Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 2009-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of 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 Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 2009-1 Demand Note, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (B) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however that if the Series 2009-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Cash Collateral Account and deposit in the Series 2009-1 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 2009-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.
Appears in 4 contracts
Samples: Third Amended and Restated Series 2009 1 Supplement (Hertz Global Holdings Inc), Second Amended and Restated Series 2009 1 Supplement (Cinelease, LLC), Amended and Restated Series 2009 1 Supplement (Hertz Global Holdings Inc)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into in the Series 20092015-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in draw on the Multi-Series Letters of Credit an amount equal to the lesser of (Ai) Series 2015-3 Allocated Multi-Series Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092015-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092015-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092015-1 3 Cash Collateral Account and deposit in the Series 20092015-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092015-1 3 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2015-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092015-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2015-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the applicable portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2015-3 Notes and the proceeds of any such withdrawal from the Series 20092015-1 3 Cash Collateral Account into to be deposited in the Series 20092015-1 3 Distribution Account and on such proceeds shall be treated as Principal CollectionsDistribution Date.
Appears in 3 contracts
Samples: Fourth Amended and Restated Series 2015 3 Supplement (Avis Budget Group, Inc.), Third Amended and Restated Series 2015 3 Supplement (Avis Budget Group, Inc.), Second Amended and Restated Series 2015 3 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii3.5(c)(ii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 2009-1 Distribution Account the amount specified in such Demand Notice referred to in Section 3.5(c)(ii) of this Series Supplement in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of 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 Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 2009-1 Demand Note, Note (or the amount that the Trustee failed to demand for payment thereunder thereunder) or the Preference Amount, as the case may be; and (B) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however that if the Series 2009-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Cash Collateral Account and deposit in the Series 2009-1 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 2009-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.
Appears in 3 contracts
Samples: Second Amended and Restated Series 2009 1 Supplement (Cinelease, LLC), Amended and Restated Series 2009 1 Supplement (Hertz Global Holdings Inc), Series Supplement (Hertz Global Holdings Inc)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (ii) of this Series Supplement and Hertz Section 3.5(d) any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092010-1 6 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2010-6 Termination Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Multi-Series 2009-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092010-1 6 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092010-1 6 Allocated Multi-Series Letter of Credit Amount on such Business Day, Day by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092010-1 6 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 6 Cash Collateral Account and deposit in the Series 20092010-1 6 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 6 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2010-6 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092010-1 6 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2010-6 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the applicable portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2010-6 Notes and the proceeds of any such withdrawal from the Series 20092010-1 6 Cash Collateral Account into to be deposited in the Series 20092010-1 6 Distribution Account and on such proceeds shall be treated as Principal CollectionsDistribution Date.
Appears in 3 contracts
Samples: Sixth Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.), Fifth Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.), Fourth Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (ii) of this Series Supplement and Hertz Section 3.5(d) any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092015-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2015-3 Termination Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Multi-Series 2009-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092015-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092015-1 3 Allocated Multi-Series Letter of Credit Amount on such Business Day, Day by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092015-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092015-1 3 Cash Collateral Account and deposit in the Series 20092015-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092015-1 3 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2015-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092015-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2015-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the applicable portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2015-3 Notes and the proceeds of any such withdrawal from the Series 20092015-1 3 Cash Collateral Account into to be deposited in the Series 20092015-1 3 Distribution Account and on such proceeds shall be treated as Principal CollectionsDistribution Date.
Appears in 3 contracts
Samples: Fourth Amended and Restated Series 2015 3 Supplement (Avis Budget Group, Inc.), Third Amended and Restated Series 2015 3 Supplement (Avis Budget Group, Inc.), Second Amended and Restated Series 2015 3 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into in the Series 20092010-1 6 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in draw on the Multi-Series Letters of Credit an amount equal to the lesser of (Ai) Series 2010-6 Allocated Multi-Series Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092010-1 6 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092010-1 6 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 6 Cash Collateral Account and deposit in the Series 20092010-1 6 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 6 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2010-6 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092010-1 6 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2010-6 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the applicable portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2010-6 Notes and the proceeds of any such withdrawal from the Series 20092010-1 6 Cash Collateral Account into to be deposited in the Series 20092010-1 6 Distribution Account and on such proceeds shall be treated as Principal CollectionsDistribution Date.
Appears in 3 contracts
Samples: Sixth Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.), Fifth Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.), Fourth Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (ii) of this Series Supplement and Hertz Section 3.5(d) any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092004-1 4 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2004-4 Termination Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092004-1 4 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (A1) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092004-1 4 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (B2) the Series 20092004-1 4 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092004-1 4 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092004-1 4 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092004-1 4 Cash Collateral Account and deposit in the Series 20092004-1 4 Distribution Account an amount equal to the lesser of (x) the Series 20092004-1 4 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2004-4 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092004-1 4 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2004-4 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092004-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.4
Appears in 2 contracts
Samples: Series 2004 4 Supplement (Cendant Corp), Series 2004 4 Supplement (Cendant Corp)
Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Zipcar shall have failed to pay to the Trustee or deposit into the Series 20092010-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of 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 HertzZipcar, the Trustee shall not have delivered such Demand Notice to Hertz Zipcar or (3) there is a Preference AmountAmount (of which the Trustee has actual knowledge or with respect to which the Trustee has received written notice thereof), the Trustee shall draw on the Series 20092010-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz Zipcar failed to pay under the Series 20092010-1 Demand Note, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (B) the Series 20092010-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092010-1 Letter of Credit Provider a draft accompanied by a Series 20092010-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 20092010-1 Certificate of Preference Payment Demand; provided, however that if the Series 20092010-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 Cash Collateral Account and deposit in the Series 20092010-1 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 20092010-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 20092010-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092010-1 Letters of Credit and the proceeds of any such withdrawal from the Series 20092010-1 Cash Collateral Account into the Series 20092010-1 Distribution Account and such proceeds shall be treated as Principal Collections.
Appears in 2 contracts
Samples: Second Amended and Restated Series 2010 1 Supplement (Zipcar Inc), Amended and Restated Series 2010 1 Supplement (Zipcar Inc)
Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii3.5(c)(ii) of this Series Supplement and Hertz Zipcar shall have failed to pay to the Trustee or deposit into the Series 20092010-1 Distribution Account the amount specified in such Demand Notice referred to in Section 3.5(c)(ii) of this Series Supplement in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of 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 HertzZipcar, the Trustee shall not have delivered such Demand Notice to Hertz Zipcar or (3) there is a Preference Amount, the Trustee shall draw on the Series 20092010-1 Letters of Credit, if any, by 12:00 3:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz Zipcar failed to pay under the Series 20092010-1 Demand Note, Note (or the amount that the Trustee failed to demand for payment thereunder thereunder) or the Preference Amount, as the case may be; and (B) the Series 20092010-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092010-1 Letter of Credit Provider a draft accompanied by a Series 20092010-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 20092010-1 Certificate of Preference Payment Demand; provided, however that if the Series 20092010-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 Cash Collateral Account and deposit in the Series 20092010-1 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 20092010-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 20092010-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092010-1 Letters of Credit and the proceeds of any such withdrawal from the Series 20092010-1 Cash Collateral Account into the Series 20092010-1 Distribution Account and such proceeds shall be treated as Principal Collections.
