (y) the Series 20232024-6 1 Liquidity Amount, excluding therefrom the Series 20232024-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232024-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232024-6 1 Cash Collateral Account, the Series 20232024-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232024-6 1 Enhancement Deficiency would result from excluding the Series 20232024-6 1 Available Cash Collateral Account Amount from the Series 20232024-6 1 Enhancement Amount or (y) the Series 20232024-6 1 Liquidity Amount, excluding therefrom the Series 20232024-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232024-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232024-6 1 Enhancement Deficiency would result from excluding the Series 20232024-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232024-6 1 Enhancement Amount or (y) the Series 20232024-6 1 Liquidity Amount, excluding therefrom the Series 20232024-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232024-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232016-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232016-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232016-6 2 Notes):
(a) a Series 20232016-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232016-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232016-6 2 Liquidity Amount shall be less than the Series 20232016-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232016-6 2 Collection Account, the Series 20232016-6 2 Excess Collection Account or the Series 20232016-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232016-6 2 Notes is not paid in full on or before the Series 20232016-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2016-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232016-6 2 Enhancement Deficiency would result from excluding the such Series 20232016-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232016-6 2 Enhancement Amount or (y) the Series 20232016-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232016-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232016-6 2 Required Liquidity Amount;
(f) from and after the funding of the Series 20232016-6 2 Cash Collateral Account, the Series 20232016-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232016-6 2 Enhancement Deficiency would result from excluding the Series 20232016-6 2 Available Cash Collateral Account Amount from the Series 20232016-6 2 Enhancement Amount or (y) the Series 20232016-6 2 Liquidity Amount, excluding therefrom the Series 20232016-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232016-6 2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2016-Series 2 Letter of Credit Provider or any MultiSeries 2016-Series 2 Letter of Credit Provider repudiates its MultiSeries 2016-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232016-6 2 Enhancement Deficiency would result from excluding the such Series 20232016-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232016-6 2 Enhancement Amount or (y) the Series 20232016-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232016-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232016-6 2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232022-6 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232022-6 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232022-6 5 Notes):
(a) a Series 20232022-6 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232022-6 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232022-6 5 Liquidity Amount shall be less than the Series 20232022-6 5 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232022-6 5 Collection Account, the Series 20232022-6 5 Excess Collection Account or the Series 20232022-6 5 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232022-6 5 Notes is not paid in full on or before the Series 20232022-6 5 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232022-6 5 Enhancement Deficiency would result from excluding the Series 20232022-6 5 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232022-6 5 Enhancement Amount or (y) the Series 20232022-6 5 Liquidity Amount, excluding therefrom the Series 20232022-6 5 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232022-6 5 Required Liquidity Amount;
(f) from and after the funding of the Series 20232022-6 5 Cash Collateral Account, the Series 20232022-6 5 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232022-6 5 Enhancement Deficiency would result from excluding the Series 20232022-6 5 Available Cash Collateral Account Amount from the Series 20232022-6 5 Enhancement Amount or (y) the Series 20232022-6 5 Liquidity Amount, excluding therefrom the Series 20232022-6 5 Available Cash Collateral Account Amount, would be less than the Series 20232022-6 5 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232022-6 5 Enhancement Deficiency would result from excluding the Series 20232022-6 5 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232022-6 5 Enhancement Amount or (y) the Series 20232022-6 5 Liquidity Amount, excluding therefrom the Series 20232022-6 5 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232022-6 5 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 2023-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2023-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 1 Notes):
(a) a Series 2023-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 2023-6 1 Liquidity Amount shall be less than the Series 2023-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 2023-6 1 Collection Account, the Series 2023-6 1 Excess Collection Account or the Series 2023-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 2023-6 1 Notes is not paid in full on or before the Series 2023-6 1 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2023-6 1 Enhancement Deficiency would result from excluding the Series 2023-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 1 Enhancement Amount or (y) the Series 2023-6 1 Liquidity Amount, excluding therefrom the Series 2023-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 1 Cash Collateral Account, the Series 2023-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2023-6 1 Enhancement Deficiency would result from excluding the Series 2023-6 1 Available Cash Collateral Account Amount from the Series 2023-6 1 Enhancement Amount or (y) the Series 2023-6 1 Liquidity Amount, excluding therefrom the Series 2023-6 1 Available Cash Collateral Account Amount, would be less than the Series 2023-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 1 Enhancement Deficiency would result from excluding the Series 2023-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 1 Enhancement Amount or (y) the Series 2023-6 1 Liquidity Amount, excluding therefrom the Series 2023-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232011-6 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232011-6 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232011-6 5 Notes):
(a) a Series 20232011-6 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232011-6 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232011-6 5 Liquidity Amount shall be less than the Series 20232011-6 5 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232011-6 5 Collection Account, the Series 20232011-6 5 Excess Collection Account or the Series 20232011-6 5 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232011-6 5 Notes is not paid in full on or before the Series 20232011-6 5 Expected Final Distribution Date;
(e) any MultiSeries 2011-Series 5 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232011-6 5 Enhancement Deficiency would result from excluding the such Series 20232011-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 5 Letter of Credit from the Series 20232011-6 5 Enhancement Amount or (y) the Series 20232011-6 5 Liquidity Amount, excluding therefrom the available amount under such Series 20232011-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 5 Letter of Credit, would be less than the Series 20232011-6 5 Required Liquidity Amount;
(f) from and after the funding of the Series 20232011-6 5 Cash Collateral Account, the Series 20232011-6 5 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232011-6 5 Enhancement Deficiency would result from excluding the Series 20232011-6 5 Available Cash Collateral Account Amount from the Series 20232011-6 5 Enhancement Amount or (y) the Series 20232011-6 5 Liquidity Amount, excluding therefrom the Series 20232011-6 5 Available Cash Collateral Account Amount, would be less than the Series 20232011-6 5 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2011-Series 5 Letter of Credit Provider or any MultiSeries 2011-Series 5 Letter of Credit Provider repudiates its MultiSeries 2011-Series 5 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232011-6 5 Enhancement Deficiency would result from excluding the such Series 20232011-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 5 Letter of Credit from the Series 20232011-6 5 Enhancement Amount or (y) the Series 20232011-6 5 Liquidity Amount, excluding therefrom the available amount under such Series 20232011-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 5 Letter of Credit, would be less than the Series 20232011-6 5 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the 10.1. The following shall be an constitute “Series 2010-2 Amortization Event Events” with respect to the Series 20232010-6 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2023-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 2 Notes)::
(a) HVF defaults in the payment of any interest on, or other amount payable in respect of, the Series 2010-2 Notes (other than the payments described in clauses (b), (e) and (f) below) when the same becomes due and payable and such default continues for a Series 2023-6 Enhancement Deficiency shall occur and continue for at least two period of three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) HVF defaults in the payment of any principal of the Series 20232010-6 2 Notes when the same becomes due and payable on the applicable Legal Final Payment Date;
(c) a Series 2010-2 Enhancement Deficiency shall exist and continue to exist for at least three (3) Business Days;
(d) a Series 2010-2 Liquidity Deficiency shall exist and continue to exist for at least three (3) Business Days;
(e) all principal of and interest on the Series 2010-2 Notes is not paid in full on or before the Expected Final Payment Date;
(f) the Series 2010-2 Controlled Amortization Amount required to be paid in respect of any Series 2010-2 Controlled Amortization Payment Date is not paid on such Series 2010-2 Controlled Amortization Payment Date and, other than with respect to the final Series 2010-2 Controlled Amortization Payment Date, such failure continues for a period of three (3) Business Days;
(g) the Series 2010-2 Aggregate Asset Amount shall be less than the Series 20232010-6 2 Required Liquidity Asset Amount for a period of at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(ch) the Principal Deficit Amount shall be greater than zero;
(i) the Series 2010-2 Collection Account, any Collateral Account containing amounts relating to Series 2010-2 Vehicles, any Series 2010-2 Series Account, the Series 20232010-6 Collection Account2 Distribution Account or any Series 2010-2 HVF Segregated Exchange Account shall be subject to an injunction, estoppel or other stay or a Lien (other than a Permitted Lien) and 30 days shall have elapsed without such Lien having been released or discharged;
(A) the Series 20232010-6 Excess Collection Account or the Series 2023-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under a Permitted Lien) for a period of at least three (3) Business Days or (B) the Related Documents);
Trustee shall cease to have a valid and perfected first priority security interest in the Series 2010-2 Reserve Account Collateral (d) all principal of and interest on or any Class of the Series 20230000-6 Notes is not paid 0 Xxxxxx, HVF or any Affiliate of either so asserts in full on or before the Series 2023-6 Expected Final Distribution Date;
(ewriting) any Multi-Series Letter of Credit shall not be and, in full force and effect for at least two (2) Business Days and each case, either (x) either a Series 20232010-6 2 Enhancement Deficiency would result from excluding the Series 20232010-6 Applicable Multi-Series L/C 2 Available Reserve Account Amount attributable to such Multi-Series Letter of Credit from the Series 20232010-6 2 Enhancement Amount or (y) the Series 20232010-6 2 Adjusted Liquidity Amount, excluding therefrom the Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit2 Available Reserve Account Amount, would be less than the Series 20232010-6 2 Required Liquidity Amount;
