Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 2016-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2016-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2016-2 Notes): (a) a Series 2016-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2016-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents; (b) the Series 2016-2 Liquidity Amount shall be less than the Series 2016-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents; (c) the Collection Account, the Series 2016-2 Collection Account, the Series 2016-2 Excess Collection Account or the Series 2016-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents); (d) all principal of and interest on any Class of the Series 2016-2 Notes is not paid in full on or before the Series 2016-2 Expected Final Distribution Date; (e) any Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2016-2 Enhancement Deficiency would result from excluding such Series 2016-2 Letter of Credit from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Required Liquidity Amount; (f) from and after the funding of the Series 2016-2 Cash Collateral Account, the Series 2016-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding the Series 2016-2 Available Cash Collateral Account Amount from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the Series 2016-2 Available Cash Collateral Account Amount, would be less than the Series 2016-2 Required Liquidity Amount; and (g) an Event of Bankruptcy shall have occurred with respect to any Series 2016-2 Letter of Credit Provider or any Series 2016-2 Letter of Credit Provider repudiates its Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding such Series 2016-2 Letter of Credit from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162005-2 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162005-2 4 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162005-2 4 Notes):
(a) a Series 20162005-2 4 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162005-2 4 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162005-2 4 Liquidity Amount shall be less than the Series 20162005-2 4 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162005-2 4 Collection Account, the Series 20162005-2 4 Excess Collection Account or the Series 20162005-2 4 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any the Class of A-1 Notes and the Series 2016-2 Class A-2 Notes is not paid in full on or before the Series 2016-2 Five Year Notes Expected Final Distribution Date or all principal of and interest on the Class A-3 Notes is not paid in full on or before the Class A-3 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162005-2 4 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162005-2 4 Enhancement Deficiency would result from excluding such Series 20162005-2 4 Letter of Credit from the Series 20162005-2 4 Enhancement Amount or (y) the Series 20162005-2 4 Liquidity Amount, excluding therefrom the available amount under such Series 20162005-2 4 Letter of Credit, would be less than the Series 20162005-2 4 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162005-2 4 Cash Collateral Account, the Series 20162005-2 4 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162005-2 4 Enhancement Deficiency would result from excluding the Series 20162005-2 4 Available Cash Collateral Account Amount from the Series 20162005-2 4 Enhancement Amount or (y) the Series 20162005-2 4 Liquidity Amount, excluding therefrom the Series 20162005-2 4 Available Cash Collateral Account Amount, would be less than the Series 20162005-2 4 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162005-2 4 Letter of Credit Provider or any Series 20162005-2 4 Letter of Credit Provider repudiates its Series 20162005-2 4 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162005-2 4 Enhancement Deficiency would result from excluding such Series 20162005-2 4 Letter of Credit from the Series 20162005-2 4 Enhancement Amount or (y) the Series 20162005-2 4 Liquidity Amount, excluding therefrom the available amount under such Series 20162005-2 4 Letter of Credit, would be less than the Series 20162005-2 4 Required Liquidity Amount.
Appears in 1 contract
Sources: Series Supplement (Cendant Corp)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20162005-2 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(j) of the Base Indenture with respect to the Series 20162005-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2016-2 4 Notes)::
(a) HVF defaults in the payment of any interest on, or other amount payable in respect of, the Series 2005-4 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) HVF defaults in the payment of any principal of the Series 20162005-2 4 Notes when the same becomes due and payable on the applicable Legal Final Payment Date;
(c) a Class Enhancement Deficiency shall occur and continue for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2016-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(bd) a Class Liquidity Deficiency shall occur and continue for at least three (3) Business Days;
(e) all principal of and interest on the Class A Notes, the Class B-1 Notes and the Class B-2 Notes is not paid in full on or before the Expected Final Payment Date;
(f) the Series 2016-2 Liquidity Class A Asset Amount shall be less than the Class A Required Asset Amount for at least three (3) Business Days or the Class B Asset Amount shall be less than the Series 20162005-2 4 Required Liquidity Asset Amount for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(cg) the Collection Insured Principal Deficit Amount shall be greater than zero;
(h) the Class A Reserve Account, a Class A Cash Collateral Account, the Class B Reserve Account, a Class B Cash Collateral Account, the Series 20162005-2 Collection Account, the Series 2016-2 4 Excess Collection Account or the Series 2016-2 Reserve any HVF Exchange Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(da Permitted Lien) all principal of and interest on any Class of the Series 2016-2 Notes is not paid in full on or before the Series 2016-2 Expected Final Distribution Date;
(e) any Series 2016-2 Letter of Credit shall not be in full force and effect for at least two three (23) Business Days and (x) either a Series 2016-2 Class Enhancement Deficiency or a Class Liquidity Deficiency would result from excluding the amount on deposit in any such Series 2016-2 Letter of Credit from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Required Liquidity Amount;
(f) from and after the funding of the Series 2016-2 Cash Collateral Account, the Series 2016-2 Cash Collateral Account shall be account that is subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documentsa Permitted Lien) for at least two three (23) Business Days and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding the Series 2016-2 Available Cash Collateral Account Amount from the Series 2016-2 Class Enhancement Amount or (y) the Series 2016-2 Class Liquidity Amount, excluding therefrom to the Series 2016-2 Available Cash Collateral Account Amount, would be less than the Series 2016-2 Required Liquidity Amount; andextent applicable;
(gi) the Trustee shall make a demand for payment under the Insurance Policy;
(j) the occurrence of an Event of Bankruptcy shall have occurred with respect to the Insurer;
(k) the Insurer fails to honor a demand for payment made in accordance with the requirements of the Insurance Policy;
(l) in the event that One-Month LIBOR exceeds 8.00%, HVF shall fail to obtain, within 30 days of such an occurrence, one or more Series 2005-4 Interest Rate ▇▇▇▇▇▇ from one or more Eligible Interest Rate Hedge Providers in an aggregate initial notional amount equal to the aggregate Principal Amount of the Class A Notes, each with a strike rate equal to no more than 9.00%;
(m) the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 20162005-2 Letter 4 Collateral (other than the Initial Hertz Vehicles and the Service Vehicles) or any of Credit Provider the Lessee, HVF or any Affiliate of either so asserts in writing;
(n) the occurrence of a Servicer Event of Default;
(o) HVF fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2005-4 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series 2005-4 Noteholders or the Insurer and continues to materially and adversely affect the interests of the Series 2005-4 Noteholders or the Insurer for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 2005-4 Notes; or
(p) any representation made by HVF in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 2005-4 Noteholders or the Insurer and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date that written notice thereof is given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 2005-4 Notes. In the case of
(i) any event described in clauses (a) through (m) above, an Amortization Event with respect to the Series 2005-4 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 20162005-2 Letter of Credit Provider repudiates its Series 2016-2 Letter of Credit 4 Noteholder or
(ii) any event described in clauses (n) through (p) above, either the Trustee may, by written notice to HVF or refuses the Required Noteholders with respect to honor a proper draw thereon and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding such Series 2016-2 Letter of Credit from the Series 20162005-2 Enhancement Amount or (y) 4 Notes may, by written notice to HVF and the Trustee declare that an Amortization Event with respect to the Series 20162005-2 Liquidity Amount, excluding therefrom 4 Notes has occurred as of the available amount under such Series 2016-2 Letter date of Credit, would be less than the notice. Amortization Events with respect to the Series 20162005-2 Required Liquidity Amount4 Notes described in clauses (j) and (k) above will not be subject to waiver. An Amortization Event with respect to the Series 2005-4 Notes described in clauses (a) through (i) and clauses (l) through (p) above will be subject to waiver in accordance with Section 9.4 of the Base Indenture. Notwithstanding anything herein to the contrary, an Amortization Event with respect to the Series 2005-4 Notes described in clause (m) above shall be curable at any time.
Appears in 1 contract
Sources: Amended and Restated Series Supplement (Hertz Global Holdings Inc)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162026-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162026-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162026-2 Notes):
(a) a Series 20162026-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162026-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162026-2 Liquidity Amount shall be less than the Series 20162026-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162026-2 Collection Account, the Series 20162026-2 Excess Collection Account or the Series 20162026-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162026-2 Notes is not paid in full on or before the Series 20162026-2 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162026-2 Enhancement Deficiency would result from excluding such the Series 20162026-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20162026-2 Enhancement Amount or (y) the Series 20162026-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162026-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20162026-2 Required Liquidity Amount;
(f) from and after the funding of the Series 20162026-2 Cash Collateral Account, the Series 20162026-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162026-2 Enhancement Deficiency would result from excluding the Series 20162026-2 Available Cash Collateral Account Amount from the Series 20162026-2 Enhancement Amount or (y) the Series 20162026-2 Liquidity Amount, excluding therefrom the Series 20162026-2 Available Cash Collateral Account Amount, would be less than the Series 20162026-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162026-2 Enhancement Deficiency would result from excluding such the Series 20162026-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20162026-2 Enhancement Amount or (y) the Series 20162026-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162026-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20162026-2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 1 Notes):
(a) a Series 20162023-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162023-2 1 Liquidity Amount shall be less than the Series 20162023-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 1 Collection Account, the Series 20162023-2 1 Excess Collection Account or the Series 20162023-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 1 Notes is not paid in full on or before the Series 20162023-2 1 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162023-2 1 Enhancement Deficiency would result from excluding the Series 2023-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 1 Enhancement Amount or (y) the Series 20162023-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2023-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162023-2 1 Cash Collateral Account, the Series 20162023-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 1 Enhancement Deficiency would result from excluding the Series 20162023-2 1 Available Cash Collateral Account Amount from the Series 20162023-2 1 Enhancement Amount or (y) the Series 20162023-2 1 Liquidity Amount, excluding therefrom the Series 20162023-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162023-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 1 Enhancement Deficiency would result from excluding the Series 2023-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 1 Enhancement Amount or (y) the Series 20162023-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2023-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162007-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162007-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162007-2 Notes):
(a) a Series 20162007-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162007-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162007-2 Liquidity Amount shall be less than the Series 20162007-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162007-2 Collection Account, the Series 20162007-2 Excess Collection Account or the Series 20162007-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162007-2 Notes is not paid in full on or before the Series 20162007-2 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162007-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162007-2 Enhancement Deficiency would result from excluding such Series 20162007-2 Letter of Credit from the Series 20162007-2 Enhancement Amount or (y) the Series 20162007-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162007-2 Letter of Credit, would be less than the Series 20162007-2 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162007-2 Cash Collateral Account, the Series 20162007-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162007-2 Enhancement Deficiency would result from excluding the Series 20162007-2 Available Cash Collateral Account Amount from the Series 20162007-2 Enhancement Amount or (y) the Series 20162007-2 Liquidity Amount, excluding therefrom the Series 20162007-2 Available Cash Collateral Account Amount, would be less than the Series 20162007-2 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162007-2 Letter of Credit Provider or any Series 20162007-2 Letter of Credit Provider repudiates its Series 20162007-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162007-2 Enhancement Deficiency would result from excluding such Series 20162007-2 Letter of Credit from the Series 20162007-2 Enhancement Amount or (y) the Series 20162007-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162007-2 Letter of Credit, would be less than the Series 20162007-2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20162005-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(j) of the Base Indenture with respect to the Series 20162005-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2016-2 3 Notes)::
(a) HVF defaults in the payment of any interest on, or other amount payable in respect of, the Series 2005-3 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) HVF defaults in the payment of any principal of the Series 20162005-2 3 Notes when the same becomes due and payable on the applicable Legal Final Payment Date;
(c) a Class Enhancement Deficiency shall occur and continue for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2016-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(bd) a Class Liquidity Deficiency shall occur and continue for at least three (3) Business Days;
(e) (i) all principal of and interest on the Class A-1 Notes, the Class B-1 Notes and the Class B-2 Notes is not paid in full on or before the Three-Year Notes Expected Final Payment Date, or (ii) all principal of and interest on the Class A-2 Notes, the Class B-3 Notes and the Class B-4 Notes is not paid in full on or before the Five-Year Notes Expected Final Payment Date;
(f) the Series 2016-2 Liquidity Class A Asset Amount shall be less than the Class A Required Asset Amount for at least three (3) Business Days or the Class B Asset Amount shall be less than the Series 20162005-2 3 Required Liquidity Asset Amount for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(cg) the Collection Insured Principal Deficit Amount shall be greater than zero;
(h) the Class A Reserve Account, a Class A Cash Collateral Account, the Class B Reserve Account, a Class B Cash Collateral Account, the Series 20162005-2 Collection Account, the Series 2016-2 3 Excess Collection Account or the Series 2016-2 Reserve any HVF Exchange Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(da Permitted Lien) all principal of and interest on any Class of the Series 2016-2 Notes is not paid in full on or before the Series 2016-2 Expected Final Distribution Date;
(e) any Series 2016-2 Letter of Credit shall not be in full force and effect for at least two three (23) Business Days and (x) either a Series 2016-2 Class Enhancement Deficiency or a Class Liquidity Deficiency would result from excluding the amount on deposit in any such Series 2016-2 Letter of Credit from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Required Liquidity Amount;
(f) from and after the funding of the Series 2016-2 Cash Collateral Account, the Series 2016-2 Cash Collateral Account shall be account that is subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documentsa Permitted Lien) for at least two three (23) Business Days and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding the Series 2016-2 Available Cash Collateral Account Amount from the Series 2016-2 Class Enhancement Amount or (y) the Series 2016-2 Class Liquidity Amount, excluding therefrom to the Series 2016-2 Available Cash Collateral Account Amount, would be less than the Series 2016-2 Required Liquidity Amount; andextent applicable;
(gi) the Trustee shall make a demand for payment under the Insurance Policy;
(j) the occurrence of an Event of Bankruptcy shall have occurred with respect to the Insurer;
(k) the Insurer fails to honor a demand for payment made in accordance with the requirements of the Insurance Policy;
(l) (i) with respect to the Three-Year Notes, in the event that One-Month LIBOR exceeds 7.75%, HVF shall fail to obtain, within 30 days of such an occurrence, one or more Series 2005-3 Interest Rate ▇▇▇▇▇▇ from one or more Eligible Interest Rate Hedge Providers in an aggregate initial notional amount equal to the aggregate Principal Amount of the Three Year Notes, each with a strike rate equal to no more than 8.75% or (ii) with respect to the Five-Year Notes, in the event that One-Month LIBOR exceeds 8.25%, HVF shall fail to obtain, within 30 days of such an occurrence, one or more Series 2005-3 Interest Rate ▇▇▇▇▇▇ from one or more Eligible Interest Rate Hedge Provider in an aggregate initial notional amount equal to the aggregate Principal Amount of the Five Year Notes, each with a strike rate equal to no more than 9.25%;
(m) the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 20162005-2 Letter 3 Collateral (other than the Initial Hertz Vehicles and the Service Vehicles) or any of Credit Provider the Lessee, HVF or any Affiliate of either so asserts in writing;
(n) the occurrence of a Servicer Event of Default;
(o) HVF fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2005-3 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series 2005-3 Noteholders or the Insurer and continues to materially and adversely affect the interests of the Series 2005-3 Noteholders or the Insurer for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 2005-3 Notes; or
(p) any representation made by HVF in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 2005-3 Noteholders or the Insurer and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date that written notice thereof is given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 2005-3 Notes. In the case of
(i) any event described in clauses (a) through (m) above, an Amortization Event with respect to the Series 2005-3 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 20162005-2 Letter of Credit Provider repudiates its Series 2016-2 Letter of Credit 3 Noteholder or
(ii) any event described in clauses (n) through (p) above, either the Trustee may, by written notice to HVF or refuses the Required Noteholders with respect to honor a proper draw thereon and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding such Series 2016-2 Letter of Credit from the Series 20162005-2 Enhancement Amount or (y) 3 Notes may, by written notice to HVF and the Trustee declare that an Amortization Event with respect to the Series 20162005-2 Liquidity Amount, excluding therefrom 3 Notes has occurred as of the available amount under such Series 2016-2 Letter date of Credit, would be less than the notice. Amortization Events with respect to the Series 20162005-2 Required Liquidity Amount3 Notes described in clauses (j) and (k) above will not be subject to waiver. An Amortization Event with respect to the Series 2005-3 Notes described in clauses (a) through (i) and clauses (l) through (p) above will be subject to waiver in accordance with Section 9.4 of the Base Indenture. Notwithstanding anything herein to the contrary, an Amortization Event with respect to the Series 2005-3 Notes described in clause (m) above shall be curable at any time.
