Common use of Demand Note Draw Clause in Contracts

Demand Note Draw. If the amount to be deposited in the Series 2002-2 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 2002-2 Termination Date is less than the Series 2002-2 Invested Amount, and there are any Series 2002-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 2002-2 Termination Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE") substantially in the form attached hereto as EXHIBIT G on the Demand Note Issuers for payment under the Series 2002-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 2002-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 2002-2 Termination Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDED, HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 2002-2 Demand Notes to be deposited into the Series 2002-2 Distribution Account.

Appears in 2 contracts

Samples: Operating Lease Loan Agreement (Avis Group Holdings Inc), Operating Lease Loan Agreement (Avis Group Holdings Inc)

AutoNDA by SimpleDocs

Demand Note Draw. If on any Determination Date, the amount Administrator determines that the Principal Deficit Amount with respect to the next succeeding Distribution Date will be deposited in the Series 2002-2 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 2002-2 Termination Date is less greater than the Series 2002-2 Invested Amount, zero and there are any Series 20022003-2 5 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 2002-2 Termination such Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to make the Surety Provider) to deliver a demand (a "DEMAND NOTICE") substantially in the form attached hereto as EXHIBIT G on Demand Notice to the Demand Note Issuers for demanding payment under the Series 2002-2 Demand Notes in of an amount equal to the lesser of (iA) such insufficiency the Principal Deficit Amount and (iiB) the Series 20022003-2 5 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 2002-2 Termination such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022003-2 5 Demand Notes Note to be deposited into the Series 20022003-2 5 Distribution Account.

Appears in 2 contracts

Samples: Avis Group Holdings Inc, Cendant Corp

Demand Note Draw. If the amount to be deposited in the Series 20022004-2 4 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 20022004-2 4 Termination Date is less than the Series 20022004-2 4 Invested Amount, and there are any Series 20022004-2 4 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022004-2 4 Termination Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022004-2 4 Demand Notes in an amount equal to the lesser of (i1) such insufficiency and (ii2) the Series 20022004-2 4 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 20022004-2 4 Termination Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022004-2 4 Demand Notes to be deposited into the Series 20022004-2 4 Distribution Account.

Appears in 2 contracts

Samples: Cendant Corp, Cendant Corp

Demand Note Draw. If the amount to be deposited in the Series 20022022-2 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 20022022-2 Termination Date is less than the Series 2002-2 Class A Invested Amount, and there are any Multi-Series 2002-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022022-2 Termination Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022022-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022022-2 Allocated Multi-Series Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 20022022-2 Termination Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022022-2 Demand Notes to be deposited into the Series 20022022-2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022004-2 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c2.5(b) allocable to the Class A-1 Notes and Section 3.5(d)(i) the Class A-2 Notes on the Series 2002Three-2 Termination Date Year Notes Final Distribution Date, or the Class A-3 Notes on the Class A-3 Final Distribution Date, as the case may be, is less than the Series 2002-2 sum of the Class A-1 Invested Amount and the Class A-2 Invested Amount, or the Class A-3 Invested Amount, as the case may be, and there are any Series 20022004-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the such Series 20022004-2 Termination Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit F on the Demand Note Issuers for payment under the Series 20022004-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022004-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022004-2 Termination Final Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022004-2 Demand Notes to be deposited into the Series 20022004-2 Distribution Account.

Appears in 1 contract

Samples: Cendant Corp

Demand Note Draw. If the amount to be deposited in the Series 20022003-2 1 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 20022003-2 1 Termination Date is less than the Series 20022003-2 1 Invested Amount, and there are any Series 2002-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022003-2 1 Termination Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE") substantially in the form attached hereto as EXHIBIT G F on the Demand Note Issuers for payment under the Series 20022003-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022003-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 20022003-2 1 Termination Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDED, HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022003-2 1 Demand Notes to be deposited into the Series 20022003-2 1 Distribution Account.