(fk) from and after the funding of the Series 20232010-6 2 Cash Collateral Account, (A) the Series 20232010-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documentsa Permitted Lien) for a period of at least two three (23) Business Days or (B) the Trustee shall cease to have a valid and perfected first priority security interest in the Series 2010-2 Cash Collateral Account Collateral (or any of the Series 0000-0 Xxxxxx, HVF or any Affiliate of either so asserts in writing) and, in each case, either (x) a Series 20232010-6 2 Enhancement Deficiency would result from excluding the Series 20232010-6 2 Available Cash Collateral Account Amount from the Series 20232010-6 2 Enhancement Amount or (y) the Series 20232010-6 2 Adjusted Liquidity Amount, excluding therefrom the Series 20232010-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232010-6 2 Required Liquidity Amount; and;
(gl) a Change of Control shall have occurred;
(m) at any time on or after the date of the first Increase hereunder, HVF shall fail to acquire and maintain in force one or more Series 2010-2 Interest Rate Caps at the times and in the notional amounts required by the terms of Section 9.11 of this Series Supplement and such failure continues for at least 3 Business Days;
(n) the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2010-2 Collateral (other than the Series 2010-2 Reserve Account Collateral and the Series 2010-2 Cash Collateral Account Collateral) or any of the Series 0000-0 Xxxxxx, HVF or any Affiliate of either so asserts in writing;
(o) the occurrence of a Series 2010-2 Servicer Event of Default;
(p) the occurrence of a Series 2010-2 Servicer Default or a Series 2010-2 Administrator Default;
(q) HVF fails to comply with any of its other agreements or covenants (other than any agreements or covenants relating solely to one or more Other Segregated Series of Notes and/or Series of Notes) in any Series 2010-2 Related Document and the failure to so comply materially and adversely affects the interests of the Series 2010-2 Noteholders and continues to materially and adversely affect the interests of the Series 2010-2 Noteholders for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF by the Trustee or to HVF and the Trustee by the Administrative Agent;
(r) any representation (other than any representation relating solely to one or more Other Segregated Series of Note and/or Series of Notes) made by HVF in the Base Indenture, this Series Supplement or any other Series 2010-2 Related Document is false and such false representation materially and adversely affects the interests of the Series 2010-2 Noteholders and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date that written notice thereof is given to HVF by the Trustee or to HVF and the Trustee by the Administrative Agent;
(s) (I) HVF or Hertz in its capacity as Series 2010-2 Administrator shall fail to comply with their respective obligations under the Series 2010-2 Back-Up Administration Agreement in any material respect and the failure to so comply materially and adversely affects the interests of the Series 2010-2 Noteholders and continues to materially and adversely affect the interests of the Series 2010-2 Noteholders for a period of thirty (30) days after the earlier of (i) the date on which HVF or the Series 2010-2 Administrator, as applicable, obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF and the Series 2010-2 Administrator by the Trustee or to HVF, the Series 2010-2 Administrator and the Trustee by the Administrative Agent or (II) the Series 2010-2 Back-Up Administration Agreement or any material portion thereof shall cease, for any reason, to be in full force and effect or enforceable in accordance with its terms for a period of thirty (30) days after the earlier of (i) the date on which HVF or the Series 2010-2 Administrator, as applicable, obtains knowledge thereof or (ii) the date on which written notice thereof shall have been given to HVF and the Series 2010-2 Administrator by the Trustee or to HVF, the Series 2010-2 Administrator and the Trustee by the Administrative Agent (unless such failure to be in full force and effect or failure to be enforceable is a result of a breach of the Series 2010-2 Back-Up Administration Agreement or any portion thereof by HVF or the Series 2010-2 Administrator, in which case such thirty (30) day grace period shall not apply);
(I) Hertz, in its capacity as Series 2010-2 Servicer, shall fail to comply with its obligations under the Series 2010-2 Back-Up Disposition Agreement in any material respect and the failure to so comply materially and adversely affects the interests of the Series 2010-2 Noteholders and continues to materially and adversely affect the interests of the Series 2010-2 Noteholders for a period of thirty (30) days after the earlier of (i) the date on which the Series 2010-2 Administrator or HVF obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Series 2010-2 Administrator and HVF by the Trustee or to the Series 2010-2 Administrator, HVF and the Trustee by the Administrative Agent or (II) the Back-Up Disposition Agent Agreement or any material portion thereof shall cease, for any reason, to be in full force and effect or enforceable in accordance with its terms for a period of thirty (30) days after the earlier of (i) the date on which HVF or the Series 2010-2 Administrator, as applicable, obtains knowledge thereof or (ii) the date on which written notice thereof shall have been given to HVF and the Series 2010-2 Administrator by the Trustee or to HVF, the Series 2010-2 Administrator and the Trustee by the Administrative Agent (unless such failure to be in full force and effect or failure to be enforceable is a result of a breach of the Series 2010-2 Back-Up Disposition Agreement or any portion thereof by the Series 2010-2 Administrator, in its capacity as Series 2010-2 Servicer, in which case such thirty (30) day grace period shall not apply);
(u) the occurrence of an Event of Bankruptcy with respect to Hertz Vehicles LLC, HGI, HVF or Hertz;
(v) the Securities and Exchange Commission or other regulatory body having jurisdiction reaches a final determination that Hertz Vehicles LLC, HGI or HVF is an “investment company” or is under the “control” of an “investment company” under the Investment Company Act;
(w) the Series 2010-2 Lease is terminated for any reason;
(x) any Series 2010-2 Lease Payment Default shall have occurred;
(y) an Amortization Event with respect to the Series 2009-1 Notes shall have occurred and be continuing;
(z) any Series 2010-2 Operating Lease Event of Default (other than a Series 2010-2 Lease Payment Default) shall have occurred and be continuing;
(aa) there shall have been filed against Hertz, Hertz Vehicles LLC, HGI or HVF (i) a notice of a federal tax lien from the Internal Revenue Service, (ii) a notice of a Lien from the Pension Benefit Guaranty Corporation under Section 412(n) of the Code or Section 302(f) of ERISA for a failure to make a required installment or other payment to a Plan to which either of such sections applies or (iii) a notice of any other Lien (other than a Permitted Lien) that could reasonably be expected to attach to the assets of Hertz Vehicles LLC, HVF or any Series 2010-2 HVF Segregated Exchange Account and 30 days shall have elapsed without such notice having been effectively withdrawn or such Lien having been released or discharged;
(bb) subject to Section 8.7(b) of the Base Indenture and Section 7.7 hereof, any of the Series 2010-2 Related Documents or any material portion thereof relating to the Series 2010-2 Notes shall cease, for any reason, to be in full force and effect, enforceable in accordance with its terms or Hertz, Hertz Vehicles LLC, HGI or HVF shall so assert in writing;
(cc) except as otherwise set forth in clause (dd) below, the Series 2010-2 Administrator fails to comply with any of its other agreements or covenants (other than any agreements or covenants relating solely to one or more Other Segregated Series of Notes or Series of Notes) in any Series 2010-2 Related Document or any representation made by the Series 2010-2 Administrator in any Series 2010-2 Related Document is false and the failure to so comply or such false representation, as the case may be, materially and adversely affects the interests of the Series 2010-2 Noteholders and continues to materially and adversely affect the interests of the Series 2010-2 Noteholders for a period of thirty (30) days after the earlier of (i) the date on which the Administrator obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Series 2010-2 Administrator by the Trustee or to the Series 2010-2 Administrator and the Trustee by the Administrative Agent; or
(dd) HVF or the Series 2010-2 Administrator shall fail to comply with Section 8.01(b) of the Series 2010-2 Note Purchase Agreement (provided that, if the Series 2010-2 Noteholders are not materially and adversely affected by such failure, such failure must continue for a period of five (5) Business Days after the earlier of (i) the date on which HVF or the Series 2010-2 Administrator obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF or the Series 2010-2 Administrator, as applicable, by the Trustee or to HVF or the Series 2010-2 Administrator, as applicable, and the Trustee by any Series 2010-2 Noteholder before such failure shall constitute a Series 2010-2 Amortization Event). In the case of
(i) any event described in clauses (a) through (n) or (u) through (x) above, a Series 2010-2 Amortization Event will immediately occur without any notice or other action on the part of the Trustee or any Series 2010-2 Noteholder or
(ii) any event described in clauses (o) through (t) or (y) through (dd) above, so long as such event is continuing, either the Trustee may, by written notice to HVF or the Series 2010-2 Required Noteholders may, by written notice to HVF and the Trustee declare that a Series 2010-2 Amortization Event has occurred as of the date of the notice. A Series 2010-2 Amortization Event described in clauses (a) through (l), (n), (o), (p), (q) (with respect to any Multiagreement, covenant or provision in the Series 2010-2 Notes, the Base Indenture, this Series Letter of Credit Provider Supplement or any Multiother Series 2010-2 Related Document the amendment or modification of which requires the consent of Series Letter 2010-2 Noteholders holding 100% of Credit Provider repudiates its Multithe Series 2010-2 Principal Amount or which otherwise prohibits HVF from taking any action without the consent of Series Letter 2010-2 Noteholders holding 100% of Credit or refuses to honor a proper draw thereon and either the Series 0000-0 Xxxxxxxxx Xxxxxx), (s) through (x) a and (cc) above, and any Series 20232010-6 Enhancement Deficiency would result from excluding 2 Potential Amortization Event relating to any such Series 2010-2 Amortization Event, may be waived solely with the written consent of Series 2010-2 Noteholders holding 100% of the Series 20230000-6 Applicable Multi0 Xxxxxxxxx Xxxxxx. Any other Series 2010-Series L/C Amount attributable 2 Amortization Event described in clauses (m), (q) (other than with respect to such Multi-Series Letter of Credit from any agreement, covenant or provision in the Series 20232010-6 Enhancement 2 Notes, the Base Indenture, this Series Supplement or any other Series 2010-2 Related Document, the amendment or modification of which requires the consent of Series 2010-2 Noteholders holding 100% of the Series 2010-2 Principal Amount or which prohibits HVF from taking any action without the consent of Series 2010-2 Noteholders holding more than 100% of the Series 0000-0 Xxxxxxxxx Xxxxxx), (x), (y) through (bb) and (dd) above may be waived with the written consent of the Series 20232010-6 Liquidity Amount2 Required Noteholders. Notwithstanding anything herein to the contrary, excluding therefrom the a Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit2 Amortization Event described in clauses (i), would (j), (k) and (n) above shall be less than the Series 2023-6 Required Liquidity Amountcurable at any time.