Appears in 1 contract
Sources: Amended and Restated Series Supplement (Hertz Global Holdings Inc)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162013-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162013-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162013-2 Notes):
(a) a Series 20162013-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162013-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B Liquidity Amount shall be less than the Series 2016-2 Class A/B Required Liquidity Amount for at least two (2) Business Days or (ii) the Class C Liquidity Amount shall be less than the Class C Required Liquidity Amount for at least two (2) Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162013-2 Collection Account, the Series 20162013-2 Excess Collection Account, the Class A/B Reserve Account or the Series 2016-2 Class C Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162013-2 Notes is not paid in full on or before the Series 20162013-2 Expected Final Distribution Date;
(e) any Series 20162013-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162013-2 Enhancement Deficiency would result from excluding such Series 20162013-2 Letter of Credit from the Series 2016-2 Class A/B Enhancement Amount or the Class C Enhancement Amount or (y) the Series 2016-2 Class A/B Liquidity Amount, Amount or the Class C Liquidity Amount excluding therefrom the available amount under such Series 20162013-2 Letter of Credit, would be less than the Series 2016-2 Class A/B Required Liquidity Amount or the Class C Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162013-2 Cash Collateral Account, the such Series 20162013-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162013-2 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B Available Cash Collateral Account Amount or the Class C Available Cash Collateral Account Amount from the Series 2016-2 Class A/B Enhancement Amount or the Class C Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B Required Liquidity Amount or (z) the Class C Liquidity Amount, excluding therefrom the Class C Available Cash Collateral Amount, would be less than the Class C Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162013-2 Letter of Credit Provider or any Series 20162013-2 Letter of Credit Provider repudiates its Series 20162013-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162013-2 Enhancement Deficiency would result from excluding such Series 20162013-2 Letter of Credit from the Series 2016-2 Class A/B Enhancement Amount or the Class C Enhancement Amount or (y) the Series 2016-2 Class A/B Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20162013-2 Letter of Credit, would be less than the Series 2016-2 Class A/B Required Liquidity Amount or the Class C Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2013 2 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 Notes):
(a) a Series 20162023-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162023-2 Liquidity Amount shall be less than the Series 20162023-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 Collection Account, the Series 20162023-2 Excess Collection Account or the Series 20162023-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 Notes is not paid in full on or before the Series 20162023-2 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162023-2 Enhancement Deficiency would result from excluding such the Series 20162023-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20162023-2 Enhancement Amount or (y) the Series 20162023-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162023-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20162023-2 Required Liquidity Amount;
(f) from and after the funding of the Series 20162023-2 Cash Collateral Account, the Series 20162023-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 Enhancement Deficiency would result from excluding the Series 20162023-2 Available Cash Collateral Account Amount from the Series 20162023-2 Enhancement Amount or (y) the Series 20162023-2 Liquidity Amount, excluding therefrom the Series 20162023-2 Available Cash Collateral Account Amount, would be less than the Series 20162023-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 Enhancement Deficiency would result from excluding such the Series 20162023-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20162023-2 Enhancement Amount or (y) the Series 20162023-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162023-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20162023-2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162021-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162021-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162021-2 1 Notes):
(a) a Series 20162021-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162021-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162021-2 1 Liquidity Amount shall be less than the Series 20162021-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162021-2 1 Collection Account, the Series 20162021-2 1 Excess Collection Account or the Series 20162021-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162021-2 1 Notes is not paid in full on or before the Series 20162021-2 1 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162021-2 1 Enhancement Deficiency would result from excluding the Series 2021-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162021-2 1 Enhancement Amount or (y) the Series 20162021-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2021-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162021-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162021-2 1 Cash Collateral Account, the Series 20162021-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162021-2 1 Enhancement Deficiency would result from excluding the Series 20162021-2 1 Available Cash Collateral Account Amount from the Series 20162021-2 1 Enhancement Amount or (y) the Series 20162021-2 1 Liquidity Amount, excluding therefrom the Series 20162021-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162021-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162021-2 1 Enhancement Deficiency would result from excluding the Series 2021-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162021-2 1 Enhancement Amount or (y) the Series 20162021-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2021-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162021-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162009-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162009-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162009-2 Notes):
(a) a Series 20162009-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162009-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162009-2 Liquidity Amount shall be less than the Series 20162009-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162009-2 Collection Account, the Series 20162009-2 Excess Collection Account or the Series 20162009-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162009-2 Notes is not paid in full on or before the Series 20162009-2 Expected Final Distribution Date;
(e) any Series 20162009-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162009-2 Enhancement Deficiency would result from excluding such Series 20162009-2 Letter of Credit from the Series 20162009-2 Enhancement Amount or (y) the Series 20162009-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162009-2 Letter of Credit, would be less than the Series 20162009-2 Required Liquidity Amount;
(f) from and after the funding of the Series 20162009-2 Cash Collateral Account, the Series 20162009-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162009-2 Enhancement Deficiency would result from excluding the Series 20162009-2 Available Cash Collateral Account Amount from the Series 20162009-2 Enhancement Amount or (y) the Series 20162009-2 Liquidity Amount, excluding therefrom the Series 20162009-2 Available Cash Collateral Account Amount, would be less than the Series 20162009-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162009-2 Letter of Credit Provider or any Series 20162009-2 Letter of Credit Provider repudiates its Series 20162009-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162009-2 Enhancement Deficiency would result from excluding such Series 20162009-2 Letter of Credit from the Series 20162009-2 Enhancement Amount or (y) the Series 20162009-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162009-2 Letter of Credit, would be less than the Series 20162009-2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162010-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162010-2 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162010-2 3 Notes):
(a) a Series 20162010-2 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162010-2 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162010-2 3 Liquidity Amount shall be less than the Series 20162010-2 3 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162010-2 3 Collection Account, the Series 20162010-2 3 Excess Collection Account or the Series 20162010-2 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162010-2 3 Notes is not paid in full on or before the Series 20162010-2 3 Expected Final Distribution Date;
(e) any Series 20162010-2 3 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162010-2 3 Enhancement Deficiency would result from excluding such Series 20162010-2 3 Letter of Credit from the Series 20162010-2 3 Enhancement Amount or (y) the Series 20162010-2 3 Liquidity Amount, excluding therefrom the available amount under such Series 20162010-2 3 Letter of Credit, would be less than the Series 20162010-2 3 Required Liquidity Amount;
(f) from and after the funding of the Series 20162010-2 3 Cash Collateral Account, the Series 20162010-2 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162010-2 3 Enhancement Deficiency would result from excluding the Series 20162010-2 3 Available Cash Collateral Account Amount from the Series 20162010-2 3 Enhancement Amount or (y) the Series 20162010-2 3 Liquidity Amount, excluding therefrom the Series 20162010-2 3 Available Cash Collateral Account Amount, would be less than the Series 20162010-2 3 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162010-2 3 Letter of Credit Provider or any Series 20162010-2 3 Letter of Credit Provider repudiates its Series 20162010-2 3 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162010-2 3 Enhancement Deficiency would result from excluding such Series 20162010-2 3 Letter of Credit from the Series 20162010-2 3 Enhancement Amount or (y) the Series 20162010-2 3 Liquidity Amount, excluding therefrom the available amount under such Series 20162010-2 3 Letter of Credit, would be less than the Series 20162010-2 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20162005-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(j) of the Base Indenture with respect to the Series 2016-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162005-2 Notes)::
(a) a HVF defaults in the payment of any interest on, or other amount payable in respect of, the Series 20162005-2 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) HVF defaults in the payment of any principal of the Series 2005-2 Notes when the same becomes due and payable on the applicable Legal Final Payment Date;
(c) a Class Enhancement Deficiency shall occur and continue for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2016-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(bd) a Class Liquidity Deficiency shall occur and continue for at least three (3) Business Days;
(e) (i) all principal of and interest on the Class A-1 Notes, the Class A-2 Notes, the Class B-1 Notes and the Class B-2 Notes is not paid in full on or before the Three-Year Notes Expected Final Payment Date, (ii) all principal of and interest on the Class A-3 Notes, the Class A-4 Notes, the Class B-3 Notes and the Class B-4 Notes is not paid in full on or before the Four-Year Notes Expected Final Payment Date or (iii) all principal of and interest on the Class A-5 Notes, the Class A-6 Notes, the Class B-5 Notes and the Class B-6 Notes is not paid in full on or before the Five-Year Notes Expected Final Payment Date;
(f) the Series 2016-2 Liquidity Class A Asset Amount shall be less than the Class A Required Asset Amount for at least three (3) Business Days or the Class B Asset Amount shall be less than the Series 20162005-2 Required Liquidity Asset Amount for at least two three (23) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(cg) the Collection Insured Principal Deficit Amount shall be greater than zero;
(h) the Class A Reserve Account, a Class A Cash Collateral Account, the Class B Reserve Account, a Class B Cash Collateral Account, the Series 2016-2 Collection Account, the Series 20162005-2 Excess Collection Account or the Series 2016-2 Reserve any HVF Exchange Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(da Permitted Lien) all principal of and interest on any Class of the Series 2016-2 Notes is not paid in full on or before the Series 2016-2 Expected Final Distribution Date;
(e) any Series 2016-2 Letter of Credit shall not be in full force and effect for at least two three (23) Business Days and (x) either a Series 2016-2 Class Enhancement Deficiency or a Class Liquidity Deficiency would result from excluding the amount on deposit in any such Series 2016-2 Letter of Credit from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Required Liquidity Amount;
(f) from and after the funding of the Series 2016-2 Cash Collateral Account, the Series 2016-2 Cash Collateral Account shall be account that is subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documentsa Permitted Lien) for at least two three (23) Business Days and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding the Series 2016-2 Available Cash Collateral Account Amount from the Series 2016-2 Class Enhancement Amount or (y) the Series 2016-2 Class Liquidity Amount, excluding therefrom to the Series 2016-2 Available Cash Collateral Account Amount, would be less than the Series 2016-2 Required Liquidity Amount; andextent applicable;
(gi) the Trustee shall make a demand for payment under the Insurance Policy;
(j) the occurrence of an Event of Bankruptcy shall have occurred with respect to the Insurer;
(k) the Insurer fails to honor a demand for payment made in accordance with the requirements of the Insurance Policy;
(l) the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 20162005-2 Letter Collateral (other than the Initial Hertz Vehicles and the Service Vehicles) or any of Credit Provider the Lessee, HVF or any Affiliate of either so asserts in writing;
(m) the occurrence of a Servicer Event of Default;
(n) HVF fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2005-2 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series 2005-2 Noteholders or the Insurer and continues to materially and adversely affect the interests of the Series 2005-2 Noteholders or the Insurer for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 2005-2 Notes; or
(o) any representation made by HVF in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 2005-2 Noteholders or the Insurer and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date that written notice thereof is given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 2005-2 Notes. In the case of
(i) any event described in clauses (a) through (l) above, an Amortization Event with respect to the Series 2005-2 Notes will immediately occur without any notice or other action on the part of the Trustee or any Series 20162005-2 Letter of Credit Provider repudiates its Noteholder or
(ii) any event described in clauses (m) through (o) above, either the Trustee may, by written notice to HVF or the Required Noteholders with respect to the Series 20162005-2 Letter of Credit or refuses Notes may, by written notice to honor a proper draw thereon HVF and either (x) a the Trustee declare that an Amortization Event with respect to the Series 20162005-2 Enhancement Deficiency would result from excluding such Notes has occurred as of the date of the notice. Amortization Events with respect to the Series 20162005-2 Letter of Credit from Notes described in clauses (j) and (k) above will not be subject to waiver. An Amortization Event with respect to the Series 20162005-2 Enhancement Amount or Notes described in clauses (ya) through (i) and clauses (l) through (o) above will be subject to waiver in accordance with Section 9.4 of the Base Indenture. Notwithstanding anything herein to the contrary, an Amortization Event with respect to the Series 20162005-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would Notes described in clause (l) above shall be less than the Series 2016-2 Required Liquidity Amountcurable at any time.
Appears in 1 contract
Sources: Amended and Restated Series Supplement (Hertz Global Holdings Inc)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162021-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162021-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162021-2 Notes):
(a) a Series 20162021-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162021-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162021-2 Liquidity Amount shall be less than the Series 20162021-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162021-2 Collection Account, the Series 20162021-2 Excess Collection Account or the Series 20162021-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162021-2 Notes is not paid in full on or before the Series 20162021-2 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162021-2 Enhancement Deficiency would result from excluding such the Series 20162021-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20162021-2 Enhancement Amount or (y) the Series 20162021-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162021-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20162021-2 Required Liquidity Amount;
(f) from and after the funding of the Series 20162021-2 Cash Collateral Account, the Series 20162021-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162021-2 Enhancement Deficiency would result from excluding the Series 20162021-2 Available Cash Collateral Account Amount from the Series 20162021-2 Enhancement Amount or (y) the Series 20162021-2 Liquidity Amount, excluding therefrom the Series 20162021-2 Available Cash Collateral Account Amount, would be less than the Series 20162021-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162021-2 Enhancement Deficiency would result from excluding such the Series 20162021-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20162021-2 Enhancement Amount or (y) the Series 20162021-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162021-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20162021-2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20162005-2 1 Notes (the “Series 2005-1 Amortization Events”) and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(d) of the Base Indenture with respect to the Series 20162005-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2016-2 1 Notes)::
(a) ARG defaults in the payment of any interest on, or other amount payable in respect of, the Series 2005-1 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) ARG defaults in the payment of any principal of the Series 2005-1 Notes when the same becomes due and payable and such default continues for a period of one (1) Business Day;
(c) a Series 20162005-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition ;
(d) a Series 2005-1 Liquidity Deficiency shall not be an Amortization Event if during such occur and continue for at least two (2) Business Day period such Series 2016-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(be) the Series 20162005-2 Liquidity 1 Overcollateralization Amount shall be less than the Series 20162005-2 1 Required Liquidity Overcollateralization Amount for at least two (2) Business Days; provided, however, that such event or condition ;
(f) an Aggregate Asset Amount Deficiency shall not be an Amortization Event if during such occur and continue for at least two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(cg) the Collection Series 2005-1 Reserve Account, the Series 20162005-2 Collection Account, the Series 2016-2 Excess 1 Collection Account or the Series 20162005-2 Reserve 1 Excess Collection Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under Permitted Liens) for at least two Business Days and either a Series 2005-1 Enhancement Deficiency or a Series 2005-1 Liquidity Deficiency would result from excluding the Related Documents)amount on deposit in any such account that is subject to an injunction, estoppel or other stay or a Lien (other than Permitted Liens) for at least two Business Days from the Series 2005-1 Enhancement Amount or the Series 2005-1 Liquidity Amount, to the extent applicable;
(dh) from and after the funding of the Series 2005-1 Cash Collateral Account, such Series 2005-1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Permitted Liens) for at least two Business Days and either a Series 2005-1 Enhancement Deficiency or a Series 2005-1 Liquidity Deficiency would result from excluding the amount on deposit in the Series 2005-1 Cash Collateral Account from the Series 2005-1 Enhancement Amount or the Series 2005-1 Liquidity Amount;
(i) the Trustee shall make a demand for payment under the Surety Bond;
(j) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(k) the Surety Provider fails to honor a demand for payment in accordance with the requirements of the Surety Bond;
(l) all principal of and interest on any the Class of the Series 2016-2 A-1 Notes is not paid in full on or before the Series 2016-2 Class A-1/A-2 Expected Final Distribution Date, all principal of and interest on the Class A-2 Notes is not paid in full on or before the Class A-1/A-2 Expected Final Distribution Date, all principal of and interest on the Class A-3 Notes is not paid in full on or before the Class A-3/A-4 Expected Final Distribution Date or all principal of and interest on the Class A-4 Notes is not paid in full on or before the Class A-3/A-4 Expected Final Distribution Date;
(m) ARG fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2005-1 Notes or the Indenture (other than its covenants set forth in Section 2.11(a), (b), (c) and (e) of this Series Supplement) and the failure to so comply materially and adversely affects the interests of the Series 2005-1 Noteholders and continues to materially and adversely affect the interests of the Series 2005-1 Noteholders for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders;
(n) any representation made by ARG in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 2005-1 Noteholders and such false representation is not cured for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders;
(o) a Leasing Company Amortization Event shall have occurred and be continuing with respect to all of the Leasing Company Notes;
(p) any of the Related Documents (other than any Related Document relating solely to another Series of Notes) or any material portion thereof shall not be in full force and effect, enforceable in accordance with its terms (other than (i) any such Related Document that has been terminated in accordance with its terms or (ii) any Manufacturer Program that is not in full force and effect or that is unenforceable in accordance with its terms to the extent that no Series 2005-1 Enhancement Deficiency results from redesignating each Series 2005-1 Program Vehicle subject to such Manufacturer Program as a Series 2005-1 Non-Program Vehicle) or ARG shall so assert in writing;
(q) any Series 20162005-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162005-2 1 Enhancement Deficiency would result from excluding such Series 20162005-2 1 Letter of Credit from the Series 20162005-2 1 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Required Liquidity Amount;
(f) from and after the funding of the Series 2016-2 Cash Collateral Account, the Series 2016-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162005-2 Enhancement Deficiency would result from excluding the Series 2016-2 Available Cash Collateral Account Amount from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 1 Liquidity Amount, excluding therefrom the Series 2016-2 Available Cash Collateral Account Amount, would be less than the Series 2016-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 2016-2 Letter of Credit Provider or any Series 2016-2 Letter of Credit Provider repudiates its Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding such Series 20162005-2 1 Letter of Credit from the Series 20162005-2 Enhancement Amount or (y) the Series 2016-2 1 Liquidity Amount, to the extent applicable;
(r) solely with respect to the model year 2003, 2004, 2005 and 2006 GM Repurchase Programs, the GM Freeze Agreement as in effect as of the date hereof shall have been terminated or materially and adversely amended with respect to any GM Freeze Vehicle after the purchase of such GM Freeze Vehicle (excluding therefrom for the available amount under avoidance of doubt any such termination or amendment occurring following an Event of Bankruptcy with respect to GM) without the Surety Provider’s consent, unless within five (5) Business Days following such termination or material adverse amendment a Series
2005-1 Enhancement Deficiency would not result from treating each affected GM Freeze Vehicle as though the GM Freeze Agreement did not exist; or
(s) any GM Repurchase Program shall have been terminated or materially and adversely amended with respect to any Vehicle after the purchase of such Vehicle (excluding for the avoidance of doubt any such termination or amendment occurring following an Event of Bankruptcy with respect to GM) without the Surety Provider’s consent, unless within five (5) Business Days following such termination or material adverse amendment a Series 20162005-2 Letter of Credit1 Enhancement Deficiency would not result from treating each affected Vehicle as though such GM Repurchase Program did not exist. In the case of
(i) any event described in clauses (a) through (l), would be less than (o), and (q) above, an Amortization Event with respect to the Series 20162005-2 Required Liquidity Amount1 Notes shall immediately occur without any notice or other action on the part of the Trustee or any Series 2005-1 Noteholder; or
(ii) any event described in clauses (m), (n), (p), (r) or (s) above, either the Trustee or Series 2005-1 Noteholders holding more than 50% of the Series 2005-1 Invested Amount may, by written notice to ARG, declare that an Amortization Event with respect to the Series 2005-1 Notes has occurred as of the date of the notice. Amortization Events with respect to the Series 2005-1 Notes described in clauses (a) through (l), (o), and (q) above will be subject to waiver by 100% of the Series 2005-1 Noteholders. An Amortization Event with respect to the Series 2005-1 Notes described in clauses (m), (n), (p), (r) or (s) above shall be subject to waiver in accordance with Section 9.4 of the Base Indenture.
Appears in 1 contract
Sources: Second Amended and Restated Series 2004 4 Supplement (Vanguard Car Rental Group Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 Notes):
(a) a Series 20162023-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 Collection Account, the Series 20162023-2 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 Notes is not paid in full on or before the Series 20162023-2 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 Cash Collateral Account, the such Series 20162023-2 Cash Collateral Account shall be subject to an injunction, estoppel or other 74 stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2023 2 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162019-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162019-2 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162019-2 3 Notes):
(a) a Series 20162019-2 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162019-2 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162019-2 3 Collection Account, the Series 20162019-2 3 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162019-2 3 Notes is not paid in full on or before the Series 20162019-2 3 Expected Final Distribution Date;
(e) any Series 20162019-2 3 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162019-2 3 Enhancement Deficiency would result from excluding such Series 20162019-2 3 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20162019-2 3 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162019-2 3 Cash Collateral Account, the such Series 20162019-2 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162019-2 3 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162019-2 3 Letter of Credit Provider or any Series 20162019-2 3 Letter of Credit Provider repudiates its Series 20162019-2 3 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162019-2 3 Enhancement Deficiency would result from excluding such Series 20162019-2 3 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20162019-2 3 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2019 3 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162025-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162025-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162025-2 1 Notes):
(a) a Series 20162025-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162025-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162025-2 1 Liquidity Amount shall be less than the Series 20162025-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162025-2 1 Collection Account, the Series 20162025-2 1 Excess Collection Account or the Series 20162025-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162025-2 1 Notes is not paid in full on or before the Series 20162025-2 1 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162025-2 1 Enhancement Deficiency would result from excluding the Series 2025-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162025-2 1 Enhancement Amount or (y) the Series 20162025-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2025-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162025-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162025-2 1 Cash Collateral Account, the Series 20162025-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162025-2 1 Enhancement Deficiency would result from excluding the Series 20162025-2 1 Available Cash Collateral Account Amount from the Series 20162025-2 1 Enhancement Amount or (y) the Series 20162025-2 1 Liquidity Amount, excluding therefrom the Series 20162025-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162025-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162025-2 1 Enhancement Deficiency would result from excluding the Series 2025-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162025-2 1 Enhancement Amount or (y) the Series 20162025-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2025-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162025-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 7 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 7 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 7 Notes):
(a) a Series 20162023-2 7 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 7 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 7 Collection Account, the Series 20162023-2 7 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 7 Notes is not paid in full on or before the Series 20162023-2 7 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 7 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 7 Cash Collateral Account, the such Series 20162023-2 7 Cash Collateral Account shall be subject to an injunction, estoppel or other AMERICAS 128889412 74 stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 7 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 7 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2023 7 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162022-2 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162022-2 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162022-2 5 Notes):
(a) a Series 20162022-2 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162022-2 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162022-2 5 Collection Account, the Series 20162022-2 5 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162022-2 5 Notes is not paid in full on or before the Series 20162022-2 5 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162022-2 5 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162022-2 5 Cash Collateral Account, the such Series 20162022-2 5 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162022-2 5 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162022-2 5 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2022 5 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162003-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162003-2 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162003-2 3 Notes):): CONFORMED COPY
(a) a Series 20162003-2 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162003-2 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162003-2 3 Liquidity Amount shall be less than the Series 20162003-2 3 Required Liquidity Amount for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162003-2 3 Collection Account, the Series 20162003-2 3 Excess Collection Account or the Series 20162003-2 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any the Class of A-1 Notes and the Series 2016-2 Class A-2 Notes is not paid in full on or before the Series 2016Three-2 Year Notes Expected Final Distribution Date or all principal of and interest on the Class A-3 Notes is not paid in full on or before the Class A-3 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162003-2 3 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162003-2 3 Enhancement Deficiency would result from excluding such Series 20162003-2 3 Letter of Credit from the Series 20162003-2 3 Enhancement Amount or (y) the Series 20162003-2 3 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 3 Letter of Credit, would be less than the Series 20162003-2 3 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162003-2 3 Cash Collateral Account, the Series 20162003-2 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162003-2 3 Enhancement Deficiency would result from excluding the Series 20162003-2 3 Available Cash Collateral Account Amount from the Series 20162003-2 3 Enhancement Amount or (y) the Series 20162003-2 3 Liquidity Amount, excluding therefrom the Series 20162003-2 3 Available Cash Collateral Account Amount, would be less than the Series 20162003-2 3 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162003-2 3 Letter of Credit Provider or any Series 20162003-2 3 Letter of Credit Provider repudiates CONFORMED COPY its Series 20162003-2 3 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162003-2 3 Enhancement Deficiency would result from excluding such Series 20162003-2 3 Letter of Credit from the Series 20162003-2 3 Enhancement Amount or (y) the Series 20162003-2 3 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 3 Letter of Credit, would be less than the Series 20162003-2 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162018-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162018-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162018-2 Notes):
(a) a Series 20162018-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162018-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162018-2 Liquidity Amount shall be less than the Series 20162018-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162018-2 Collection Account, the Series 20162018-2 Excess Collection Account or the Series 20162018-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162018-2 Notes is not paid in full on or before the Series 20162018-2 Expected Final Distribution Date;
(e) any Series 20162018-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162018-2 Enhancement Deficiency would result from excluding such Series 20162018-2 Letter of Credit from the Series 20162018-2 Enhancement Amount or (y) the Series 20162018-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162018-2 Letter of Credit, would be less than the Series 20162018-2 Required Liquidity Amount;; AMERICAS 96004183 52
(f) from and after the funding of the Series 20162018-2 Cash Collateral Account, the Series 20162018-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162018-2 Enhancement Deficiency would result from excluding the Series 20162018-2 Available Cash Collateral Account Amount from the Series 20162018-2 Enhancement Amount or (y) the Series 20162018-2 Liquidity Amount, excluding therefrom the Series 20162018-2 Available Cash Collateral Account Amount, would be less than the Series 20162018-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162018-2 Letter of Credit Provider or any Series 20162018-2 Letter of Credit Provider repudiates its Series 20162018-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162018-2 Enhancement Deficiency would result from excluding such Series 20162018-2 Letter of Credit from the Series 20162018-2 Enhancement Amount or (y) the Series 20162018-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162018-2 Letter of Credit, would be less than the Series 20162018-2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 6 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 6 Notes):
(a) a Series 20162023-2 6 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 6 Collection Account, the Series 20162023-2 6 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 6 Notes is not paid in full on or before the Series 20162023-2 6 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 6 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 6 Cash Collateral Account, the such Series 20162023-2 6 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 6 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 6 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2023 6 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162012-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162012-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162012-2 1 Notes):
(a) a Series 20162012-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162012-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162012-2 1 Liquidity Amount shall be less than the Series 20162012-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162012-2 1 Collection Account, the Series 20162012-2 1 Excess Collection Account or the Series 20162012-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162012-2 1 Notes is not paid in full on or before the Series 20162012-2 1 Expected Final Distribution Date;
(e) any Series 20162012-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162012-2 1 Enhancement Deficiency would result from excluding such Series 20162012-2 1 Letter of Credit from the Series 20162012-2 1 Enhancement Amount or (y) the Series 20162012-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162012-2 1 Letter of Credit, would be less than the Series 20162012-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162012-2 1 Cash Collateral Account, the Series 20162012-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162012-2 1 Enhancement Deficiency would result from excluding the Series 20162012-2 1 Available Cash Collateral Account Amount from the Series 20162012-2 1 Enhancement Amount or (y) the Series 20162012-2 1 Liquidity Amount, excluding therefrom the Series 20162012-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162012-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162012-2 1 Letter of Credit Provider or any Series 20162012-2 1 Letter of Credit Provider repudiates its Series 20162012-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162012-2 1 Enhancement Deficiency would result from excluding such Series 20162012-2 1 Letter of Credit from the Series 20162012-2 1 Enhancement Amount or (y) the Series 20162012-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162012-2 1 Letter of Credit, would be less than the Series 20162012-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162004-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162004-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162004-2 Notes):
(a) a Series 20162004-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162004-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162004-2 Liquidity Amount shall be less than the Series 20162004-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162004-2 Collection Account, the Series 20162004-2 Excess Collection Account or the Series 20162004-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any the Class of A-1 Notes and the Series 2016-2 Class A-2 Notes is not paid in full on or before the Series 2016Three-2 Year Notes Expected Final Distribution Date or all principal of and interest on the Class A-3 Notes is not paid in full on or before the Class A-3 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162004-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162004-2 Enhancement Deficiency would result from excluding such Series 20162004-2 Letter of Credit from the Series 20162004-2 Enhancement Amount or (y) the Series 20162004-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162004-2 Letter of Credit, would be less than the Series 20162004-2 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162004-2 Cash Collateral Account, the Series 20162004-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162004-2 Enhancement Deficiency would result from excluding the Series 20162004-2 Available Cash Collateral Account Amount from the Series 20162004-2 Enhancement Amount or (y) the Series 20162004-2 Liquidity Amount, excluding therefrom the Series 20162004-2 Available Cash Collateral Account Amount, would be less than the Series 20162004-2 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162004-2 Letter of Credit Provider or any Series 20162004-2 Letter of Credit Provider repudiates its Series 20162004-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162004-2 Enhancement Deficiency would result from excluding such Series 20162004-2 Letter of Credit from the Series 20162004-2 Enhancement Amount or (y) the Series 20162004-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162004-2 Letter of Credit, would be less than the Series 20162004-2 Required Liquidity Amount.