Appears in 1 contract

Samples: Operating Lease Loan Agreement (Avis Group Holdings Inc)

Demand Note Draw. If the amount to be deposited in the Series 20022015-2 3 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 20022015-2 3 Termination Date is less than the Series 2002-2 Class A Invested Amount, and there are any Multi-Series 2002-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022015-2 3 Termination Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022015-2 3 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Allocated Multi-Series 2002-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 20022015-2 3 Termination Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022015-2 3 Demand Notes to be deposited into the Series 20022015-2 3 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022022-2 1 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022022-2 Termination 1 Final Distribution Date is less than the Series 20022022-2 1 Senior Invested Amount, Amount and there are any Multi-Series 2002-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022022-2 Termination 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit I on the Demand Note Issuers for payment under the Series 20022022-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022022-2 1 Allocated Multi-Series Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022022-2 Termination Date, 1 Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022022-2 1 Demand Notes to be deposited into the Series 20022022-2 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 2002-2 4 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 2002-2 4 Termination Date is less than the Series 2002-2 4 Invested Amount, and there are any Series 2002-2 4 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 2002-2 4 Termination Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE") substantially in the form attached hereto as EXHIBIT G on the Demand Note Issuers for payment under the Series 2002-2 4 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 2002-2 4 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 2002-2 4 Termination Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDED, HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 2002-2 4 Demand Notes to be deposited into the Series 2002-2 4 Distribution Account.

Appears in 1 contract

Samples: Operating Lease Loan Agreement (Avis Group Holdings Inc)

Demand Note Draw. If the amount to be deposited in the Series 20022003-2 3 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c2.5(b) and Section 3.5(d)(i) allocable to the Class A-1 Notes or the Class A-2 Notes on the Series 2002Three-2 Termination Year Notes Final Distribution Date or the Class A-3 Notes on the Class A-3 Final Distribution Date, as the case may be, is less than the Series 2002-2 sum of the Class A-1 Invested Amount and the Class A-2 Invested Amount or the Class A-3 Invested Amount, as the case may be, and there are any Series 20022003-2 3 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the such Series 20022003-2 Termination 3 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit F on the Demand Note Issuers for payment under the Series 20022003-2 3 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022003-2 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022003-2 Termination 3 Final Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022003-2 3 Demand Notes to be deposited into the Series 20022003-2 3 Distribution Account.

Appears in 1 contract

Samples: Avis Group Holdings Inc

Demand Note Draw. If the amount to be deposited in the Series 20022005-2 3 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 20022005-2 3 Termination Date is less than the Series 20022005-2 3 Invested Amount, and there are any Series 20022005-2 3 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022005-2 3 Termination Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022005-2 3 Demand Notes in an amount equal to the lesser of (i) such insufficiency insuf-fici-ency and (ii) the Series 20022005-2 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 20022005-2 3 Termination Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive consecu-tive days) with respect to a Demand Note Issuer shall have occurred and be continuingcontin-uing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022005-2 3 Demand Notes to be deposited into the Series 20022005-2 3 Distribution Account.

Appears in 1 contract

Samples: Master Agreement (Cendant Corp)

Demand Note Draw. If the amount to be deposited in the Series 20022005-2 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022005-2 Termination Final Distribution Date is less than the Series 20022005-2 Invested Amount, and there are any Series 20022005-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the such Series 20022005-2 Termination Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit F on the Demand Note Issuers for payment under the Series 20022005-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022005-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022005-2 Termination Final Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022005-2 Demand Notes to be deposited into the Series 20022005-2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022015-2 1 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022015-2 Termination 1 Final Distribution Date is less than the Series 20022015-2 1 Invested Amount, Amount and there are any Series 20022015-2 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022015-2 Termination 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022015-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022015-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022015-2 Termination Date, 1 Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022015-2 1 Demand Notes to be deposited into the Series 20022015-2 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022004-2 1 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 20022004-2 1 Termination Date is less than the Series 20022004-2 1 Invested Amount, and there are any Series 20022004-2 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022004-2 1 Termination Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022004-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022004-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 20022004-2 1 Termination Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022004-2 1 Demand Notes to be deposited into the Series 20022004-2 1 Distribution Account.