Appears in 1 contract
Samples: Supplement to Base Indenture (Hertz Global Holdings Inc)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20232002-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(d) of the Base Indenture with respect to the Series 20232002-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 2 Notes)::
(a) ARG II defaults in the payment of any interest on, or other amount payable in respect of, the Series 2002-2 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) ARG II defaults in the payment of any principal on the Series 2002-2 Notes when the same becomes due and payable and such default continues for a period of one (1) Business Day;
(c) a Group IV Leasing Company Amortization Event shall have occurred and be continuing with respect to all Group IV Leasing Company Notes;
(d) a Series 20232002-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(be) the Series 20232002-6 2 Liquidity Amount shall be less than the Series 20232002-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition ;
(f) the Series 2002-2 Overcollateralization Amount shall not be an Amortization Event if during such less than the Series 2002-2 Required Overcollateralization Amount for at least two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(cg) a Group IV Aggregate Asset Amount Deficiency shall occur and continue for at least two (2) Business Days;
(h) the Series 2002-2 Collection Account, the Series 20232002-6 Collection 2 Accrued Interest Account, the Series 20232002-6 Excess Collection 2 Reserve Account or the Series 20232002-6 Reserve 2 Excess Collection Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Group IV Related Documents)) (each, a "RESTRICTIVE ACTION") for at least two (2) Business Days and either (x) a Series 2002-2 Enhancement Deficiency would result from excluding the Series 2002-2 Available Reserve Account Amount, in the case of a Restrictive Action in respect of the Series 2002-2 Reserve Account, and/or the amount of cash and Permitted Investments on deposit in the Series 2002-2 Excess Collection Account, in the case of a Restrictive Action in respect of the Series 2002-2 Excess Collection Account, from the Series 2002-2 Enhancement Amount or (y) solely in the case of a Restrictive Action in respect of the Series 2002-2 Reserve Account, the Series 2002-2 Liquidity Amount, excluding therefrom the Series 2002-2 Available Reserve Account Amount, would be less than the Series 2002-2 Required Liquidity Amount;
(d) all principal of and interest on any Class of the Series 2023-6 Notes is not paid in full on or before the Series 2023-6 Expected Final Distribution Date;
(ei) any MultiSeries 2002-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days business days and either (x) either a Series 20232002-6 2 Enhancement Deficiency would result from excluding the such Series 20232002-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232002-6 2 Enhancement Amount or (y) the Series 20232002-6 2 Liquidity Amount, excluding therefrom such Series 2002-2 Letter of Credit from the Series 20232002-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit2 Liquidity Amount, would be less than the Series 20232002-6 2 Required Liquidity Amount;
(fj) from and after the funding of the Series 20232002-6 2 Cash Collateral Account, the Series 20232002-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) Restrictive Action for at least two (2) Business Days and either (x) a Series 20232002-6 2 Enhancement Deficiency would result from excluding the Series 20232002-6 2 Available Cash Collateral Account Amount from the Series 20232002-6 2 Enhancement Amount or (y) the Series 20232002-6 2 Liquidity Amount, excluding therefrom the Series 20232002-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232002-6 2 Required Liquidity Amount; and;
(gk) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2002-Series 2 Letter of Credit Provider or any MultiSeries 2002-Series 2 Letter of Credit Provider repudiates its MultiSeries 2002-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232002-6 2 Enhancement Deficiency would result from excluding the such Series 20232002-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232002-6 2 Enhancement Amount or (y) the Series 20232002-6 2 Liquidity Amount, excluding therefrom such Series 2002-2 Letter of Credit from the Series 20232002-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit2 Liquidity Amount, would be less than the Series 20232002-6 2 Required Liquidity Amount;
(l) all principal of and interest on any Class of Series 2002-2 Notes is not paid in full on or before the Expected Final Distribution Date with respect to such Class of Series 2002-2 Notes;
(m) the Series 2002-2 Demand Note Amount is less than the Required Series 2002-2 Demand Note Amount for at least one (1) Business Day;
(n) ARG II fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2002-2 Notes or the Indenture (other than in respect of a failure to replace the Interest Rate Cap on or prior to November 30, 2003) and the failure to so comply materially and adversely affects the interests of the Series 2002-2 Noteholders and continues to materially and adversely affect the interests of the Series 2002-2 Noteholders for a period of thirty (30) days after the earlier of (i) the date on which ARG II obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to ARG II by the Trustee or to ARG II and the Trustee by the Required Noteholders;
(o) any representation made by ARG II in the Indenture or any Group IV Related Document is false and such false representation materially and 91 adversely affects the interests of the Series 2002-2 Noteholders and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which ARG II obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG II by the Trustee or to ARG II and the Trustee by the Required Noteholders;
(p) the current proceeding in the Bankruptcy Court with respect to ANC Rental and the Group IV Lessees is converted from a Chapter 11 proceeding to a Chapter 7 proceeding under the Bankruptcy Code, or a bankruptcy trustee or examiner is appointed with expanded powers;
(q) on or after the Effective Date, the filing of (i) a voluntary petition in bankruptcy or (ii) an involuntary petition in bankruptcy, in each case with respect to ANC Rental and the Group IV Lessees;
(r) prior to the Effective Date, the entry of an order with the Bankruptcy Court with respect to ANC Rental and the Group IV Lessees adopting a final plan of reorganization, and either (i) such plan fails to affirm the continued performance by ANC Rental and each Group IV Lessee in accordance with the terms of the Group IV Related Documents, or (ii) such plan does not state that a condition precedent to the Effective Date is the repayment or refinancing (including a remarketing) of the Series 2002-2 Notes in full;
(s) prior to the Effective Date, the entry of an order by the Bankruptcy Court which materially impairs or materially adversely affects the Group IV Vehicles or the Group IV Collateral and such order is not reversed or vacated within thirty (30) days after the earlier of (i) the date on which ARG II obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG II by the Trustee or to ARG II and the Trustee by the Series 2002-2 Noteholders holding more than 50% of the Controlling Class with respect to the Series 2002-2 Notes;
(t) prior to the Effective Date, the entry of an order (other than any order with respect to a debtor-in-possession financing or any order which permits Liberty Mutual Insurance Company to draw on cash collateral) with the Bankruptcy Court granting relief from the automatic stay under Section 362 of the Bankruptcy Code and which permits a secured party to (i) foreclose on substantially all of the assets of Alamo and National or (ii) permit action or foreclosure with respect to the equity, partnership or other ownership interests of ANC Rental or any Group IV Lessee in the Group IV Leasing Companies or the General Partners and such order is not reversed or vacated within thirty (30) days after the earlier of (i) the date on which ARG II obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG II by the Trustee or to ARG II and the Trustee by the Series 2002-2 Noteholders holding more than 50% of the Controlling Class with respect to the Series 2002-2 Notes;
(u) ANC Rental sells, assigns, transfers or otherwise disposes of, or creates, incurs, assumes or suffers to exist any security interest, mortgage, pledge, lien, charge or other encumbrance on any nature whatsoever on any shares or interests ANC Rental has in the capital stock of ARG II without the prior written consent of 100% of the Series 2002-2 Noteholders, with notice to each Rating Agency, which may be withheld in the Series 2002-2 Noteholders' sole discretion and such action is not cured for a period of thirty (30) days after the earlier of (i) the date on which ARG II obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG II by the Trustee or to ARG II and the Trustee by the Series 2002-2 Noteholders holding more than 50% of the Controlling Class with respect to the Series 2002-2 Notes;
(v) the Bankruptcy Court approves a disclosure statement for a solicitation of acceptance of a plan of reorganization that does not provide for the repayment or refinancing (including a remarketing) of the Series 2002-2 Notes in full;
(i) the filing by ANC Rental or any Group IV Lessee of a motion for the Bankruptcy Court to enter an order or (ii) the actual entry of an order subsequent to August 23, 2002 to, revoke, reverse, stay, modify, supplement or amend the orders of the Bankruptcy Court dated April 4, 2002, June 28, 2002 or August 23, 2002, unless such proposed or actual order does not and would not reasonably be expected to have a material adverse effect on the rights or interests of the Series 2002-2 Noteholders, as evidenced by an opinion of counsel for ANC Rental addressed to and reasonably satisfactory in form and substance to ARG II and the Trustee, with notice to each Rating Agency;
(x) a sale of all or substantially all of the assets of Alamo and National; and
(y) a Series 2002-2 Cap Extension Event has not occurred on or prior to November 30, 2003. In the case of (i) any event described in CLAUSES (*) through (*) and (*) through (*), (*)(*) and (*) through (*) above, an Amortization Event with respect to the Series 2002-2 Notes shall immediately occur without any notice or other action on the part of the Trustee or any Series 2002-2 Noteholder or (ii) any event described in CLAUSE (*), (*) or (*)(*) above, either the Trustee, by written notice to ARG II and the Series 2002-2 Noteholders, or the Series 2002-2 Noteholders holding more than 50% of the Controlling Class by written notice to ARG II and the Trustee may declare that an Amortization Event has occurred with respect to the Series 2002-2 Notes as of the date of the notice. Amortization Events described in CLAUSES (*) through (*) and (*) and (*) above shall only be subject to waiver at the written direction of 100% of the Series 2002-2 Noteholders, with notice to each Rating Agency. An Amortization Event described in CLAUSE (*) or (*) above shall be subject to waiver in accordance with Section 9.4 of the Base Indenture. An Amortization Event described in CLAUSE (*) above shall not be subject to waiver.