Appears in 1 contract
Sources: Series Supplement (Cendant Corp)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 9.01 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20162004-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.01(j) of the Base Indenture with respect to the Series 20162004-2 1 Notes:
(a) HVF defaults in the payment of any interest on, or other amount payable in respect of, the Series 2004-1 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) HVF defaults in the payment of any principal of the Series 2004-1 Notes when the same becomes due and payable on the applicable Legal Final Payment Date;
(c) a Series 2004-1 Enhancement Deficiency shall occur and continue for at least three (3) Business Days or the Series 2004-1 Enhancement Amount, excluding from the calculation thereof one or more of the following amounts, shall be less than the Series 2004-1 Required Enhancement Amount for at least three (3) Business Days:
(i) any cash or Permitted Investments on deposit in the Series 2004-1 Excess Collection Account, the Series 2004-1 Cash Collateral Account or the Series 2004-1 Reserve Account if at the time of such calculation (A) such cash or Permitted Investments on deposit in the Series 2004-1 Excess Collection Account, the Series 2004-1 Cash Collateral Account or the Series 2004-1 Reserve Account, as the case may be, cannot be withdrawn by the Trustee and applied as provided herein because the Series 2004-1 Excess Collection Account, the Series 2004-1 Cash Collateral Account or the Series 2004-1 Reserve Account, as the case may be, shall be subject to an injunction, estoppel or other stay or (B) the Series 2004-1 Excess Collection Account, the Series 2004-1 Cash Collateral Account or the Series 2004-1 Reserve Account, as the case may be, shall be subject to a Lien (other than a Permitted Lien) (each, a “Restrictive Action”); or
(ii) the amount available to be drawn under any Series 2004-1 Letter of Credit if at the time of such calculation (A) such Series 2004-1 Letter of Credit shall not be in full force and effect, (B) an Event of Bankruptcy shall have occurred with respect to the Series 2004-1 Letter of Credit Provider of such Series 2004-1 Letter of Credit or (C) such Series 2004-1 Letter of Credit Provider shall have repudiated such Series 2004-1 Letter of Credit or failed to honor a draw thereon made in accordance with the terms thereof;
(d) the Series 2004-1 Liquidity Amount shall be less than the Series 2004-1 Required Liquidity Amount for at least three (3) Business Days or the Series 2004-1 Liquidity Amount, excluding from the calculation thereof one or more of the following amounts, shall be less than the Series 2004-1 Required Liquidity Amount for at least three (3) Business Days:
(i) any cash or Permitted Investments on deposit in the Series 2004-1 Reserve Account or the Series 2004-1 Cash Collateral Account if at the time of such calculation the Series 2004-1 Reserve Account or the Series 2004-1 Cash Collateral Account, as the case may be, shall be subject to a Restrictive Action; or
(ii) the amount available to be drawn under any Series 2004-1 Letter of Credit if at the time of such calculation (A) such Series 2004-1 Letter of Credit shall not be in full force and effect, (B) an Event of Bankruptcy shall have occurred with respect to the Series 2004-1 Letter of Credit Provider of such Series 2004-1 Letter of Credit or (C) such Series 2004-1 Letter of Credit Provider shall have repudiated such Series 2004-1 Letter of Credit or failed to honor a draw thereon made in accordance with the terms thereof;
(e) all principal of and interest on the Class A-1 Notes and the Class A-2 Notes is not paid in full on or before the Three-Year Notes Expected Final Payment Date, all principal of and interest on the Class A-3 Notes is not paid in full on or before the Class A-3 Expected Final Payment Date or all principal of and interest on the Class A-4 Notes is not paid in full on or before the Class A-4 Expected Final Payment Date;
(f) any one of the following occurs:
(i) the Series ▇▇▇▇-▇ ▇▇▇▇▇ Amount shall be less than the Series 2004-1 Required Asset Amount for at least three (3) Business Days or the Series 2004-1 Asset Amount, excluding from the calculation thereof any cash or Permitted Investments on deposit in any HVF Exchange Account, the Series 2004-1 Excess Collection Account or the Series 2004-1 Collection Account if at the time of such calculation such HVF Exchange Account, the Series 2004-1 Excess Collection Account or the Series 2004-1 Collection Account, as the case may be, shall be subject to a Restrictive Action, shall be less than the Series 2004-1 Required Asset Amount for at least three (3) Business Days;
(ii) the Series 2004-1 Asset Amount shall be less than the Series 2004-1 Principal Amount for at least three (3) Business Days or the Series ▇▇▇▇-▇ ▇▇▇▇▇ Amount, excluding from the calculation thereof any cash or Permitted Investments on deposit in any HVF Exchange Account, the Series 2004-1 Excess Collection Account or the Series 2004-1 Collection Account if at the time of such calculation such HVF Exchange Account, the Series 2004-1 Excess Collection Account or the Series 2004-1 Collection Account, as the case may be, shall be subject to a Restrictive Action, shall be less than the Series 2004-1 Principal Amount for at least three (3) Business Days; or
(iii) the Insured Principal Deficit Amount shall be greater than zero;
(g) the Trustee shall make a demand for payment under the Insurance Policy;
(h) the occurrence of an Event of Bankruptcy with respect to the Insurer;
(i) the Insurer fails to honor a demand for payment made in accordance with the requirements of the Insurance Policy;
(j) the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2004-1 Collateral or any of the Lessee, HVF or any Affiliate of either so asserts in writing;
(k) One-Month LIBOR for any Series 2004-1 Interest Rate Period exceeds 8.90% per annum and HVF fails to acquire Series 2004-1 Interest Rate ▇▇▇▇▇▇ satisfying the requirements of Section 2.11 of this Series Supplement on or prior to the first day of the next succeeding Series 2004-1 Interest Rate Period;
(l) HVF fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2004-1 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series 2004-1 Noteholders or the Insurer and continues to materially and adversely affect the interests of the Series 2004-1 Noteholders or the Insurer for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 2004-1 Notes; or
(m) any representation made by HVF in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 2004-1 Noteholders or the Insurer and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date that written notice thereof is given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 2004-1 Notes. In the case of
(i) any event described in clauses (a) through (i) above, an Amortization Event with respect to the Series 2004-1 Notes will immediately occur without any notice or other action on the part of the Trustee or any holders Series 2004-1 Noteholder or
(ii) any event described in clauses (j) through (m) above, either the Trustee may, by written notice to HVF or the Required Noteholders with respect to the Series 2004-1 Notes may, by written notice to HVF and the Trustee declare that an Amortization Event with respect to the Series 2004-1 Notes has occurred as of the date of the notice. Amortization Events with respect to the Series 20162004-2 Notes):
1 Notes described in clauses (h) and (i) above will not be subject to waiver. An Amortization Event with respect to the Series 2004-1 Notes described in clauses (a) a Series 2016-2 Enhancement Deficiency shall occur through (g) and continue for at least two clauses (2j) Business Days; provided, however, that such event or condition shall not through (m) above will be an Amortization Event if during such two (2) Business Day period such Series 2016-2 Enhancement Deficiency shall have been cured subject to waiver in accordance with the terms and conditions Section 9.04 of the Indenture and the Related Documents;
(b) the Series 2016-2 Liquidity Amount shall be less than the Series 2016-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 2016-2 Collection Account, the Series 2016-2 Excess Collection Account or the Series 2016-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 2016-2 Notes is not paid in full on or before the Series 2016-2 Expected Final Distribution Date;
(e) any Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2016-2 Enhancement Deficiency would result from excluding such Series 2016-2 Letter of Credit from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Required Liquidity Amount;
(f) from and after the funding of the Series 2016-2 Cash Collateral Account, the Series 2016-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding the Series 2016-2 Available Cash Collateral Account Amount from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the Series 2016-2 Available Cash Collateral Account Amount, would be less than the Series 2016-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 2016-2 Letter of Credit Provider or any Series 2016-2 Letter of Credit Provider repudiates its Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding such Series 2016-2 Letter of Credit from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Required Liquidity AmountBase Indenture.
Appears in 1 contract
Sources: Second Amended and Restated Series 2004 1 Supplement (Hertz Global Holdings Inc)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162017-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162017-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162017-2 1 Notes):
(a) a Series 20162017-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162017-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162017-2 1 Liquidity Amount shall be less than the Series 20162017-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162017-2 1 Collection Account, the Series 20162017-2 1 Excess Collection Account or the Series 20162017-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162017-2 1 Notes is not paid in full on or before the Series 20162017-2 1 Expected Final Distribution Date;
(e) any Series 20162017-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162017-2 1 Enhancement Deficiency would result from excluding such Series 20162017-2 1 Letter of Credit from the Series 20162017-2 1 Enhancement Amount or (y) the Series 20162017-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162017-2 1 Letter of Credit, would be less than the Series 20162017-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162017-2 1 Cash Collateral Account, the Series 20162017-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162017-2 1 Enhancement Deficiency would result from excluding the Series 20162017-2 1 Available Cash Collateral Account Amount from the Series 20162017-2 1 Enhancement Amount or (y) the Series 20162017-2 1 Liquidity Amount, excluding therefrom the Series 20162017-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162017-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162017-2 1 Letter of Credit Provider or any Series 20162017-2 1 Letter of Credit Provider repudiates its Series 20162017-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162017-2 1 Enhancement Deficiency would result from excluding such Series 20162017-2 1 Letter of Credit from the Series 20162017-2 1 Enhancement Amount or (y) the Series 20162017-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162017-2 1 Letter of Credit, would be less than the Series 20162017-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162009-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162009-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162009-2 1 Notes):
(a) a Series 20162009-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162009-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162009-2 1 Liquidity Amount shall be less than the Series 20162009-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162009-2 1 Collection Account, the Series 20162009-2 1 Excess Collection Account or the Series 20162009-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162009-2 1 Notes is not paid in full on or before the Series 20162009-2 1 Expected Final Distribution Date;
(e) any Series 20162009-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162009-2 1 Enhancement Deficiency would result from excluding such Series 20162009-2 1 Letter of Credit from the Series 20162009-2 1 Enhancement Amount or (y) the Series 20162009-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162009-2 1 Letter of Credit, would be less than the Series 20162009-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162009-2 1 Cash Collateral Account, the Series 20162009-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162009-2 1 Enhancement Deficiency would result from excluding the Series 20162009-2 1 Available Cash Collateral Account Amount from the Series 20162009-2 1 Enhancement Amount or (y) the Series 20162009-2 1 Liquidity Amount, excluding therefrom the Series 20162009-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162009-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162009-2 1 Letter of Credit Provider or any Series 20162009-2 1 Letter of Credit Provider repudiates its Series 20162009-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162009-2 1 Enhancement Deficiency would result from excluding such Series 20162009-2 1 Letter of Credit from the Series 20162009-2 1 Enhancement Amount or (y) the Series 20162009-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162009-2 1 Letter of Credit, would be less than the Series 20162009-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162012-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162012-2 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162012-2 3 Notes):
(a) a Series 20162012-2 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162012-2 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162012-2 3 Liquidity Amount shall be less than the Series 20162012-2 3 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162012-2 3 Collection Account, the Series 20162012-2 3 Excess Collection Account or the Series 20162012-2 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162012-2 3 Notes is not paid in full on or before the Series 20162012-2 3 Expected Final Distribution Date;
(e) any Series 20162012-2 3 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162012-2 3 Enhancement Deficiency would result from excluding such Series 20162012-2 3 Letter of Credit from the Series 20162012-2 3 Enhancement Amount or (y) the Series 20162012-2 3 Liquidity Amount, excluding therefrom the available amount under such Series 20162012-2 3 Letter of Credit, would be less than the Series 20162012-2 3 Required Liquidity Amount;
(f) from and after the funding of the Series 20162012-2 3 Cash Collateral Account, the Series 20162012-2 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162012-2 3 Enhancement Deficiency would result from excluding the Series 20162012-2 3 Available Cash Collateral Account Amount from the Series 20162012-2 3 Enhancement Amount or (y) the Series 20162012-2 3 Liquidity Amount, excluding therefrom the Series 20162012-2 3 Available Cash Collateral Account Amount, would be less than the Series 20162012-2 3 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162012-2 3 Letter of Credit Provider or any Series 20162012-2 3 Letter of Credit Provider repudiates its Series 20162012-2 3 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162012-2 3 Enhancement Deficiency would result from excluding such Series 20162012-2 3 Letter of Credit from the Series 20162012-2 3 Enhancement Amount or (y) the Series 20162012-2 3 Liquidity Amount, excluding therefrom the available amount under such Series 20162012-2 3 Letter of Credit, would be less than the Series 20162012-2 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 8 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 8 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 8 Notes):
(a) a Series 20162023-2 8 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 8 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 8 Collection Account, the Series 20162023-2 8 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 8 Notes is not paid in full on or before the Series 20162023-2 8 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 8 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 8 Cash Collateral Account, the such Series 20162023-2 8 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 8 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required AMERICAS 130188170 73 Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 8 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Second Amended and Restated Series 2023 8 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162003-2 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162003-2 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162003-2 5 Notes):
(a) a Series 20162003-2 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162003-2 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions conditions of the Indenture and the Related Documents;
(b) the Series 20162003-2 5 Liquidity Amount shall be less than the Series 20162003-2 5 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162003-2 5 Collection Account, the Series 20162003-2 5 Excess Collection Account or the Series 20162003-2 5 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any the Class of the Series 2016-2 A-1 Notes is not paid in full on or before the Series 2016-2 Class A-1 Expected Final Distribution Date or all principal of and interest on the Class A-2 Notes is not paid in full on or before the Class A-2 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162003-2 5 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162003-2 5 Enhancement Deficiency would result from excluding such Series 20162003-2 5 Letter of Credit from the Series 20162003-2 5 Enhancement Amount or (y) the Series 20162003-2 5 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 5 Letter of Credit, would be less than the Series 20162003-2 5 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162003-2 5 Cash Collateral Account, the Series 20162003-2 5 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162003-2 5 Enhancement Deficiency would result from excluding the Series 20162003-2 5 Available Cash Collateral Account Amount from the Series 20162003-2 5 Enhancement Amount or (y) the Series 20162003-2 5 Liquidity Amount, excluding therefrom the Series 20162003-2 5 Available Cash Collateral Account Amount, would be less than the Series 20162003-2 5 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162003-2 5 Letter of Credit Provider or any Series 20162003-2 5 Letter of Credit Provider repudiates its Series 20162003-2 5 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162003-2 5 Enhancement Deficiency would result from excluding such Series 20162003-2 5 Letter of Credit from the Series 20162003-2 5 Enhancement Amount or (y) the Series 20162003-2 5 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 5 Letter of Credit, would be less than the Series 20162003-2 5 Required Liquidity Amount.
Appears in 1 contract
Sources: Series Supplement (Cendant Corp)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20162002-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(d) of the Base Indenture with respect to the Series 2016-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162002-2 Notes)::
(a) ARG II defaults in the payment of any interest on, or other amount payable in respect of, the Series 2002-2 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) ARG II defaults in the payment of any principal on the Series 2002-2 Notes when the same becomes due and payable and such default continues for a period of one (1) Business Day;
(c) a Group IV Leasing Company Amortization Event shall have occurred and be continuing with respect to all Group IV Leasing Company Notes;
(d) a Series 20162002-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2016-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(be) the Series 20162002-2 Liquidity Amount shall be less than the Series 20162002-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition ;
(f) the Series 2002-2 Overcollateralization Amount shall not be an Amortization Event if during such less than the Series 2002-2 Required Overcollateralization Amount for at least two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(cg) a Group IV Aggregate Asset Amount Deficiency shall occur and continue for at least two (2) Business Days;
(h) the Collection Account, the Series 20162002-2 Collection Account, the Series 20162002-2 Accrued Interest Account, the Series 2002-2 Reserve Account or the Series 2002-2 Excess Collection Account or the Series 2016-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Group IV Related Documents)) (each, a "RESTRICTIVE ACTION") for at least two (2) Business Days and either (x) a Series 2002-2 Enhancement Deficiency would result from excluding the Series 2002-2 Available Reserve Account Amount, in the case of a Restrictive Action in respect of the Series 2002-2 Reserve Account, and/or the amount of cash and Permitted Investments on deposit in the Series 2002-2 Excess Collection Account, in the case of a Restrictive Action in respect of the Series 2002-2 Excess Collection Account, from the Series 2002-2 Enhancement Amount or (y) solely in the case of a Restrictive Action in respect of the Series 2002-2 Reserve Account, the Series 2002-2 Liquidity Amount, excluding therefrom the Series 2002-2 Available Reserve Account Amount, would be less than the Series 2002-2 Required Liquidity Amount;
(d) all principal of and interest on any Class of the Series 2016-2 Notes is not paid in full on or before the Series 2016-2 Expected Final Distribution Date;
(ei) any Series 20162002-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days business days and either (x) either a Series 20162002-2 Enhancement Deficiency would result from excluding such Series 20162002-2 Letter of Credit from the Series 20162002-2 Enhancement Amount or (y) the Series 20162002-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162002-2 Letter of CreditCredit from the Series 2002-2 Liquidity Amount, would be less than the Series 20162002-2 Required Liquidity Amount;
(fj) from and after the funding of the Series 20162002-2 Cash Collateral Account, the Series 20162002-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) Restrictive Action for at least two (2) Business Days and either (x) a Series 20162002-2 Enhancement Deficiency would result from excluding the Series 20162002-2 Available Cash Collateral Account Amount from the Series 20162002-2 Enhancement Amount or (y) the Series 20162002-2 Liquidity Amount, excluding therefrom the Series 20162002-2 Available Cash Collateral Account Amount, would be less than the Series 20162002-2 Required Liquidity Amount; and;
(gk) an Event of Bankruptcy shall have occurred with respect to any Series 20162002-2 Letter of Credit Provider or any Series 20162002-2 Letter of Credit Provider repudiates its Series 20162002-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162002-2 Enhancement Deficiency would result from excluding such Series 20162002-2 Letter of Credit from the Series 20162002-2 Enhancement Amount or (y) the Series 20162002-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162002-2 Letter of CreditCredit from the Series 2002-2 Liquidity Amount, would be less than the Series 20162002-2 Required Liquidity Amount;
(l) all principal of and interest on any Class of Series 2002-2 Notes is not paid in full on or before the Expected Final Distribution Date with respect to such Class of Series 2002-2 Notes;
(m) the Series 2002-2 Demand Note Amount is less than the Required Series 2002-2 Demand Note Amount for at least one (1) Business Day;
(n) ARG II fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2002-2 Notes or the Indenture (other than in respect of a failure to replace the Interest Rate Cap on or prior to November 30, 2003) and the failure to so comply materially and adversely affects the interests of the Series 2002-2 Noteholders and continues to materially and adversely affect the interests of the Series 2002-2 Noteholders for a period of thirty (30) days after the earlier of (i) the date on which ARG II obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to ARG II by the Trustee or to ARG II and the Trustee by the Required Noteholders;
(o) any representation made by ARG II in the Indenture or any Group IV Related Document is false and such false representation materially and 91 adversely affects the interests of the Series 2002-2 Noteholders and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which ARG II obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG II by the Trustee or to ARG II and the Trustee by the Required Noteholders;
(p) the current proceeding in the Bankruptcy Court with respect to ANC Rental and the Group IV Lessees is converted from a Chapter 11 proceeding to a Chapter 7 proceeding under the Bankruptcy Code, or a bankruptcy trustee or examiner is appointed with expanded powers;
(q) on or after the Effective Date, the filing of (i) a voluntary petition in bankruptcy or (ii) an involuntary petition in bankruptcy, in each case with respect to ANC Rental and the Group IV Lessees;
(r) prior to the Effective Date, the entry of an order with the Bankruptcy Court with respect to ANC Rental and the Group IV Lessees adopting a final plan of reorganization, and either (i) such plan fails to affirm the continued performance by ANC Rental and each Group IV Lessee in accordance with the terms of the Group IV Related Documents, or (ii) such plan does not state that a condition precedent to the Effective Date is the repayment or refinancing (including a remarketing) of the Series 2002-2 Notes in full;
(s) prior to the Effective Date, the entry of an order by the Bankruptcy Court which materially impairs or materially adversely affects the Group IV Vehicles or the Group IV Collateral and such order is not reversed or vacated within thirty (30) days after the earlier of (i) the date on which ARG II obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG II by the Trustee or to ARG II and the Trustee by the Series 2002-2 Noteholders holding more than 50% of the Controlling Class with respect to the Series 2002-2 Notes;
(t) prior to the Effective Date, the entry of an order (other than any order with respect to a debtor-in-possession financing or any order which permits Liberty Mutual Insurance Company to draw on cash collateral) with the Bankruptcy Court granting relief from the automatic stay under Section 362 of the Bankruptcy Code and which permits a secured party to (i) foreclose on substantially all of the assets of Alamo and National or (ii) permit action or foreclosure with respect to the equity, partnership or other ownership interests of ANC Rental or any Group IV Lessee in the Group IV Leasing Companies or the General Partners and such order is not reversed or vacated within thirty (30) days after the earlier of (i) the date on which ARG II obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG II by the Trustee or to ARG II and the Trustee by the Series 2002-2 Noteholders holding more than 50% of the Controlling Class with respect to the Series 2002-2 Notes;
(u) ANC Rental sells, assigns, transfers or otherwise disposes of, or creates, incurs, assumes or suffers to exist any security interest, mortgage, pledge, lien, charge or other encumbrance on any nature whatsoever on any shares or interests ANC Rental has in the capital stock of ARG II without the prior written consent of 100% of the Series 2002-2 Noteholders, with notice to each Rating Agency, which may be withheld in the Series 2002-2 Noteholders' sole discretion and such action is not cured for a period of thirty (30) days after the earlier of (i) the date on which ARG II obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG II by the Trustee or to ARG II and the Trustee by the Series 2002-2 Noteholders holding more than 50% of the Controlling Class with respect to the Series 2002-2 Notes;
(v) the Bankruptcy Court approves a disclosure statement for a solicitation of acceptance of a plan of reorganization that does not provide for the repayment or refinancing (including a remarketing) of the Series 2002-2 Notes in full;
(i) the filing by ANC Rental or any Group IV Lessee of a motion for the Bankruptcy Court to enter an order or (ii) the actual entry of an order subsequent to August 23, 2002 to, revoke, reverse, stay, modify, supplement or amend the orders of the Bankruptcy Court dated April 4, 2002, June 28, 2002 or August 23, 2002, unless such proposed or actual order does not and would not reasonably be expected to have a material adverse effect on the rights or interests of the Series 2002-2 Noteholders, as evidenced by an opinion of counsel for ANC Rental addressed to and reasonably satisfactory in form and substance to ARG II and the Trustee, with notice to each Rating Agency;
(x) a sale of all or substantially all of the assets of Alamo and National; and
(y) a Series 2002-2 Cap Extension Event has not occurred on or prior to November 30, 2003. In the case of (i) any event described in CLAUSES (*) through (*) and (*) through (*), (*)(*) and (*) through (*) above, an Amortization Event with respect to the Series 2002-2 Notes shall immediately occur without any notice or other action on the part of the Trustee or any Series 2002-2 Noteholder or (ii) any event described in CLAUSE (*), (*) or (*)(*) above, either the Trustee, by written notice to ARG II and the Series 2002-2 Noteholders, or the Series 2002-2 Noteholders holding more than 50% of the Controlling Class by written notice to ARG II and the Trustee may declare that an Amortization Event has occurred with respect to the Series 2002-2 Notes as of the date of the notice. Amortization Events described in CLAUSES (*) through (*) and (*) and (*) above shall only be subject to waiver at the written direction of 100% of the Series 2002-2 Noteholders, with notice to each Rating Agency. An Amortization Event described in CLAUSE (*) or (*) above shall be subject to waiver in accordance with Section 9.4 of the Base Indenture. An Amortization Event described in CLAUSE (*) above shall not be subject to waiver.