Appears in 2 contracts
Samples: Second Amended and Restated Series 2010 1 Supplement (Zipcar Inc), Amended and Restated Series 2010 1 Supplement (Zipcar Inc)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092003-1 5 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092003-1 5 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2003-5 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092003-1 5 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092003-1 5 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092003-1 5 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092003-1 5 Cash Collateral Account and deposit in the Series 20092003-1 5 Distribution Account an amount equal to the lesser of (x) the Series 20092003-1 5 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2003-5 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092003-1 5 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2003-5 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092003-1 5 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092003-1 5 Letters of Credit and the proceeds of any such withdrawal from the Series 20092003-1 5 Cash Collateral Account into to be deposited in the Series 20092003-1 5 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 2 contracts
Samples: Series Supplement (Avis Group Holdings Inc), Series Supplement (Cendant Corp)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2018-2 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092018-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2018-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall shall:
(1) draw on the Series 2009-1 Class A/B/C Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092018-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 2009-1 Class A/B/C Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092018-1 2 Letter of Credit Provider of a Class A/B/C Letter of Credit a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 2009-1 Class A/B/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Class A/B/C Cash Collateral Account and deposit in the Series 20092018-1 2 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Class A/B/C Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2018-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 2009-1 Class A/B/C Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2018-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 Class A/B/C Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Class A/B/C Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Class A/B/C Cash Collateral Account into to be deposited in the Series 20092018-1 2 Distribution Account; and
(2) draw on the Class D Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the excess of (x) the amount that the Demand Note Issuers so failed to pay under the Series 2018-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (y) the amount drawn on the Class A/B/C Letters of Credit and/or withdrawn from the Class A/B/C Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (b) the Class D Letter of Credit Amount on such Business Day by presenting to each Series 2018-2 Letter of Credit Provider of a Class D Letter of Credit a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Class D Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class D Cash Collateral Account and deposit in the Series 2018-2 Distribution Account an amount equal to the lesser of (x) the Class D Cash Collateral Percentage on such Business Day of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2018-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B/C Letters of Credit and/or withdrawn from the Class A/B/C Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (y) the Class D Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2018-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B/C Letters of Credit and/or withdrawn from the Class A/B/C Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) on the Class D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds shall of any draw on the Class D Letters of Credit and the proceeds of any withdrawal from the Class D Cash Collateral Account to be treated as Principal Collectionsdeposited in the Series 2018-2 Distribution Account.
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Samples: Amended and Restated Series 2018 2 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2011-5 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092011-1 5 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2011-5 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092011-1 5 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092011-1 5 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092011-1 5 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092011-1 5 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092011-1 5 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092011-1 5 Cash Collateral Account and deposit in the Series 20092011-1 5 Distribution Account an amount equal to the lesser of (x) the Series 20092011-1 5 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2011-5 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092011-1 5 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2011-5 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092011-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.5
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2015-1 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092015-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2015-1 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092015-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092015-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092015-1 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092015-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092015-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092015-1 Cash Collateral Account and deposit in the Series 20092015-1 Distribution Account an amount equal to the lesser of (x) the Series 20092015-1 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2015-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092015-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2015-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092015-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.1
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into in the Series 2009-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 2009-1 3 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2009-3 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 2009-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 2009-1 3 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 2009-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 3 Cash Collateral Account and deposit in the Series 2009-1 3 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 3 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2009-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 2009-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2009-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 3 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 3 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 3 Cash Collateral Account into to be deposited in the Series 2009-1 3 Distribution Account and on such proceeds shall be treated as Principal CollectionsDistribution Date.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date for which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (ii) of this Series Supplement and Hertz Section 3.5(e) any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092004-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Special Enhancement Draw Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092004-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092004-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092004-1 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092004-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092004-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092004-1 Cash Collateral Account and deposit in the Series 20092004-1 Distribution Account an amount equal to the lesser of (x) the Series 20092004-1 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2004-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092004-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2004-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092004-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.1
Appears in 1 contract
Samples: Second Amended and Restated Series 2004 1 Supplement (Cendant Corp)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2024-2 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092024-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2024-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Multi-Series 2009-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092024-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092024-1 2 Allocated Multi-Series Letter of Credit Amount on such Business Day, Day by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092024-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092024-1 2 Cash Collateral Account and deposit in the Series 20092024-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092024-1 2 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2024-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092024-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2024-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the applicable portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2024-2 Notes and the proceeds of any such withdrawal from the Series 20092024-1 2 Cash Collateral Account into to be deposited in the Series 20092024-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092003-1 4 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092003-1 4 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2003-4 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092003-1 4 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092003-1 4 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092003-1 4 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092003-1 4 Cash Collateral Account and deposit in the Series 20092003-1 4 Distribution Account an amount equal to the lesser of (x) the Series 20092003-1 4 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2003-4 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092003-1 4 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2003-4 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092003-1 4 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092003-1 4 Letters of Credit and the proceeds of any such withdrawal from the Series 20092003-1 4 Cash Collateral Account into to be deposited in the Series 20092003-1 4 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2014-2 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092014-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2014-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092014-1 2 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092014-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092014-1 2 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092014-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092014-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092014-1 2 Cash Collateral Account and deposit in the Series 20092014-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092014-1 2 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2014-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092014-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2014-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092014-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.2
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2023-5 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092023-1 5 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2023-5 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Multi-Series 2009-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092023-1 5 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092023-1 5 Allocated Multi-Series Letter of Credit Amount on such Business Day, Day by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092023-1 5 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092023-1 5 Cash Collateral Account and deposit in the Series 20092023-1 5 Distribution Account an amount equal to the lesser of (x) the Series 20092023-1 5 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2023-5 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092023-1 5 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2023-5 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the applicable portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2023-5 Notes and the proceeds of any such withdrawal from the Series 20092023-1 5 Cash Collateral Account into to be deposited in the Series 20092023-1 5 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (ii) of this Series Supplement and Hertz Section 3.5(d) any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 2009-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2009-3 Termination Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 3 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 2009-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 2009-1 3 Letter of Credit Amount on such Business Day, Day by presenting to each Series 2009-1 3 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 2009-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 3 Cash Collateral Account and deposit in the Series 2009-1 3 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 3 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2009-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 2009-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2009-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.3
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2009-1 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 2009-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2009-1 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 2009-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 2009-1 Letter of Credit Amount on such Business Day, Day by presenting to each Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 2009-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Cash Collateral Account and deposit in the Series 2009-1 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2009-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 2009-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2009-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.1