Appears in 1 contract
Samples: Series Supplement (Anc Rental Corp)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232014-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232014-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232014-6 1 Notes):
(a) a Series 20232014-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232014-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232014-6 1 Liquidity Amount shall be less than the Series 20232014-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232014-6 1 Collection Account, the Series 20232014-6 1 Excess Collection Account or the Series 20232014-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232014-6 1 Notes is not paid in full on or before the Series 20232014-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2014-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232014-6 1 Enhancement Deficiency would result from excluding the such Series 20232014-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232014-6 1 Enhancement Amount or (y) the Series 20232014-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232014-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232014-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232014-6 1 Cash Collateral Account, the Series 20232014-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232014-6 1 Enhancement Deficiency would result from excluding the Series 20232014-6 1 Available Cash Collateral Account Amount from the Series 20232014-6 1 Enhancement Amount or (y) the Series 20232014-6 1 Liquidity Amount, excluding therefrom the Series 20232014-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232014-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2014-Series 1 Letter of Credit Provider or any MultiSeries 2014-Series 1 Letter of Credit Provider repudiates its MultiSeries 2014-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232014-6 1 Enhancement Deficiency would result from excluding the such Series 20232014-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232014-6 1 Enhancement Amount or (y) the Series 20232014-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232014-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232014-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232010-6 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232010-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232010-6 Notes):
(a) a Series 20232010-6 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232010-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either the Series 20232010-6 Liquidity Amount shall be less than the Series 20232010-6 Required Liquidity Amount or the Series 2010-6 Available Reserve Account Amount shall be less than the Series 2010-6 Required Reserve Account Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) an AESOP I Operating Lease Vehicle Deficiency shall occur and continue for at least two (2) Business Days;
(d) the Collection Account, the Series 20232010-6 Collection Account, the Series 20232010-6 Excess Collection Account or the Series 20232010-6 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(de) all principal of and interest on any the Class of the Series 2023-6 A Notes is not paid in full on the Class A Expected Final Distribution Date or before all principal of and interest on the Series 2023-6 Class B Notes is not paid on the Class B Expected Final Distribution Date;
(ef) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232010-6 Enhancement Deficiency would result from excluding the Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232010-6 Enhancement Amount or (y) the Series 20232010-6 Liquidity Amount, excluding therefrom the Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232010-6 Required Liquidity Amount;
(fg) from and after the funding of the Series 20232010-6 Cash Collateral Account, the Series 20232010-6 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232010-6 Enhancement Deficiency would result from excluding the Series 20232010-6 Available Cash Collateral Account Amount from the Series 20232010-6 Enhancement Amount or (y) the Series 20232010-6 Liquidity Amount, excluding therefrom the Series 20232010-6 Available Cash Collateral Account Amount, would be less than the Series 20232010-6 Required Liquidity Amount; and;
(gh) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its the Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232010-6 Enhancement Deficiency would result from excluding the Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232010-6 Enhancement Amount or (y) the Series 20232010-6 Liquidity Amount, excluding therefrom the Series 20232010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232010-6 Required Liquidity Amount;
(i) the occurrence of an Event of Bankruptcy with respect to ABG or any Permitted Sublessee (other than a third-party Permitted Sublessee);
(j) a Change in Control shall have occurred;
(k) ABRCF shall fail to acquire or maintain in force Series 2010-6 Interest Rate Caps at the times and in the notional amounts required by the terms of Section 3.11;
(l) the occurrence and continuation of an “event of default” under the Credit Agreement or any Replacement Credit Agreement, that is not waived pursuant to the terms of such Credit Agreement or Replacement Credit Agreement;
(m) the breach by ABCR or any of its Affiliates of any covenant under the Credit Agreement or any Replacement Credit Agreement to the extent such covenant requires compliance by ABCR or its Affiliates with an interest coverage ratio, a fixed charge coverage ratio, a leverage ratio or a minimum EBITDA level or with any other financial measure or ratio intended to test the financial or credit performance of ABCR and its consolidated subsidiaries, whether or not such breach is waived pursuant to the terms of the Credit Agreement or such Replacement Credit Agreement;
(n) the Class A Controlled Distribution Amount or the Class B Controlled Distribution Amount with respect to the Related Month is not paid in full on any Distribution Date during the Class A Controlled Amortization Period or Class B Controlled Amortization Period, as applicable (other than the first Distribution Date during such Series 2010-6 Controlled Amortization Period);
(o) the Series 2010-6 Invested Amount on the Reduction Date exceeds the Series 2010-6 Maximum Invested Amount on such date (after giving effect to Section 2.10); and
(p) an Amortization Event shall have occurred with respect to the Series 2015-3 Notes. In the case of any event described in clause (j), (k), (l), (m) or (p) above, an Amortization Event shall have occurred with respect to the Series 2010-6 Notes only if either the Trustee or the Requisite Noteholders declare that an Amortization Event has occurred. In the case of an event described in clause (a), (b), (c), (d), (e), (f), (g), (h), (i), (n) or (o) an Amortization Event with respect to the Series 2010-6 Notes shall have occurred without any notice or other action on the part of the Trustee or any Series 2010-6 Noteholders, immediately upon the occurrence of such event. Amortization Events with respect to the Series 2010-6 Notes described in clause (a), (b), (c), (d), (e), (f), (g), (h), (i), (n) or (o) may be waived with the written consent of the Purchaser Groups having Commitment Percentages aggregating 100%. Amortization Events with respect to the Series 2010-6 Notes described in clause (j), (k), (l), (m) or (p) above may be waived in accordance with Section 9.5 of the Base Indenture.
Appears in 1 contract
Samples: Fifth Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232020-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232020-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232020-6 2 Notes):
(a) a Series 20232020-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232020-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232020-6 2 Liquidity Amount shall be less than the Series 20232020-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232020-6 2 Collection Account, the Series 20232020-6 2 Excess Collection Account or the Series 20232020-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232020-6 2 Notes is not paid in full on or before the Series 20232020-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2020-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232020-6 2 Enhancement Deficiency would result from excluding the such Series 20232020-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232020-6 2 Enhancement Amount or (y) the Series 20232020-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232020-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232020-6 2 Required Liquidity Amount;
(f) from and after the funding of the Series 20232020-6 2 Cash Collateral Account, the Series 20232020-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232020-6 2 Enhancement Deficiency would result from excluding the Series 20232020-6 2 Available Cash Collateral Account Amount from the Series 20232020-6 2 Enhancement Amount or (y) the Series 20232020-6 2 Liquidity Amount, excluding therefrom the Series 20232020-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232020-6 2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2020-Series 2 Letter of Credit Provider or any MultiSeries 2020-Series 2 Letter of Credit Provider repudiates its MultiSeries 2020-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232020-6 2 Enhancement Deficiency would result from excluding the such Series 20232020-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232020-6 2 Enhancement Amount or (y) the Series 20232020-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232020-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232020-6 2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232018-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232018-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232018-6 1 Notes):
(a) a Series 20232018-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232018-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232018-6 1 Liquidity Amount shall be less than the Series 20232018-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232018-6 1 Collection Account, the Series 20232018-6 1 Excess Collection Account or the Series 20232018-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232018-6 1 Notes is not paid in full on or before the Series 20232018-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2018-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232018-6 1 Enhancement Deficiency would result from excluding the such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232018-6 1 Enhancement Amount or (y) the Series 20232018-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232018-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232018-6 1 Cash Collateral Account, the Series 20232018-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232018-6 1 Enhancement Deficiency would result from excluding the Series 20232018-6 1 Available Cash Collateral Account Amount from the Series 20232018-6 1 Enhancement Amount or (y) the Series 20232018-6 1 Liquidity Amount, excluding therefrom the Series 20232018-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232018-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2018-Series 1 Letter of Credit Provider or any MultiSeries 2018-Series 1 Letter of Credit Provider repudiates its MultiSeries 2018-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232018-6 1 Enhancement Deficiency would result from excluding the such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232018-6 1 Enhancement Amount or (y) the Series 20232018-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232018-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232018-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20232005-6 2 Notes (the “Series 2005-2 Amortization Events”) and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(d) of the Base Indenture with respect to the Series 20232005-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 2 Notes)::
(a) ARG defaults in the payment of any interest on, or other amount payable in respect of, the Series 2005-2 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) ARG defaults in the payment of any principal of the Series 2005-2 Notes when the same becomes due and payable and such default continues for a period of one (1) Business Day;
(c) a Series 20232005-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition ;
(d) a Series 2005-2 Liquidity Deficiency shall not be an Amortization Event if during such occur and continue for at least two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(be) the Series 20232005-6 Liquidity 2 Overcollateralization Amount shall be less than the Series 20232005-6 2 Required Liquidity Overcollateralization Amount for at least two (2) Business Days; provided, however, that such event or condition ;
(f) an Aggregate Asset Amount Deficiency shall not be an Amortization Event if during such occur and continue for at least two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(cg) the Collection Series 2005-2 Reserve Account, the Series 20232005-6 Collection Account, the Series 2023-6 Excess 2 Collection Account or the Series 20232005-6 Reserve 2 Excess Collection Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under Permitted Liens) for at least two Business Days and either a Series 2005-2 Enhancement Deficiency or a Series 2005-2 Liquidity Deficiency would result from excluding the Related Documents)amount on deposit in any such account that is subject to an injunction, estoppel or other stay or a Lien (other than Permitted Liens) from the Series 2005-2 Enhancement Amount or the Series 2005-2 Liquidity Amount, to the extent applicable;
(dh) from and after the funding of the Series 2005-2 Cash Collateral Account, such Series 2005-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Permitted Liens) for at least two Business Days and either a Series 2005-2 Enhancement Deficiency or a Series 2005-2 Liquidity Deficiency would result from excluding the amount on deposit in the Series 2005-2 Cash Collateral Account from the Series 2005-2 Enhancement Amount or the Series 2005-2 Liquidity Amount;
(i) the Trustee shall make a demand for payment under the Surety Bond;
(j) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(k) the Surety Provider fails to honor a demand for payment in accordance with the requirements of the Surety Bond;
(l) all principal of and interest on any the Class of the Series 2023-6 A-1 Notes is not paid in full on or before the Series 2023-6 Class A-1/A-2 Expected Final Distribution Date, all principal of and interest on the Class A-2 Notes is not paid in full on or before the Class A-1/A-2 Expected Final Distribution Date, all principal of and interest on the Class A-3 Notes is not paid in full on or before the Class A-3 Expected Final Distribution Date, all principal of and interest on the Class A-4 Notes is not paid in full on or before the Class A-4/A-5 Expected Final Distribution Date or all principal of and interest on the Class A-5 Notes is not paid in full on or before the Class A-4/A-5 Expected Final Distribution Date;
(m) ARG fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2005-2 Notes or the Indenture (other than its covenants set forth in Section 2.11(a), (b), (c) and (e) of this Series Supplement) and the failure to so comply materially and adversely affects the interests of the Series 2005-2 Noteholders and continues to materially and adversely affect the interests of the Series 2005-2 Noteholders for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders;
(n) any Multirepresentation made by ARG in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 2005-2 Noteholders and such false representation is not cured for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders;
(o) a Leasing Company Amortization Event shall have occurred and be continuing with respect to all of the Leasing Company Notes;
(p) any of the Related Documents (other than any Related Document relating solely to another Series of Notes) or any material portion thereof shall not be in full force and effect, enforceable in accordance with its terms (other than (i) any such Related Document that has been terminated in accordance with its terms or (ii) any Manufacturer Program that is not in full force and effect or that is unenforceable in accordance with its terms to the extent that no Series 2005-2 Enhancement Deficiency results from redesignating each Series 2005-2 Program Vehicle subject to such Manufacturer Program as a Series 2005-2 Non-Program Vehicle) or ARG shall so assert in writing;
(q) any Series 2005-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20232005-6 2 Enhancement Deficiency would result from excluding the such Series 20232005-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232005-6 2 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 Cash Collateral Account, the Series 2023-6 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232005-6 Enhancement 2 Liquidity Deficiency would result from excluding the such Series 20232005-6 Available Cash Collateral Account Amount from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Available Cash Collateral Account Amount, would be less than the Series 2023-6 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232005-6 Enhancement Amount or (y) the Series 2023-6 2 Liquidity Amount, excluding therefrom to the extent applicable;
(r) ARG agrees or consents to any assignment, modification or amendment of the Escrow Agreement without the consent of the Surety Provider (for so long as no Surety Default shall have occurred and be continuing); or
(s) ARG agrees or consents to any amendment or assignment of or waiver under the Master Exchange Agreement without the consent of the Surety Provider (for so long as no Surety Default shall have occurred and be continuing). In the case of
(i) any event described in clauses (a) through (l), (o), and (q) above, an Amortization Event with respect to the Series 20232005-6 Applicable Multi2 Notes shall immediately occur without any notice or other action on the part of the Trustee or any Series 2005-2 Noteholder; or
(ii) any event described in clauses (m), (n), (p), (r) or (s) above, either the Trustee or Series L/C Amount attributable to such Multi2005-Series Letter 2 Noteholders holding more than 50% of Credit, would be less than the Series 20232005-6 Required Liquidity Amount2 Invested Amount may, by written notice to ARG, declare that an Amortization Event with respect to the Series 2005-2 Notes has occurred as of the date of the notice. Amortization Events with respect to the Series 2005-2 Notes described in clauses (a) through (l), (o), and (q) above will be subject to waiver by 100% of the Series 2005-2 Noteholders. An Amortization Event with respect to the Series 2005-2 Notes described in clauses (m), (n), (p), (r) or (s) above shall be subject to waiver in accordance with Section 9.4 of the Base Indenture.
