Common use of Letter of Credit Draw Clause in Contracts

Letter of Credit Draw. In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice has been transmitted by the Trustee to the Demand Note Issuer pursuant to clause (ii) of this Section 4.5(d) the Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 2010-1 Distribution Account the amount specified in such Demand Notice in whole or in part or (y) 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 the Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to the Demand Note Issuer on the second Business Day preceding the Series 2010-1 Termination Date, then, in the case of (x) or (y) the Trustee shall draw on the Series 2010-1 Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the 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) and (b) the Series 2010-1 Letter of

Letter of Credit Draw. In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day immediately preceding any the Series 2011-2 Final Distribution Date next succeeding any date on which a Demand Notice has been transmitted by the Trustee to the Demand Note Issuer Issuers pursuant to clause (iii) of this Section 4.5(d2.5(c) the and any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20102011-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part or (y) 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 one or more of the Demand Note IssuerIssuers, the Trustee shall not have delivered such Demand Notice to the any Demand Note Issuer on the second Business Day preceding the Series 20102011-1 Termination 2 Final Distribution Date, then, in the case of (x) or (y) the Trustee shall draw on the Series 20102011-1 2 Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the amount that the Demand Note Issuer Issuers so failed to pay under the Series 20102011-1 2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (b) the Series 20102011-1 2 Letter ofof Credit Amount on such Business Day by presenting to each Series 2011-

Letter of Credit Draw. In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day immediately preceding any the Series 2017-2 Final Distribution Date next succeeding any date on which a Demand Notice has been transmitted by the Trustee to the Demand Note Issuer Issuers pursuant to clause (iii) of this Section 4.5(d2.5(c) the and any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20102017-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part or (y) 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 one or more of the Demand Note IssuerIssuers, the Trustee shall not have delivered such Demand Notice to the any Demand Note Issuer on the second Business Day preceding the Series 20102017-1 Termination 2 Final Distribution Date, then, in the case of (x) or (y) the Trustee shall shall: (1) draw on the Series 2010-1 Class A/B/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 amount that the Demand Note Issuer Issuers so failed to pay under the Series 2010-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (b) the Series 2010-1 Letter ofSeries

Letter of Credit Draw. In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day immediately preceding any Distribution Date next succeeding any date on which a Demand Notice has been transmitted by the Trustee to the Demand Note Issuer Issuers pursuant to clause (iii) of this Section 4.5(d) the 2.5(c), any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20102005-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part or (y) 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 one or more of the Demand Note IssuerIssuers, the Trustee shall not have delivered such Demand Notice to the any Demand Note Issuer on the second Business Day preceding the such Series 20102005-1 Termination 2 Final Distribution Date, then, in the case of (x) or (y) the Trustee shall draw on the Series 20102005-1 2 Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the amount that the Demand Note Issuer Issuers failed to pay under the Series 20102005-1 2 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (b) the Series 20102005-1 2 Letter ofof Credit Amount on such Business Day by presenting to

Letter of Credit Draw. In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day immediately preceding any the Series 2009-2 Final Distribution Date next succeeding any date on which a Demand Notice has been transmitted by the Trustee to the Demand Note Issuer Issuers pursuant to clause (iii) of this Section 4.5(d2.5(c) the and any Demand Note Issuer shall have failed to pay to the Trustee or deposit into the Series 20102009-1 2 Distribution Account the amount specified in such Demand Notice in whole or in part or (y) 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 one or more of the Demand Note IssuerIssuers, the Trustee shall not have delivered such Demand Notice to the any Demand Note Issuer on the second Business Day preceding the Series 20102009-1 Termination 2 Final Distribution Date, then, in the case of (x) or (y) the Trustee shall draw on the Series 20102009-1 2 Letters of Credit by 12:00 noon (New York City time) on such Business Day an amount equal to the lesser of (a) the amount that the Demand Note Issuer Issuers failed to pay under the Series 20102009-1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) and (b) the Series 2010-1 Letter of2 Demand