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2017-2 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092017-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2017-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092017-1 2 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092017-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092017-1 2 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092017-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092017-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092017-1 2 Cash Collateral Account and deposit in the Series 20092017-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092017-1 2 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2017-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092017-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2017-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092017-1 2 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092017-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092017-1 2 Cash Collateral Account into to be deposited in the Series 20092017-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2017-1 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092017-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2017-1 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092017-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092017-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092017-1 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092017-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092017-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092017-1 Cash Collateral Account and deposit in the Series 20092017-1 Distribution Account an amount equal to the lesser of (x) the Series 20092017-1 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2017-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092017-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2017-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092017-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092017-1 Letters of Credit and the proceeds of any such withdrawal from the Series 20092017-1 Cash Collateral Account into to be deposited in the Series 20092017-1 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2012-2 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092012-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2012-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092012-1 2 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092012-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092012-1 2 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092012-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092012-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092012-1 2 Cash Collateral Account and deposit in the Series 20092012-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092012-1 2 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2012-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092012-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2012-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092012-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.2
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092019-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092019-1 3 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2019-3 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092019-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092019-1 3 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092019-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092019-1 3 Cash Collateral Account and deposit in the Series 20092019-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092019-1 3 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2019-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092019-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2019-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092019-1 3 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092019-1 3 Letters of Credit and the proceeds of any such withdrawal from the Series 20092019-1 3 Cash Collateral Account into to be deposited in the Series 20092019-1 3 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2015-2 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092015-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2015-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092015-1 2 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092015-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092015-1 2 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092015-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092015-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092015-1 2 Cash Collateral Account and deposit in the Series 20092015-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092015-1 2 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2015-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092015-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2015-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092015-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.2
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092023-1 4 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in draw on the Multi-Series Letters of Credit an amount equal to the lesser of (Ai) Series 2023-4 Allocated Multi-Series Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092023-1 4 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092023-1 4 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092023-1 4 Cash Collateral Account and deposit in the Series 20092023-1 4 Distribution Account an amount equal to the lesser of (x) the Series 20092023-1 4 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2023-4 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092023-1 4 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2023-4 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2023-4 Notes and the proceeds of any such withdrawal from the Series 20092023-1 4 Cash Collateral Account into to be deposited in the Series 20092023-1 4 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2020-2 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092020-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2020-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092020-1 2 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092020-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092020-1 2 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092020-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092020-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092020-1 2 Cash Collateral Account and deposit in the Series 20092020-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092020-1 2 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2020-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092020-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2020-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092020-1 2 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092020-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092020-1 2 Cash Collateral Account into to be deposited in the Series 20092020-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092023-1 7 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in draw on the Multi-Series Letters of Credit an amount equal to the lesser of (Ai) Series 2023-7 Allocated Multi-Series Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092023-1 7 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092023-1 7 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092023-1 7 Cash Collateral Account and deposit in the Series 20092023-1 7 Distribution Account an amount equal to the lesser of (x) the Series 20092023-1 7 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2023-7 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092023-1 7 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2023-7 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2023-7 Notes and the proceeds of any such withdrawal from the Series 20092023-1 7 Cash Collateral Account into to be deposited in the Series 20092023-1 7 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into in the Series 20092010-1 6 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092010-1 6 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2010-6 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092010-1 6 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092010-1 6 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092010-1 6 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 6 Cash Collateral Account and deposit in the Series 20092010-1 6 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 6 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2010-6 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092010-1 6 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2010-6 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092010-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.6
Appears in 1 contract
Samples: Second Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2018-2 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092018-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2018-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092018-1 2 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092018-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092018-1 2 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092018-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092018-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092018-1 2 Cash Collateral Account and deposit in the Series 20092018-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092018-1 2 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2018-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092018-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2018-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092018-1 2 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092018-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092018-1 2 Cash Collateral Account into to be deposited in the Series 20092018-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2020-1 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092020-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2020-1 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall shall:
(1) draw on the Series 2009-1 Class A/B/C Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 2009Series
2020-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 2009-1 Class A/B/C Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092020-1 Letter of Credit Provider of a Class A/B/C Letter of Credit a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 2009-1 Class A/B/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Class A/B/C Cash Collateral Account and deposit in the Series 20092020-1 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Class A/B/C Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2020-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 2009-1 Class A/B/C Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2020-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 Class A/B/C Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Class A/B/C Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Class A/B/C Cash Collateral Account into to be deposited in the Series 20092020-1 Distribution Account; and
(2) draw on the Class D Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the excess of (x) the amount that the Demand Note Issuers so failed to pay under the Series 2020-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (y) the amount drawn on the Class A/B/C Letters of Credit and/or withdrawn from the Class A/B/C Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (b) the Class D Letter of Credit Amount on such Business Day by presenting to each Series 2020-2 Letter of Credit Provider of a Class D Letter of Credit a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Class D Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class D Cash Collateral Account and deposit in the Series 2020-1 Distribution Account an amount equal to the lesser of (x) the Class D Cash Collateral Percentage on such Business Day of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2020-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B/C Letters of Credit and/or withdrawn from the Class A/B/C Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (y) the Class D Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2020-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B/C Letters of Credit and/or withdrawn from the Class A/B/C Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) on the Class D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds shall of any draw on the Class D Letters of Credit and the proceeds of any withdrawal from the Class D Cash Collateral Account to be treated as Principal Collectionsdeposited in the Series 2020-1 Distribution Account.
Appears in 1 contract
Samples: Amended and Restated Series 2020 1 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092006-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092006-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2006-1 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092006-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092006-1 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092006-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092006-1 Cash Collateral Account and deposit in the Series 20092006-1 Distribution Account an amount equal to the lesser of (x) the Series 20092006-1 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2006-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092006-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2006-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092006-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.1
Appears in 1 contract
Samples: Series Supplement (Cendant Corp)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2012-3 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092012-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2012-3 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall shall:
(1) draw on the Series 2009-1 Class A/B Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount NEWYORK 8960493 (2K)A&R Series 2012-3 Supplement (Class C Note issuance) 44 that Hertz the Demand Note Issuers so failed to pay under the Series 20092012-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 2009-1 Class A/B Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092012-1 3 Letter of Credit Provider of a Class A/B Letter of Credit a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 2009-1 Class A/B Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Class A/B Cash Collateral Account and deposit in the Series 20092012-1 3 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Class A/B Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2012-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 2009-1 Class A/B Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2012-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 Class A/B Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Class A/B Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Class A/B Cash Collateral Account into to be deposited in the Series 20092012-1 3 Distribution Account; and
(2) draw on the Class C Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the excess of (x) the amount that the Demand Note Issuers so failed to pay under the Series 2012-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (y) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (b) the Class C Letter of Credit Amount on such Business Day by presenting to each Series 2012-3 Letter of Credit Provider of a Class C Letter of Credit a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Class C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class C Cash Collateral Account and deposit in the Series 2012-3 Distribution Account an amount equal to the lesser of (x) the Class C Cash Collateral Percentage on such Business Day of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2012-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (y) the Class C Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2012-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) on the Class C Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds shall of any draw on the Class C Letters of Credit and the proceeds of any withdrawal from the NEWYORK 8960493 (2K)A&R Series 2012-3 Supplement (Class C Note issuance) 45 Class C Cash Collateral Account to be treated as Principal Collectionsdeposited in the Series 2012-3 Distribution Account.