Appears in 1 contract
Samples: Amended and Restated Series 2005 2 Supplement (Vanguard Car Rental Group Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20231999-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(d) of the Base Indenture with respect to the Series 20231999-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 1 Notes)::
(a) ARG defaults in the payment of any interest on, or other amount payable in respect of, the Series 1999-1 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) ARG defaults in the payment of any principal on the Series 1999-1 Notes when the same becomes due and payable and such default continues for a period of one (1) Business Day;
(c) a Series 20231999-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(bd) the Series 20231999-6 1 Liquidity Amount shall be less than the Series 20231999-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition ;
(e) the Series 1999-1 Overcollateralization Amount shall not be an Amortization Event if during such less than the Series 1999-1 Required Overcollateralization Amount for at least two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(cf) prior to the Transition Date, an Aggregate Asset Amount Deficiency shall occur and continue for at least two (2) Business Days, or, on or after the Transition Date, an Operating 59 59 Lease Asset Amount Deficiency shall occur and continue for at least two (2) Business Days;
(g) the Collection Account, the Series 20231999-6 Collection Account, the Series 2023-6 Excess Collection Account or the Series 2023-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents)) for at least two (2) Business Days and either (x) a Series 1999-1 Enhancement Deficiency would result from excluding the Series 1999-1 Available Reserve Account Amount from the Series 1999-1 Enhancement Amount or (y) the Series 1999-1 Liquidity Amount, excluding therefrom the Series 1999-1 Available Reserve Account Amount, would be less than the Series 1999-1 Required Liquidity Amount;
(d) all principal of and interest on any Class of the Series 2023-6 Notes is not paid in full on or before the Series 2023-6 Expected Final Distribution Date;
(eh) any MultiSeries 1999-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20231999-6 1 Enhancement Deficiency would result from excluding the such Series 20231999-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20231999-6 1 Enhancement Amount or (y) the Series 20231999-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20231999-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20231999-6 1 Required Liquidity Amount;
(fi) from and after the funding of the Series 20231999-6 1 Cash Collateral Account, the Series 20231999-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20231999-6 1 Enhancement Deficiency would result from excluding the Series 20231999-6 1 Available Cash Collateral Account Amount from the Series 20231999-6 1 Enhancement Amount or (y) the Series 20231999-6 1 Liquidity Amount, excluding therefrom the Series 20231999-6 1 Available Cash Collateral Account Amount, would be less than the Series 20231999-6 1 Required Liquidity Amount; and;
(gj) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 1999-Series 1 Letter of Credit Provider or any MultiSeries 1999-Series 1 Letter of Credit Provider repudiates its MultiSeries 1999-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20231999-6 1 Enhancement Deficiency would result from excluding the such Series 20231999-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20231999-6 1 Enhancement Amount or (y) the Series 20231999-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20231999-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20231999-6 1 Required Liquidity Amount;
(k) the Trustee shall make a demand for payment under the Surety Bond;
(l) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(m) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(n) all principal and interest of the Class A-1 Notes is not paid in full on or before 60 60 the Class A-1 Expected Final Distribution Date, all principal and interest of the Class A-2 Notes is not paid in full on or before the Class A-2 Expected Final Distribution Date or all principal and interest of the Class A-3 Notes is not paid in full on or before the Class A-3 Expected Final Distribution Date;
(o) ARG fails to comply with any of its other agreements or covenants in, or provisions of, the Series 1999-1 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series 1999-1 Noteholders and continues to materially and adversely affect the interests of the Series 1999-1 Noteholders for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders; or
(p) any representation made by ARG in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 1999-1 Noteholders and such false representation is not cured for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders; In the case of (i) any event described in clauses (a) through (n) above, an Amortization Event with respect to the Series 1999-1 Notes shall immediately occur without any notice or other action on the part of the Trustee or any Series 1999-1 Noteholder or (ii) any event described in clause (o) or (p) above, either the Trustee, by written notice to ARG, or the Required Noteholders, by written notice to ARG and the Trustee, may declare that an Amortization Event has occurred with respect to the Series 1999-1 Notes as of the date of the notice. Amortization Events described in clauses (a) through (n) above shall not be subject to waiver. An Amortization Event described in clause (o) or (p) above shall be subject to waiver in accordance with Section 9.4 of the Base Indenture.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20231997-6 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2023-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20231997-6 1 Notes):) and shall not be subject to waiver:
(a) a Series 20231997-6 1 Enhancement Deficiency shall occur and continue exist for at least two more than one (21) Business Days; provided, however, that such event or condition shall not be an Amortization Event if Day unless during such two one (21) Business Day period such the Issuer or the Servicer shall have cured the Series 20231997-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsSection 5.2(e)(E) of this Supplement;
(b) if (i) the payment of any Series 1997-1 Note Interest is not made when due and payable and such non-payment continues for a period of five (5) days, or (ii) all principal and interest of the Series 20231997-6 Liquidity Amount shall be less than 1 Notes is not paid in full on or before the Series 20231997-6 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents1 Termination Date;
(c) any Related Document is not in full force and effect, or the Collection AccountIssuer, the Master Servicer, the Guarantor, any Lessee or any Servicer so asserts in writing;
(d) the Series 1997-1 Letter of Credit shall not be in full force and effect or is repudiated, a proper draw thereon is not honored or the Series 1997-1 Letter of Credit Provider experiences an Event of Bankruptcy and (i) the Series 1997-1 Cash Collateral Account has not been funded with an amount at least equal to the Series 1997-1 Required Letter of Credit Amount pursuant to Section 5.11 of this Supplement and (ii) other enhancement of the type set forth in Section 5.11(a)(ii)(C) is not in full force and effect in an amount at least equal to the Series 1997-1 Required Letter of Credit Amount as of such date;
(e) from and after the funding of the Series 1997-1 Cash Collateral Account pursuant to Section 5.11 of this Supplement, the Series 20231997-6 Collection Account, the Series 2023-6 Excess Collection Account or the Series 2023-6 Reserve 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(df) (i) there shall occur any Lease Event of Default described in Section 17.1.1(i) of the Series 1997 Lease or any Event of Bankruptcy with respect to the Guarantor, in either case, whether or not subsequently waived by NFLP, or (ii) there shall occur any other Lease Event of Default under the Series 1997 Lease, whether or not subsequently waived by NFLP;
(g) subject to the provisions of Section 7.2, any Series 1997 Asset Amount Deficiency exists and continues for a period of ten (10) days;
(h) the Series 1997 Lease is terminated for any reason;
(i) a Liquidity Agreement Amortization Event occurs under the Series 1997-1 Liquidity Agreement.
(j) NFLP fails to comply with any of its other agreements or covenants in, or provisions of, the Series 1997-1 Notes or the Related Documents and the failure to so comply materially and adversely affects the interests of the Series 1997-1 Noteholders and continues to materially and adversely affect the interests of the Series 1997-1 Noteholders for a period of 60 days after the earlier of (i) the date on which a Responsible Officer of NFLP obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to NFLP by the Trustee or to NFLP by the Series 1997-1 Required Noteholders;
(k) the amount available to be drawn under the Demand Note on any date is less than an amount equal to five (5) times the aggregate amount receivable under Manufacturer Receivables in respect of Series 1997 Vehicles which were Acquired Vehicles which, as of the end of the Related Month remained unpaid more than sixty (60) days after the Due Date therefor and such condition continues to exist for five (5) Business Days; or
(l) all principal of and interest on any Class of the Series 20231997-6 1 Notes is not paid in full on or before the Series 20231997-6 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 Cash Collateral Account, the Series 2023-6 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Available Cash Collateral Account Amount from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Available Cash Collateral Account Amount, would be less than the Series 2023-6 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount.1
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232014-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232014-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232014-6 2 Notes):
(a) a Series 20232014-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232014-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232014-6 2 Liquidity Amount shall be less than the Series 20232014-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232014-6 2 Collection Account, the Series 20232014-6 2 Excess Collection Account or the Series 20232014-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232014-6 2 Notes is not paid in full on or before the Series 20232014-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2014-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232014-6 2 Enhancement Deficiency would result from excluding the such Series 20232014-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232014-6 2 Enhancement Amount or (y) the Series 20232014-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232014-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232014-6 2 Required Liquidity Amount;
(f) from and after the funding of the Series 20232014-6 2 Cash Collateral Account, the Series 20232014-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232014-6 2 Enhancement Deficiency would result from excluding the Series 20232014-6 2 Available Cash Collateral Account Amount from the Series 20232014-6 2 Enhancement Amount or (y) the Series 20232014-6 2 Liquidity Amount, excluding therefrom the Series 20232014-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232014-6 2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2014-Series 2 Letter of Credit Provider or any MultiSeries 2014-Series 2 Letter of Credit Provider repudiates its MultiSeries 2014-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232014-6 2 Enhancement Deficiency would result from excluding the such Series 20232014-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232014-6 2 Enhancement Amount or (y) the Series 20232014-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232014-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232014-6 2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 2023-6 7 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2023-6 7 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 7 Notes):
(a) a Series 2023-6 7 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 7 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 2023-6 7 Liquidity Amount shall be less than the Series 2023-6 7 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 2023-6 7 Collection Account, the Series 2023-6 7 Excess Collection Account or the Series 2023-6 7 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 2023-6 7 Notes is not paid in full on or before the Series 2023-6 7 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2023-6 7 Enhancement Deficiency would result from excluding the Series 2023-6 7 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 7 Enhancement Amount or (y) the Series 2023-6 7 Liquidity Amount, excluding therefrom the Series 2023-6 7 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 7 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 7 Cash Collateral Account, the Series 2023-6 7 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2023-6 7 Enhancement Deficiency would result from excluding the Series 2023-6 7 Available Cash Collateral Account Amount from the Series 2023-6 7 Enhancement Amount or (y) the Series 2023-6 7 Liquidity Amount, excluding therefrom the Series 2023-6 7 Available Cash Collateral Account Amount, would be less than the Series 2023-6 7 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 7 Enhancement Deficiency would result from excluding the Series 2023-6 7 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 7 Enhancement Amount or (y) the Series 2023-6 7 Liquidity Amount, excluding therefrom the Series 2023-6 7 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 7 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 2023-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2023-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 2 Notes):
(a) a Series 2023-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 2023-6 2 Liquidity Amount shall be less than the Series 2023-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 2023-6 2 Collection Account, the Series 2023-6 2 Excess Collection Account or the Series 2023-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 2023-6 2 Notes is not paid in full on or before the Series 2023-6 2 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2023-6 2 Enhancement Deficiency would result from excluding the Series 2023-6 2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 2 Enhancement Amount or (y) the Series 2023-6 2 Liquidity Amount, excluding therefrom the Series 2023-6 2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 2 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 2 Cash Collateral Account, the Series 2023-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2023-6 2 Enhancement Deficiency would result from excluding the Series 2023-6 2 Available Cash Collateral Account Amount from the Series 2023-6 2 Enhancement Amount or (y) the Series 2023-6 2 Liquidity Amount, excluding therefrom the Series 2023-6 2 Available Cash Collateral Account Amount, would be less than the Series 2023-6 2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 2 Enhancement Deficiency would result from excluding the Series 2023-6 2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 2 Enhancement Amount or (y) the Series 2023-6 2 Liquidity Amount, excluding therefrom the Series 2023-6 2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232009-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232009-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232009-6 1 Notes):