Appears in 1 contract
Sources: Series Supplement (Anc Rental Corp)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162014-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162014-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162014-2 1 Notes):
(a) a Series 20162014-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162014-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162014-2 1 Liquidity Amount shall be less than the Series 20162014-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162014-2 1 Collection Account, the Series 20162014-2 1 Excess Collection Account or the Series 20162014-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162014-2 1 Notes is not paid in full on or before the Series 20162014-2 1 Expected Final Distribution Date;
(e) any Series 20162014-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162014-2 1 Enhancement Deficiency would result from excluding such Series 20162014-2 1 Letter of Credit from the Series 20162014-2 1 Enhancement Amount or (y) the Series 20162014-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162014-2 1 Letter of Credit, would be less than the Series 20162014-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162014-2 1 Cash Collateral Account, the Series 20162014-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162014-2 1 Enhancement Deficiency would result from excluding the Series 20162014-2 1 Available Cash Collateral Account Amount from the Series 20162014-2 1 Enhancement Amount or (y) the Series 20162014-2 1 Liquidity Amount, excluding therefrom the Series 20162014-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162014-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162014-2 1 Letter of Credit Provider or any Series 20162014-2 1 Letter of Credit Provider repudiates its Series 20162014-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162014-2 1 Enhancement Deficiency would result from excluding such Series 20162014-2 1 Letter of Credit from the Series 20162014-2 1 Enhancement Amount or (y) the Series 20162014-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162014-2 1 Letter of Credit, would be less than the Series 20162014-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162005-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162005-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162005-2 1 Notes):
(a) a Series 20162005-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162005-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162005-2 1 Liquidity Amount shall be less than the Series 20162005-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162005-2 1 Collection Account, the Series 20162005-2 1 Excess Collection Account or the Series 20162005-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any the Class of A-1 Notes and the Series 2016-2 Class A-2 Notes is not paid in full on or before the Series 2016Three-2 Year Notes Expected Final Distribution Date or all principal of and interest on the Class A-3 Notes is not paid in full on or before the Class A-3 Expected Final Distribution Date;
(e) the Trustee shall make a demand for pay-ment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162005-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162005-2 1 Enhancement Deficiency would result from excluding such Series 20162005-2 1 Letter of Credit from the Series 20162005-2 1 Enhancement Amount or (y) the Series 20162005-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162005-2 1 Letter of Credit, would be less than the Series 20162005-2 1 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162005-2 1 Cash Collateral Account, the Series 20162005-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162005-2 1 Enhancement Deficiency would result from excluding the Series 20162005-2 1 Available Cash Collateral Account Amount from the Series 20162005-2 1 Enhancement Amount or (y) the Series 20162005-2 1 Liquidity Amount, excluding therefrom the Series 20162005-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162005-2 1 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162005-2 1 Letter of Credit Provider or any Series 20162005-2 1 Letter of Credit Provider repudiates its Series 20162005-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162005-2 1 Enhancement Deficiency would result from excluding such Series 20162005-2 1 Letter of Credit from the Series 20162005-2 1 Enhancement Amount or (y) the Series 20162005-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162005-2 1 Letter of Credit, would be less than the Series 20162005-2 1 Required Liquidity Amount.
Appears in 1 contract
Sources: Series Supplement (Cendant Corp)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162018-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162018-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162018-2 1 Notes):
(a) a Series 20162018-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162018-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162018-2 1 Collection Account, the Series 20162018-2 1 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162018-2 1 Notes is not paid in full on or before the Series 20162018-2 1 Expected Final Distribution Date;
(e) any Series 20162018-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162018-2 1 Enhancement Deficiency would result from excluding such Series 20162018-2 1 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20162018-2 1 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162018-2 1 Cash Collateral Account, the such Series 20162018-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162018-2 1 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162018-2 1 Letter of Credit Provider or any Series 20162018-2 1 Letter of Credit Provider repudiates its Series 20162018-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162018-2 1 Enhancement Deficiency would result from excluding such Series 20162018-2 1 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20162018-2 1 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 1 Notes):
(a) a Series 20162023-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 1 Collection Account, the Series 20162023-2 1 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 1 Notes is not paid in full on or before the Series 20162023-2 1 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 1 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount;
, respectively; AMERICAS 129834060 73 (f) from and after the funding of the any Series 20162023-2 1 Cash Collateral Account, the such Series 20162023-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 1 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 1 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Second Amended and Restated Series 2023 1 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162012-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162012-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162012-2 Notes):
(a) a Series 20162012-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162012-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162012-2 Liquidity Amount shall be less than the Series 20162012-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162012-2 Collection Account, the Series 20162012-2 Excess Collection Account or the Series 20162012-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162012-2 Notes is not paid in full on or before the Series 20162012-2 Expected Final Distribution Date;
(e) any Series 20162012-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162012-2 Enhancement Deficiency would result from excluding such Series 20162012-2 Letter of Credit from the Series 20162012-2 Enhancement Amount or (y) the Series 20162012-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162012-2 Letter of Credit, would be less than the Series 20162012-2 Required Liquidity Amount;
(f) from and after the funding of the Series 20162012-2 Cash Collateral Account, the Series 20162012-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162012-2 Enhancement Deficiency would result from excluding the Series 20162012-2 Available Cash Collateral Account Amount from the Series 20162012-2 Enhancement Amount or (y) the Series 20162012-2 Liquidity Amount, excluding therefrom the Series 20162012-2 Available Cash Collateral Account Amount, would be less than the Series 20162012-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162012-2 Letter of Credit Provider or any Series 20162012-2 Letter of Credit Provider repudiates its Series 20162012-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162012-2 Enhancement Deficiency would result from excluding such Series 20162012-2 Letter of Credit from the Series 20162012-2 Enhancement Amount or (y) the Series 20162012-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162012-2 Letter of Credit, would be less than the Series 20162012-2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162022-2 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162022-2 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162022-2 5 Notes):
(a) a Series 20162022-2 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162022-2 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162022-2 5 Liquidity Amount shall be less than the Series 20162022-2 5 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162022-2 5 Collection Account, the Series 20162022-2 5 Excess Collection Account or the Series 20162022-2 5 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162022-2 5 Notes is not paid in full on or before the Series 20162022-2 5 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162022-2 5 Enhancement Deficiency would result from excluding the Series 2022-5 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162022-2 5 Enhancement Amount or (y) the Series 20162022-2 5 Liquidity Amount, excluding therefrom the available amount under Series 2022-5 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162022-2 5 Required Liquidity Amount;
(f) from and after the funding of the Series 20162022-2 5 Cash Collateral Account, the Series 20162022-2 5 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162022-2 5 Enhancement Deficiency would result from excluding the Series 20162022-2 5 Available Cash Collateral Account Amount from the Series 20162022-2 5 Enhancement Amount or (y) the Series 20162022-2 5 Liquidity Amount, excluding therefrom the Series 20162022-2 5 Available Cash Collateral Account Amount, would be less than the Series 20162022-2 5 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162022-2 5 Enhancement Deficiency would result from excluding the Series 2022-5 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162022-2 5 Enhancement Amount or (y) the Series 20162022-2 5 Liquidity Amount, excluding therefrom the available amount under Series 2022-5 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162022-2 5 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 4 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 4 Notes):
(a) a Series 20162023-2 4 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 4 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 4 Collection Account, the Series 20162023-2 4 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 4 Notes is not paid in full on or before the Series 20162023-2 4 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 4 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 4 Cash Collateral Account, the such Series 20162023-2 4 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 4 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 4 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2023 4 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162010-2 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162010-2 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162010-2 5 Notes):
(a) a Series 20162010-2 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162010-2 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162010-2 5 Liquidity Amount shall be less than the Series 20162010-2 5 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162010-2 5 Collection Account, the Series 20162010-2 5 Excess Collection Account or the Series 20162010-2 5 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162010-2 5 Notes is not paid in full on or before the Series 20162010-2 5 Expected Final Distribution Date;
(e) any Series 20162010-2 5 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162010-2 5 Enhancement Deficiency would result from excluding such Series 20162010-2 5 Letter of Credit from the Series 20162010-2 5 Enhancement Amount or (y) the Series 20162010-2 5 Liquidity Amount, excluding therefrom the available amount under such Series 20162010-2 5 Letter of Credit, would be less than the Series 20162010-2 5 Required Liquidity Amount;
(f) from and after the funding of the Series 20162010-2 5 Cash Collateral Account, the Series 20162010-2 5 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162010-2 5 Enhancement Deficiency would result from excluding the Series 20162010-2 5 Available Cash Collateral Account Amount from the Series 20162010-2 5 Enhancement Amount or (y) the Series 20162010-2 5 Liquidity Amount, excluding therefrom the Series 20162010-2 5 Available Cash Collateral Account Amount, would be less than the Series 20162010-2 5 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162010-2 5 Letter of Credit Provider or any Series 20162010-2 5 Letter of Credit Provider repudiates its Series 20162010-2 5 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162010-2 5 Enhancement Deficiency would result from excluding such Series 20162010-2 5 Letter of Credit from the Series 20162010-2 5 Enhancement Amount or (y) the Series 20162010-2 5 Liquidity Amount, excluding therefrom the available amount under such Series 20162010-2 5 Letter of Credit, would be less than the Series 20162010-2 5 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162026-2 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162026-2 4 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162026-2 4 Notes):
(a) a Series 20162026-2 4 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162026-2 4 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162026-2 4 Liquidity Amount shall be less than the Series 20162026-2 4 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162026-2 4 Collection Account, the Series 20162026-2 4 Excess Collection Account or the Series 20162026-2 4 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162026-2 4 Notes is not paid in full on or before the Series 20162026-2 4 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162026-2 4 Enhancement Deficiency would result from excluding the Series 2026-4 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162026-2 4 Enhancement Amount or (y) the Series 20162026-2 4 Liquidity Amount, excluding therefrom the available amount under Series 2026-4 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162026-2 4 Required Liquidity Amount;
(f) from and after the funding of the Series 20162026-2 4 Cash Collateral Account, the Series 20162026-2 4 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162026-2 4 Enhancement Deficiency would result from excluding the Series 20162026-2 4 Available Cash Collateral Account Amount from the Series 20162026-2 4 Enhancement Amount or (y) the Series 20162026-2 4 Liquidity Amount, excluding therefrom the Series 20162026-2 4 Available Cash Collateral Account Amount, would be less than the Series 20162026-2 4 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162026-2 4 Enhancement Deficiency would result from excluding the Series 2026-4 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162026-2 4 Enhancement Amount or (y) the Series 20162026-2 4 Liquidity Amount, excluding therefrom the available amount under Series 2026-4 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162026-2 4 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162020-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162020-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162020-2 1 Notes):
(a) a Series 20162020-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162020-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162020-2 1 Liquidity Amount shall be less than the Series 20162020-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162020-2 1 Collection Account, the Series 20162020-2 1 Excess Collection Account or the Series 20162020-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162020-2 1 Notes is not paid in full on or before the Series 20162020-2 1 Expected Final Distribution Date;
(e) any Series 20162020-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162020-2 1 Enhancement Deficiency would result from excluding such Series 20162020-2 1 Letter of Credit from the Series 20162020-2 1 Enhancement Amount or (y) the Series 20162020-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162020-2 1 Letter of Credit, would be less than the Series 20162020-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162020-2 1 Cash Collateral Account, the Series 20162020-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162020-2 1 Enhancement Deficiency would result from excluding the Series 20162020-2 1 Available Cash Collateral Account Amount from the Series 20162020-2 1 Enhancement Amount or (y) the Series 20162020-2 1 Liquidity Amount, excluding therefrom the Series 20162020-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162020-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162020-2 1 Letter of Credit Provider or any Series 20162020-2 1 Letter of Credit Provider repudiates its Series 20162020-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162020-2 1 Enhancement Deficiency would result from excluding such Series 20162020-2 1 Letter of Credit from the Series 20162020-2 1 Enhancement Amount or (y) the Series 20162020-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162020-2 1 Letter of Credit, would be less than the Series 20162020-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162024-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162024-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162024-2 Notes):
(a) a Series 20162024-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162024-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162024-2 Collection Account, the Series 20162024-2 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162024-2 Notes is not paid in full on or before the Series 20162024-2 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162024-2 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162024-2 Cash Collateral Account, the such Series 20162024-2 Cash Collateral Account shall be subject to an injunction, estoppel or other 74 stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162024-2 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162024-2 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2024 2 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20161999-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(d) of the Base Indenture with respect to the Series 20161999-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2016-2 1 Notes)::
(a) ARG defaults in the payment of any interest on, or other amount payable in respect of, the Series 1999-1 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) ARG defaults in the payment of any principal on the Series 1999-1 Notes when the same becomes due and payable and such default continues for a period of one (1) Business Day;
(c) a Series 20161999-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2016-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(bd) the Series 20161999-2 1 Liquidity Amount shall be less than the Series 20161999-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition ;
(e) the Series 1999-1 Overcollateralization Amount shall not be an Amortization Event if during such less than the Series 1999-1 Required Overcollateralization Amount for at least two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(cf) prior to the Transition Date, an Aggregate Asset Amount Deficiency shall occur and continue for at least two (2) Business Days, or, on or after the Transition Date, an Operating 59 59 Lease Asset Amount Deficiency shall occur and continue for at least two (2) Business Days;
(g) the Collection Account, the Series 20161999-2 Collection Account, the Series 2016-2 Excess Collection Account or the Series 2016-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents)) for at least two (2) Business Days and either (x) a Series 1999-1 Enhancement Deficiency would result from excluding the Series 1999-1 Available Reserve Account Amount from the Series 1999-1 Enhancement Amount or (y) the Series 1999-1 Liquidity Amount, excluding therefrom the Series 1999-1 Available Reserve Account Amount, would be less than the Series 1999-1 Required Liquidity Amount;
(d) all principal of and interest on any Class of the Series 2016-2 Notes is not paid in full on or before the Series 2016-2 Expected Final Distribution Date;
(eh) any Series 20161999-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20161999-2 1 Enhancement Deficiency would result from excluding such Series 20161999-2 1 Letter of Credit from the Series 20161999-2 1 Enhancement Amount or (y) the Series 20161999-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20161999-2 1 Letter of Credit, would be less than the Series 20161999-2 1 Required Liquidity Amount;
(fi) from and after the funding of the Series 20161999-2 1 Cash Collateral Account, the Series 20161999-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20161999-2 1 Enhancement Deficiency would result from excluding the Series 20161999-2 1 Available Cash Collateral Account Amount from the Series 20161999-2 1 Enhancement Amount or (y) the Series 20161999-2 1 Liquidity Amount, excluding therefrom the Series 20161999-2 1 Available Cash Collateral Account Amount, would be less than the Series 20161999-2 1 Required Liquidity Amount; and;
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20161999-2 1 Letter of Credit Provider or any Series 20161999-2 1 Letter of Credit Provider repudiates its Series 20161999-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20161999-2 1 Enhancement Deficiency would result from excluding such Series 20161999-2 1 Letter of Credit from the Series 20161999-2 1 Enhancement Amount or (y) the Series 20161999-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20161999-2 1 Letter of Credit, would be less than the Series 20161999-2 1 Required Liquidity Amount;
(k) the Trustee shall make a demand for payment under the Surety Bond;
(l) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(m) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(n) all principal and interest of the Class A-1 Notes is not paid in full on or before 60 60 the Class A-1 Expected Final Distribution Date, all principal and interest of the Class A-2 Notes is not paid in full on or before the Class A-2 Expected Final Distribution Date or all principal and interest of the Class A-3 Notes is not paid in full on or before the Class A-3 Expected Final Distribution Date;
(o) ARG fails to comply with any of its other agreements or covenants in, or provisions of, the Series 1999-1 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series 1999-1 Noteholders and continues to materially and adversely affect the interests of the Series 1999-1 Noteholders for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders; or
(p) any representation made by ARG in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 1999-1 Noteholders and such false representation is not cured for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders; In the case of (i) any event described in clauses (a) through (n) above, an Amortization Event with respect to the Series 1999-1 Notes shall immediately occur without any notice or other action on the part of the Trustee or any Series 1999-1 Noteholder or (ii) any event described in clause (o) or (p) above, either the Trustee, by written notice to ARG, or the Required Noteholders, by written notice to ARG and the Trustee, may declare that an Amortization Event has occurred with respect to the Series 1999-1 Notes as of the date of the notice. Amortization Events described in clauses (a) through (n) above shall not be subject to waiver. An Amortization Event described in clause (o) or (p) above shall be subject to waiver in accordance with Section 9.4 of the Base Indenture.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162019-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162019-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162019-2 Notes):
(a) a Series 20162019-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162019-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162019-2 Collection Account, the Series 20162019-2 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162019-2 Notes is not paid in full on or before the Series 20162019-2 Expected Final Distribution Date;
(e) any Series 20162019-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162019-2 Enhancement Deficiency would result from excluding such Series 20162019-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20162019-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162019-2 Cash Collateral Account, the such Series 20162019-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162019-2 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162019-2 Letter of Credit Provider or any Series 20162019-2 Letter of Credit Provider repudiates its Series 20162019-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162019-2 Enhancement Deficiency would result from excluding such Series 20162019-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20162019-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2019 2 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 9.01 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20162004-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.01(j) of the Base Indenture with respect to the Series 20162004-2 1 Notes:
(a) HVF defaults in the payment of any interest on, or other amount payable in respect of, the Series 2004-1 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) HVF defaults in the payment of any principal of the Series 2004-1 Notes when the same becomes due and payable on the applicable Legal Final Payment Date;
(c) a Series 2004-1 Enhancement Deficiency shall occur and continue for at least three (3) Business Days or the Series 2004-1 Enhancement Amount, excluding from the calculation thereof one or more of the following amounts, shall be less than the Series 2004-1 Required Enhancement Amount for at least three (3) Business Days:
(i) any cash or Permitted Investments on deposit in the Series 2004-1 Excess Collection Account, the Series 2004-1 Cash Collateral Account or the Series 2004-1 Reserve Account if at the time of such calculation (A) such cash or Permitted Investments on deposit in the Series 2004-1 Excess Collection Account, the Series 2004-1 Cash Collateral Account or the Series 2004-1 Reserve Account, as the case may be, cannot be withdrawn by the Trustee and applied as provided herein because the Series 2004-1 Excess Collection Account, the Series 2004-1 Cash Collateral Account or the Series 2004-1 Reserve Account, as the case may be, shall be subject to an injunction, estoppel or other stay or (B) the Series 2004-1 Excess Collection Account, the Series 2004-1 Cash Collateral Account or the Series 2004-1 Reserve Account, as the case may be, shall be subject to a Lien (other than a Permitted Lien) (each, a “Restrictive Action”); or
(ii) the amount available to be drawn under any Series 2004-1 Letter of Credit if at the time of such calculation (A) such Series 2004-1 Letter of Credit shall not be in full force and effect, (B) an Event of Bankruptcy shall have occurred with respect to the Series 2004-1 Letter of Credit Provider of such Series 2004-1 Letter of Credit or (C) such Series 2004-1 Letter of Credit Provider shall have repudiated such Series 2004-1 Letter of Credit or failed to honor a draw thereon made in accordance with the terms thereof;
(d) the Series 2004-1 Liquidity Amount shall be less than the Series 2004-1 Required Liquidity Amount for at least three (3) Business Days or the Series 2004-1 Liquidity Amount, excluding from the calculation thereof one or more of the following amounts, shall be less than the Series 2004-1 Required Liquidity Amount for at least three (3) Business Days:
(i) any cash or Permitted Investments on deposit in the Series 2004-1 Reserve Account or the Series 2004-1 Cash Collateral Account if at the time of such calculation the Series 2004-1 Reserve Account or the Series 2004-1 Cash Collateral Account, as the case may be, shall be subject to a Restrictive Action; or
(ii) the amount available to be drawn under any Series 2004-1 Letter of Credit if at the time of such calculation (A) such Series 2004-1 Letter of Credit shall not be in full force and effect, (B) an Event of Bankruptcy shall have occurred with respect to the Series 2004-1 Letter of Credit Provider of such Series 2004-1 Letter of Credit or (C) such Series 2004-1 Letter of Credit Provider shall have repudiated such Series 2004-1 Letter of Credit or failed to honor a draw thereon made in accordance with the terms thereof;
(e) all principal of and interest on the Class A-1 Notes and the Class A-2 Notes is not paid in full on or before the Three-Year Notes Expected Final Payment Date, all principal of and interest on the Class A-3 Notes is not paid in full on or before the Class A-3 Expected Final Payment Date or all principal of and interest on the Class A-4 Notes is not paid in full on or before the Class A-4 Expected Final Payment Date;
(f) any one of the following occurs:
(i) the Series ▇▇▇▇-▇ ▇▇▇▇▇ Amount shall be less than the Series 2004-1 Required Asset Amount for at least three (3) Business Days or the Series ▇▇▇▇-▇ ▇▇▇▇▇ Amount, excluding from the calculation thereof any cash or Permitted Investments on deposit in any HVF Exchange Account, the Series 2004-1 Excess Collection Account or the Series 2004-1 Collection Account if at the time of such calculation such HVF Exchange Account, the Series 2004-1 Excess Collection Account or the Series 2004-1 Collection Account, as the case may be, shall be subject to a Restrictive Action, shall be less than the Series 2004-1 Required Asset Amount for at least three (3) Business Days;
(ii) the Series 2004-1 Asset Amount shall be less than the Series 2004-1 Principal Amount for at least three (3) Business Days or the Series ▇▇▇▇-▇ ▇▇▇▇▇ Amount, excluding from the calculation thereof any cash or Permitted Investments on deposit in any HVF Exchange Account, the Series 2004-1 Excess Collection Account or the Series 2004-1 Collection Account if at the time of such calculation such HVF Exchange Account, the Series 2004-1 Excess Collection Account or the Series 2004-1 Collection Account, as the case may be, shall be subject to a Restrictive Action, shall be less than the Series 2004-1 Principal Amount for at least three (3) Business Days; or
(iii) the Insured Principal Deficit Amount shall be greater than zero;
(g) the Trustee shall make a demand for payment under the Insurance Policy;
(h) the occurrence of an Event of Bankruptcy with respect to the Insurer;
(i) the Insurer fails to honor a demand for payment made in accordance with the requirements of the Insurance Policy;
(j) the Trustee shall for any reason cease to have a valid and perfected first priority security interest in the Series 2004-1 Collateral or any of the Lessee, HVF or any Affiliate of either so asserts in writing;
(k) One-Month LIBOR for any Series 2004-1 Interest Rate Period exceeds 8.90% per annum and HVF fails to acquire Series 2004-1 Interest Rate ▇▇▇▇▇▇ satisfying the requirements of Section 2.11 of this Series Supplement on or prior to the first day of the next succeeding Series 2004-1 Interest Rate Period;
(l) HVF fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2004-1 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series 2004-1 Noteholders or the Insurer and continues to materially and adversely affect the interests of the Series 2004-1 Noteholders or the Insurer for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 2004-1 Notes; or
(m) any representation made by HVF in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 2004-1 Noteholders or the Insurer and such false representation is not cured for a period of thirty (30) days after the earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the date that written notice thereof is given to HVF by the Trustee or to HVF and the Trustee by the Required Noteholders with respect to the Series 2004-1 Notes. In the case of
(i) any event described in clauses (a) through (i) above, an Amortization Event with respect to the Series 2004-1 Notes will immediately occur without any notice or other action on the part of the Trustee or any holders Series 2004-1 Noteholder or
(ii) any event described in clauses (j) through (m) above, either the Trustee may, by written notice to HVF or the Required Noteholders with respect to the Series 2004-1 Notes may, by written notice to HVF and the Trustee declare that an Amortization Event with respect to the Series 2004-1 Notes has occurred as of the date of the notice. Amortization Events with respect to the Series 20162004-2 Notes):
1 Notes described in clauses (h) and (i) above will not be subject to waiver. An Amortization Event with respect to the Series 2004-1 Notes described in clauses (a) a Series 2016-2 Enhancement Deficiency shall occur through (g) and continue for at least two clauses (2j) Business Days; provided, however, that such event or condition shall not through (m) above will be an Amortization Event if during such two (2) Business Day period such Series 2016-2 Enhancement Deficiency shall have been cured subject to waiver in accordance with the terms and conditions Section 9.04 of the Indenture and the Related Documents;
(b) the Series 2016-2 Liquidity Amount shall be less than the Series 2016-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 2016-2 Collection Account, the Series 2016-2 Excess Collection Account or the Series 2016-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 2016-2 Notes is not paid in full on or before the Series 2016-2 Expected Final Distribution Date;
(e) any Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2016-2 Enhancement Deficiency would result from excluding such Series 2016-2 Letter of Credit from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Required Liquidity Amount;
(f) from and after the funding of the Series 2016-2 Cash Collateral Account, the Series 2016-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding the Series 2016-2 Available Cash Collateral Account Amount from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the Series 2016-2 Available Cash Collateral Account Amount, would be less than the Series 2016-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 2016-2 Letter of Credit Provider or any Series 2016-2 Letter of Credit Provider repudiates its Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding such Series 2016-2 Letter of Credit from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Required Liquidity AmountBase Indenture.