Appears in 1 contract
Samples: Amended and Restated Series 2012 3 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii3.5(c)(ii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 20092008-1 Distribution Account the amount specified in such Demand Notice referred to in Section 3.5(c)(ii) of this Series Supplement in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of 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 Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference Amount, the Trustee shall draw on the Series 20092008-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 20092008-1 Demand Note, Note (or the amount that the Trustee failed to demand for payment thereunder thereunder) or the Preference Amount, as the case may be; and (B) the Series 20092008-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092008-1 Letter of Credit Provider a draft accompanied by a Series 20092008-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 20092008-1 Certificate of Preference Payment Demand; provided, however that if the Series 20092008-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092008-1 Cash Collateral Account and deposit in the Series 20092008-1 Distribution Account an amount equal to the lesser of (x) the Series 20092008-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 20092008-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 20092008-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092008-1 Letters of Credit and the proceeds of any such withdrawal from the Series 20092008-1 Cash Collateral Account into the Series 20092008-1 Distribution Collection Account and such proceeds shall be treated as Principal CollectionsCollections for the Related Month.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2019-3 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092019-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2019-3 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092019-1 3 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092019-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092019-1 3 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092019-1 3 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092019-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092019-1 3 Cash Collateral Account and deposit in the Series 20092019-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092019-1 3 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2019-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092019-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2019-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092019-1 3 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092019-1 3 Letters of Credit and the proceeds of any such withdrawal from the Series 20092019-1 3 Cash Collateral Account into to be deposited in the Series 20092019-1 3 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2010-4 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092010-1 4 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2010-4 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092010-1 4 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092010-1 4 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092010-1 4 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092010-1 4 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092010-1 4 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 4 Cash Collateral Account and deposit in the Series 20092010-1 4 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 4 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2010-4 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092010-1 4 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2010-4 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092010-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.4
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement and Hertz Section 2.5(c), any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092003-1 5 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Series 2003-5 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092003-1 5 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092003-1 5 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092003-1 5 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092003-1 5 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092003-1 5 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092003-1 5 Cash Collateral Account and deposit in the Series 20092003-1 5 Distribution Account an amount equal to the lesser of (x) the Series 20092003-1 5 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2003-5 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092003-1 5 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2003-5 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092003-1 5 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092003-1 5 Letters of Credit and the proceeds of any such withdrawal from the Series 20092003-1 5 Cash Collateral Account into to be deposited in the Series 20092003-1 5 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2021-1 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092021-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2021-1 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Multi-Series 2009-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092021-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092021-1 Allocated Multi-Series Letter of Credit Amount on such Business Day, Day by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092021-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092021-1 Cash Collateral Account and deposit in the Series 20092021-1 Distribution Account an amount equal to the lesser of (x) the Series 20092021-1 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2021-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092021-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2021-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the applicable portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2021-1 Notes and the proceeds of any such withdrawal from the Series 20092021-1 Cash Collateral Account into to be deposited in the Series 20092021-1 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2012-3 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092012-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2012-3 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092012-1 3 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092012-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092012-1 3 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092012-1 3 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092012-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092012-1 3 Cash Collateral Account and deposit in the Series 20092012-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092012-1 3 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2012-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092012-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2012-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092012-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.3
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092021-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in draw on the Multi-Series Letters of Credit an amount equal to the lesser of (Ai) Series 2021-1 Allocated Multi-Series Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092021-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092021-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092021-1 Cash Collateral Account and deposit in the Series 20092021-1 Distribution Account an amount equal to the lesser of (x) the Series 20092021-1 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2021-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092021-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2021-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2021-1 Notes and the proceeds of any such withdrawal from the Series 20092021-1 Cash Collateral Account into to be deposited in the Series 20092021-1 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement and Hertz Section 2.5(c), any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092005-1 4 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Series 2005-4 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092005-1 4 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092005-1 4 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092005-1 4 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092005-1 4 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092005-1 4 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092005-1 4 Cash Collateral Account and deposit in the Series 20092005-1 4 Distribution Account an amount equal to the lesser of (x) the Series 20092005-1 4 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2005-4 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092005-1 4 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2005-4 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092005-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.4
Appears in 1 contract
Samples: Series Supplement (Cendant Corp)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092011-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092011-1 2 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2011-2 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092011-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092011-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092011-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092011-1 2 Cash Collateral Account and deposit in the Series 20092011-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092011-1 2 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2011-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092011-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2011-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092011-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.2
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092023-1 5 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in draw on the Multi-Series Letters of Credit an amount equal to the lesser of (Ai) Series 2023-5 Allocated Multi-Series Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092023-1 5 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092023-1 5 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092023-1 5 Cash Collateral Account and deposit in the Series 20092023-1 5 Distribution Account an amount equal to the lesser of (x) the Series 20092023-1 5 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2023-5 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092023-1 5 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2023-5 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2023-5 Notes and the proceeds of any such withdrawal from the Series 20092023-1 5 Cash Collateral Account into to be deposited in the Series 20092023-1 5 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092020-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092020-1 2 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2020-2 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092020-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092020-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092020-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092020-1 2 Cash Collateral Account and deposit in the Series 20092020-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092020-1 2 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2020-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092020-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2020-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092020-1 2 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092020-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092020-1 2 Cash Collateral Account into to be deposited in the Series 20092020-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092005-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092005-1 2 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2005-2 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092005-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092005-1 2 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092005-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092005-1 2 Cash Collateral Account and deposit in the Series 20092005-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092005-1 2 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2005-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the amount on deposit in the Series 20092005-1 Available 2 Cash Collateral Account Amount on such Business Day (after giving effect to the distribution of any amounts in the Series 2005-2 Cash Collateral Account made pursuant to Section 2.3(c) and Section 2.5(b) on such date) and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2005-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092005-1 2 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092005-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092005-1 2 Cash Collateral Account into to be deposited in the Series 20092005-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Samples: Amended and Restated Series 2005 2 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092024-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in draw on the Multi-Series Letters of Credit an amount equal to the lesser of (Ai) Series 2024-1 Allocated Multi-Series Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092024-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092024-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092024-1 Cash Collateral Account and deposit in the Series 20092024-1 Distribution Account an amount equal to the lesser of (x) the Series 20092024-1 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2024-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092024-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2024-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2024-1 Notes and the proceeds of any such withdrawal from the Series 20092024-1 Cash Collateral Account into to be deposited in the Series 20092024-1 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092023-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in draw on the Multi-Series Letters of Credit an amount equal to the lesser of (Ai) Series 2023-1 Allocated Multi-Series Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092023-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092023-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092023-1 Cash Collateral Account and deposit in the Series 20092023-1 Distribution Account an amount equal to the lesser of (x) the Series 20092023-1 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2023-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092023-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2023-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2023-1 Notes and the proceeds of any such withdrawal from the Series 20092023-1 Cash Collateral Account into to be deposited in the Series 20092023-1 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092010-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092010-1 3 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2010-3 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092010-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092010-1 3 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092010-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 3 Cash Collateral Account and deposit in the Series 20092010-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 3 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2010-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092010-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.the
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092007-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092007-1 2 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2007-2 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092007-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092007-1 2 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092007-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092007-1 2 Cash Collateral Account and deposit in the Series 20092007-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092007-1 2 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2007-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092007-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2007-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092007-1 2 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092007-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092007-1 2 Cash Collateral Account into to be deposited in the Series 20092007-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092003-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092003-1 2 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2003-2 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092003-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092003-1 2 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; providedPROVIDED, however HOWEVER, that if the Series 20092003-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092003-1 2 Cash Collateral Account and deposit in the Series 20092003-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092003-1 2 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2003-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092003-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2003-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092003-1 2 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092003-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092003-1 2 Cash Collateral Account into to be deposited in the Series 20092003-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092010-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092010-1 2 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2010-2 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092010-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092010-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092010-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 2 Cash Collateral Account and deposit in the Series 20092010-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 2 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2010-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092010-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2010-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092010-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.2
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2010-2 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092010-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2010-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092010-1 2 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092010-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092010-1 2 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092010-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092010-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 2 Cash Collateral Account and deposit in the Series 20092010-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 2 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2010-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092010-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2010-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092010-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.2
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092010-1 5 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092010-1 5 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2010-5 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092010-1 5 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092010-1 5 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092010-1 5 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 5 Cash Collateral Account and deposit in the Series 20092010-1 5 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 5 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2010-5 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092010-1 5 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2010-5 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092010-1 5 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092010-1 5 Letters of Credit and the proceeds of any such withdrawal from the Series 20092010-1 5 Cash Collateral Account into to be deposited in the Series 20092010-1 5 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092024-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in draw on the Multi-Series Letters of Credit an amount equal to the lesser of (Ai) Series 2024-2 Allocated Multi-Series Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092024-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092024-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092024-1 2 Cash Collateral Account and deposit in the Series 20092024-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092024-1 2 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2024-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092024-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2024-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds portion of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from draw on the Multi-Series Letters of Credit related to the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.2024-
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2023-6 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092023-1 6 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2023-6 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Multi-Series 2009-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092023-1 6 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092023-1 6 Allocated Multi-Series Letter of Credit Amount on such Business Day, Day by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092023-1 6 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092023-1 6 Cash Collateral Account and deposit in the Series 20092023-1 6 Distribution Account an amount equal to the lesser of (x) the Series 20092023-1 6 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2023-6 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092023-1 6 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2023-6 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the applicable portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2023-6 Notes and the proceeds of any such withdrawal from the Series 20092023-1 6 Cash Collateral Account into to be deposited in the Series 20092023-1 6 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement and Hertz Section 2.5(c), any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092005-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Series 2005-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092005-1 2 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092005-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092005-1 2 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092005-1 2 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092005-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092005-1 2 Cash Collateral Account and deposit in the Series 20092005-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092005-1 2 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2005-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092005-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2005-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092005-1 2 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092005-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092005-1 2 Cash Collateral Account into to be deposited in the Series 20092005-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2018-1 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092018-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2018-1 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092018-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092018-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092018-1 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092018-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092018-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092018-1 Cash Collateral Account and deposit in the Series 20092018-1 Distribution Account an amount equal to the lesser of (x) the Series 20092018-1 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2018-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092018-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2018-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092018-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092018-1 Letters of Credit and the proceeds of any such withdrawal from the Series 20092018-1 Cash Collateral Account into to be deposited in the Series 20092018-1 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092015-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092015-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2015-1 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092015-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092015-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092015-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092015-1 Cash Collateral Account and deposit in the Series 20092015-1 Distribution Account an amount equal to the lesser of (x) the Series 20092015-1 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2015-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092015-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.remainder
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2011-5 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092011-1 5 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2011-5 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall shall:
(1) draw on the Series 2009-1 Class A/B Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092011-1 5 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 2009-1 Class A/B Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092011-1 5 Letter of Credit Provider of a Class A/B Letter of Credit a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 2009-1 Class A/B Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Class A/B Cash Collateral Account and deposit in the Series 20092011-1 5 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Class A/B Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2011-5 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 2009-1 Class A/B Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2011-5 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 Class A/B Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Class A/B Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Class A/B Cash Collateral Account into to be deposited in the Series 20092011-1 5 Distribution Account; and
(2) draw on the Class C Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the excess of (x) the amount that the Demand Note Issuers so failed to pay under the Series 2011-5 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (y) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (b) the Class C Letter of Credit Amount on such Business Day by presenting to each Series 2011-5 Letter of Credit Provider of a Class C Letter of Credit a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Class C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class C Cash Collateral Account and deposit in the Series 2011-5 Distribution Account an amount equal to the lesser of (x) the Class C Cash Collateral Percentage on such Business Day of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2011-5 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (y) the Class C Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2011-5 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) on the Class C Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds shall of any draw on the Class C Letters of Credit and the proceeds of any withdrawal from the Class C Cash Collateral Account to be treated as Principal Collectionsdeposited in the Series 2011-5 Distribution Account.