(a) a Series 20232009-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232009-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232009-6 1 Liquidity Amount shall be less than the Series 20232009-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232009-6 1 Collection Account, the Series 20232009-6 1 Excess Collection Account or the Series 20232009-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232009-6 1 Notes is not paid in full on or before the Series 20232009-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2009-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232009-6 1 Enhancement Deficiency would result from excluding the such Series 20232009-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232009-6 1 Enhancement Amount or (y) the Series 20232009-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232009-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232009-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232009-6 1 Cash Collateral Account, the Series 20232009-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232009-6 1 Enhancement Deficiency would result from excluding the Series 20232009-6 1 Available Cash Collateral Account Amount from the Series 20232009-6 1 Enhancement Amount or (y) the Series 20232009-6 1 Liquidity Amount, excluding therefrom the Series 20232009-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232009-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2009-Series 1 Letter of Credit Provider or any MultiSeries 2009-Series 1 Letter of Credit Provider repudiates its MultiSeries 2009-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232009-6 1 Enhancement Deficiency would result from excluding the such Series 20232009-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232009-6 1 Enhancement Amount or (y) the Series 20232009-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232009-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232009-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232011-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232011-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232011-6 1 Notes):
(a) a Series 20232011-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232011-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232011-6 1 Liquidity Amount shall be less than the Series 20232011-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232011-6 1 Collection Account, the Series 20232011-6 1 Excess Collection Account or the Series 20232011-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232011-6 1 Notes is not paid in full on or before the Series 20232011-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2011-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232011-6 1 Enhancement Deficiency would result from excluding the such Series 20232011-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232011-6 1 Enhancement Amount or (y) the Series 20232011-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232011-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232011-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232011-6 1 Cash Collateral Account, the Series 20232011-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232011-6 1 Enhancement Deficiency would result from excluding the Series 20232011-6 1 Available Cash Collateral Account Amount from the Series 20232011-6 1 Enhancement Amount or (y) the Series 20232011-6 1 Liquidity Amount, excluding therefrom the Series 20232011-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232011-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2011-Series 1 Letter of Credit Provider or any MultiSeries 2011-Series 1 Letter of Credit Provider repudiates its MultiSeries 2011-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232011-6 1 Enhancement Deficiency would result from excluding the such Series 20232011-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232011-6 1 Enhancement Amount or (y) the Series 20232011-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232011-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232011-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 2023-6 8 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2023-6 8 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 8 Notes):
(a) a Series 2023-6 8 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 8 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 2023-6 8 Liquidity Amount shall be less than the Series 2023-6 8 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 2023-6 8 Collection Account, the Series 2023-6 8 Excess Collection Account or the Series 2023-6 8 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 2023-6 8 Notes is not paid in full on or before the Series 2023-6 8 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2023-6 8 Enhancement Deficiency would result from excluding the Series 2023-6 8 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 8 Enhancement Amount or (y) the Series 2023-6 8 Liquidity Amount, excluding therefrom the Series 2023-6 8 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 8 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 8 Cash Collateral Account, the Series 2023-6 8 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2023-6 8 Enhancement Deficiency would result from excluding the Series 2023-6 8 Available Cash Collateral Account Amount from the Series 2023-6 8 Enhancement Amount or (y) the Series 2023-6 8 Liquidity Amount, excluding therefrom the Series 2023-6 8 Available Cash Collateral Account Amount, would be less than the Series 2023-6 8 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 8 Enhancement Deficiency would result from excluding the Series 2023-6 8 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 8 Enhancement Amount or (y) the Series 2023-6 8 Liquidity Amount, excluding therefrom the Series 2023-6 8 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 8 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232012-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232012-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232012-6 1 Notes):
(a) a Series 20232012-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232012-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232012-6 1 Liquidity Amount shall be less than the Series 20232012-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232012-6 1 Collection Account, the Series 20232012-6 1 Excess Collection Account or the Series 20232012-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232012-6 1 Notes is not paid in full on or before the Series 20232012-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2012-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232012-6 1 Enhancement Deficiency would result from excluding the such Series 20232012-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232012-6 1 Enhancement Amount or (y) the Series 20232012-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232012-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232012-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232012-6 1 Cash Collateral Account, the Series 20232012-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232012-6 1 Enhancement Deficiency would result from excluding the Series 20232012-6 1 Available Cash Collateral Account Amount from the Series 20232012-6 1 Enhancement Amount or (y) the Series 20232012-6 1 Liquidity Amount, excluding therefrom the Series 20232012-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232012-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2012-Series 1 Letter of Credit Provider or any MultiSeries 2012-Series 1 Letter of Credit Provider repudiates its MultiSeries 2012-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232012-6 1 Enhancement Deficiency would result from excluding the such Series 20232012-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232012-6 1 Enhancement Amount or (y) the Series 20232012-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232012-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232012-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232017-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232017-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232017-6 1 Notes):
(a) a Series 20232017-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232017-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232017-6 1 Liquidity Amount shall be less than the Series 20232017-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232017-6 1 Collection Account, the Series 20232017-6 1 Excess Collection Account or the Series 20232017-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232017-6 1 Notes is not paid in full on or before the Series 20232017-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2017-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232017-6 1 Enhancement Deficiency would result from excluding the such Series 20232017-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232017-6 1 Enhancement Amount or (y) the Series 20232017-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232017-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232017-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232017-6 1 Cash Collateral Account, the Series 20232017-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232017-6 1 Enhancement Deficiency would result from excluding the Series 20232017-6 1 Available Cash Collateral Account Amount from the Series 20232017-6 1 Enhancement Amount or (y) the Series 20232017-6 1 Liquidity Amount, excluding therefrom the Series 20232017-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232017-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2017-Series 1 Letter of Credit Provider or any MultiSeries 2017-Series 1 Letter of Credit Provider repudiates its MultiSeries 2017-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232017-6 1 Enhancement Deficiency would result from excluding the such Series 20232017-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232017-6 1 Enhancement Amount or (y) the Series 20232017-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232017-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232017-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232019-6 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232019-6 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232019-6 3 Notes):
(a) a Series 20232019-6 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232019-6 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232019-6 3 Liquidity Amount shall be less than the Series 20232019-6 3 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232019-6 3 Collection Account, the Series 20232019-6 3 Excess Collection Account or the Series 20232019-6 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232019-6 3 Notes is not paid in full on or before the Series 20232019-6 3 Expected Final Distribution Date;
(e) any MultiSeries 2019-Series 3 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232019-6 3 Enhancement Deficiency would result from excluding the such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit from the Series 20232019-6 3 Enhancement Amount or (y) the Series 20232019-6 3 Liquidity Amount, excluding therefrom the available amount under such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit, would be less than the Series 20232019-6 3 Required Liquidity Amount;
(f) from and after the funding of the Series 20232019-6 3 Cash Collateral Account, the Series 20232019-6 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232019-6 3 Enhancement Deficiency would result from excluding the Series 20232019-6 3 Available Cash Collateral Account Amount from the Series 20232019-6 3 Enhancement Amount or (y) the Series 20232019-6 3 Liquidity Amount, excluding therefrom the Series 20232019-6 3 Available Cash Collateral Account Amount, would be less than the Series 20232019-6 3 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2019-Series 3 Letter of Credit Provider or any MultiSeries 2019-Series 3 Letter of Credit Provider repudiates its MultiSeries 2019-Series 3 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232019-6 3 Enhancement Deficiency would result from excluding the such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit from the Series 20232019-6 3 Enhancement Amount or (y) the Series 20232019-6 3 Liquidity Amount, excluding therefrom the available amount under such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 3 Letter of Credit, would be less than the Series 20232019-6 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232019-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232019-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232019-6 1 Notes):
(a) a Series 20232019-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232019-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232019-6 1 Liquidity Amount shall be less than the Series 20232019-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232019-6 1 Collection Account, the Series 20232019-6 1 Excess Collection Account or the Series 20232019-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232019-6 1 Notes is not paid in full on or before the Series 20232019-6 1 Expected Final Distribution Date;
(e) any MultiSeries 2019-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232019-6 1 Enhancement Deficiency would result from excluding the such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232019-6 1 Enhancement Amount or (y) the Series 20232019-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232019-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232019-6 1 Cash Collateral Account, the Series 20232019-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232019-6 1 Enhancement Deficiency would result from excluding the Series 20232019-6 1 Available Cash Collateral Account Amount from the Series 20232019-6 1 Enhancement Amount or (y) the Series 20232019-6 1 Liquidity Amount, excluding therefrom the Series 20232019-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232019-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2019-Series 1 Letter of Credit Provider or any MultiSeries 2019-Series 1 Letter of Credit Provider repudiates its MultiSeries 2019-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232019-6 1 Enhancement Deficiency would result from excluding the such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232019-6 1 Enhancement Amount or (y) the Series 20232019-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20232019-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20232019-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20231997-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20231997-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20231997-6 1 Notes):) and shall not be subject to waiver:
(a) a Series 20231997-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20231997-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20231997-6 1 Liquidity Amount shall be less than the Series 20231997-6 1 Required Liquidity Amount for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20231997-6 Collection Account, the Series 2023-6 Excess Collection Account or the Series 2023-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 2023-6 Class A-1 Notes is not paid in full on or before the Series 2023-6 Class A-1 Expected Final Distribution Date or all principal and interest of the Class A-2 Notes is not paid in full on or before the Class A-2 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any MultiSeries 1997-Series 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20231997-6 1 Enhancement Deficiency would result from excluding the such Series 20231997-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20231997-6 1 Enhancement Amount or (y) the Series 20231997-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20231997-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20231997-6 1 Required Liquidity Amount;