Appears in 1 contract
Sources: Amended and Restated Series 2004 1 Supplement (Hertz Corp)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162003-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162003-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162003-2 Notes):
(a) a Series 20162003-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162003-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162003-2 Liquidity Amount shall be less than the Series 20162003-2 Required Liquidity Amount for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162003-2 Collection Account, the Series 20162003-2 Excess Collection Account or the Series 20162003-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any the Class of A-1 Notes and the Series 2016-2 Class A-2 Notes is not paid in full on or before the Series 2016Three-2 Year Notes Expected Final Distribution Date or all principal of and interest on the Class A-3 Notes is not paid in full on or before the Class A-3 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162003-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162003-2 Enhancement Deficiency would result from excluding such Series 20162003-2 Letter of Credit from the Series 20162003-2 Enhancement Amount or (y) the Series 20162003-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 Letter of Credit, would be less than the Series 20162003-2 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162003-2 Cash Collateral Account, the Series 20162003-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162003-2 Enhancement Deficiency would result from excluding the Series 20162003-2 Available Cash Collateral Account Amount from the Series 20162003-2 Enhancement Amount or (y) the Series 20162003-2 Liquidity Amount, excluding therefrom the Series 20162003-2 Available Cash Collateral Account Amount, would be less than the Series 20162003-2 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162003-2 Letter of Credit Provider or any Series 20162003-2 Letter of Credit Provider repudiates its Series 20162003-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162003-2 Enhancement Deficiency would result from excluding such Series 20162003-2 Letter of Credit from the Series 20162003-2 Enhancement Amount or (y) the Series 20162003-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 Letter of Credit, would be less than the Series 20162003-2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 7 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base AMERICAS 129834063 72 Indenture with respect to the Series 20162023-2 7 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 7 Notes):
(a) a Series 20162023-2 7 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 7 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 7 Collection Account, the Series 20162023-2 7 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 7 Notes is not paid in full on or before the Series 20162023-2 7 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 7 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 7 Cash Collateral Account, the such Series 20162023-2 7 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 7 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 7 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series AMERICAS 129834063 73 L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Second Amended and Restated Series 2023 7 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162001-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162001-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162001-2 1 Notes):) and shall not be subject to waiver:
(a) a Series 20162001-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162001-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162001-2 1 Liquidity Amount shall be less than the Series 20162001-2 1 Required Liquidity Amount for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162001-2 1 Collection Account, the Series 20162001-2 1 Excess Collection Account or the Series 20162001-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162001-2 1 Notes is not paid in full on or before the Series 20162001-2 1 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162001-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162001-2 1 Enhancement Deficiency would result from excluding such Series 20162001-2 1 Letter of Credit from the Series 20162001-2 1 Enhancement Amount or (y) the Series 20162001-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162001-2 1 Letter of Credit, would be less than the Series 20162001-2 1 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162001-2 1 Cash Collateral Account, the Series 20162001-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162001-2 1 Enhancement Deficiency would result from excluding the Series 20162001-2 1 Available Cash Collateral Account Amount from the Series 20162001-2 1 Enhancement Amount or (y) the Series 20162001-2 1 Liquidity Amount, excluding therefrom the Series 20162001-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162001-2 1 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162001-2 1 Letter of Credit Provider or any Series 20162001-2 1 Letter of Credit Provider repudiates its Series 20162001-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162001-2 1 Enhancement Deficiency would result from excluding such Series 20162001-2 1 Letter of Credit from the Series 20162001-2 1 Enhancement Amount or (y) the Series 20162001-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162001-2 1 Letter of Credit, would be less than the Series 20162001-2 1 Required Liquidity Amount.
Appears in 1 contract
Sources: Amended and Restated Series 2001 1 Supplement (Avis Group Holdings Inc)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162015-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162015-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162015-2 Notes):
(a) a Series 20162015-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162015-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162015-2 Liquidity Amount shall be less than the Series 20162015-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162015-2 Collection Account, the Series 20162015-2 Excess Collection Account or the Series 20162015-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162015-2 Notes is not paid in full on or before the Series 20162015-2 Expected Final Distribution Date;
(e) any Series 20162015-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162015-2 Enhancement Deficiency would result from excluding such Series 20162015-2 Letter of Credit from the Series 20162015-2 Enhancement Amount or (y) the Series 20162015-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162015-2 Letter of Credit, would be less than the Series 20162015-2 Required Liquidity Amount;
(f) from and after the funding of the Series 20162015-2 Cash Collateral Account, the Series 20162015-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162015-2 Enhancement Deficiency would result from excluding the Series 20162015-2 Available Cash Collateral Account Amount from the Series 20162015-2 Enhancement Amount or (y) the Series 20162015-2 Liquidity Amount, excluding therefrom the Series 20162015-2 Available Cash Collateral Account Amount, would be less than the Series 20162015-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162015-2 Letter of Credit Provider or any Series 20162015-2 Letter of Credit Provider repudiates its Series 20162015-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162015-2 Enhancement Deficiency would result from excluding such Series 20162015-2 Letter of Credit from the Series 20162015-2 Enhancement Amount or (y) the Series 20162015-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162015-2 Letter of Credit, would be less than the Series 20162015-2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162024-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162024-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162024-2 Notes):
(a) a Series 20162024-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162024-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event AMERICAS 129549674 72 if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162024-2 Collection Account, the Series 20162024-2 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162024-2 Notes is not paid in full on or before the Series 20162024-2 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162024-2 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162024-2 Cash Collateral Account, the such Series 20162024-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162024-2 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162024-2 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount., respectively. AMERICAS 129549674 73
Appears in 1 contract
Sources: Second Amended and Restated Series 2024 2 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162025-2 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162025-2 4 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162025-2 4 Notes):
(a) a Series 20162025-2 4 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162025-2 4 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162025-2 4 Liquidity Amount shall be less than the Series 20162025-2 4 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162025-2 4 Collection Account, the Series 20162025-2 4 Excess Collection Account or the Series 20162025-2 4 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162025-2 4 Notes is not paid in full on or before the Series 20162025-2 4 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162025-2 4 Enhancement Deficiency would result from excluding the Series 2025-4 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162025-2 4 Enhancement Amount or (y) the Series 20162025-2 4 Liquidity Amount, excluding therefrom the available amount under Series 2025-4 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162025-2 4 Required Liquidity Amount;
(f) from and after the funding of the Series 20162025-2 4 Cash Collateral Account, the Series 20162025-2 4 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162025-2 4 Enhancement Deficiency would result from excluding the Series 20162025-2 4 Available Cash Collateral Account Amount from the Series 20162025-2 4 Enhancement Amount or (y) the Series 20162025-2 4 Liquidity Amount, excluding therefrom the Series 20162025-2 4 Available Cash Collateral Account Amount, would be less than the Series 20162025-2 4 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162025-2 4 Enhancement Deficiency would result from excluding the Series 2025-4 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162025-2 4 Enhancement Amount or (y) the Series 20162025-2 4 Liquidity Amount, excluding therefrom the available amount under Series 2025-4 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162025-2 4 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 8 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 8 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 8 Notes):
(a) a Series 20162023-2 8 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 8 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 8 Collection Account, the Series 20162023-2 8 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 8 Notes is not paid in full on or before the Series 20162023-2 8 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 8 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would AMERICAS 128889470 74 be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 8 Cash Collateral Account, the such Series 20162023-2 8 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 8 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 8 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2023 8 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 3 Notes):
(a) a Series 20162023-2 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event AMERICAS 129552375 72 if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 3 Collection Account, the Series 20162023-2 3 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 3 Notes is not paid in full on or before the Series 20162023-2 3 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 3 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 3 Cash Collateral Account, the such Series 20162023-2 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 3 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 3 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount., respectively. AMERICAS 129552375 73
Appears in 1 contract
Sources: Second Amended and Restated Series 2023 3 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162024-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162024-2 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162024-2 3 Notes):
(a) a Series 20162024-2 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162024-2 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162024-2 3 Liquidity Amount shall be less than the Series 20162024-2 3 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162024-2 3 Collection Account, the Series 20162024-2 3 Excess Collection Account or the Series 20162024-2 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162024-2 3 Notes is not paid in full on or before the Series 20162024-2 3 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162024-2 3 Enhancement Deficiency would result from excluding the Series 2024-3 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162024-2 3 Enhancement Amount or (y) the Series 20162024-2 3 Liquidity Amount, excluding therefrom the available amount under Series 2024-3 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162024-2 3 Required Liquidity Amount;
(f) from and after the funding of the Series 20162024-2 3 Cash Collateral Account, the Series 20162024-2 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162024-2 3 Enhancement Deficiency would result from excluding the Series 20162024-2 3 Available Cash Collateral Account Amount from the Series 20162024-2 3 Enhancement Amount or (y) the Series 20162024-2 3 Liquidity Amount, excluding therefrom the Series 20162024-2 3 Available Cash Collateral Account Amount, would be less than the Series 20162024-2 3 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162024-2 3 Enhancement Deficiency would result from excluding the Series 2024-3 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162024-2 3 Enhancement Amount or (y) the Series 20162024-2 3 Liquidity Amount, excluding therefrom the available amount under Series 2024-3 Applicable Multi- Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162024-2 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162003-2 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162003-2 4 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162003-2 4 Notes):
(a) a Series 20162003-2 4 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162003-2 4 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162003-2 4 Liquidity Amount shall be less than the Series 20162003-2 4 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162003-2 4 Collection Account, the Series 20162003-2 4 Excess Collection Account or the Series 20162003-2 4 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any the Class of the Series 2016-2 A-1 Notes is not paid in full on or before the Series 2016Class A-1 Expected Final Distribution Date, all principal of and interest on the Class A-2 Notes and the Class A-3 Notes is not paid in full on or before the Five-2 Year Notes Expected Final Distribution Date or all principal of and interest on the Class A-4 Notes is not paid in full on or before the Class A-4 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162003-2 4 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162003-2 4 Enhancement Deficiency would result from excluding such Series 20162003-2 4 Letter of Credit from the Series 20162003-2 4 Enhancement Amount or (y) the Series 20162003-2 4 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 4 Letter of Credit, would be less than the Series 20162003-2 4 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162003-2 4 Cash Collateral Account, the Series 20162003-2 4 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162003-2 4 Enhancement Deficiency would result from excluding the Series 20162003-2 4 Available Cash Collateral Account Amount from the Series 20162003-2 4 Enhancement Amount or (y) the Series 20162003-2 4 Liquidity Amount, excluding therefrom the Series 20162003-2 4 Available Cash Collateral Account Amount, would be less than the Series 20162003-2 4 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162003-2 4 Letter of Credit Provider or any Series 20162003-2 4 Letter of Credit Provider repudiates its Series 20162003-2 4 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162003-2 4 Enhancement Deficiency would result from excluding such Series 20162003-2 4 Letter of Credit from the Series 20162003-2 4 Enhancement Amount or (y) the Series 20162003-2 4 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 4 Letter of Credit, would be less than the Series 20162003-2 4 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 5 Notes):
(a) a Series 20162023-2 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event AMERICAS 129551751 72 if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 5 Collection Account, the Series 20162023-2 5 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 5 Notes is not paid in full on or before the Series 20162023-2 5 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 5 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 5 Cash Collateral Account, the such Series 20162023-2 5 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 5 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 5 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount., respectively. AMERICAS 129551751 73
Appears in 1 contract
Sources: Second Amended and Restated Series 2023 5 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 7 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 7 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 7 Notes):
(a) a Series 20162023-2 7 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 7 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162023-2 7 Liquidity Amount shall be less than the Series 20162023-2 7 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 7 Collection Account, the Series 20162023-2 7 Excess Collection Account or the Series 20162023-2 7 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 7 Notes is not paid in full on or before the Series 20162023-2 7 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162023-2 7 Enhancement Deficiency would result from excluding the Series 2023-7 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 7 Enhancement Amount or (y) the Series 20162023-2 7 Liquidity Amount, excluding therefrom the available amount under Series 2023-7 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 7 Required Liquidity Amount;
(f) from and after the funding of the Series 20162023-2 7 Cash Collateral Account, the Series 20162023-2 7 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 7 Enhancement Deficiency would result from excluding the Series 20162023-2 7 Available Cash Collateral Account Amount from the Series 20162023-2 7 Enhancement Amount or (y) the Series 20162023-2 7 Liquidity Amount, excluding therefrom the Series 20162023-2 7 Available Cash Collateral Account Amount, would be less than the Series 20162023-2 7 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 7 Enhancement Deficiency would result from excluding the Series 2023-7 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 7 Enhancement Amount or (y) the Series 20162023-2 7 Liquidity Amount, excluding therefrom the available amount under Series 2023-7 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 7 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162024-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162024-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162024-2 1 Notes):
(a) a Series 20162024-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162024-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162024-2 1 Collection Account, the Series 20162024-2 1 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162024-2 1 Notes is not paid in full on or before the Series 20162024-2 1 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162024-2 1 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162024-2 1 Cash Collateral Account, the such Series 20162024-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162024-2 1 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162024-2 1 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2024 1 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 1 Notes):
(a) a Series 20162023-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 1 Collection Account, the Series 20162023-2 1 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 1 Notes is not paid in full on or before the Series 20162023-2 1 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 1 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would AMERICAS 128869492 74 be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 1 Cash Collateral Account, the such Series 20162023-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 1 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 1 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2023 1 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162019-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162019-2 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162019-2 3 Notes):
(a) a Series 20162019-2 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162019-2 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162019-2 3 Liquidity Amount shall be less than the Series 20162019-2 3 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162019-2 3 Collection Account, the Series 20162019-2 3 Excess Collection Account or the Series 20162019-2 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162019-2 3 Notes is not paid in full on or before the Series 20162019-2 3 Expected Final Distribution Date;
(e) any Series 20162019-2 3 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162019-2 3 Enhancement Deficiency would result from excluding such Series 20162019-2 3 Letter of Credit from the Series 20162019-2 3 Enhancement Amount or (y) the Series 20162019-2 3 Liquidity Amount, excluding therefrom the available amount under such Series 20162019-2 3 Letter of Credit, would be less than the Series 20162019-2 3 Required Liquidity Amount;
(f) from and after the funding of the Series 20162019-2 3 Cash Collateral Account, the Series 20162019-2 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162019-2 3 Enhancement Deficiency would result from excluding the Series 20162019-2 3 Available Cash Collateral Account Amount from the Series 20162019-2 3 Enhancement Amount or (y) the Series 20162019-2 3 Liquidity Amount, excluding therefrom the Series 20162019-2 3 Available Cash Collateral Account Amount, would be less than the Series 20162019-2 3 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162019-2 3 Letter of Credit Provider or any Series 20162019-2 3 Letter of Credit Provider repudiates its Series 20162019-2 3 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162019-2 3 Enhancement Deficiency would result from excluding such Series 20162019-2 3 Letter of Credit from the Series 20162019-2 3 Enhancement Amount or (y) the Series 20162019-2 3 Liquidity Amount, excluding therefrom the available amount under such Series 20162019-2 3 Letter of Credit, would be less than the Series 20162019-2 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162011-2 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162011-2 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162011-2 5 Notes):
(a) a Series 20162011-2 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162011-2 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162011-2 5 Liquidity Amount shall be less than the Series 20162011-2 5 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162011-2 5 Collection Account, the Series 20162011-2 5 Excess Collection Account or the Series 20162011-2 5 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162011-2 5 Notes is not paid in full on or before the Series 20162011-2 5 Expected Final Distribution Date;
(e) any Series 20162011-2 5 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162011-2 5 Enhancement Deficiency would result from excluding such Series 20162011-2 5 Letter of Credit from the Series 20162011-2 5 Enhancement Amount or (y) the Series 20162011-2 5 Liquidity Amount, excluding therefrom the available amount under such Series 20162011-2 5 Letter of Credit, would be less than the Series 20162011-2 5 Required Liquidity Amount;
(f) from and after the funding of the Series 20162011-2 5 Cash Collateral Account, the Series 20162011-2 5 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162011-2 5 Enhancement Deficiency would result from excluding the Series 20162011-2 5 Available Cash Collateral Account Amount from the Series 20162011-2 5 Enhancement Amount or (y) the Series 20162011-2 5 Liquidity Amount, excluding therefrom the Series 20162011-2 5 Available Cash Collateral Account Amount, would be less than the Series 20162011-2 5 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162011-2 5 Letter of Credit Provider or any Series 20162011-2 5 Letter of Credit Provider repudiates its Series 20162011-2 5 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162011-2 5 Enhancement Deficiency would result from excluding such Series 20162011-2 5 Letter of Credit from the Series 20162011-2 5 Enhancement Amount or (y) the Series 20162011-2 5 Liquidity Amount, excluding therefrom the available amount under such Series 20162011-2 5 Letter of Credit, would be less than the Series 20162011-2 5 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162025-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162025-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162025-2 Notes):
(a) a Series 20162025-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162025-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162025-2 Liquidity Amount shall be less than the Series 20162025-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162025-2 Collection Account, the Series 20162025-2 Excess Collection Account or the Series 20162025-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162025-2 Notes is not paid in full on or before the Series 20162025-2 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162025-2 Enhancement Deficiency would result from excluding such the Series 20162025-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20162025-2 Enhancement Amount or (y) the Series 20162025-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162025-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20162025-2 Required Liquidity Amount;
(f) from and after the funding of the Series 20162025-2 Cash Collateral Account, the Series 20162025-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162025-2 Enhancement Deficiency would result from excluding the Series 20162025-2 Available Cash Collateral Account Amount from the Series 20162025-2 Enhancement Amount or (y) the Series 20162025-2 Liquidity Amount, excluding therefrom the Series 20162025-2 Available Cash Collateral Account Amount, would be less than the Series 20162025-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162025-2 Enhancement Deficiency would result from excluding such the Series 20162025-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20162025-2 Enhancement Amount or (y) the Series 20162025-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162025-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20162025-2 Required Liquidity Amount.
