Common use of Demand Note Draw Clause in Contracts

Demand Note Draw. If the amount to be deposited in the Series 2003-5 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 2003-5 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Series 2003-5 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F on the Demand Note Issuers for payment under the Series 2003-5 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency and (ii) the Series 2003-5 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 2003-5 Final Distribution Date, deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 2003-5 Demand Notes to be deposited into the Series 2003-5 Distribution Account.

Appears in 1 contract

Samples: Cendant Corp

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Demand Note Draw. If the amount to be deposited in the Series 20032018-5 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2018-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2018-1 Senior Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032018-5 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032018-5 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F H on the Demand Note Issuers for payment under the Series 20032018-5 1 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032018-5 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032018-5 1 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032018-5 1 Demand Notes to be deposited into the Series 20032018-5 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032012-5 1 Distribution Account in accordance with Section 2.5(a5.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b5.5(c) allocable to the Class A-1 Notes and Section 5.5(d)(i) on the Class A-1 Final Distribution Series 2012-1 Termination Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Invested Amount or the Class A-2 Series 2012-1 Invested Amount, as the case may be, and there are any Series 20032012-5 1 Letters of Credit or amounts on deposit in the Series 2012-1 Cash Collateral Account on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032012-5 Final Distribution 1 Termination Date, the Administrator shall instruct the Trustee in writing (with to deliver a copy Demand Notice to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F on the Demand Note Issuers BRAC for payment under the Series 20032012-5 1 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032012-5 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such the Series 20032012-5 Final Distribution 1 Termination Date, deliver such Demand Notice to the Demand Note IssuersABCR; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer BRAC shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note IssuerBRAC. The Trustee shall cause the proceeds of any demand on the Series 20032012-5 1 Demand Notes to be deposited into the Series 20032012-5 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032019-5 3 Distribution Account in accordance with Section 2.5(a) together with any amounts 37 to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2019-3 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2019-3 Senior Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032019-5 3 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032019-5 3 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F H on the Demand Note Issuers for payment under the Series 20032019-5 3 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032019-5 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032019-5 3 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032019-5 3 Demand Notes to be deposited into the Series 20032019-5 3 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032012-5 3 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2012-3 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2012-3 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032012-5 3 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032012-5 3 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032012-5 3 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032012-5 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032012-5 3 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032012-5 3 Demand Notes to be deposited into the Series 20032012-5 3 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032011-5 3 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2011-3 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2011-3 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032011-5 3 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032011-5 3 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032011-5 3 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032011-5 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032011-5 3 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032011-5 3 Demand Notes to be deposited into the Series 20032011-5 3 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032010-5 1 Distribution Account in accordance with Section 2.5(a4.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b4.5(c) allocable to the Class A-1 Notes and Section 4.5(d)(i) on the Class A-1 Final Distribution Series 2010-1 Termination Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Invested Amount or the Class A-2 Series 2010-1 Invested Amount, as the case may be, and there are any Series 20032010-5 1 Letters of Credit on such datedate or amounts on deposit in the Series 2010-1 Cash Collateral Account, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032010-5 Final Distribution 1 Termination Date, the Administrator shall instruct the Trustee in writing (with to deliver a copy Demand Notice to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F on the Demand Note Issuers Issuer for payment under the Series 20032010-5 1 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032010-5 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such the Series 20032010-5 Final Distribution 1 Termination Date, deliver such Demand Notice to the Demand Note IssuersIssuer; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a the Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such the Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032010-5 1 Demand Notes to be deposited into the Series 20032010-5 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032010-5 3 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2010-3 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2010-3 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032010-5 3 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032010-5 3 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F on the Demand Note Issuers for payment under the Series 20032010-5 3 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032010-5 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032010-5 3 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032010-5 3 Demand Notes to be deposited into the Series 20032010-5 3 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032016-5 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2016-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2016-1 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032016-5 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032016-5 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032016-5 1 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032016-5 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032016-5 1 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032016-5 1 Demand Notes to be deposited into the Series 20032016-5 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032010-5 4 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2010-4 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2010-4 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032010-5 4 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032010-5 4 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032010-5 4 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032010-5 4 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032010-5 4 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032010-5 4 Demand Notes to be deposited into the Series 20032010-5 4 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032010-5 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2010-5 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2010-5 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032010-5 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032010-5 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032010-5 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032010-5 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032010-5 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032010-5 Demand Notes to be deposited into the Series 20032010-5 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032010-5 2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2010-2 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2010-2 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032010-5 2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032010-5 2 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F on the Demand Note Issuers for payment under the Series 20032010-5 2 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032010-5 2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032010-5 2 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032010-5 2 Demand Notes to be deposited into the Series 20032010-5 2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20032012-5 2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2012-2 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2012-2 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032012-5 2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032012-5 2 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032012-5 2 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032012-5 2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032012-5 2 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032012-5 2 Demand Notes to be deposited into the Series 20032012-5 2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032013-5 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2013-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2013-1 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032013-5 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032013-5 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032013-5 1 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 2003-5 sum of the Class A/B Letter of Credit Amount and the Class C Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032013-5 1 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032013-5 1 Demand Notes to be deposited into the Series 20032013-5 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032017-5 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2017-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2017-1 Senior Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032017-5 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032017-5 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F H on the Demand Note Issuers for payment under the Series 20032017-5 1 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032017-5 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032017-5 1 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032017-5 1 Demand Notes to be deposited into the Series 20032017-5 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032014-5 2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2014-2 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2014-2 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032014-5 2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032014-5 2 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F on the Demand Note Issuers for payment under the Series 20032014-5 2 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032014-5 2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032014-5 2 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032014-5 2 Demand Notes to be deposited into the Series 20032014-5 2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032019-5 2 Distribution Account in accordance with Section 2.5(a) together with any amounts 37 to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2019-2 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2019-2 Senior Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032019-5 2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032019-5 2 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F H on the Demand Note Issuers for payment under the Series 20032019-5 2 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032019-5 2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032019-5 2 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032019-5 2 Demand Notes to be deposited into the Series 20032019-5 2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032014-5 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2014-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2014-1 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032014-5 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032014-5 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032014-5 1 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032014-5 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032014-5 1 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032014-5 1 Demand Notes to be deposited into the Series 20032014-5 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032013-5 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2013-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2013-1 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032013-5 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032013-5 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032013-5 1 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032013-5 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032013-5 1 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032013-5 1 Demand Notes to be deposited into the Series 20032013-5 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