(fi) from and after the funding of the Series 20231997-6 1 Cash Collateral Account, the Series 20231997-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20231997-6 1 Enhancement Deficiency would result from excluding the Series 20231997-6 1 Available Cash Collateral Account Amount from the Series 20231997-6 1 Enhancement Amount or (y) the Series 20231997-6 1 Liquidity Amount, excluding therefrom the Series 20231997-6 1 Available Cash Collateral Account Amount, would be less than the Series 20231997-6 1 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 1997-Series 1 Letter of Credit Provider or any MultiSeries 1997-Series 1 Letter of Credit Provider repudiates its MultiSeries 1997-Series 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20231997-6 1 Enhancement Deficiency would result from excluding the such Series 20231997-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20231997-6 1 Enhancement Amount or (y) the Series 20231997-6 1 Liquidity Amount, excluding therefrom the available amount under such Series 20231997-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit, would be less than the Series 20231997-6 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20231996-6 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2023-6 1 Notes (without notice or other action on the part of the Trustee or any holders Series 1996-1 Noteholders) and shall not be waived by the Trustee without the prior written consent of the each Series 20231996-6 Notes):1 Noteholder:
(a) a Series 20231996-6 1 Enhancement Deficiency or Series 1996-1 Minimum Overcollateralization Deficit shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if (i) during such two (2) Business Day period such the Lessee shall have increased the Letter of Credit Amount or NFLP shall have contributed to the Series 20231996-6 1 Excess Funding Account funds to increase the Series 1996-1 Available Subordinated Amount, in either case, so that there no longer exists a Series 1996-1 Enhancement Deficiency shall have been cured or Series 1996-1 Minimum Overcollateralization Deficit and (ii) the amount of any increase in accordance the Letter of Credit Amount pursuant to clause (i) and any amount contributed to the Series 1996-1 Excess Funding Account pursuant to clause (i) above, together with all previous increases in the terms Letter of Credit Amount pursuant to clause ~ above and conditions contributions to the Series 1996-1 Excess Funding Account made pursuant to clause (i) above or otherwise made to increase the Letter of Credit Amount or the Indenture and Series 1996-1 Available Subordinated Amount, does not exceed the Related DocumentsSeries 1996-1 Available Subordinated Amount Maximum Increase;
(b) at any time prior to the Series 2023-6 Liquidity Amount shall be less than funding of the Series 2023-6 Required Liquidity Amount for at least two (2) Business Days; providedCash Collateral Account pursuant to Section 3.9 of this Supplement, however, that such event or condition the Letter of Credit shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms full force and conditions of the Indenture and the Related Documentseffect;
(c) from and after the Collection Accountfunding of the Cash Collateral Account pursuant to Section 3.9 of this Supplement, the Series 2023-6 Collection Account, the Series 2023-6 Excess Collection Account or the Series 2023-6 Reserve Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) unless (i) (A) the inclusion of the Letter of Credit Amount in the Enhancement Amount is not necessary for the Enhancement Amount to equal or exceed the Required Enhancement Amount and (B) the inclusion of the Letter of Credit Amount in the Class B Enhancement Amount is not necessary for the Class B Enhancement Amount to equal or exceed the Minimum Class B Enhancement Amount, or (ii) the Cash Collateral Account shall theretofore have been funded to the full extent required hereunder and under the Letter of Credit Reimbursement Agreement, an Event of Bankruptcy shall have occurred with respect to the Letter of Credit Provider or the Letter of Credit Provider repudiates the Letter of Credit or refuses to honor a proper draw thereon; and
(e) all principal of and interest on any Class of the Series 2023-6 Class A-1 Notes is not paid in full on or before the Series 2023-6 Class A-1 Expected Final Distribution Date;
(e) any Multi-Series Letter , all principal and interest in respect of Credit shall the Class A-2 Notes is not be paid in full force on or before the Class A-2 Expected Final Distribution Date, all principal and effect for at least two (2) Business Days and (x) either a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount;
(f) from and after the funding interest of the Series 2023-6 Cash Collateral AccountClass A-3 Notes is not paid in full on or before the Class A-3 Expected Final Distribution Date, all principal and interest in respect of the Series 2023-6 Cash Collateral Account shall be subject to an injunctionClass A-4 Notes is not paid in full on or before the Class A-4 Expected Final Distribution Date, estoppel all principal and interest in respect of the Class B-1 Notes is not paid in full on or other stay before the Class B-1 Expected Final Distribution Date, all principal and interest in respect of the Class B-2 Notes is not paid in full on or a Lien (other than Liens permitted under before the Related Documents) for at least two (2) Business Days Class B-2 Expected Final Distribution Date or all principal and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding interest in respect of the Series 2023-6 Available Cash Collateral Account Amount from Class B-3 Notes is rot paid in full on or before the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Available Cash Collateral Account Amount, would be less than the Series 2023-6 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity AmountClass B-3 Expected Final Distribution Date.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232015-6 2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232015-6 2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232015-6 2 Notes):
(a) a Series 20232015-6 2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232015-6 2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232015-6 2 Liquidity Amount shall be less than the Series 20232015-6 2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232015-6 2 Collection Account, the Series 20232015-6 2 Excess Collection Account or the Series 20232015-6 2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232015-6 2 Notes is not paid in full on or before the Series 20232015-6 2 Expected Final Distribution Date;
(e) any MultiSeries 2015-Series 2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232015-6 2 Enhancement Deficiency would result from excluding the such Series 20232015-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232015-6 2 Enhancement Amount or (y) the Series 20232015-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232015-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232015-6 2 Required Liquidity Amount;
(f) from and after the funding of the Series 20232015-6 2 Cash Collateral Account, the Series 20232015-6 2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232015-6 2 Enhancement Deficiency would result from excluding the Series 20232015-6 2 Available Cash Collateral Account Amount from the Series 20232015-6 2 Enhancement Amount or (y) the Series 20232015-6 2 Liquidity Amount, excluding therefrom the Series 20232015-6 2 Available Cash Collateral Account Amount, would be less than the Series 20232015-6 2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any MultiSeries 2015-Series 2 Letter of Credit Provider or any MultiSeries 2015-Series 2 Letter of Credit Provider repudiates its MultiSeries 2015-Series 2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232015-6 2 Enhancement Deficiency would result from excluding the such Series 20232015-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit from the Series 20232015-6 2 Enhancement Amount or (y) the Series 20232015-6 2 Liquidity Amount, excluding therefrom the available amount under such Series 20232015-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2 Letter of Credit, would be less than the Series 20232015-6 2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20232005-6 1 Notes (the “Series 2005-1 Amortization Events”) and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(d) of the Base Indenture with respect to the Series 20232005-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 1 Notes)::
(a) ARG defaults in the payment of any interest on, or other amount payable in respect of, the Series 2005-1 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) ARG defaults in the payment of any principal of the Series 2005-1 Notes when the same becomes due and payable and such default continues for a period of one (1) Business Day;
(c) a Series 20232005-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition ;
(d) a Series 2005-1 Liquidity Deficiency shall not be an Amortization Event if during such occur and continue for at least two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(be) the Series 20232005-6 Liquidity 1 Overcollateralization Amount shall be less than the Series 20232005-6 1 Required Liquidity Overcollateralization Amount for at least two (2) Business Days; provided, however, that such event or condition ;
(f) an Aggregate Asset Amount Deficiency shall not be an Amortization Event if during such occur and continue for at least two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(cg) the Collection Series 2005-1 Reserve Account, the Series 20232005-6 Collection Account, the Series 2023-6 Excess 1 Collection Account or the Series 20232005-6 Reserve 1 Excess Collection Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under Permitted Liens) for at least two Business Days and either a Series 2005-1 Enhancement Deficiency or a Series 2005-1 Liquidity Deficiency would result from excluding the Related Documents)amount on deposit in any such account that is subject to an injunction, estoppel or other stay or a Lien (other than Permitted Liens) for at least two Business Days from the Series 2005-1 Enhancement Amount or the Series 2005-1 Liquidity Amount, to the extent applicable;
(dh) from and after the funding of the Series 2005-1 Cash Collateral Account, such Series 2005-1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Permitted Liens) for at least two Business Days and either a Series 2005-1 Enhancement Deficiency or a Series 2005-1 Liquidity Deficiency would result from excluding the amount on deposit in the Series 2005-1 Cash Collateral Account from the Series 2005-1 Enhancement Amount or the Series 2005-1 Liquidity Amount;
(i) the Trustee shall make a demand for payment under the Surety Bond;
(j) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(k) the Surety Provider fails to honor a demand for payment in accordance with the requirements of the Surety Bond;
(l) all principal of and interest on any the Class of the Series 2023-6 A-1 Notes is not paid in full on or before the Series 2023-6 Class A-1/A-2 Expected Final Distribution Date, all principal of and interest on the Class A-2 Notes is not paid in full on or before the Class A-1/A-2 Expected Final Distribution Date, all principal of and interest on the Class A-3 Notes is not paid in full on or before the Class A-3/A-4 Expected Final Distribution Date or all principal of and interest on the Class A-4 Notes is not paid in full on or before the Class A-3/A-4 Expected Final Distribution Date;
(m) ARG fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2005-1 Notes or the Indenture (other than its covenants set forth in Section 2.11(a), (b), (c) and (e) of this Series Supplement) and the failure to so comply materially and adversely affects the interests of the Series 2005-1 Noteholders and continues to materially and adversely affect the interests of the Series 2005-1 Noteholders for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders;
(n) any Multirepresentation made by ARG in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 2005-1 Noteholders and such false representation is not cured for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders;
(o) a Leasing Company Amortization Event shall have occurred and be continuing with respect to all of the Leasing Company Notes;
(p) any of the Related Documents (other than any Related Document relating solely to another Series of Notes) or any material portion thereof shall not be in full force and effect, enforceable in accordance with its terms (other than (i) any such Related Document that has been terminated in accordance with its terms or (ii) any Manufacturer Program that is not in full force and effect or that is unenforceable in accordance with its terms to the extent that no Series 2005-1 Enhancement Deficiency results from redesignating each Series 2005-1 Program Vehicle subject to such Manufacturer Program as a Series 2005-1 Non-Program Vehicle) or ARG shall so assert in writing;
(q) any Series 2005-1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20232005-6 1 Enhancement Deficiency would result from excluding the such Series 20232005-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232005-6 1 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 Cash Collateral Account, the Series 2023-6 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232005-6 Enhancement 1 Liquidity Deficiency would result from excluding the such Series 20232005-6 Available Cash Collateral Account Amount from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Available Cash Collateral Account Amount, would be less than the Series 2023-6 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 1 Letter of Credit from the Series 20232005-6 Enhancement Amount or (y) the Series 2023-6 1 Liquidity Amount, to the extent applicable;
(r) solely with respect to the model year 2003, 2004, 2005 and 2006 GM Repurchase Programs, the GM Freeze Agreement as in effect as of the date hereof shall have been terminated or materially and adversely amended with respect to any GM Freeze Vehicle after the purchase of such GM Freeze Vehicle (excluding therefrom for the avoidance of doubt any such termination or amendment occurring following an Event of Bankruptcy with respect to GM) without the Surety Provider’s consent, unless within five (5) Business Days following such termination or material adverse amendment a Series
2005-1 Enhancement Deficiency would not result from treating each affected GM Freeze Vehicle as though the GM Freeze Agreement did not exist; or
(s) any GM Repurchase Program shall have been terminated or materially and adversely amended with respect to any Vehicle after the purchase of such Vehicle (excluding for the avoidance of doubt any such termination or amendment occurring following an Event of Bankruptcy with respect to GM) without the Surety Provider’s consent, unless within five (5) Business Days following such termination or material adverse amendment a Series 2005-1 Enhancement Deficiency would not result from treating each affected Vehicle as though such GM Repurchase Program did not exist. In the case of
(i) any event described in clauses (a) through (l), (o), and (q) above, an Amortization Event with respect to the Series 20232005-6 Applicable Multi1 Notes shall immediately occur without any notice or other action on the part of the Trustee or any Series 2005-1 Noteholder; or
(ii) any event described in clauses (m), (n), (p), (r) or (s) above, either the Trustee or Series L/C Amount attributable to such Multi2005-Series Letter 1 Noteholders holding more than 50% of Credit, would be less than the Series 20232005-6 Required Liquidity Amount1 Invested Amount may, by written notice to ARG, declare that an Amortization Event with respect to the Series 2005-1 Notes has occurred as of the date of the notice. Amortization Events with respect to the Series 2005-1 Notes described in clauses (a) through (l), (o), and (q) above will be subject to waiver by 100% of the Series 2005-1 Noteholders. An Amortization Event with respect to the Series 2005-1 Notes described in clauses (m), (n), (p), (r) or (s) above shall be subject to waiver in accordance with Section 9.4 of the Base Indenture.