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Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20161998-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20161998-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20161998-2 1 Notes):) and shall not be subject to waiver:
(a) a Series 20161998-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20161998-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20161998-2 1 Liquidity Amount shall be less than the Series 20161998-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20161998-2 Collection Account, the Series 2016-2 Excess Collection Account or the Series 2016-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20161998-2 1 Notes is not paid in full on or before the Series 20161998-2 1 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20161998-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20161998-2 1 Enhancement Deficiency would result from excluding such Series 20161998-2 1 Letter of Credit from the Series 20161998-2 1 Enhancement Amount or (y) the Series 20161998-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20161998-2 1 Letter of Credit, would be less than the Series 20161998-2 1 Required Liquidity Amount;
(fi) from and after the funding of the Series 20161998-2 1 Cash Collateral Account, the Series 20161998-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20161998-2 1 Enhancement Deficiency would result from excluding the Series 20161998-2 1 Available Cash Collateral Account Amount from the Series 20161998-2 1 Enhancement Amount or (y) the Series 20161998-2 1 Liquidity Amount, excluding therefrom the Series 20161998-2 1 Available Cash Collateral Account Amount, would be less than the Series 20161998-2 1 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20161998-2 1 Letter of Credit Provider or any Series 20161998-2 1 Letter of Credit Provider repudiates its Series 20161998-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20161998-2 1 Enhancement Deficiency would result from excluding such Series 20161998-2 1 Letter of Credit from the Series 20161998-2 1 Enhancement Amount or (y) the Series 20161998-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20161998-2 1 Letter of Credit, would be less than the Series 20161998-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 2016-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 2016-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2016-2 1 Notes):
(a) a Series 2016-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 2016-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 2016-2 1 Liquidity Amount shall be less than the Series 2016-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 2016-2 1 Collection Account, the Series 2016-2 1 Excess Collection Account or the Series 2016-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 2016-2 1 Notes is not paid in full on or before the Series 2016-2 1 Expected Final Distribution Date;
(e) any Series 2016-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 2016-2 1 Enhancement Deficiency would result from excluding such Series 2016-2 1 Letter of Credit from the Series 2016-2 1 Enhancement Amount or (y) the Series 2016-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 1 Letter of Credit, would be less than the Series 2016-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 2016-2 1 Cash Collateral Account, the Series 2016-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2016-2 1 Enhancement Deficiency would result from excluding the Series 2016-2 1 Available Cash Collateral Account Amount from the Series 2016-2 1 Enhancement Amount or (y) the Series 2016-2 1 Liquidity Amount, excluding therefrom the Series 2016-2 1 Available Cash Collateral Account Amount, would be less than the Series 2016-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 2016-2 1 Letter of Credit Provider or any Series 2016-2 1 Letter of Credit Provider repudiates its Series 2016-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2016-2 1 Enhancement Deficiency would result from excluding such Series 2016-2 1 Letter of Credit from the Series 2016-2 1 Enhancement Amount or (y) the Series 2016-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 1 Letter of Credit, would be less than the Series 2016-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162015-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162015-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162015-2 1 Notes):
(a) a Series 20162015-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162015-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162015-2 1 Liquidity Amount shall be less than the Series 20162015-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162015-2 1 Collection Account, the Series 20162015-2 1 Excess Collection Account or the Series 20162015-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162015-2 1 Notes is not paid in full on or before the Series 20162015-2 1 Expected Final Distribution Date;
(e) any Series 20162015-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162015-2 1 Enhancement Deficiency would result from excluding such Series 20162015-2 1 Letter of Credit from the Series 20162015-2 1 Enhancement Amount or (y) the Series 20162015-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162015-2 1 Letter of Credit, would be less than the Series 20162015-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162015-2 1 Cash Collateral Account, the Series 20162015-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162015-2 1 Enhancement Deficiency would result from excluding the Series 20162015-2 1 Available Cash Collateral Account Amount from the Series 20162015-2 1 Enhancement Amount or (y) the Series 20162015-2 1 Liquidity Amount, excluding therefrom the Series 20162015-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162015-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162015-2 1 Letter of Credit Provider or any Series 20162015-2 1 Letter of Credit Provider repudiates its Series 20162015-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162015-2 1 Enhancement Deficiency would result from excluding such Series 20162015-2 1 Letter of Credit from the Series 20162015-2 1 Enhancement Amount or (y) the Series 20162015-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162015-2 1 Letter of Credit, would be less than the Series 20162015-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162019-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162019-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162019-2 1 Notes):
(a) a Series 20162019-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162019-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162019-2 1 Liquidity Amount shall be less than the Series 20162019-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162019-2 1 Collection Account, the Series 20162019-2 1 Excess Collection Account or the Series 20162019-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162019-2 1 Notes is not paid in full on or before the Series 20162019-2 1 Expected Final Distribution Date;
(e) any Series 20162019-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162019-2 1 Enhancement Deficiency would result from excluding such Series 20162019-2 1 Letter of Credit from the Series 20162019-2 1 Enhancement Amount or (y) the Series 20162019-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162019-2 1 Letter of Credit, would be less than the Series 20162019-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162019-2 1 Cash Collateral Account, the Series 20162019-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162019-2 1 Enhancement Deficiency would result from excluding the Series 20162019-2 1 Available Cash Collateral Account Amount from the Series 20162019-2 1 Enhancement Amount or (y) the Series 20162019-2 1 Liquidity Amount, excluding therefrom the Series 20162019-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162019-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162019-2 1 Letter of Credit Provider or any Series 20162019-2 1 Letter of Credit Provider repudiates its Series 20162019-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162019-2 1 Enhancement Deficiency would result from excluding such Series 20162019-2 1 Letter of Credit from the Series 20162019-2 1 Enhancement Amount or (y) the Series 20162019-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162019-2 1 Letter of Credit, would be less than the Series 20162019-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162024-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162024-2 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162024-2 3 Notes):
(a) a Series 20162024-2 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162024-2 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162024-2 3 Collection Account, the Series 20162024-2 3 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162024-2 3 Notes is not paid in full on or before the Series 20162024-2 3 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162024-2 3 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162024-2 3 Cash Collateral Account, the such Series 20162024-2 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162024-2 3 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162024-2 3 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2024 3 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162024-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162024-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162024-2 Notes):
(a) a Series 20162024-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162024-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162024-2 Liquidity Amount shall be less than the Series 20162024-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162024-2 Collection Account, the Series 20162024-2 Excess Collection Account or the Series 20162024-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162024-2 Notes is not paid in full on or before the Series 20162024-2 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162024-2 Enhancement Deficiency would result from excluding such the Series 20162024-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20162024-2 Enhancement Amount or (y) the Series 20162024-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162024-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20162024-2 Required Liquidity Amount;
(f) from and after the funding of the Series 20162024-2 Cash Collateral Account, the Series 20162024-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162024-2 Enhancement Deficiency would result from excluding the Series 20162024-2 Available Cash Collateral Account Amount from the Series 20162024-2 Enhancement Amount or (y) the Series 20162024-2 Liquidity Amount, excluding therefrom the Series 20162024-2 Available Cash Collateral Account Amount, would be less than the Series 20162024-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162024-2 Enhancement Deficiency would result from excluding such the Series 20162024-2 Applicable Multi-Series L/C Amount attributable to such Multi-Series Letter of Credit from the Series 20162024-2 Enhancement Amount or (y) the Series 20162024-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162024-2 Applicable Multi- Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 20162024-2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162003-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162003-2 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162003-2 3 Notes):
(a) a Series 20162003-2 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162003-2 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162003-2 3 Liquidity Amount shall be less than the Series 20162003-2 3 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162003-2 3 Collection Account, the Series 20162003-2 3 Excess Collection Account or the Series 20162003-2 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any the Class of A-1 Notes and the Series 2016-2 Class A-2 Notes is not paid in full on or before the Series 2016Three-2 Year Notes Expected Final Distribution Date or all principal of and interest on the Class A-3 Notes is not paid in full on or before the Class A-3 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162003-2 3 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162003-2 3 Enhancement Deficiency would result from excluding such Series 20162003-2 3 Letter of Credit from the Series 20162003-2 3 Enhancement Amount or (y) the Series 20162003-2 3 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 3 Letter of Credit, would be less than the Series 20162003-2 3 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162003-2 3 Cash Collateral Account, the Series 20162003-2 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162003-2 3 Enhancement Deficiency would result from excluding the Series 20162003-2 3 Available Cash Collateral Account Amount from the Series 20162003-2 3 Enhancement Amount or (y) the Series 20162003-2 3 Liquidity Amount, excluding therefrom the Series 20162003-2 3 Available Cash Collateral Account Amount, would be less than the Series 20162003-2 3 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162003-2 3 Letter of Credit Provider or any Series 20162003-2 3 Letter of Credit Provider repudiates its Series 20162003-2 3 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162003-2 3 Enhancement Deficiency would result from excluding such Series 20162003-2 3 Letter of Credit from the Series 20162003-2 3 Enhancement Amount or (y) the Series 20162003-2 3 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 3 Letter of Credit, would be less than the Series 20162003-2 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 5 Notes):
(a) a Series 20162023-2 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162023-2 5 Liquidity Amount shall be less than the Series 20162023-2 5 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 5 Collection Account, the Series 20162023-2 5 Excess Collection Account or the Series 20162023-2 5 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 5 Notes is not paid in full on or before the Series 20162023-2 5 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162023-2 5 Enhancement Deficiency would result from excluding the Series 2023-5 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 5 Enhancement Amount or (y) the Series 20162023-2 5 Liquidity Amount, excluding therefrom the available amount under Series 2023-5 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 5 Required Liquidity Amount;
(f) from and after the funding of the Series 20162023-2 5 Cash Collateral Account, the Series 20162023-2 5 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 5 Enhancement Deficiency would result from excluding the Series 20162023-2 5 Available Cash Collateral Account Amount from the Series 20162023-2 5 Enhancement Amount or (y) the Series 20162023-2 5 Liquidity Amount, excluding therefrom the Series 20162023-2 5 Available Cash Collateral Account Amount, would be less than the Series 20162023-2 5 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 5 Enhancement Deficiency would result from excluding the Series 2023-5 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 5 Enhancement Amount or (y) the Series 20162023-2 5 Liquidity Amount, excluding therefrom the available amount under Series 2023-5 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 5 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 3 Notes):
(a) a Series 20162023-2 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 3 Collection Account, the Series 20162023-2 3 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 3 Notes is not paid in full on or before the Series 20162023-2 3 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 3 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 3 Cash Collateral Account, the such Series 20162023-2 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 3 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 3 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2023 3 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162003-2 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162003-2 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162003-2 5 Notes):
(a) a Series 20162003-2 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162003-2 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162003-2 5 Liquidity Amount shall be less than the Series 20162003-2 5 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162003-2 5 Collection Account, the Series 20162003-2 5 Excess Collection Account or the Series 20162003-2 5 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any the Class of the Series 2016-2 A-1 Notes is not paid in full on or before the Series 2016-2 Class A-1 Expected Final Distribution Date or all principal of and interest on the Class A-2 Notes is not paid in full on or before the Class A-2 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162003-2 5 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162003-2 5 Enhancement Deficiency would result from excluding such Series 20162003-2 5 Letter of Credit from the Series 20162003-2 5 Enhancement Amount or (y) the Series 20162003-2 5 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 5 Letter of Credit, would be less than the Series 20162003-2 5 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162003-2 5 Cash Collateral Account, the Series 20162003-2 5 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162003-2 5 Enhancement Deficiency would result from excluding the Series 20162003-2 5 Available Cash Collateral Account Amount from the Series 20162003-2 5 Enhancement Amount or (y) the Series 20162003-2 5 Liquidity Amount, excluding therefrom the Series 20162003-2 5 Available Cash Collateral Account Amount, would be less than the Series 20162003-2 5 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162003-2 5 Letter of Credit Provider or any Series 20162003-2 5 Letter of Credit Provider repudiates its Series 20162003-2 5 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162003-2 5 Enhancement Deficiency would result from excluding such Series 20162003-2 5 Letter of Credit from the Series 20162003-2 5 Enhancement Amount or (y) the Series 20162003-2 5 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 5 Letter of Credit, would be less than the Series 20162003-2 5 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162003-2 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162003-2 4 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162003-2 4 Notes):
(a) a Series 20162003-2 4 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162003-2 4 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162003-2 4 Liquidity Amount shall be less than the Series 20162003-2 4 Required Liquidity Amount for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162003-2 4 Collection Account, the Series 20162003-2 4 Excess Collection Account or the Series 20162003-2 4 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any the Class of the Series 2016-2 A-1 Notes is not paid in full on or before the Series 2016Class A-1 Expected Final Distribution Date, all principal of and interest on the Class A-2 Notes and the Class A-3 Notes is not paid in full on or before the Five-2 Year Notes Expected Final Distribution Date or all principal of and interest on the Class A-4 Notes is not paid in full on or before the Class A-4 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162003-2 4 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162003-2 4 Enhancement Deficiency would result from excluding such Series 20162003-2 4 Letter of Credit from the Series 20162003-2 4 CONFORMED COPY Enhancement Amount or (y) the Series 20162003-2 4 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 4 Letter of Credit, would be less than the Series 20162003-2 4 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162003-2 4 Cash Collateral Account, the Series 20162003-2 4 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162003-2 4 Enhancement Deficiency would result from excluding the Series 20162003-2 4 Available Cash Collateral Account Amount from the Series 20162003-2 4 Enhancement Amount or (y) the Series 20162003-2 4 Liquidity Amount, excluding therefrom the Series 20162003-2 4 Available Cash Collateral Account Amount, would be less than the Series 20162003-2 4 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162003-2 4 Letter of Credit Provider or any Series 20162003-2 4 Letter of Credit Provider repudiates its Series 20162003-2 4 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162003-2 4 Enhancement Deficiency would result from excluding such Series 20162003-2 4 Letter of Credit from the Series 20162003-2 4 Enhancement Amount or (y) the Series 20162003-2 4 Liquidity Amount, excluding therefrom the available amount under such Series 20162003-2 4 Letter of Credit, would be less than the Series 20162003-2 4 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20162004-2 4 Notes (the “Series 2004-4 Amortization Events”) and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(d) of the Base Indenture with respect to the Series 20162004-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 2016-2 4 Notes)::
(a) ARG defaults in the payment of any interest on, or other amount payable in respect of, the Series 2004-4 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) ARG defaults in the payment of any principal of the Series 2004-4 Notes when the same becomes due and payable and such default continues for a period of one (1) Business Day;
(c) a Series 20162004-2 4 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition ;
(d) a Series 2004-4 Liquidity Deficiency shall not be an Amortization Event if during such occur and continue for at least two (2) Business Day period such Series 2016-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(be) the Series 20162004-2 Liquidity 4 Overcollateralization Amount shall be less than the Series 20162004-2 4 Required Liquidity Overcollateralization Amount for at least two (2) Business Days; provided, however, that such event or condition ;
(f) an Aggregate Asset Amount Deficiency shall not be an Amortization Event if during such occur and continue for at least two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(cg) the Collection Series 2004-4 Reserve Account, the Series 20162004-2 Collection Account, the Series 2016-2 Excess 4 Collection Account or the Series 20162004-2 Reserve 4 Excess Collection Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under Permitted Liens) for at least two Business Days and either a Series 2004-4 Enhancement Deficiency or a Series 2004-4 Liquidity Deficiency would result from excluding the Related Documents)amount on deposit in any such account that is subject to an injunction, estoppel or other stay or a Lien (other than Permitted Liens) from the Series 2004-4 Enhancement Amount or the Series 2004-4 Liquidity Amount, to the extent applicable;
(dh) from and after the funding of the Series 2004-4 Cash Collateral Account, such Series 2004-4 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Permitted Liens) for at least two Business Days and either a Series 2004-4 Enhancement Deficiency or a Series 2004-4 Liquidity Deficiency would result from excluding the amount on deposit in the Series 2004-4 Cash Collateral Account from the Series 2004-4 Enhancement Amount or the Series 2004-4 Liquidity Amount;
(i) the Trustee shall make a demand for payment under the Surety Bond;
(j) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(k) the Surety Provider fails to honor a demand for payment in accordance with the requirements of the Surety Bond;
(l) all principal of and interest on any Class of the Series 20162004-2 4 Notes is not paid in full on or before the Series 2016-2 Expected Final Distribution Date;
(em) ARG fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2004-4 Notes or the Indenture and the failure to so comply materially and adversely affects the interests of the Series 2004-4 Noteholders and continues to materially and adversely affect the interests of the Series 2004-4 Noteholders for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders;
(n) any representation made by ARG in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 2004-4 Noteholders and such false representation is not cured for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders;
(o) a Leasing Company Amortization Event shall have occurred and be continuing with respect to all of the Leasing Company Notes;
(p) any of the Related Documents (other than any Related Document relating solely to another Series of Notes) or any material portion thereof shall not be in full force and effect, enforceable in accordance with its terms (other than (i) any such Related Document that has been terminated in accordance with its terms or (ii) any Manufacturer Program that is not in full force and effect or that is unenforceable in accordance with its terms to the extent that no Series 2004-4 Enhancement Deficiency results from redesignating each Series 2004-4 Program Vehicle subject to such Manufacturer Program as a Series 2004-4 Non-Program Vehicle) or ARG shall so assert in writing;
(q) any Series 20162004-2 4 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162004-2 4 Enhancement Deficiency would result from excluding such Series 20162004-2 4 Letter of Credit from the Series 20162004-2 4 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Required Liquidity Amount;
(f) from and after the funding of the Series 2016-2 Cash Collateral Account, the Series 2016-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162004-2 Enhancement Deficiency would result from excluding the Series 2016-2 Available Cash Collateral Account Amount from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 4 Liquidity Amount, excluding therefrom the Series 2016-2 Available Cash Collateral Account Amount, would be less than the Series 2016-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 2016-2 Letter of Credit Provider or any Series 2016-2 Letter of Credit Provider repudiates its Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding such Series 20162004-2 4 Letter of Credit from the Series 20162004-2 Enhancement Amount or (y) the Series 2016-2 4 Liquidity Amount, excluding therefrom to the available amount under such Series 2016-2 Letter extent applicable;
(r) all principal of Credit, would be less than and interest on the Series 20162004-2 4 Notes is not paid in full on or before October 20, 2007;
(s) ARG or the Servicer (acting at the direction, or on behalf, of ARG) fails to provide or maintain in force a Series 2004-4 Interest Rate Cap with a strike rate equal to 8.00% per annum within thirty (30) days of the Eurodollar Rate exceeding 7.00%;
(t) ARG agrees or consents to any assignment, modification or amendment of the Escrow Agreement without the consent of the Surety Provider (for so long as no Surety Default shall have occurred and be continuing); or
(u) ARG agrees or consents to any amendment or assignment of or waiver under the Master Exchange Agreement without the consent of the Surety Provider (for so long as no Surety Default shall have occurred and be continuing). In the case of
(i) any event described in clauses (a) through (l), (o), (q) and (r) above, an Amortization Event with respect to the Series 2004-4 Notes shall immediately occur without any notice or other action on the part of the Trustee or any Series 2004-4 Noteholder; or
(ii) any event described in clauses (m), (n) , (p), (s), (t) or (u) above, either the Trustee or the Required Liquidity AmountNoteholders may, by written notice to ARG, declare that an Amortization Event with respect to the Series 2004-4 Notes has occurred as of the date of the notice. Amortization Events with respect to the Series 2004-4 Notes described in clauses (a) through (l), (o), (q) and (r) above will be subject to waiver by 100% of the Series 2004-4 Noteholders. An Amortization Event with respect to the Series 2004-4 Notes described in clauses (m), (n) , (p),(s), (t) or (u) above shall be subject to waiver in accordance with Section 9.4 of the Base Indenture.