Appears in 1 contract

Samples: Cendant Corp

Demand Note Draw. If the amount to be deposited in the Series 20022010-2 6 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 20022010-2 6 Termination Date is less than the Series 20022010-2 6 Invested Amount, and there are any Series 20022010-2 6 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022010-2 6 Termination Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022010-2 6 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022010-2 6 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 20022010-2 6 Termination Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022010-2 6 Demand Notes to be deposited into the Series 20022010-2 6 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022005-2 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022005-2 Termination Date Final Distribution Date, is less than the Series 20022005-2 Invested Amount, Amount and there are any Series 20022005-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the such Series 20022005-2 Termination Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit F on the Demand Note Issuers for payment under the Series 20022005-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022005-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022005-2 Termination Final Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022005-2 Demand Notes to be deposited into the Series 20022005-2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022013-2 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022013-2 Termination Final Distribution Date is less than the Series 20022013-2 Invested Amount, Amount and there are any Series 20022013-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022013-2 Termination Final Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit F on the Demand Note Issuers for payment under the Series 20022013-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022013-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022013-2 Termination Date, Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022013-2 Demand Notes to be deposited into the Series 20022013-2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022024-2 1 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022024-2 Termination 1 Final Distribution Date is less than the Series 20022024-2 1 Senior Invested Amount, Amount and there are any Multi-Series 2002-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022024-2 Termination 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit H on the Demand Note Issuers for payment under the Series 20022024-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022024-2 1 Allocated Multi-Series Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022024-2 Termination Date, 1 Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022024-2 1 Demand Notes to be deposited into the Series 20022024-2 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022013-2 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022013-2 Termination Final Distribution Date is less than the Series 20022013-2 Invested Amount, Amount and there are any Series 20022013-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022013-2 Termination Final Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022013-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 2002-2 sum of the Class A/B Letter of Credit Amount and the Class C Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022013-2 Termination Date, Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022013-2 Demand Notes to be deposited into the Series 20022013-2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022021-2 1 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022021-2 Termination 1 Final Distribution Date is less than the Series 20022021-2 1 Senior Invested Amount, Amount and there are any Multi-Series 2002-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022021-2 Termination 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit I on the Demand Note Issuers for payment under the Series 20022021-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022021-2 1 Allocated Multi-Series Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022021-2 Termination Date, 1 Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022021-2 1 Demand Notes to be deposited into the Series 20022021-2 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

AutoNDA by SimpleDocs

Demand Note Draw. If the amount to be deposited in the Series 20022006-2 1 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022006-2 Termination 1 Final Distribution Date is less than the Series 20022006-2 1 Invested Amount, and there are any Series 20022006-2 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the such Series 20022006-2 Termination 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit F on the Demand Note Issuers for payment under the Series 20022006-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency insuf­fici­ency and (ii) the Series 20022006-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022006-2 Termination 1 Final Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022006-2 1 Demand Notes to be deposited into the Series 20022006-2 1 Distribution Account.

Appears in 1 contract

Samples: Cendant Corp

Demand Note Draw. If the amount to be deposited in the Series 20022005-2 4 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c2.5(b) allocable to the Class A-1 Notes and Section 3.5(d)(i) the Class A-2 Notes on the Series 2002-2 Termination Date Five Year Notes Final Distribution Date, or the Class A-3 Notes on the Class A-3 Final Distribution Date, as the case may be, is less than the Series 2002-2 sum of the Class A-1 Invested Amount and the Class A-2 Invested Amount, or the Class A-3 Invested Amount, as the case may be, and there are any Series 20022005-2 4 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the such Series 20022005-2 Termination 4 Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit F on the Demand Note Issuers for payment under the Series 20022005-2 4 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022005-2 4 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022005-2 Termination 4 Final Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022005-2 4 Demand Notes to be deposited into the Series 20022005-2 4 Distribution Account.