Appears in 1 contract
Samples: Amended and Restated Series 2011 5 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092019-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092019-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2019-1 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092019-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092019-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092019-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092019-1 Cash Collateral Account and deposit in the Series 20092019-1 Distribution Account an amount equal to the lesser of (x) the Series 20092019-1 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2019-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092019-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2019-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092019-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092019-1 Letters of Credit and the proceeds of any such withdrawal from the Series 20092019-1 Cash Collateral Account into to be deposited in the Series 20092019-1 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092020-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092020-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2020-1 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092020-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092020-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092020-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092020-1 Cash Collateral Account and deposit in the Series 20092020-1 Distribution Account an amount equal to the lesser of (x) the Series 20092020-1 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2020-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092020-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2020-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092020-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092020-1 Letters of Credit and the proceeds of any such withdrawal from the Series 20092020-1 Cash Collateral Account into to be deposited in the Series 20092020-1 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
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Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (ii) of this Series Supplement and Hertz Section 3.5(d) any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092015-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2015-3 Termination Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092015-1 3 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092015-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092015-1 3 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092015-1 3 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092015-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092015-1 3 Cash Collateral Account and deposit in the Series 20092015-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092015-1 3 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2015-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092015-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2015-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092015-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.3
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Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii9.4(b)(iii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 20092010-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of 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 Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference Amount, the Trustee shall draw on the Series 20092010-1 2 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 20092010-1 2 Demand Note, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (B) the Series 20092010-1 2 Letter of Credit Amount on such Business Day, by presenting to each Series 20092010-1 2 Letter of Credit Provider a draft accompanied by a Series 20092010-1 2 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 20092010-1 2 Certificate of Preference Payment Demand; provided, however that if the Series 20092010-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 2 Cash Collateral Account and deposit in the Series 20092010-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 2 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 20092010-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 20092010-1 2 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092010-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092010-1 2 Cash Collateral Account into the Series 20092010-1 2 Distribution Account and such proceeds shall be treated as Series 2010-2 Principal Collections.
Appears in 1 contract
Samples: Supplement to Base Indenture (Hertz Global Holdings Inc)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into in the Series 20092005-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 conse-cutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092005-1 3 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2005-3 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092005-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092005-1 3 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092005-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092005-1 3 Cash Collateral Account and deposit in the Series 20092005-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092005-1 3 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2005-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092005-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2005-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092005-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.3
Appears in 1 contract
Samples: Series Supplement (Cendant Corp)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement and Hertz Section 2.5(c), any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092003-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Series 2003-3 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092003-1 3 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092003-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092003-1 3 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092003-1 3 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; providedPROVIDED, however HOWEVER, that if the Series 20092003-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092003-1 3 Cash Collateral Account and deposit in the Series 20092003-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092003-1 3 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2003-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092003-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2003-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092003-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.3
Appears in 1 contract
Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 20092008-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of 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 Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference Amount, the Trustee shall draw on the Series 20092008-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 20092008-1 Demand Note, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (B) the Series 20092008-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092008-1 Letter of Credit Provider a draft accompanied by a Series 20092008-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 20092008-1 Certificate of Preference Payment Demand; provided, however that if the Series 20092008-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092008-1 Cash Collateral Account and deposit in the Series 20092008-1 Distribution Account an amount equal to the lesser of (x) the Series 20092008-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 20092008-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.on
Appears in 1 contract
Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii2.5(b)(ii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 2009-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, Notice or (2) due to the occurrence of 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 Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference AmountHertz, the Trustee shall draw on the Series 2009-1 Class A Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 2009-1 2 Demand Note, Note or the amount that the Trustee failed to demand for payment thereunder or the Preference Amountthereunder, as the case may be; and (B) the Series 2009-1 Class A Letter of Credit Amount on as of such Business DayDay (after giving effect to any drawings on the Class A Letters of Credit and/or withdrawals from any Class A Cash Collateral Accounts anticipated to be made on the related Payment Date pursuant to Section 2.3(e) of this Series Supplement), by presenting to each Series 2009-1 Class A Letter of Credit Provider a draft accompanied by a Series 2009-1 2 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however that if the Series 2009-1 any Class A Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 each such Class A Cash Collateral Account and deposit in the Series 2009-1 2 Distribution Account an amount equal to the pro rata portion of the lesser of (x) the Series 2009-1 Class A Cash Collateral Account Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 2009-1 aggregate Class A Available Cash Collateral Account Amount for all Class A Cash Collateral Accounts on such Business Day Day, calculated on the basis of the Class A Available Cash Collateral Account Amount of each such Class A Cash Collateral Accounts as of such Business Day, and draw an amount equal to the remainder of such amount on the Series 2009-1 Class A Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Class A Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 each Class A Cash Collateral Account into the Series 2009-1 2 Distribution Account and such proceeds shall be treated as Principal Collections.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2013-1 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092013-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2013-1 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092013-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092013-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092013-1 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092013-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092013-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092013-1 Cash Collateral Account and deposit in the Series 20092013-1 Distribution Account an amount equal to the lesser of (x) the Series 20092013-1 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2013-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092013-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2013-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092013-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.1
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (ii) of this Series Supplement and Hertz Section 3.5(d) any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092002-1 4 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2002-4 Termination Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092002-1 4 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092002-1 4 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092002-1 4 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092002-1 4 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; providedPROVIDED, however HOWEVER, that if the Series 20092002-1 4 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092002-1 4 Cash Collateral Account and deposit in the Series 20092002-1 4 Distribution Account an amount equal to the lesser of (x) the Series 20092002-1 4 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2002-4 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092002-1 4 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2002-4 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092002-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.4
Appears in 1 contract
Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii2.5(c)(ii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 20092010-1 Distribution Account the amount specified in such Demand Notice referred to in Section 2.5(c)(ii) of this Series Supplement in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, Notice or (2) due to the occurrence of 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 Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference AmountHertz, the Trustee shall draw on the Series 20092010-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Day, an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 20092010-1 Demand Note, Note (or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092010-1 Letter of Credit Provider a draft accompanied by a Series 20092010-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the any Series 20092010-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the each such Series 20092010-1 Cash Collateral Account and deposit in the Series 20092010-1 Distribution Account an amount equal to the pro rata portion of the lesser of (x) the Series 20092010-1 Cash Collateral Account Percentage on of such Business Day of the lesser of amount that Hertz failed to pay under the amounts set forth in clause Series 2010-1 Demand Note (A) and (B) above or the amount that Hertz failed to demand for payment thereunder), and (y) the aggregate Series 20092010-1 Available Cash Collateral Account Amount (after giving effect to any withdrawals from any Series 2010-1 Cash Collateral Account on the applicable related Legal Final Payment Date pursuant to Section 2.3(e) and Section 2.5(b)(iv) of this Series Supplement) for all such Series 2010-1 Cash Collateral Accounts on such Business Day Day, calculated on the basis of such Series 2010-1 Available Cash Collateral Account Amount for each such Series 2010-1 Cash Collateral Account and draw an amount equal to the remainder of such amount on the Series 20092010-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092010-1 Letters of Credit and the proceeds of any such withdrawal from the each Series 20092010-1 Cash Collateral Account into the Series 20092010-1 Distribution Account on or prior to the applicable Legal Final Payment Date and such proceeds shall be treated as Principal Collections.