Appears in 1 contract
Sources: Second Amended and Restated Series 2005 1 Supplement (Vanguard Car Rental Group Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base AMERICAS 129552364 72 Indenture with respect to the Series 20162023-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 Notes):
(a) a Series 20162023-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 Collection Account, the Series 20162023-2 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 Notes is not paid in full on or before the Series 20162023-2 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 Cash Collateral Account, the such Series 20162023-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series AMERICAS 129552364 73 L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Second Amended and Restated Series 2023 2 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162013-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162013-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162013-2 1 Notes):
(a) a Series 20162013-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162013-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162013-2 1 Liquidity Amount shall be less than the Series 20162013-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162013-2 1 Collection Account, the Series 20162013-2 1 Excess Collection Account or the Series 20162013-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162013-2 1 Notes is not paid in full on or before the Series 20162013-2 1 Expected Final Distribution Date;
(e) any Series 20162013-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162013-2 1 Enhancement Deficiency would result from excluding such Series 20162013-2 1 Letter of Credit from the Series 20162013-2 1 Enhancement Amount or (y) the Series 20162013-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162013-2 1 Letter of Credit, would be less than the Series 20162013-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162013-2 1 Cash Collateral Account, the Series 20162013-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162013-2 1 Enhancement Deficiency would result from excluding the Series 20162013-2 1 Available Cash Collateral Account Amount from the Series 20162013-2 1 Enhancement Amount or (y) the Series 20162013-2 1 Liquidity Amount, excluding therefrom the Series 20162013-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162013-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162013-2 1 Letter of Credit Provider or any Series 20162013-2 1 Letter of Credit Provider repudiates its Series 20162013-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162013-2 1 Enhancement Deficiency would result from excluding such Series 20162013-2 1 Letter of Credit from the Series 20162013-2 1 Enhancement Amount or (y) the Series 20162013-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162013-2 1 Letter of Credit, would be less than the Series 20162013-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162010-2 6 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162010-2 6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162010-2 6 Notes):
(a) a Series 20162010-2 6 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162010-2 6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either the Series 20162010-2 6 Liquidity Amount shall be less than the Series 20162010-2 6 Required Liquidity Amount or the Series 2010-6 Available Reserve Account Amount shall be less than the Series 2010-6 Required Reserve Account Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) an AESOP I Operating Lease Vehicle Deficiency shall occur and continue for at least two (2) Business Days;
(d) the Collection Account, the Series 20162010-2 6 Collection Account, the Series 20162010-2 6 Excess Collection Account or the Series 20162010-2 6 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(de) all principal of and interest on any the Class of the Series 2016-2 A Notes is not paid in full on the Class A Expected Final Distribution Date or before all principal of and interest on the Series 2016-2 Class B Notes is not paid on the Class B Expected Final Distribution Date;
(ef) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162010-2 6 Enhancement Deficiency would result from excluding the Series 2010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162010-2 6 Enhancement Amount or (y) the Series 20162010-2 6 Liquidity Amount, excluding therefrom the available amount under Series 2010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162010-2 6 Required Liquidity Amount;
(fg) from and after the funding of the Series 20162010-2 6 Cash Collateral Account, the Series 20162010-2 6 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162010-2 6 Enhancement Deficiency would result from excluding the Series 20162010-2 6 Available Cash Collateral Account Amount from the Series 20162010-2 6 Enhancement Amount or (y) the Series 20162010-2 6 Liquidity Amount, excluding therefrom the Series 20162010-2 6 Available Cash Collateral Account Amount, would be less than the Series 20162010-2 6 Required Liquidity Amount; and;
(gh) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its the Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162010-2 6 Enhancement Deficiency would result from excluding the Series 2010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162010-2 6 Enhancement Amount or (y) the Series 20162010-2 6 Liquidity Amount, excluding therefrom the available amount under Series 2010-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162010-2 6 Required Liquidity Amount;
(i) the occurrence of an Event of Bankruptcy with respect to ABG or any Permitted Sublessee (other than a third-party Permitted Sublessee);
(j) a Change in Control shall have occurred;
(k) ABRCF shall fail to acquire or maintain in force Series 2010-6 Interest Rate Caps at the times and in the notional amounts required by the terms of Section 3.11;
(l) the occurrence and continuation of an “event of default” under the Credit Agreement or any Replacement Credit Agreement, that is not waived pursuant to the terms of such Credit Agreement or Replacement Credit Agreement;
(m) the breach by ABCR or any of its Affiliates of any covenant under the Credit Agreement or any Replacement Credit Agreement to the extent such covenant requires compliance by ABCR or its Affiliates with an interest coverage ratio, a fixed charge coverage ratio, a leverage ratio or a minimum EBITDA level or with any other financial measure or ratio intended to test the financial or credit performance of ABCR and its consolidated subsidiaries, whether or not such breach is waived pursuant to the terms of the Credit Agreement or such Replacement Credit Agreement;
(n) the Class A Controlled Distribution Amount or the Class B Controlled Distribution Amount with respect to the Related Month is not paid in full on any Distribution Date during the Class A Controlled Amortization Period or Class B Controlled Amortization Period, as applicable (other than the first Distribution Date during such Series 2010-6 Controlled Amortization Period);
(o) the Series 2010-6 Invested Amount on the Reduction Date exceeds the Series 2010-6 Maximum Invested Amount on such date (after giving effect to Section 2.10); and
(p) an Amortization Event shall have occurred with respect to the Series 2015-3 Notes. In the case of any event described in clause (j), (k), (l), (m) or (p) above, an Amortization Event shall have occurred with respect to the Series 2010-6 Notes only if either the Trustee or the Requisite Noteholders declare that an Amortization Event has occurred. In the case of an event described in clause (a), (b), (c), (d), (e), (f), (g), (h), (i), (n) or (o) an Amortization Event with respect to the Series 2010-6 Notes shall have occurred without any notice or other action on the part of the Trustee or any Series 2010-6 Noteholders, immediately upon the occurrence of such event. Amortization Events with respect to the Series 2010-6 Notes described in clause (a), (b), (c), (d), (e), (f), (g), (h), (i), (n) or (o) may be waived with the written consent of the Purchaser Groups having Commitment Percentages aggregating 100%. Amortization Events with respect to the Series 2010-6 Notes described in clause (j), (k), (l), (m) or (p) above may be waived in accordance with Section 9.5 of the Base Indenture.
Appears in 1 contract
Sources: Fifth Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162020-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162020-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162020-2 Notes):
(a) a Series 20162020-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162020-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162020-2 Liquidity Amount shall be less than the Series 20162020-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162020-2 Collection Account, the Series 20162020-2 Excess Collection Account or the Series 20162020-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162020-2 Notes is not paid in full on or before the Series 20162020-2 Expected Final Distribution Date;
(e) any Series 20162020-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162020-2 Enhancement Deficiency would result from excluding such Series 20162020-2 Letter of Credit from the Series 20162020-2 Enhancement Amount or (y) the Series 20162020-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162020-2 Letter of Credit, would be less than the Series 20162020-2 Required Liquidity Amount;
(f) from and after the funding of the Series 20162020-2 Cash Collateral Account, the Series 20162020-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162020-2 Enhancement Deficiency would result from excluding the Series 20162020-2 Available Cash Collateral Account Amount from the Series 20162020-2 Enhancement Amount or (y) the Series 20162020-2 Liquidity Amount, excluding therefrom the Series 20162020-2 Available Cash Collateral Account Amount, would be less than the Series 20162020-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162020-2 Letter of Credit Provider or any Series 20162020-2 Letter of Credit Provider repudiates its Series 20162020-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162020-2 Enhancement Deficiency would result from excluding such Series 20162020-2 Letter of Credit from the Series 20162020-2 Enhancement Amount or (y) the Series 20162020-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162020-2 Letter of Credit, would be less than the Series 20162020-2 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 6 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 6 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 6 Notes):
(a) a Series 20162023-2 6 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 6 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162023-2 6 Liquidity Amount shall be less than the Series 20162023-2 6 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 6 Collection Account, the Series 20162023-2 6 Excess Collection Account or the Series 20162023-2 6 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 6 Notes is not paid in full on or before the Series 20162023-2 6 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162023-2 6 Enhancement Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 6 Enhancement Amount or (y) the Series 20162023-2 6 Liquidity Amount, excluding therefrom the available amount under Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 6 Required Liquidity Amount;
(f) from and after the funding of the Series 20162023-2 6 Cash Collateral Account, the Series 20162023-2 6 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 6 Enhancement Deficiency would result from excluding the Series 20162023-2 6 Available Cash Collateral Account Amount from the Series 20162023-2 6 Enhancement Amount or (y) the Series 20162023-2 6 Liquidity Amount, excluding therefrom the Series 20162023-2 6 Available Cash Collateral Account Amount, would be less than the Series 20162023-2 6 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 6 Enhancement Deficiency would result from excluding the Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 6 Enhancement Amount or (y) the Series 20162023-2 6 Liquidity Amount, excluding therefrom the available amount under Series 2023-6 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 6 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 5 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 5 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 5 Notes):
(a) a Series 20162023-2 5 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 5 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 5 Collection Account, the Series 20162023-2 5 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 5 Notes is not paid in full on or before the Series 20162023-2 5 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 5 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 5 Cash Collateral Account, the such Series 20162023-2 5 Cash Collateral Account shall be subject to an injunction, estoppel or other 74 stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 5 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 5 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2023 5 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162000-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162000-2 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162000-2 3 Notes):) and shall not be subject to waiver:
(a) a Series 20162000-2 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if (i) during such two (2) Business Day period such Series 20162000-2 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162000-2 3 Liquidity Amount shall be less than the Series 20162000-2 3 Required Liquidity Amount for at least two (2) Business Days; providedPROVIDED, howeverHOWEVER, that such event or condition shall not be an Amortization Event if (i) during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162000-2 Collection Account, the Series 2016-2 Excess Collection Account or the Series 2016-2 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162000-2 3 Notes is not paid in full on or before the Series 20162000-2 3 Expected Final Distribution Date;
(e) the Trustee shall make a demand for payment under the Surety Bond;
(f) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(g) the Surety Provider fails to pay a demand for payment in accordance with the requirements of the Surety Bond;
(h) any Series 20162000-2 3 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162000-2 3 Enhancement Deficiency would result from excluding such Series 20162000-2 3 Letter of Credit from the Series 20162000-2 3 Enhancement Amount or (y) the Series 20162000-2 3 Liquidity Amount, excluding therefrom the available amount under such Series 20162000-2 3 Letter of Credit, would be less than the Series 20162000-2 3 Required Liquidity Amount;
(fi) from and after the funding of the Series 20162000-2 3 Cash Collateral Account, the Series 20162000-2 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162000-2 3 Enhancement Deficiency would result from excluding the Series 20162000-2 3 Available Cash Collateral Account Amount from the Series 20162000-2 3 Enhancement Amount or (y) the Series 20162000-2 3 Liquidity Amount, excluding therefrom the Series 20162000-2 3 Available Cash Collateral Account Amount, would be less than the Series 20162000-2 3 Required Liquidity Amount; and
(gj) an Event of Bankruptcy shall have occurred with respect to any Series 20162000-2 3 Letter of Credit Provider or any Series 20162000-2 3 Letter of Credit Provider repudiates its Series 20162000-2 3 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162000-2 3 Enhancement Deficiency would result from excluding such Series 20162000-2 3 Letter of Credit from the Series 20162000-2 3 Enhancement Amount or (y) the Series 20162000-2 3 Liquidity Amount, excluding therefrom the available amount under such Series 20162000-2 3 Letter of Credit, would be less than the Series 20162000-2 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162018-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162018-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162018-2 Notes):
(a) a Series 20162018-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162018-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162018-2 Collection Account, the Series 20162018-2 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162018-2 Notes is not paid in full on or before the Series 20162018-2 Expected Final Distribution Date;
(e) any Series 20162018-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162018-2 Enhancement Deficiency would result from excluding such Series 20162018-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20162018-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162018-2 Cash Collateral Account, the such Series 20162018-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162018-2 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162018-2 Letter of Credit Provider or any Series 20162018-2 Letter of Credit Provider repudiates its Series 20162018-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162018-2 Enhancement Deficiency would result from excluding such Series 20162018-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20162018-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2018 2 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162024-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162024-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162024-2 1 Notes):
(a) a Series 20162024-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162024-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162024-2 1 Liquidity Amount shall be less than the Series 20162024-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162024-2 1 Collection Account, the Series 20162024-2 1 Excess Collection Account or the Series 20162024-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162024-2 1 Notes is not paid in full on or before the Series 20162024-2 1 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162024-2 1 Enhancement Deficiency would result from excluding the Series 2024-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162024-2 1 Enhancement Amount or (y) the Series 20162024-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2024-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162024-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162024-2 1 Cash Collateral Account, the Series 20162024-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162024-2 1 Enhancement Deficiency would result from excluding the Series 20162024-2 1 Available Cash Collateral Account Amount from the Series 20162024-2 1 Enhancement Amount or (y) the Series 20162024-2 1 Liquidity Amount, excluding therefrom the Series 20162024-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162024-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162024-2 1 Enhancement Deficiency would result from excluding the Series 2024-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162024-2 1 Enhancement Amount or (y) the Series 20162024-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2024-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162024-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 8 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 8 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 8 Notes):
(a) a Series 20162023-2 8 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 8 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162023-2 8 Liquidity Amount shall be less than the Series 20162023-2 8 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 8 Collection Account, the Series 20162023-2 8 Excess Collection Account or the Series 20162023-2 8 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 8 Notes is not paid in full on or before the Series 20162023-2 8 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162023-2 8 Enhancement Deficiency would result from excluding the Series 2023-8 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 8 Enhancement Amount or (y) the Series 20162023-2 8 Liquidity Amount, excluding therefrom the available amount under Series 2023-8 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 8 Required Liquidity Amount;
(f) from and after the funding of the Series 20162023-2 8 Cash Collateral Account, the Series 20162023-2 8 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 8 Enhancement Deficiency would result from excluding the Series 20162023-2 8 Available Cash Collateral Account Amount from the Series 20162023-2 8 Enhancement Amount or (y) the Series 20162023-2 8 Liquidity Amount, excluding therefrom the Series 20162023-2 8 Available Cash Collateral Account Amount, would be less than the Series 20162023-2 8 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 8 Enhancement Deficiency would result from excluding the Series 2023-8 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 8 Enhancement Amount or (y) the Series 20162023-2 8 Liquidity Amount, excluding therefrom the available amount under Series 2023-8 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 8 Required Liquidity Amount.
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Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162025-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(j) of the Base Indenture with respect to the Series 20162025-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162025-2 1 Notes):
(a) a Series 20162025-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162025-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either the Series 20162025-2 1 Liquidity Amount shall be less than the Series 20162025-2 1 Required Liquidity Amount or the Series 2025-1 Available Reserve Account Amount shall be less than the Series 2025-1 Required Reserve Account Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) an Operating Lease Vehicle Deficiency shall occur and continue for at least two (2) Business Days; AMERICAS 131302117
(d) the Collection Account, the Series 20162025-2 1 Collection Account, the Series 20162025-2 1 Excess Collection Account or the Series 20162025-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(de) all principal of and interest on any Class of the Series 20162025-2 1 Notes is not paid in full on or before the Series 20162025-2 1 Expected Final Distribution Date;
(ef) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162025-2 1 Enhancement Deficiency would result from excluding the Series 2025-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162025-2 1 Enhancement Amount or (y) the Series 20162025-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2025-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162025-2 1 Required Liquidity Amount;
(fg) from and after the funding of the Series 20162025-2 1 Cash Collateral Account, the Series 20162025-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162025-2 1 Enhancement Deficiency would result from excluding the Series 20162025-2 1 Available Cash Collateral Account Amount from the Series 20162025-2 1 Enhancement Amount or (y) the Series 20162025-2 1 Liquidity Amount, excluding therefrom the Series 20162025-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162025-2 1 Required Liquidity Amount; and;
(gh) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its the Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162025-2 1 Enhancement Deficiency would result from excluding the Series 2025-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162025-2 1 Enhancement Amount or (y) the Series 20162025-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2025-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162025-2 1 Required Liquidity Amount;
(i) the occurrence of an Event of Bankruptcy with respect to ABG or any Permitted Sublessee (other than a third-party Permitted Sublessee);
(j) a Change in Control shall have occurred;
(k) Interpace Funding shall fail to acquire or maintain in force Series 2025-1 Interest Rate Caps at the times and in the notional amounts required by the terms of Section 3.11; and
(l) (x) the occurrence and continuation of an “event of default” that is either a payment default or a default that results in an acceleration of the payment of indebtedness under the Credit Agreement or any Replacement Credit Agreement, in either case, beyond any grace period set forth therein that is not waived pursuant to the terms of such Credit AMERICAS 131302117 Agreement or Replacement Credit Agreement or (y) any other “event of default” (other than a payment default or a default that results in an acceleration of the payment of indebtedness as provided in clause (x) above) under the Credit Agreement or any Replacement Credit Agreement beyond any grace period set forth therein that is not waived pursuant to the terms of such Credit Agreement or Replacement Credit Agreement;
(m) the breach by ABCR or any of its Affiliates of any covenant under the Credit Agreement or any Replacement Credit Agreement to the extent such covenant requires compliance by ABCR or any of its Affiliates with an interest coverage ratio, a fixed charge coverage ratio, a leverage ratio or a minimum EBITDA level or with any other financial measure or ratio intended to test the financial or credit performance of ABCR and its consolidated subsidiaries, whether or not such breach is waived pursuant to the terms of the Credit Agreement or such Replacement Credit Agreement; and
(n) a default in the payment of the portion of Monthly Base Rent or Supplemental Rent (each as defined with respect to any AESOP Lease) by ABCR shall occur and continue beyond any grace period set forth therein that is not waived pursuant to the terms of such AESOP Lease. In the case of any event described in clause (j), (k), (l)(y) or (m) above, an Amortization Event shall have occurred with respect to the Series 2025-1 Notes only if either the Trustee or the Requisite Noteholders declare that an Amortization Event has occurred. In the case of an event described in clause (a), (b), (c), (d), (e), (f), (g), (h), (i), (l)(x) or (n) an Amortization Event with respect to the Series 2025-1 Notes shall have occurred without any notice or other action on the part of the Trustee or any Series 2025-1 Noteholders, immediately upon the occurrence of such event. Amortization Events with respect to the Series 2025-1 Notes described in clause (a), (b), (c), (d), (e), (f), (g), (h), (i), (l)(x) or (n) may be waived with the written consent of 100% of the Series 2025-1 Noteholders. Amortization Events with respect to the Series 2025-1 Notes described in clause (j), (k), (l)(y) or (m) above may be waived in accordance with Section 9.4 of the Base Indenture.
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Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162014-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162014-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162014-2 Notes):
(a) a Series 20162014-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162014-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162014-2 Liquidity Amount shall be less than the Series 20162014-2 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162014-2 Collection Account, the Series 20162014-2 Excess Collection Account or the Series 20162014-2 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162014-2 Notes is not paid in full on or before the Series 20162014-2 Expected Final Distribution Date;
(e) any Series 20162014-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162014-2 Enhancement Deficiency would result from excluding such Series 20162014-2 Letter of Credit from the Series 20162014-2 Enhancement Amount or (y) the Series 20162014-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162014-2 Letter of Credit, would be less than the Series 20162014-2 Required Liquidity Amount;
(f) from and after the funding of the Series 20162014-2 Cash Collateral Account, the Series 20162014-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162014-2 Enhancement Deficiency would result from excluding the Series 20162014-2 Available Cash Collateral Account Amount from the Series 20162014-2 Enhancement Amount or (y) the Series 20162014-2 Liquidity Amount, excluding therefrom the Series 20162014-2 Available Cash Collateral Account Amount, would be less than the Series 20162014-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162014-2 Letter of Credit Provider or any Series 20162014-2 Letter of Credit Provider repudiates its Series 20162014-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162014-2 Enhancement Deficiency would result from excluding such Series 20162014-2 Letter of Credit from the Series 20162014-2 Enhancement Amount or (y) the Series 20162014-2 Liquidity Amount, excluding therefrom the available amount under such Series 20162014-2 Letter of Credit, would be less than the Series 20162014-2 Required Liquidity Amount.
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Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162026-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162026-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162026-2 1 Notes):
(a) a Series 20162026-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162026-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162026-2 1 Liquidity Amount shall be less than the Series 20162026-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162026-2 1 Collection Account, the Series 20162026-2 1 Excess Collection Account or the Series 20162026-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162026-2 1 Notes is not paid in full on or before the Series 20162026-2 1 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162026-2 1 Enhancement Deficiency would result from excluding the Series 2026-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162026-2 1 Enhancement Amount or (y) the Series 20162026-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2026-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162026-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162026-2 1 Cash Collateral Account, the Series 20162026-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162026-2 1 Enhancement Deficiency would result from excluding the Series 20162026-2 1 Available Cash Collateral Account Amount from the Series 20162026-2 1 Enhancement Amount or (y) the Series 20162026-2 1 Liquidity Amount, excluding therefrom the Series 20162026-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162026-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162026-2 1 Enhancement Deficiency would result from excluding the Series 2026-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162026-2 1 Enhancement Amount or (y) the Series 20162026-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2026-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162026-2 1 Required Liquidity Amount.
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Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162010-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(1) of the Base Indenture with respect to the Series 20162010-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162010-2 1 Notes):
(a) a Series 20162010-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162010-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Series 2010-1 Related Documents;
(b) the Series 20162010-2 1 Liquidity Amount shall be less than the Series 20162010-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Series 2010-1 Related Documents;
(c) the Collection Account, the Series 2016-2 Group II Collection Account, the Series 20162010-2 Excess 1 Collection Account, the Series 2010-1 Principal Subaccount, the Series 2010-1 Accrued Interest Account, the Series 2010-1 Distribution Account or the Series 20162010-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Series 2010-1 Related Documents);
(d) all principal of and interest on any Class of the Series 20162010-2 Notes is 1 Invested Amount shall not paid in full have been reduced to zero on or before prior to the Series 20162010-2 1 Expected Final Distribution Date;
(e) any Series 20162010-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162010-2 1 Enhancement Deficiency would result from excluding such Series 20162010-2 1 Letter of Credit from the Series 20162010-2 1 Enhancement Amount or (y) the Series 20162010-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162010-2 1 Letter of Credit, would be less than the Series 20162010-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162010-2 1 Cash Collateral Account, the Series 20162010-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Series 2010-1 Related Documents) for at least two (2) Business Days and either (x) a Series 20162010-2 1 Enhancement Deficiency would result from excluding the Series 20162010-2 1 Available Cash Collateral Account Amount from the Series 20162010-2 1 Enhancement Amount or (y) the Series 20162010-2 1 Liquidity Amount, excluding therefrom the Series 20162010-2 1 Available Cash Collateral Account AmountAccount, would be less than the Series 20162010-2 1 Required Liquidity Amount; and;
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162010-2 1 Letter of Credit Provider or any Series 20162010-2 1 Letter of Credit Provider repudiates its Series 20162010-2 1 Letter of Credit or refuses to honor a proper draw thereon and such repudiation or refusal is not cured, or such Series 2010-1 Letter of Credit is not replaced, within two (2) Business Days, and either (x) a Series 20162010-2 1 Enhancement Deficiency would result from excluding such Series 20162010-2 1 Letter of Credit from the Series 20162010-2 1 Enhancement Amount or (y) the Series 20162010-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162010-2 1 Letter of Credit, would be less than the Series 20162010-2 1 Required Liquidity Amount; or
(h) a Borrowing Base Deficiency shall occur and continue for at least ten (10) days. Upon the occurrence of an Amortization Event with respect to the Series 2010-1 Notes, all Collections shall be allocated and distributed to the Series 2010-1 Noteholders in accordance with Article IV hereof. Notwithstanding any provision to the contrary in this Indenture, (i) the occurrence of an Amortization Event described in clause (d) of this Article V shall constitute a Limited Liquidation Event of Default if such Amortization Event is not cured or otherwise waived within 30 days of the occurrence thereof and (ii) upon the occurrence of any such Limited Liquidation Event of Default described in the foregoing clause (i), the Trustee shall, without any further direction or other action on the part of any of the Series 2010-1 Noteholders, promptly commence, or cause CPF to commence, the sale of Group II CPF Trucks to third parties in an amount sufficient to pay all interest and principal on the Series 2010-1 Notes.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162018-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162018-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162018-2 1 Notes):
(a) a Series 20162018-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162018-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162018-2 1 Liquidity Amount shall be less than the Series 20162018-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162018-2 1 Collection Account, the Series 20162018-2 1 Excess Collection Account or the Series 20162018-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162018-2 1 Notes is not paid in full on or before the Series 20162018-2 1 Expected Final Distribution Date;
(e) any Series 20162018-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162018-2 1 Enhancement Deficiency would result from excluding such Series 20162018-2 1 Letter of Credit from the Series 20162018-2 1 Enhancement Amount or (y) the Series 20162018-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162018-2 1 Letter of Credit, would be less than the Series 20162018-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162018-2 1 Cash Collateral Account, the Series 20162018-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162018-2 1 Enhancement Deficiency would result from excluding the Series 20162018-2 1 Available Cash Collateral Account Amount from the Series 20162018-2 1 Enhancement Amount or (y) the Series 20162018-2 1 Liquidity Amount, excluding therefrom the Series 20162018-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162018-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162018-2 1 Letter of Credit Provider or any Series 20162018-2 1 Letter of Credit Provider repudiates its Series 20162018-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162018-2 1 Enhancement Deficiency would result from excluding such Series 20162018-2 1 Letter of Credit from the Series 20162018-2 1 Enhancement Amount or (y) the Series 20162018-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162018-2 1 Letter of Credit, would be less than the Series 20162018-2 1 Required Liquidity Amount.
