Common use of Demand Note Draw Clause in Contracts

Demand Note Draw. If on the Determination Date with respect to any such Distribution Date, the Administrator determines that the Class D Principal Deficit Amount with respect to the next succeeding Distribution Date will be greater than zero and there are any Class A/B/C Letters of Credit or Class D Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Class D Principal Deficit Amount and (B) the sum of (x) the Class A/B/C Letter of Credit Amount and (y) the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such 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 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 2019-2 Demand Note to be deposited into the Series 2019-2 Distribution Account.

Demand Note Draw. If the amount to be deposited in the Series 2009-1 Distribution Account pursuant to Section 3.5(a) of this Series Supplement together with any amounts to be deposited therein in accordance with Section 3.5(b) and Section 3.5(c)(i) of this Series Supplement on the Determination Legal Final Payment Date with respect to any such Distribution Dateis less than the Series 2009-1 Principal Amount, the Administrator determines that the Class D Principal Deficit Amount with respect to the next succeeding Distribution Date will be greater than zero and there are any Class A/B/C Letters of Credit or Class D Letters of Credit on such datethen, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution the Legal Final Payment Date, the Administrator shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a Demand Notice to Hertz for payment under the Series 2009-1 Demand Note Issuers demanding payment of in an amount equal to the lesser of (Ai) such insufficiency and (ii) the Class D Principal Deficit Amount and (B) principal amount of the sum of (x) the Class A/B/C Letter of Credit Amount and (y) the Class D Letter of Credit AmountSeries 2009-1 Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution the Legal Final Payment Date, deliver such Demand Notice to the Demand Note IssuersHertz; 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 60 consecutive days) with respect to a Demand Note Issuer Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note IssuerHertz. The Trustee shall cause the proceeds of any demand on the Series 20192009-2 1 Demand Note to be deposited into the Series 20192009-2 1 Distribution Account, and such proceeds shall be treated as Principal Collections for all purposes hereunder.

Demand Note Draw. If the amount to be deposited in the Series 2010-2 Distribution Account pursuant to Section 9.4(a) of this Series Supplement together with any amounts to be deposited therein in accordance with Section 9.4(b) and Section 9.4(c)(i) of this Series Supplement on the Determination Legal Final Payment Date with respect to any such Distribution Dateis less than the Series 0000-0 Xxxxxxxxx Xxxxxx, the Administrator determines that the Class D Principal Deficit Amount with respect to the next succeeding Distribution Date will be greater than zero and there are any Class A/B/C Letters of Credit or Class D Letters of Credit on such datethen, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution the Legal Final Payment Date, the Series 2010-2 Administrator shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a Demand Notice to Hertz for payment under the Series 2010-2 Demand Note Issuers demanding payment of in an amount equal to the lesser of (Ai) such insufficiency and (ii) the Class D Principal Deficit Amount and (B) principal amount of the sum of (x) the Class A/B/C Letter of Credit Amount and (y) the Class D Letter of Credit AmountSeries 2010-2 Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution the Legal Final Payment Date, deliver such Demand Notice to the Demand Note IssuersHertz; 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 60 consecutive days) with respect to a Demand Note Issuer Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note IssuerHertz. The Trustee shall cause the proceeds of any demand on the Series 20192010-2 Demand Note to be deposited into the Series 20192010-2 Distribution Account, and such proceeds shall be treated as Series 2010-2 Principal Collections for all purposes hereunder.

Demand Note Draw. If on the Determination Date with respect to any such Distribution Date, the Administrator determines that the Class D Principal Deficit Amount with respect to the next succeeding Distribution Date will be greater than zero and there are any Class A/B/C Letters of Credit On or Class D Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution any Special Enhancement Draw Date, the Administrator shall Administrative Agent may at its option instruct the Trustee in writing to deliver make a Demand Notice to on the Demand Note Issuers demanding for payment of an under the Series 2004-1 Demand Notes in any amount equal not to exceed the lesser of (A) the Class D Principal Deficit Amount and (B) the sum of (x) the Class A/B/C Letter of Credit Amount and (y) the Class D Series 2004-1 Letter of Credit Amount. The If the Trustee receives such instruction prior to 10:00 a.m. on such date, then the Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution the Special Enhancement Draw 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 60 consecutive consecu-tive days) with respect to a Demand Note Issuer shall have occurred and be continuingcontin-uing, 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 20192004-2 1 Demand Note Notes to be deposited into the Series 20192004-2 1 Distribution Account.

Demand Note Draw. If the amount to be deposited in the Series 2010-1 Distribution Account pursuant to Section 3.5(a) of this Series Supplement together with any amounts to be deposited therein in accordance with Section 3.5(b) and Section 3.5(c)(i) of this Series Supplement on the Determination Legal Final Payment Date with respect to any such Distribution Dateis less than the Series 2010-1 Principal Amount, the Administrator determines that the Class D Principal Deficit Amount with respect to the next succeeding Distribution Date will be greater than zero and there are any Class A/B/C Letters of Credit or Class D Letters of Credit on such datethen, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution the Legal Final Payment Date, the Administrator shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a Demand Notice to Zipcar for payment under the Series 2010-1 Demand Note Issuers demanding payment of in an amount equal to the lesser of (Ai) such insufficiency and (ii) the Class D Principal Deficit Amount and (B) principal amount of the sum of (x) the Class A/B/C Letter of Credit Amount and (y) the Class D Letter of Credit AmountSeries 2010-1 Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution the Legal Final Payment Date, deliver such Demand Notice to the Demand Note IssuersZipcar; 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 60 consecutive days) with respect to a Demand Note Issuer Zipcar shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note IssuerZipcar. The Trustee shall cause the proceeds of any demand on the Series 20192010-2 1 Demand Note to be deposited into the Series 20192010-2 1 Distribution Account, and such proceeds shall be treated as Principal Collections for all purposes hereunder.

Demand Note Draw. If the amount to be deposited in the Series 2008-1 Distribution Account pursuant to Section 3.5(a) of this Series Supplement together with any amounts to be deposited therein in accordance with Section 3.5(b) and Section 3.5(c)(i) of this Series Supplement on the Determination Legal Final Payment Date with respect to any such Distribution Dateis less than the Series 0000-0 Xxxxxxxxx Xxxxxx, the Administrator determines that the Class D Principal Deficit Amount with respect to the next succeeding Distribution Date will be greater than zero and there are any Class A/B/C Letters of Credit or Class D Letters of Credit on such datethen, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution the Legal Final Payment Date, the Administrator shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a Demand Notice to Hertz for payment under the Series 2008-1 Demand Note Issuers demanding payment of in an amount equal to the lesser of (Ai) such insufficiency and (ii) the Class D Principal Deficit Amount and (B) principal amount of the sum of (x) the Class A/B/C Letter of Credit Amount and (y) the Class D Letter of Credit AmountSeries 2008-1 Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution the Legal Final Payment Date, deliver such Demand Notice to the Demand Note IssuersHertz; 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 60 consecutive days) with respect to a Demand Note Issuer Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note IssuerHertz. The Trustee shall cause the proceeds of any demand on the Series 20192008-2 1 Demand Note to be deposited into the Series 20192008-2 1 Distribution Account, and such proceeds shall be treated as Principal Collections for all purposes hereunder.