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2024-3 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092024-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2024-3 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Multi-Series 2009-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092024-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092024-1 3 Allocated Multi-Series Letter of Credit Amount on such Business Day, Day by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092024-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092024-1 3 Cash Collateral Account and deposit in the Series 20092024-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092024-1 3 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2024-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092024-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2024-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the applicable portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2024-3 Notes and the proceeds of any such withdrawal from the Series 20092024-1 3 Cash Collateral Account into to be deposited in the Series 20092024-1 3 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into in the Series 20092006-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092006-1 2 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (A1) Series 2006-2 Letter of Credit Amount and (2) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092006-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092006-1 2 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092006-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092006-1 2 Cash Collateral Account and deposit in the Series 20092006-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092006-1 2 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2006-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092006-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2006-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092006-1 2 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092006-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092006-1 2 Cash Collateral Account into to be deposited in the Series 20092006-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2016-1 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092016-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2016-1 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092016-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092016-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092016-1 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092016-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092016-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092016-1 Cash Collateral Account and deposit in the Series 20092016-1 Distribution Account an amount equal to the lesser of (x) the Series 20092016-1 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2016-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092016-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2016-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092016-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.1
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2012-1 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092012-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2012-1 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092012-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092012-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092012-1 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092012-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092012-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092012-1 Cash Collateral Account and deposit in the Series 20092012-1 Distribution Account an amount equal to the lesser of (x) the Series 20092012-1 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2012-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092012-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2012-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092012-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.1
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date for which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (ii) of this Series Supplement and Hertz Section 3.5(e) any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092004-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition defini-tion thereof, without the lapse of a period of 60 consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Special Enhancement Draw Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092004-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092004-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092004-1 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092004-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092004-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092004-1 Cash Collateral Account and deposit in the Series 20092004-1 Distribution Account an amount equal to the lesser of (x) the Series 20092004-1 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2004-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092004-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2004-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092004-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.1
Appears in 1 contract
Samples: Amended and Restated Series 2004 1 Supplement (Cendant Corp)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day prior to a Distribution Date, the Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into in the Series 20092010-1 Distribution Account the amount specified in such a Demand Notice delivered pursuant to clause (iii) of this Section 4.5(c) in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzthe Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz the Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092010-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2010-1 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuer failed to pay under the Series 20092010-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092010-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092010-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 Cash Collateral Account and deposit in the Series 20092010-1 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuer failed to pay under the Series 2010-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092010-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuer failed to pay under the Series 2010-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092010-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.1
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into in the Series 20092004-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3) there is a Preference Amounty), the Trustee shall on such Business Day draw on the Series 20092004-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2004-1 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092004-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092004-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092004-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092004-1 Cash Collateral Account and deposit in the Series 20092004-1 Distribution Account an amount equal to the lesser of (x) the Series 20092004-1 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2004-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092004-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2004-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.2004-
Appears in 1 contract
Samples: Second Amended and Restated Series 2004 1 Supplement (Cendant Corp)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2013-2 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092013-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2013-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092013-1 2 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092013-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092013-1 2 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092013-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092013-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092013-1 2 Cash Collateral Account and deposit in the Series 20092013-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092013-1 2 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2013-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092013-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2013-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092013-1 2 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092013-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092013-1 2 Cash Collateral Account into to be deposited in the Series 20092013-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement and Hertz Section 2.5(c), any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092003-1 5 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition definition thereof, without the lapse of a period of 60 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Series 2003-5 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092003-1 5 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092003-1 5 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092003-1 5 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092003-1 5 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092003-1 5 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092003-1 5 Cash Collateral Account and deposit in the Series 20092003-1 5 Distribution Account an amount equal to the lesser of (x) the Series 20092003-1 5 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2003-5 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092003-1 5 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2003-5 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092003-1 5 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092003-1 5 Letters of Credit and the proceeds of any such withdrawal from the Series 20092003-1 5 Cash Collateral Account into to be deposited in the Series 20092003-1 5 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Samples: Series Supplement (Cendant Corp)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (ii) of this Series Supplement and Hertz Section 3.5(d) any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092002-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2002-2 Termination Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092002-1 2 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092002-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092002-1 2 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092002-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; providedPROVIDED, however HOWEVER, that if the Series 20092002-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092002-1 2 Cash Collateral Account and deposit in the Series 20092002-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092002-1 2 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2002-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092002-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2002-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092002-1 2 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092002-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092002-1 2 Cash Collateral Account into to be deposited in the Series 20092002-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092012-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092012-1 3 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2012-3 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092012-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092012-1 3 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092012-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092012-1 3 Cash Collateral Account and deposit in the Series 20092012-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092012-1 3 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2012-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092012-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2012-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092012-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.3
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2023-7 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092023-1 7 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2023-7 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Multi-Series 2009-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092023-1 7 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092023-1 7 Allocated Multi-Series Letter of Credit Amount on such Business Day, Day by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092023-1 7 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092023-1 7 Cash Collateral Account and deposit in the Series 20092023-1 7 Distribution Account an amount equal to the lesser of (x) the Series 20092023-1 7 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2023-7 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092023-1 7 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2023-7 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the applicable portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2023-7 Notes and the proceeds of any such withdrawal from the Series 20092023-1 7 Cash Collateral Account into to be deposited in the Series 20092023-1 7 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii9.4(c)(ii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 20092010-1 2 Distribution Account the amount specified in such Demand Notice referred to in Section 9.4(c)(ii) of this Series Supplement in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of 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 Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference Amount, the Trustee shall draw on the Series 20092010-1 2 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 20092010-1 2 Demand Note, Note (or the amount that the Trustee failed to demand for payment thereunder thereunder) or the Preference Amount, as the case may be; and (B) the Series 20092010-1 2 Letter of Credit Amount on such Business Day, by presenting to each Series 20092010-1 2 Letter of Credit Provider a draft accompanied by a Series 20092010-1 2 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 20092010-1 2 Certificate of Preference Payment Demand; provided, however that if the Series 20092010-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092010-1 2 Cash Collateral Account and deposit in the Series 20092010-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092010-1 2 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 20092010-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 20092010-1 2 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092010-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092010-1 2 Cash Collateral Account into the Series 20092010-1 2 Distribution Account and such proceeds shall be treated as Series 2010-2 Principal Collections.