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Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event Events with respect to the Series 20162005-2 Notes (the “Series 2005-2 Amortization Events”) and collectively shall constitute the Amortization Events set forth in Section 9.1(n9.1(d) of the Base Indenture with respect to the Series 2016-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162005-2 Notes)::
(a) ARG defaults in the payment of any interest on, or other amount payable in respect of, the Series 2005-2 Notes when the same becomes due and payable and such default continues for a period of five (5) Business Days;
(b) ARG defaults in the payment of any principal of the Series 2005-2 Notes when the same becomes due and payable and such default continues for a period of one (1) Business Day;
(c) a Series 20162005-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition ;
(d) a Series 2005-2 Liquidity Deficiency shall not be an Amortization Event if during such occur and continue for at least two (2) Business Day period such Series 2016-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(be) the Series 20162005-2 Liquidity Overcollateralization Amount shall be less than the Series 20162005-2 Required Liquidity Overcollateralization Amount for at least two (2) Business Days; provided, however, that such event or condition ;
(f) an Aggregate Asset Amount Deficiency shall not be an Amortization Event if during such occur and continue for at least two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related DocumentsDays;
(cg) the Collection Series 2005-2 Reserve Account, the Series 20162005-2 Collection Account, the Series 2016-2 Excess Collection Account or the Series 20162005-2 Reserve Excess Collection Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under Permitted Liens) for at least two Business Days and either a Series 2005-2 Enhancement Deficiency or a Series 2005-2 Liquidity Deficiency would result from excluding the Related Documents)amount on deposit in any such account that is subject to an injunction, estoppel or other stay or a Lien (other than Permitted Liens) from the Series 2005-2 Enhancement Amount or the Series 2005-2 Liquidity Amount, to the extent applicable;
(dh) from and after the funding of the Series 2005-2 Cash Collateral Account, such Series 2005-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Permitted Liens) for at least two Business Days and either a Series 2005-2 Enhancement Deficiency or a Series 2005-2 Liquidity Deficiency would result from excluding the amount on deposit in the Series 2005-2 Cash Collateral Account from the Series 2005-2 Enhancement Amount or the Series 2005-2 Liquidity Amount;
(i) the Trustee shall make a demand for payment under the Surety Bond;
(j) the occurrence of an Event of Bankruptcy with respect to the Surety Provider;
(k) the Surety Provider fails to honor a demand for payment in accordance with the requirements of the Surety Bond;
(l) all principal of and interest on any the Class of the Series 2016-2 A-1 Notes is not paid in full on or before the Series 2016-2 Class A-1/A-2 Expected Final Distribution Date, all principal of and interest on the Class A-2 Notes is not paid in full on or before the Class A-1/A-2 Expected Final Distribution Date, all principal of and interest on the Class A-3 Notes is not paid in full on or before the Class A-3 Expected Final Distribution Date, all principal of and interest on the Class A-4 Notes is not paid in full on or before the Class A-4/A-5 Expected Final Distribution Date or all principal of and interest on the Class A-5 Notes is not paid in full on or before the Class A-4/A-5 Expected Final Distribution Date;
(m) ARG fails to comply with any of its other agreements or covenants in, or provisions of, the Series 2005-2 Notes or the Indenture (other than its covenants set forth in Section 2.11(a), (b), (c) and (e) of this Series Supplement) and the failure to so comply materially and adversely affects the interests of the Series 2005-2 Noteholders and continues to materially and adversely affect the interests of the Series 2005-2 Noteholders for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders;
(n) any representation made by ARG in the Indenture or any Related Document is false and such false representation materially and adversely affects the interests of the Series 2005-2 Noteholders and such false representation is not cured for a period of forty-five (45) days after the earlier of (i) the date on which ARG obtains knowledge thereof or (ii) the date that written notice thereof is given to ARG by the Trustee or to ARG and the Trustee by the Required Noteholders;
(o) a Leasing Company Amortization Event shall have occurred and be continuing with respect to all of the Leasing Company Notes;
(p) any of the Related Documents (other than any Related Document relating solely to another Series of Notes) or any material portion thereof shall not be in full force and effect, enforceable in accordance with its terms (other than (i) any such Related Document that has been terminated in accordance with its terms or (ii) any Manufacturer Program that is not in full force and effect or that is unenforceable in accordance with its terms to the extent that no Series 2005-2 Enhancement Deficiency results from redesignating each Series 2005-2 Program Vehicle subject to such Manufacturer Program as a Series 2005-2 Non-Program Vehicle) or ARG shall so assert in writing;
(q) any Series 20162005-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162005-2 Enhancement Deficiency would result from excluding such Series 20162005-2 Letter of Credit from the Series 20162005-2 Enhancement Amount or (y) the a Series 20162005-2 Liquidity Amount, excluding therefrom the available amount under such Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Required Liquidity Amount;
(f) from and after the funding of the Series 2016-2 Cash Collateral Account, the Series 2016-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding the Series 2016-2 Available Cash Collateral Account Amount from the Series 2016-2 Enhancement Amount or (y) the Series 2016-2 Liquidity Amount, excluding therefrom the Series 2016-2 Available Cash Collateral Account Amount, would be less than the Series 2016-2 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 2016-2 Letter of Credit Provider or any Series 2016-2 Letter of Credit Provider repudiates its Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 2016-2 Enhancement Deficiency would result from excluding such Series 20162005-2 Letter of Credit from the Series 2016-2 Enhancement Amount or (y) the Series 20162005-2 Liquidity Amount, excluding therefrom to the available amount extent applicable;
(r) ARG agrees or consents to any assignment, modification or amendment of the Escrow Agreement without the consent of the Surety Provider (for so long as no Surety Default shall have occurred and be continuing); or
(s) ARG agrees or consents to any amendment or assignment of or waiver under such the Master Exchange Agreement without the consent of the Surety Provider (for so long as no Surety Default shall have occurred and be continuing). In the case of
(i) any event described in clauses (a) through (l), (o), and (q) above, an Amortization Event with respect to the Series 20162005-2 Letter Notes shall immediately occur without any notice or other action on the part of Creditthe Trustee or any Series 2005-2 Noteholder; or
(ii) any event described in clauses (m), would be less (n), (p), (r) or (s) above, either the Trustee or Series 2005-2 Noteholders holding more than 50% of the Series 20162005-2 Required Liquidity AmountInvested Amount may, by written notice to ARG, declare that an Amortization Event with respect to the Series 2005-2 Notes has occurred as of the date of the notice. Amortization Events with respect to the Series 2005-2 Notes described in clauses (a) through (l), (o), and (q) above will be subject to waiver by 100% of the Series 2005-2 Noteholders. An Amortization Event with respect to the Series 2005-2 Notes described in clauses (m), (n), (p), (r) or (s) above shall be subject to waiver in accordance with Section 9.4 of the Base Indenture.
Appears in 1 contract
Sources: Amended and Restated Series 2005 2 Supplement (Vanguard Car Rental Group Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 4 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 4 Notes):
(a) a Series 20162023-2 4 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 4 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 4 Collection Account, the Series 20162023-2 4 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 4 Notes is not paid in full on or before the Series 20162023-2 4 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162023-2 4 Enhancement Deficiency would result from excluding such Multi-Series 2016-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Multi-Series 2016-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162023-2 4 Cash Collateral Account, the such Series 20162023-2 4 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 4 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required AMERICAS 130188167 73 Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 4 Enhancement Deficiency would result from excluding the Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Class A/B/C Enhancement Amount or the Class D Applicable Multi-Series 2016L/C Amount attributable to such Multi-2 Series Letter of Credit from the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under Class A/B/C Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016Letter of Credit or the Class D Applicable Multi-2 Series L/C Amount attributable to such Multi-Series Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Second Amended and Restated Series 2023 4 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 3 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 3 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 3 Notes):
(a) a Series 20162023-2 3 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 3 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162023-2 3 Liquidity Amount shall be less than the Series 20162023-2 3 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 3 Collection Account, the Series 20162023-2 3 Excess Collection Account or the Series 20162023-2 3 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 3 Notes is not paid in full on or before the Series 20162023-2 3 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162023-2 3 Enhancement Deficiency would result from excluding the Series 2023-3 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 3 Enhancement Amount or (y) the Series 20162023-2 3 Liquidity Amount, excluding therefrom the available amount under Series 2023-3 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 3 Required Liquidity Amount;
(f) from and after the funding of the Series 20162023-2 3 Cash Collateral Account, the Series 20162023-2 3 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 3 Enhancement Deficiency would result from excluding the Series 20162023-2 3 Available Cash Collateral Account Amount from the Series 20162023-2 3 Enhancement Amount or (y) the Series 20162023-2 3 Liquidity Amount, excluding therefrom the Series 20162023-2 3 Available Cash Collateral Account Amount, would be less than the Series 20162023-2 3 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 3 Enhancement Deficiency would result from excluding the Series 2023-3 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 3 Enhancement Amount or (y) the Series 20162023-2 3 Liquidity Amount, excluding therefrom the available amount under Series 2023-3 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 3 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162022-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162022-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162022-2 1 Notes):
(a) a Series 20162022-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162022-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162022-2 1 Liquidity Amount shall be less than the Series 20162022-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162022-2 1 Collection Account, the Series 20162022-2 1 Excess Collection Account or the Series 20162022-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162022-2 1 Notes is not paid in full on or before the Series 20162022-2 1 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162022-2 1 Enhancement Deficiency would result from excluding the Series 2022-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162022-2 1 Enhancement Amount or (y) the Series 20162022-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2022-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162022-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162022-2 1 Cash Collateral Account, the Series 20162022-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162022-2 1 Enhancement Deficiency would result from excluding the Series 20162022-2 1 Available Cash Collateral Account Amount from the Series 20162022-2 1 Enhancement Amount or (y) the Series 20162022-2 1 Liquidity Amount, excluding therefrom the Series 20162022-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162022-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162022-2 1 Enhancement Deficiency would result from excluding the Series 2022-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162022-2 1 Enhancement Amount or (y) the Series 20162022-2 1 Liquidity Amount, excluding therefrom the available amount under Series 2022-1 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162022-2 1 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162017-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162017-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162017-2 Notes):
(a) a Series 20162017-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162017-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162017-2 Collection Account, the Series 20162017-2 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162017-2 Notes is not paid in full on or before the Series 20162017-2 Expected Final Distribution Date;
(e) any Series 20162017-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162017-2 Enhancement Deficiency would result from excluding such Series 20162017-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20162017-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162017-2 Cash Collateral Account, the such Series 20162017-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162017-2 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162017-2 Letter of Credit Provider or any Series 20162017-2 Letter of Credit Provider repudiates its Series 20162017-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162017-2 Enhancement Deficiency would result from excluding such Series 20162017-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20162017-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162010-2 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162010-2 4 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162010-2 4 Notes):
(a) a Series 20162010-2 4 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162010-2 4 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162010-2 4 Liquidity Amount shall be less than the Series 20162010-2 4 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162010-2 4 Collection Account, the Series 20162010-2 4 Excess Collection Account or the Series 20162010-2 4 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162010-2 4 Notes is not paid in full on or before the Series 20162010-2 4 Expected Final Distribution Date;
(e) any Series 20162010-2 4 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162010-2 4 Enhancement Deficiency would result from excluding such Series 20162010-2 4 Letter of Credit from the Series 20162010-2 4 Enhancement Amount or (y) the Series 20162010-2 4 Liquidity Amount, excluding therefrom the available amount under such Series 20162010-2 4 Letter of Credit, would be less than the Series 20162010-2 4 Required Liquidity Amount;
(f) from and after the funding of the Series 20162010-2 4 Cash Collateral Account, the Series 20162010-2 4 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162010-2 4 Enhancement Deficiency would result from excluding the Series 20162010-2 4 Available Cash Collateral Account Amount from the Series 20162010-2 4 Enhancement Amount or (y) the Series 20162010-2 4 Liquidity Amount, excluding therefrom the Series 20162010-2 4 Available Cash Collateral Account Amount, would be less than the Series 20162010-2 4 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162010-2 4 Letter of Credit Provider or any Series 20162010-2 4 Letter of Credit Provider repudiates its Series 20162010-2 4 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162010-2 4 Enhancement Deficiency would result from excluding such Series 20162010-2 4 Letter of Credit from the Series 20162010-2 4 Enhancement Amount or (y) the Series 20162010-2 4 Liquidity Amount, excluding therefrom the available amount under such Series 20162010-2 4 Letter of Credit, would be less than the Series 20162010-2 4 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162023-2 4 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162023-2 4 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162023-2 4 Notes):
(a) a Series 20162023-2 4 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162023-2 4 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162023-2 4 Liquidity Amount shall be less than the Series 20162023-2 4 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162023-2 4 Collection Account, the Series 20162023-2 4 Excess Collection Account or the Series 20162023-2 4 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162023-2 4 Notes is not paid in full on or before the Series 20162023-2 4 Expected Final Distribution Date;
(e) any Multi-Series 2016-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162023-2 4 Enhancement Deficiency would result from excluding the Series 2023-4 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 4 Enhancement Amount or (y) the Series 20162023-2 4 Liquidity Amount, excluding therefrom the available amount under Series 2023-4 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 4 Required Liquidity Amount;
(f) from and after the funding of the Series 20162023-2 4 Cash Collateral Account, the Series 20162023-2 4 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162023-2 4 Enhancement Deficiency would result from excluding the Series 20162023-2 4 Available Cash Collateral Account Amount from the Series 20162023-2 4 Enhancement Amount or (y) the Series 20162023-2 4 Liquidity Amount, excluding therefrom the Series 20162023-2 4 Available Cash Collateral Account Amount, would be less than the Series 20162023-2 4 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Multi-Series 2016-2 Letter of Credit Provider or any Multi-Series 2016-2 Letter of Credit Provider repudiates its Multi-Series 2016-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162023-2 4 Enhancement Deficiency would result from excluding the Series 2023-4 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit from the Series 20162023-2 4 Enhancement Amount or (y) the Series 20162023-2 4 Liquidity Amount, excluding therefrom the available amount under Series 2023-4 Applicable Multi-Series L/C Amount attributable to such Multi-Series 2016-2 Letter of Credit, would be less than the Series 20162023-2 4 Required Liquidity Amount.
Appears in 1 contract
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162020-2 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162020-2 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162020-2 Notes):
(a) a Series 20162020-2 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162020-2 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162020-2 Collection Account, the Series 20162020-2 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162020-2 Notes is not paid in full on or before the Series 20162020-2 Expected Final Distribution Date;
(e) any Series 20162020-2 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162020-2 Enhancement Deficiency would result from excluding such Series 20162020-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20162020-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162020-2 Cash Collateral Account, the such Series 20162020-2 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162020-2 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162020-2 Letter of Credit Provider or any Series 20162020-2 Letter of Credit Provider repudiates its Series 20162020-2 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162020-2 Enhancement Deficiency would result from excluding such Series 20162020-2 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class D Liquidity Amount, excluding therefrom the available amount under such Series 20162020-2 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2020 2 Supplement (Avis Budget Group, Inc.)
Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162011-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162011-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162011-2 1 Notes):
(a) a Series 20162011-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162011-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) the Series 20162011-2 1 Liquidity Amount shall be less than the Series 20162011-2 1 Required Liquidity Amount for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162011-2 1 Collection Account, the Series 20162011-2 1 Excess Collection Account or the Series 20162011-2 1 Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162011-2 1 Notes is not paid in full on or before the Series 20162011-2 1 Expected Final Distribution Date;
(e) any Series 20162011-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and (x) either a Series 20162011-2 1 Enhancement Deficiency would result from excluding such Series 20162011-2 1 Letter of Credit from the Series 20162011-2 1 Enhancement Amount or (y) the Series 20162011-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162011-2 1 Letter of Credit, would be less than the Series 20162011-2 1 Required Liquidity Amount;
(f) from and after the funding of the Series 20162011-2 1 Cash Collateral Account, the Series 20162011-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162011-2 1 Enhancement Deficiency would result from excluding the Series 20162011-2 1 Available Cash Collateral Account Amount from the Series 20162011-2 1 Enhancement Amount or (y) the Series 20162011-2 1 Liquidity Amount, excluding therefrom the Series 20162011-2 1 Available Cash Collateral Account Amount, would be less than the Series 20162011-2 1 Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162011-2 1 Letter of Credit Provider or any Series 20162011-2 1 Letter of Credit Provider repudiates its Series 20162011-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162011-2 1 Enhancement Deficiency would result from excluding such Series 20162011-2 1 Letter of Credit from the Series 20162011-2 1 Enhancement Amount or (y) the Series 20162011-2 1 Liquidity Amount, excluding therefrom the available amount under such Series 20162011-2 1 Letter of Credit, would be less than the Series 20162011-2 1 Required Liquidity Amount.
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Amortization Events. In addition to the Amortization Events set forth in Section 9.1 of the Base Indenture, any of the following shall be an Amortization Event with respect to the Series 20162020-2 1 Notes and collectively shall constitute the Amortization Events set forth in Section 9.1(n) of the Base Indenture with respect to the Series 20162020-2 1 Notes (without notice or other action on the part of the Trustee or any holders of the Series 20162020-2 1 Notes):
(a) a Series 20162020-2 1 Enhancement Deficiency shall occur and continue for at least two (2) Business Days; provided, however, that such event or condition shall not be an Amortization Event if during such two (2) Business Day period such Series 20162020-2 1 Enhancement Deficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(b) either (i) the Series 2016-2 Class A/B/C Liquidity Amount shall be less than the Series 2016-2 Class A/B/C Required Liquidity Amount for at least two Business Days or (2ii) the Class D Liquidity Amount shall be less than the Class D Required Liquidity Amount for at least two Business Days; provided, however, that that, in either case, such event or condition shall not be an Amortization Event if during such two (2) Business Day period such insufficiency shall have been cured in accordance with the terms and conditions of the Indenture and the Related Documents;
(c) the Collection Account, the Series 20162020-2 1 Collection Account, the Series 20162020-2 1 Excess Collection Account, the Class A/B/C Reserve Account or the Series 2016-2 Class D Reserve Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens liens permitted under the Related Documents);
(d) all principal of and interest on any Class of the Series 20162020-2 1 Notes is not paid in full on or before the Series 20162020-2 1 Expected Final Distribution Date;
(e) any Series 20162020-2 1 Letter of Credit shall not be in full force and effect for at least two (2) Business Days and either (x) either a Series 20162020-2 1 Enhancement Deficiency would result from excluding such Series 20162020-2 1 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount, Amount or the Class D Liquidity Amount excluding therefrom the available amount under such Series 20162020-2 1 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively;
(f) from and after the funding of the any Series 20162020-2 1 Cash Collateral Account, the such Series 20162020-2 1 Cash Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien lien (other than Liens permitted under the Related Documents) for at least two (2) Business Days and either (x) a Series 20162020-2 1 Enhancement Deficiency would result from excluding the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount or the Class D Available Cash Collateral Account Amount from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount, respectively, (y) the Series 2016-2 Class A/B/C Liquidity Amount, excluding therefrom the Series 2016-2 Class A/B/C Available Cash Collateral Account Amount, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or (z) the Class D Liquidity Amount, excluding therefrom the Class D Available Cash Collateral Account Amount, would be less than the Class D Required Liquidity Amount; and
(g) an Event of Bankruptcy shall have occurred with respect to any Series 20162020-2 1 Letter of Credit Provider or any Series 20162020-2 1 Letter of Credit Provider repudiates its Series 20162020-2 1 Letter of Credit or refuses to honor a proper draw thereon and either (x) a Series 20162020-2 1 Enhancement Deficiency would result from excluding such Series 20162020-2 1 Letter of Credit from the Series 2016-2 Class A/B/C Enhancement Amount or the Class D Enhancement Amount or (y) the Series 2016-2 Class A/B/C Liquidity Amount or Class C Liquidity Amount, excluding therefrom the available amount under such Series 20162020-2 1 Letter of Credit, would be less than the Series 2016-2 Class A/B/C Required Liquidity Amount or the Class D Required Liquidity Amount, respectively.
Appears in 1 contract
Sources: Amended and Restated Series 2020 1 Supplement (Avis Budget Group, Inc.)