Appears in 1 contract
Samples: Second Amended and Restated Series 2004 4 Supplement (Vanguard Car Rental Group Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20232005-6 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(j) of the Base Indenture with respect to the Series 20232005-6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 4 Notes)::
(a) HVF defaults in the payment of any interest on, or other amount payable in respect of, the Series 2005-4 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) HVF defaults in the payment of any principal of the Series 20232005-6 4 Notes when the same becomes due and payable on the applicable Legal Final Payment Date;
(c) a Class Enhancement Deficiency shall occur and continue for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(bd) a Class Liquidity Deficiency shall occur and continue for at least three (3) Business Days;
(e) all principal of and interest on the Class A Notes, the Class B-1 Notes and the Class B-2 Notes is not paid in full on or before the Expected Final Payment Date;
(f) the Series 2023-6 Liquidity Class A Asset Amount shall be less than the Class A Required Asset Amount for at least three (3) Business Days or the Class B Asset Amount shall be less than the Series 20232005-6 4 Required Liquidity Asset Amount for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(cg) the Collection Insured Principal Deficit Amount shall be greater than zero;
(h) the Class A Reserve Account, a Class A Cash Collateral Account, the Class B Reserve Account, a Class B Cash Collateral Account, the Series 20232005-6 Collection Account, the Series 2023-6 4 Excess Collection Account or the Series 2023-6 Reserve any HVF Exchange Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(da Permitted Lien) all principal of and interest on any Class of the Series 2023-6 Notes is not paid in full on or before the Series 2023-6 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two three (23) Business Days and (x) either a Series 2023-6 Class Enhancement Deficiency or a Class Liquidity Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to amount on deposit in any such Multi-Series Letter of Credit from the Series 2023-6 Enhancement Amount or (y) the Series 2023-6 Liquidity Amount, excluding therefrom the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 Cash Collateral Account, the Series 2023-6 Cash Collateral Account shall be account that is subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documentsa Permitted Lien) for at least two three (23) Business Days and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding the Series 2023-6 Available Cash Collateral Account Amount from the Series 2023-6 Class Enhancement Amount or (y) the Series 2023-6 Class Liquidity Amount, excluding therefrom to the Series 2023-6 Available Cash Collateral Account Amount, would be less than the Series 2023-6 Required Liquidity Amount; andextent applicable;
(gi) the Trustee shall make a demand for payment under the Insurance Policy;
(j) the occurrence of an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses the Insurer;
(k) the Insurer fails to honor a proper draw thereon demand for payment made in accordance with the requirements of the Insurance Policy;
(l) in the event that One-Month LIBOR exceeds 8.00%, HVF shall fail to obtain, within 30 days of such an occurrence, one or more Series 2005-4 Interest Rate Xxxxxx from one or more Eligible Interest Rate Hedge Providers in an aggregate initial notional amount equal to the aggregate Principal Amount of the Class A Notes, each with a strike rate equal to no more than 9.00%;
(m) the Trustee shall for any reason cease to have a valid and either (x) a Series 2023-6 Enhancement Deficiency would result from excluding perfected first priority security interest in the Series 20232005-6 Applicable Multi-Series L/C Amount attributable 4 Collateral (other than the Initial Hertz Vehicles and the Service Vehicles) or any of the Lessee, HVF or any Affiliate of either so asserts in writing;
(n) the occurrence of a Servicer Event of Default;
(o) HVF fails to such Multi-Series Letter comply with any of Credit from its other agreements or covenants in, or provisions of, the Series 20232005-6 Enhancement Amount 4 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series 2005-4 Noteholders or the Insurer and continues to materially and adversely affect the interests of the Series 2005-4 Noteholders or the Insurer for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (yii) the Series 2023-6 Liquidity Amountdate on which written notice of such failure, excluding therefrom requiring the same to be remedied, shall have been given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 20232005-6 Applicable Multi-Series L/C Amount attributable to 4 Notes; or
(p) any representation made by HVF in the Indenture or any Related Document is false and such Multi-Series Letter false representation materially and adversely affects the interests of Credit, would be less than the Series 20232005-6 4 Noteholders or the Insurer and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date that written notice thereof is given to HVF by the Trustee or to HVF and the Trustee by the Required Liquidity AmountNoteholders with respect to the Series 2005-4 Notes. In the case of
(i) any event described in clauses (a) through (m) above, an Amortization Event with respect to the Series 2005-4 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 2005-4 Noteholder or
(ii) any event described in clauses (n) through (p) above, either the Trustee may, by written notice to HVF or the Required Noteholders with respect to the Series 2005-4 Notes may, by written notice to HVF and the Trustee declare that an Amortization Event with respect to the Series 2005-4 Notes has occurred as of the date of the notice. Amortization Events with respect to the Series 2005-4 Notes described in clauses (j) and (k) above will not be subject to waiver. An Amortization Event with respect to the Series 2005-4 Notes described in clauses (a) through (i) and clauses (l) through (p) above will be subject to waiver in accordance with Section 9.4 of the Base Indenture. Notwithstanding anything herein to the contrary, an Amortization Event with respect to the Series 2005-4 Notes described in clause (m) above shall be curable at any time.
Appears in 1 contract
Samples: Amended and Restated Series Supplement (Hertz Global Holdings Inc)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 2023-6 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2023-6 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2023-6 3 Notes):
(a) a Series 2023-6 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2023-6 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 2023-6 3 Liquidity Amount shall be less than the Series 2023-6 3 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 2023-6 3 Collection Account, the Series 2023-6 3 Excess Collection Account or the Series 2023-6 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 2023-6 3 Notes is not paid in full on or before the Series 2023-6 3 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2023-6 3 Enhancement Deficiency would result from excluding the Series 2023-6 3 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 3 Enhancement Amount or (y) the Series 2023-6 3 Liquidity Amount, excluding therefrom the Series 2023-6 3 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 3 Required Liquidity Amount;
(f) from and after the funding of the Series 2023-6 3 Cash Collateral Account, the Series 2023-6 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2023-6 3 Enhancement Deficiency would result from excluding the Series 2023-6 3 Available Cash Collateral Account Amount from the Series 2023-6 3 Enhancement Amount or (y) the Series 2023-6 3 Liquidity Amount, excluding therefrom the Series 2023-6 3 Available Cash Collateral Account Amount, would be less than the Series 2023-6 3 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2023-6 3 Enhancement Deficiency would result from excluding the Series 2023-6 3 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 2023-6 3 Enhancement Amount or (y) the Series 2023-6 3 Liquidity Amount, excluding therefrom the Series 2023-6 3 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2023-6 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20232022-6 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20232022-6 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20232022-6 1 Notes):
(a) a Series 20232022-6 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20232022-6 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20232022-6 1 Liquidity Amount shall be less than the Series 20232022-6 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20232022-6 1 Collection Account, the Series 20232022-6 1 Excess Collection Account or the Series 20232022-6 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20232022-6 1 Notes is not paid in full on or before the Series 20232022-6 1 Expected Final Distribution Date;
(e) any Multi-Series Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20232022-6 1 Enhancement Deficiency would result from excluding the Series 20232022-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232022-6 1 Enhancement Amount or (y) the Series 20232022-6 1 Liquidity Amount, excluding therefrom the Series 20232022-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232022-6 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20232022-6 1 Cash Collateral Account, the Series 20232022-6 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20232022-6 1 Enhancement Deficiency would result from excluding the Series 20232022-6 1 Available Cash Collateral Account Amount from the Series 20232022-6 1 Enhancement Amount or (y) the Series 20232022-6 1 Liquidity Amount, excluding therefrom the Series 20232022-6 1 Available Cash Collateral Account Amount, would be less than the Series 20232022-6 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series Letter of Credit Provider or any Multi-Series Letter of Credit Provider repudiates its Multi-Series Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20232022-6 1 Enhancement Deficiency would result from excluding the Series 20232022-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20232022-6 1 Enhancement Amount or (y) the Series 20232022-6 1 Liquidity Amount, excluding therefrom the Series 20232022-6 1 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20232022-6 1 Required Liquidity Amount.
Appears in 1 contract