Appears in 1 contract
Samples: Supplement to Base Indenture (Hertz Global Holdings Inc)
Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii2.5(c)(ii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 20092011-1 Distribution Account the amount specified in such Demand Notice referred to in Section 2.5(c)(ii) of this Series Supplement in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, Notice or (2) due to the occurrence of 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 Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference AmountHertz, the Trustee shall draw on the Series 2009-1 Class A/B Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Day, an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 20092011-1 Demand Note, Note (or the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 2009-1 Class A/B Letter of Credit Provider a draft accompanied by a Series 2009-1 Class A/B Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 2009-1 any Class A/B Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 each such Class A/B Cash Collateral Account and deposit in the Series 20092011-1 Distribution Account an amount equal to the pro rata portion of the lesser of (x) the Series 2009-1 Class A/B Cash Collateral Account Percentage on of such Business Day of the lesser of amount that Hertz failed to pay under the amounts set forth in clause Series 2011-1 Demand Note (A) and (B) above or the amount that Hertz failed to demand for payment thereunder), and (y) the Series 2009-1 aggregate Class A/B Available Cash Collateral Account Amount (after giving effect to any withdrawals from any Class A/B Cash Collateral Account on the applicable related Legal Final Payment Date pursuant to Section 2.3(e) and Section 2.5(b)(iv) of this Series Supplement) for all such Class A/B Cash Collateral Accounts on such Business Day Day, calculated on the basis of such Class A/B Available Cash Collateral Account Amount for each such Class A/B Cash Collateral Account and draw an amount equal to the remainder of such amount on the Series 2009-1 Class A/B Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Class A/B Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 each Class A/B Cash Collateral Account into the Series 20092011-1 Distribution Account on or prior to the applicable Legal Final Payment Date and such proceeds shall be treated as Principal Collections.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2013-1 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092013-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2013-1 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall shall:
(1) draw on the Series 2009-1 Class A/B Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092013-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 2009-1 Class A/B Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092013-1 Letter of Credit Provider of a Class A/B Letter of Credit a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, NEWYORK 8960494 (2K)A&R Series 2013-1 Supplement (Class C Note issuance) 44 that if the Series 2009-1 Class A/B Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Class A/B Cash Collateral Account and deposit in the Series 20092013-1 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Class A/B Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2013-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 2009-1 Class A/B Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2013-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 Class A/B Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Class A/B Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Class A/B Cash Collateral Account into to be deposited in the Series 20092013-1 Distribution Account; and
(2) draw on the Class C Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the excess of (x) the amount that the Demand Note Issuers so failed to pay under the Series 2013-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (y) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (b) the Class C Letter of Credit Amount on such Business Day by presenting to each Series 2013-1 Letter of Credit Provider of a Class C Letter of Credit a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Class C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class C Cash Collateral Account and deposit in the Series 2013-1 Distribution Account an amount equal to the lesser of (x) the Class C Cash Collateral Percentage on such Business Day of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2013-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (y) the Class C Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2013-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) on the Class C Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds shall of any draw on the Class C Letters of Credit and the proceeds of any withdrawal from the Class C Cash Collateral Account to be treated as Principal Collectionsdeposited in the Series 2013-1 Distribution Account.
Appears in 1 contract
Samples: Amended and Restated Series 2013 1 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 2009-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 2009-1 2 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2009-2 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 2009-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 2009-1 2 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 2009-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 2 Cash Collateral Account and deposit in the Series 2009-1 2 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 2 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2009-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 2009-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2009-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.2
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092024-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in draw on the Multi-Series Letters of Credit an amount equal to the lesser of (Ai) Series 2024-3 Allocated Multi-Series Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092024-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092024-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092024-1 3 Cash Collateral Account and deposit in the Series 20092024-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092024-1 3 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2024-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092024-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2024-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2024-3 Notes and the proceeds of any such withdrawal from the Series 20092024-1 3 Cash Collateral Account into to be deposited in the Series 20092024-1 3 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii3.5(c)(ii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 2009-1 Distribution Account the amount specified in such Demand Notice referred to in Section 3.5(c)(ii) of this Series Supplement in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of 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 Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 2009-1 Demand Note, Note (or the amount that the Trustee failed to demand for payment thereunder thereunder) or the Preference Amount, as the case may be; and (B) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however that if the Series 2009-1 Cash Collateral Account has been established and funded, the Trustee shall 57 withdraw from the Series 2009-1 Cash Collateral Account and deposit in the Series 2009-1 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 2009-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.
Appears in 1 contract
Samples: Third Amended and Restated Series 2009 1 Supplement (Hertz Global Holdings Inc)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into in the Series 20092003-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092003-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (Ai) Series 2003-1 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092003-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092003-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; providedPROVIDED, however HOWEVER, that if the -28- Series 20092003-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092003-1 Cash Collateral Account and deposit in the Series 20092003-1 Distribution Account an amount equal to the lesser of (x) the Series 20092003-1 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2003-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092003-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2003-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092003-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092003-1 Letters of Credit and the proceeds of any such withdrawal from the Series 20092003-1 Cash Collateral Account into to be deposited in the Series 20092003-1 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092011-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092011-1 3 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2011-3 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092011-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092011-1 3 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092011-1 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092011-1 3 Cash Collateral Account and deposit in the Series 20092011-1 3 Distribution Account an amount equal to the lesser of (x) the Series 20092011-1 3 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2011-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092011-1 3 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2011-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092011-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.3
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement and Hertz Section 2.5(c), any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092003-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Series 2003-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092003-1 2 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers failed to pay under the Series 20092003-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092003-1 2 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092003-1 2 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; providedPROVIDED, however HOWEVER, that if the Series 20092003-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092003-1 2 Cash Collateral Account and deposit in the Series 20092003-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092003-1 2 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2003-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092003-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2003-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092003-1 2 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092003-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092003-1 2 Cash Collateral Account into to be deposited in the Series 20092003-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into in the Series 20092008-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 consecutive days) with respect to Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092008-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2008-1 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092008-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092008-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092008-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092008-1 Cash Collateral Account and deposit in the Series 20092008-1 Distribution Account an amount equal to the lesser of (x) the Series 20092008-1 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2008-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092008-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2008-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092008-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092008-1 Letters of Credit and the proceeds of any such withdrawal from the Series 20092008-1 Cash Collateral Account into to be deposited in the Series 20092008-1 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2012-2 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092012-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2012-2 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall shall:
(1) draw on the Series 2009-1 Class A/B Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092012-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 2009-1 Class A/B Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092012-1 2 Letter of Credit Provider of a Class A/B Letter of Credit a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 2009-1 Class A/B Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Class A/B Cash Collateral Account and deposit in the Series 20092012-1 2 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Class A/B Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2012-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 2009-1 Class A/B Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2012-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 Class A/B Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Class A/B Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Class A/B Cash Collateral Account into to be deposited in the Series 20092012-1 2 Distribution Account; and
(2) draw on the Class C Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the excess of (x) the amount that the Demand Note Issuers so failed to pay under the Series 2012-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (y) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (b) the Class C Letter of Credit Amount on such Business Day by presenting to each Series 2012-2 Letter of Credit Provider of a Class C Letter of Credit a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Class C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class C Cash Collateral Account and deposit in the Series 2012-2 Distribution Account an amount NEWYORK 0000000 (2K)A&R Series 2012-2 Supplement (Class C Note issuance) 44 equal to the lesser of (x) the Class C Cash Collateral Percentage on such Business Day of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2012-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (y) the Class C Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2012-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) on the Class C Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds shall of any draw on the Class C Letters of Credit and the proceeds of any withdrawal from the Class C Cash Collateral Account to be treated as Principal Collectionsdeposited in the Series 2012-2 Distribution Account.