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Demand Note Draw. If the amount to be deposited in the Series 20032020-5 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2020-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2020-1 Senior Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032020-5 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032020-5 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F H on the Demand Note Issuers for payment under the Series 20032020-5 1 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032020-5 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032020-5 1 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032020-5 1 Demand Notes to be deposited into the Series 20032020-5 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032017-5 2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2017-2 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2017-2 Senior Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032017-5 2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032017-5 2 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F H on the Demand Note Issuers for payment under the Series 20032017-5 2 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032017-5 2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032017-5 2 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032017-5 2 Demand Notes to be deposited into the Series 20032017-5 2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032011-5 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2011-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2011-1 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032011-5 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032011-5 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032011-5 1 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032011-5 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032011-5 1 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032011-5 1 Demand Notes to be deposited into the Series 20032011-5 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032011-5 2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2011-2 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2011-2 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032011-5 2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032011-5 2 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032011-5 2 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032011-5 2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032011-5 2 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032011-5 2 Demand Notes to be deposited into the Series 20032011-5 2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032020-5 2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2020-2 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2020-2 Senior Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032020-5 2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032020-5 2 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F H on the Demand Note Issuers for payment under the Series 20032020-5 2 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032020-5 2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032020-5 2 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032020-5 2 Demand Notes to be deposited into the Series 20032020-5 2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032011-5 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2011-5 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2011-5 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032011-5 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032011-5 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032011-5 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032011-5 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032011-5 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032011-5 Demand Notes to be deposited into the Series 20032011-5 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Rental (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20032009-5 2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Series 2009-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2009-2 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032009-5 2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Series 20032009-5 2 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F on the Demand Note Issuers for payment under the Series 20032009-5 2 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032009-5 2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032009-5 2 Final Distribution Date, deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032009-5 2 Demand Notes to be deposited into the Series 20032009-5 2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032019-5 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2019-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2019-1 Senior Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032019-5 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032019-5 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F H on the Demand Note Issuers for payment under the Series 20032019-5 1 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032019-5 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032019-5 1 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032019-5 1 Demand Notes to be deposited into the Series 20032019-5 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032016-5 2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2016-2 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2016-2 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032016-5 2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032016-5 2 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032016-5 2 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032016-5 2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032016-5 2 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032016-5 2 Demand Notes to be deposited into the Series 20032016-5 2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032012-5 2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2012-2 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2012-2 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032012-5 2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032012-5 2 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032012-5 2 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 2003-5 sum of the Class A/B Letter of Credit Amount and the Class C Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032012-5 2 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032012-5 2 Demand Notes to be deposited into the Series 20032012-5 2 Distribution Account.. NEWYORK 0000000 (2K)A&R Series 2012-2 Supplement (Class C Note issuance) 43

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20032012-5 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Class A-1 Series 2012-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Class A-1 Series 2012-1 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20032012-5 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 20032012-5 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit F G on the Demand Note Issuers for payment under the Series 20032012-5 1 Demand Notes in an amount equal to the lesser of (i) such insuf­fici­ency insufficiency and (ii) the Series 20032012-5 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20032012-5 1 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032012-5 1 Demand Notes to be deposited into the Series 20032012-5 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

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