Appears in 1 contract

Samples: Cendant Corp

Demand Note Draw. If the amount to be deposited in the Series 20022021-2 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022021-2 Termination Final Distribution Date is less than the Series 20022021-2 Senior Invested Amount, Amount and there are any Multi-Series 2002-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022021-2 Termination Final Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit I on the Demand Note Issuers for payment under the Series 20022021-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022021-2 Allocated Multi-Series Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022021-2 Termination Date, Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022021-2 Demand Notes to be deposited into the Series 20022021-2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022010-2 6 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 20022010-2 6 Termination Date is less than the Series 2002-2 Class A Invested Amount, and there are any Multi-Series 2002-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022010-2 6 Termination Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022010-2 6 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022010-2 6 Allocated Multi-Series Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 20022010-2 6 Termination Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022010-2 6 Demand Notes to be deposited into the Series 20022010-2 6 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022007-2 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022007-2 Termination Date Final Distribution Date, is less than the Series 20022007-2 Invested Amount, Amount and there are any Series 20022007-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the such Series 20022007-2 Termination Final Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit F on the Demand Note Issuers for payment under the Series 20022007-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022007-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022007-2 Termination Final Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022007-2 Demand Notes to be deposited into the Series 20022007-2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If on any Determination Date, the amount Administrator determines that the Principal Deficit Amount with respect to the next succeeding Distribution Date will be deposited in the Series 2002-2 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 2002-2 Termination Date is less greater than the Series 2002-2 Invested Amount, zero and there are any Multi-Series 2002-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 2002-2 Termination such Distribution Date, the Administrator shall instruct the Trustee in writing to make deliver a demand (a "DEMAND NOTICE") substantially in the form attached hereto as EXHIBIT G on Demand Notice to the Demand Note Issuers for demanding payment under the Series 2002-2 Demand Notes in of an amount equal to the lesser of (iA) such insufficiency the Principal Deficit Amount and (iiB) the Series 20022023-2 3 Allocated Multi-Series Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 2002-2 Termination such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022023-2 3 Demand Notes Note to be deposited into the Series 20022023-2 3 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022023-2 1 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022023-2 Termination 1 Final Distribution Date is less than the Series 20022023-2 1 Senior Invested Amount, Amount and there are any Multi-Series 2002-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022023-2 Termination 1 Final Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit H on the Demand Note Issuers for payment under the Series 20022023-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022023-2 1 Allocated Multi-Series Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022023-2 Termination Date, 1 Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022023-2 1 Demand Notes to be deposited into the Series 20022023-2 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022015-2 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022015-2 Termination Final Distribution Date is less than the Series 20022015-2 Invested Amount, Amount and there are any Series 20022015-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022015-2 Termination Final Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022015-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022015-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022015-2 Termination Date, Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022015-2 Demand Notes to be deposited into the Series 20022015-2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022018-2 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022018-2 Termination Final Distribution Date is less than the Series 20022018-2 Senior Invested Amount, Amount and there are any Series 20022018-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022018-2 Termination Final Distribution Date, the AMERICAS 96004183 37 Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit H on the Demand Note Issuers for payment under the Series 20022018-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022018-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022018-2 Termination Date, Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022018-2 Demand Notes to be deposited into the Series 20022018-2 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022012-2 3 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022012-2 Termination 3 Final Distribution Date is less than the Series 20022012-2 3 Invested Amount, Amount and there are any Series 20022012-2 3 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022012-2 Termination 3 Final Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022012-2 3 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 2002-2 sum of the Class A/B Letter of Credit Amount and the Class C Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022012-2 Termination Date, 3 Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022012-2 3 Demand Notes to be deposited into the Series 20022012-2 3 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022004-2 1 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 20022004-2 1 Termination Date is less than the Series 20022004-2 1 Invested Amount, and there are any Series 20022004-2 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022004-2 1 Termination Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022004-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency insuf-fici-ency and (ii) the Series 20022004-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 20022004-2 1 Termination Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive consecu-tive days) with respect to a Demand Note Issuer shall have occurred and be continuingcontin-uing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022004-2 1 Demand Notes to be deposited into the Series 20022004-2 1 Distribution Account.

Appears in 1 contract

Samples: Cendant Corp

Demand Note Draw. If the amount to be deposited in the Series 20022008-2 1 Distribution Account in accordance with Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i) on the Series 20022008-2 1 Termination Date is less than the Series 20022008-2 1 Invested Amount, and there are any Series 20022008-2 1 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022008-2 1 Termination Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT Exhibit G on the Demand Note Issuers for payment under the Series 20022008-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency insuf­fici­ency and (ii) the Series 20022008-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 20022008-2 1 Termination Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive consecu­tive days) with respect to a Demand Note Issuer shall have occurred and be continuingcontin­uing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022008-2 1 Demand Notes to be deposited into the Series 20022008-2 1 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Demand Note Draw. If the amount to be deposited in the Series 20022023-2 6 Distribution Account in accordance with Section 3.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i2.5(b) on the Series 20022023-2 Termination 6 Final Distribution Date is less than the Series 20022023-2 6 Senior Invested Amount, Amount and there are any Multi-Series 2002-2 Letters of Credit on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20022023-2 Termination 6 Final Distribution Date, the Administrator shall instruct the Trustee in writing to make a demand (a "DEMAND NOTICE"“Demand Notice”) substantially in the form attached hereto as EXHIBIT G Exhibit H on the Demand Note Issuers for payment under the Series 20022023-2 6 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20022023-2 6 Allocated Multi-Series Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the such Series 20022023-2 Termination Date, 6 Final Distribution Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20022023-2 6 Demand Notes to be deposited into the Series 20022023-2 6 Distribution Account.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Time is Money Join Law Insider Premium to draft better contracts faster.