Common use of Demand Note Draw Clause in Contracts

Demand Note Draw. If the amount to be deposited in the Series 2009-1 Distribution Account pursuant to Section 3.5(a) of this Series Supplement together with any amounts to be deposited therein in accordance with Section 3.5(b) and Section 3.5(c)(i) of this Series Supplement on the Legal Final Payment Date is less than the Series ▇▇▇▇-▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Legal Final Payment Date, the Administrator shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a Demand Notice to Hertz for payment under the Series 2009-1 Demand Note in an amount equal to the lesser of (i) such insufficiency and (ii) the principal amount of the Series 2009-1 Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Legal Final Payment Date, deliver such Demand Notice to Hertz; 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 Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Series 2009-1 Demand Note to be deposited into the Series 2009-1 Distribution Account, and such proceeds shall be treated as Principal Collections for all purposes hereunder.

Demand Note Draw. If the amount to be deposited in the Series 20092008-1 Distribution Account pursuant to Section 3.5(a) of this Series Supplement together with any amounts to be deposited therein in accordance with Section 3.5(b) and Section 3.5(c)(i) of this Series Supplement on the Legal Final Payment Date is less than the Series ▇▇▇▇-▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Legal Final Payment Date, the Administrator shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a Demand Notice to Hertz for payment under the Series 20092008-1 Demand Note in an amount equal to the lesser of (i) such insufficiency and (ii) the principal amount of the Series 20092008-1 Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Legal Final Payment Date, deliver such Demand Notice to Hertz; 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 Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Series 20092008-1 Demand Note to be deposited into the Series 20092008-1 Distribution Account, and such proceeds shall be treated as Principal Collections for all purposes hereunder.

Demand Note Draw. If the amount to be deposited in the Series 2009-1 Distribution Account pursuant to Section 3.5(a) of this Series Supplement together with any amounts to be deposited therein in accordance with Section 3.5(b) and Section 3.5(c)(i) of this Series Supplement on the Legal Final Payment Date is less than the Series ▇▇▇▇2009-▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇1 Principal Amount, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Legal Final Payment Date, the Administrator shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a Demand Notice to Hertz for payment under the Series 2009-1 Demand Note in an amount equal to the lesser of (i) such insufficiency and (ii) the principal amount of the Series 2009-1 Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Legal Final Payment Date, deliver such Demand Notice to Hertz; 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 Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Series 2009-1 Demand Note to be deposited into the Series 2009-1 Distribution Account, and such proceeds shall be treated as Principal Collections for all purposes hereunder.

Demand Note Draw. If on any Determination Date, the amount Adminis-trator determines that the Principal Deficit Amount on the next succeeding Distribution Date (after giving effect to be deposited in any withdrawal from the Series 20092004-1 Distribution Reserve Account pursuant to Section 3.5(a) of this Series Supplement together with any amounts to be deposited therein in accordance with Section 3.5(b3.5(c)(i) and Section 3.5(c)(i) of this Series Supplement any draws on the Legal Final Payment Date is less Series 2004-1 Letter of Credit pursuant to Section 3.5 (c)(ii) on such Distribution Date) will be greater than the zero and there are any Series ▇▇▇▇2004-▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, then1 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Legal Final Payment such Distribution Date, the Administrator shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a Demand Notice to Hertz for payment under the Series 2009-1 Demand Note in Issuers demanding payment of an amount equal to the lesser of (iA) such insufficiency the Principal Deficit Amount and (iiB) the principal amount of the Series 20092004-1 Demand NoteLetter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Legal Final Payment such Distribution Date, deliver such Demand Notice to Hertzthe Demand Note Issuers; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition defini-tion thereof, without the lapse of a period of 60 consecutive days) with respect to Hertz a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to Hertzsuch Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20092004-1 Demand Note Notes to be deposited into the Series 20092004-1 Distribution Account, and such proceeds shall be treated as Principal Collections for all purposes hereunder.

Demand Note Draw. If the amount to be deposited in the Series 20092010-1 Distribution Account pursuant to Section 3.5(a) of this Series Supplement together with any amounts to be deposited therein in accordance with Section 3.5(b) and Section 3.5(c)(i) of this Series Supplement on the Legal Final Payment Date is less than the Series ▇▇▇▇2010-▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇1 Principal Amount, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Legal Final Payment Date, the Administrator shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a Demand Notice to Hertz Zipcar for payment under the Series 20092010-1 Demand Note in an amount equal to the lesser of (i) such insufficiency and (ii) the principal amount of the Series 20092010-1 Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Legal Final Payment Date, deliver such Demand Notice to HertzZipcar; 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 Hertz Zipcar shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to HertzZipcar. The Trustee shall cause the proceeds of any demand on the Series 20092010-1 Demand Note to be deposited into the Series 20092010-1 Distribution Account, and such proceeds shall be treated as Principal Collections for all purposes hereunder.

Demand Note Draw. If the amount to be deposited in the Series 20092010-1 2 Distribution Account pursuant to Section 3.5(a9.4(a) of this Series Supplement together with any amounts to be deposited therein in accordance with Section 3.5(b9.4(b) and Section 3.5(c)(i9.4(c)(i) of this Series Supplement on the Legal Final Payment Date is less than the Series ▇▇▇▇-▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Legal Final Payment Date, the Series 2010-2 Administrator shall instruct the Trustee in writing (and provide the requisite information to the Trustee) to deliver a Demand Notice to Hertz for payment under the Series 20092010-1 2 Demand Note in an amount equal to the lesser of (i) such insufficiency and (ii) the principal amount of the Series 20092010-1 2 Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Legal Final Payment Date, deliver such Demand Notice to Hertz; 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 Hertz shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Series 20092010-1 2 Demand Note to be deposited into the Series 20092010-1 2 Distribution Account, and such proceeds shall be treated as Series 2010-2 Principal Collections for all purposes hereunder.