Appears in 1 contract
Samples: Amended and Restated Series 2012 2 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2011-3 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092011-1 3 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2011-3 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall shall:
(1) draw on the Series 2009-1 Class A/B Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092011-1 3 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 2009-1 Class A/B Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092011-1 3 Letter of Credit Provider of a Class A/B Letter of Credit a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 2009-1 Class A/B Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Class A/B Cash Collateral Account and deposit in the Series 20092011-1 3 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Class A/B Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2011-3 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 2009-1 Class A/B Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2011-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 Class A/B Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Class A/B Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Class A/B Cash Collateral Account into to be deposited in the Series 20092011-1 3 Distribution Account; and
(2) draw on the Class C Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the excess of (x) the amount that the Demand Note Issuers so failed to pay under the Series 2011-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (y) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (b) the Class C Letter of Credit Amount on such Business Day by presenting to each Series 2011-3 Letter of Credit Provider of a Class C Letter of Credit a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Class C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class C Cash Collateral Account and deposit in the Series 2011-3 Distribution Account an amount equal to the lesser of (x) the Class C Cash Collateral Percentage on such Business Day of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2011-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (y) the Class C Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2011-3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B Letters of Credit and/or withdrawn from the Class A/B Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) on the Class C Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds shall of any draw on the Class C Letters of Credit and the proceeds of any withdrawal from the Class C Cash Collateral Account to be treated as Principal Collectionsdeposited in the Series 2011-3 Distribution Account.
Appears in 1 contract
Samples: Amended and Restated Series 2011 3 Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into in the Series 20092022-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in draw on the Multi-Series Letters of Credit an amount equal to the lesser of (Ai) Series 2022-2 Allocated Multi-Series Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092022-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Multi-Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092022-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092022-1 2 Cash Collateral Account and deposit in the Series 20092022-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092022-1 2 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2022-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092022-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2022-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Multi-Series 2009-1 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the applicable portion of the proceeds of any such draw on the Multi-Series 2009-1 Letters of Credit related to the Series 2022-2 Notes and the proceeds of any such withdrawal from the Series 20092022-1 2 Cash Collateral Account into to be deposited in the Series 20092022-1 2 Distribution Account and on such proceeds shall be treated as Principal CollectionsDistribution Date.
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2018-1 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092018-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2018-1 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall shall:
(1) draw on the Series 2009-1 Class A/B/C Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 2009Series
2018-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 2009-1 Class A/B/C Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092018-1 Letter of Credit Provider of a Class A/B/C Letter of Credit a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 2009-1 Class A/B/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Class A/B/C Cash Collateral Account and deposit in the Series 20092018-1 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Class A/B/C Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2018-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 2009-1 Class A/B/C Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2018-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 2009-1 Class A/B/C Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Class A/B/C Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Class A/B/C Cash Collateral Account into to be deposited in the Series 20092018-1 Distribution Account; and
(2) draw on the Class D Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the excess of (x) the amount that the Demand Note Issuers so failed to pay under the Series 2018-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (y) the amount drawn on the Class A/B/C Letters of Credit and/or withdrawn from the Class A/B/C Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (b) the Class D Letter of Credit Amount on such Business Day by presenting to each Series 2018-1 Letter of Credit Provider of a Class D Letter of Credit a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Class D Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class D Cash Collateral Account and deposit in the Series 2018-1 Distribution Account an amount equal to the lesser of (x) the Class D Cash Collateral Percentage on such Business Day of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2018-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B/C Letters of Credit and/or withdrawn from the Class A/B/C Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) and (y) the Class D Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of the excess of (A) the amount that the Demand Note Issuers so failed to pay under the Series 2018-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) over (B) the amount drawn on the Class A/B/C Letters of Credit and/or withdrawn from the Class A/B/C Cash Collateral Account on such Business Day in accordance with Section 2.5(c)(ii)(1) on the Class D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds shall of any draw on the Class D Letters of Credit and the proceeds of any withdrawal from the Class D Cash Collateral Account to be treated as Principal Collectionsdeposited in the Series 2018-1 Distribution Account.
Appears in 1 contract
Samples: Amended and Restated Series Supplement (Avis Budget Group, Inc.)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092005-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092005-1 2 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2005-2 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092005-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092005-1 2 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092005-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092005-1 2 Cash Collateral Account and deposit in the Series 20092005-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092005-1 2 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2005-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092005-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2005-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092005-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.2
Appears in 1 contract
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered a Business Day prior to such Distribution Date, any Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092004-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 Hertzany Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall on such Business Day draw on the Series 20092004-1 2 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in Credit an amount equal to the lesser of (Ai) Series 2004-2 Letter of Credit Amount and (ii) the aggregate amount that Hertz the Demand Note Issuers failed to pay under the Series 20092004-1 2 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (Bthereunder) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 20092004-1 2 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092004-1 2 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092004-1 2 Cash Collateral Account and deposit in the Series 20092004-1 2 Distribution Account an amount equal to the lesser of (x) the Series 20092004-1 2 Cash Collateral Percentage on such Business Day of the lesser of aggregate amount that the amounts set forth in clause Demand Note Issuers failed to pay under the Series 2004-2 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092004-1 2 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the aggregate amount that the Demand Note Issuers failed to pay under the Series 2004-2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092004-1 2 Letters of Credit. The Trustee shall depositdeposit into, or cause the deposit of, the proceeds of any such draw on the Series 20092004-1 2 Letters of Credit and the proceeds of any such withdrawal from the Series 20092004-1 2 Cash Collateral Account into to be deposited in the Series 20092004-1 2 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
Samples: Series Supplement (Cendant Corp)
Letter of Credit Draw. If In the event that either (1x) on or prior to 10:00 a.m. (New York City time) on the Trustee shall have delivered Business Day immediately preceding the Series 2020-1 Final Distribution Date a Demand Notice as provided in Section 3.5(b)(iiihas been transmitted by the Trustee to the Demand Note Issuers pursuant to clause (i) of this Series Supplement Section 2.5(c) and Hertz any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20092020-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon or (New York City time) on the Business Day following the making of the Demand Notice, (2y) due to the occurrence of 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 sixty (60) consecutive days) with respect to Hertzone or more of the Demand Note Issuers, the Trustee shall not have delivered such Demand Notice to Hertz any Demand Note Issuer on the second Business Day preceding the Series 2020-1 Final Distribution Date, then, in the case of (x) or (3y) there is a Preference Amount, the Trustee shall draw on the Series 20092020-1 Letters of Credit, if any, Credit by 12:00 p.m. noon (New York City time) on such Business Day in an amount equal to the lesser of (Aa) the amount that Hertz the Demand Note Issuers so failed to pay under the Series 20092020-1 Demand NoteNotes (or, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; thereunder) and (Bb) the Series 20092020-1 Letter of Credit Amount on such Business Day, Day by presenting to each Series 20092020-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however however, that if the Series 20092020-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20092020-1 Cash Collateral Account and deposit in the Series 20092020-1 Distribution Account an amount equal to the lesser of (x) the Series 20092020-1 Cash Collateral Percentage on such Business Day of the lesser of amount that the amounts set forth in clause Demand Note Issuers so failed to pay under the Series 2020-1 Demand Notes (Aor, the amount that the Trustee failed to demand for payment thereunder) and (B) above and (y) the Series 20092020-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such the amount that the Demand Note Issuers failed to pay under the Series 2020-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) on the Series 20092020-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 20092020-1 Letters of Credit and the proceeds of any such withdrawal from the Series 20092020-1 Cash Collateral Account into to be deposited in the Series 20092020-1 Distribution Account and such proceeds shall be treated as Principal CollectionsAccount.
Appears in 1 contract
