Common use of Demand Note Draw Clause in Contracts

Demand Note Draw. If the amount to be deposited in the Series 2015-3 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 2015-3 Termination Date is less than the sum of (x) the Class A Invested Amount and (y) the Class B Invested Amount, and there are any Multi-Series 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 2015-3 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 2015-3 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 2015-3 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 2015-3 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 2015-3 Demand Notes to be deposited into the Series 2015-3 Distribution Account.

Demand Note Draw. If on any Determination Date, the amount Administrator determines that the Principal Deficit Amount on the next succeeding Distribution Date (after giving effect to be deposited in any withdrawal from the Series 20152003-3 Distribution 1 Reserve Account in accordance with pursuant to Section 3.5(a) together with any amounts to be deposited therein in accordance with Section 3.5(c) and Section 3.5(d)(i3.5(c)(i) on the Series 2015-3 Termination Date is less such Distribution Date) will be greater than the sum of (x) the Class A Invested Amount and (y) the Class B Invested Amount, and there are any Multi-Series Letters of Credit on such date, thenzero, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 2015-3 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 Notice to the Demand Note Issuers for demanding payment under the Series 2015-3 Demand Notes in of an amount equal to the lesser of (iA) such insufficiency the Principal Deficit Amount and (iiB) the Series 20152003-3 Allocated Multi-Series 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 2015-3 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 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 20152003-3 1 Demand Notes to be deposited into the Series 20152003-3 1 Distribution Account.

Demand Note Draw. If on any Determination Date, the amount to be deposited in the Series 2015-3 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 2015-3 Termination Date is less than the sum of (x) Administrator determines that the Class A Invested A/B/C Principal Deficit Amount and (y) with respect to the Class B Invested Amount, next succeeding Distribution Date will be greater than zero and there are any Multi-Series Class A/B/C 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 2015-3 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 Notice to the Demand Note Issuers for demanding payment under the Series 2015-3 Demand Notes in of an amount equal to the lesser of (iA) such insufficiency the Class A/B/C Principal Deficit Amount and (iiB) the Series 2015-3 Allocated Multi-Series Class A/B/C Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 2015-3 Termination such Distribution 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 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 20152019-3 2 Demand Notes Note to be deposited into the Series 20152019-3 2 Distribution Account.

Demand Note Draw. If on any Determination Date, the amount to be deposited in the Series 2015-3 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 2015-3 Termination Date is less than the sum of (x) Administrator determines that the Class A Invested A/B/C Principal Deficit Amount and (y) with respect to the Class B Invested Amount, next succeeding Distribution Date will be greater than zero and there are any Multi-Series Class A/B/C 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 2015-3 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 Notice to the Demand Note Issuers for demanding payment under the Series 2015-3 Demand Notes in of an amount equal to the lesser of (iA) such insufficiency the Class A/B/C Principal Deficit Amount and (iiB) the Series 2015-3 Allocated Multi-Series Class A/B/C Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 2015-3 Termination such Distribution 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 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 20152017-3 2 Demand Notes Note to be deposited into the Series 20152017-3 2 Distribution Account.

Demand Note Draw. If the amount to be deposited in the Series 20152010-3 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 20152010-3 6 Termination Date is less than the sum of (x) the Class A Invested Amount and (y) the Class B Invested Amount, and there are any Multi-Series Letters of Credit on such 91 date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20152010-3 6 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 20152010-3 6 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20152010-3 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 20152010-3 6 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 20152010-3 6 Demand Notes to be deposited into the Series 20152010-3 6 Distribution Account.

Demand Note Draw. If the amount to be deposited in the Series 20152010-3 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 20152010-3 6 Termination Date is less than the sum of (x) the Class A Invested Amount and (y) the Class B Invested Amount, and there are any Multi-Series 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 20152010-3 6 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 20152010-3 6 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20152010-3 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 20152010-3 6 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 20152010-3 6 Demand Notes to be deposited into the Series 20152010-3 6 Distribution Account.

Demand Note Draw. If on any Determination Date, the amount to be deposited in the Series 2015-3 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 2015-3 Termination Date is less than the sum of (x) Administrator determines that the Class A Invested A/B/C Principal Deficit Amount and (y) with respect to the Class B Invested Amount, next succeeding Distribution Date will be greater than zero and there are any Multi-Series Class A/B/C 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 2015-3 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 Notice to the Demand Note Issuers for demanding payment under the Series 2015-3 Demand Notes in of an amount equal to the lesser of (iA) such insufficiency the Class A/B/C Principal Deficit Amount and (iiB) the Series 2015-3 Allocated Multi-Series Class A/B/C Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 2015-3 Termination such Distribution 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 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 20152019-3 Demand Notes Note to be deposited into the Series 20152019-3 Distribution Account.

Demand Note Draw. If on any Determination Date, the amount to be deposited in the Series 2015-3 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 2015-3 Termination Date is less than the sum of (x) Administrator determines that the Class A Invested A/B/C Principal Deficit Amount and (y) with respect to the Class B Invested Amount, next succeeding Distribution Date will be greater than zero and there are any Multi-Series Class A/B/C 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 2015-3 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 Notice to the Demand Note Issuers for demanding payment under the Series 2015-3 Demand Notes in of an amount equal to the lesser of (iA) such insufficiency the Class A/B/C Principal Deficit Amount and (iiB) the Series 2015-3 Allocated Multi-Series Class A/B/C Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 2015-3 Termination such Distribution 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 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 20152018-3 2 Demand Notes Note to be deposited into the Series 20152018-3 2 Distribution Account.

Demand Note Draw. If on any related Determination Date, the amount to be deposited in Administrator determines that the Series 20152012-3 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) 1 Principal Deficit Amount on the next succeeding Distribution Date (even assuming that there is no Series 20152012-3 Termination Date is less 1 Lease Principal Payment Deficit on such Distribution Date) will be greater than the sum of (x) the Class A Invested Amount and (y) the Class B Invested Amount, zero and there are any MultiSeries 2012-Series 1 Letters of Credit or amounts on deposit in the Series 2012-1 Cash Collateral Account on such date, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 2015-3 Termination such Distribution 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 D on the Demand Note Issuers for BRAC demanding payment under the Series 2015-3 Demand Notes in of an amount equal to the lesser of (i) such insufficiency and (iiA) the Series 20152012-3 Allocated Multi1 Principal Deficit Amount less the amount deposited or to be deposited in the Series 2012-1 Distribution Account in accordance with clause (i) of this Section 5.5(c) on such Business Day and (B) the Series 2012-1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding the Series 2015-3 Termination such Distribution Date, deliver such Demand Notice to the Demand Note IssuersBRAC; 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 BRAC shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note IssuerBRAC. The Trustee shall cause the proceeds of any demand on the Series 20152012-3 1 Demand Notes Note to be deposited into the Series 20152012-3 1 Distribution Account.