Common use of Demand Note Draw Clause in Contracts

Demand Note Draw. If the amount to be deposited in the Series 2012-1 Distribution Account in accordance with Section 5.5(a) together with any amounts to be deposited therein in accordance with Section 5.5(c) and Section 5.5(d)(i) on the Series 2012-1 Termination Date is less than the Series 2012-1 Invested Amount, and there are any Series 2012-1 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 2012-1 Termination Date, the Administrator shall instruct the Trustee in writing to deliver a Demand Notice to BRAC for payment under the Series 2012-1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) 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 2012-1 Termination Date, deliver such Demand Notice to ABCR; 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 BRAC shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to BRAC. The Trustee shall cause the proceeds of any demand on the Series 2012-1 Demand Notes to be deposited into the Series 2012-1 Distribution Account.

Demand Note Draw. If the amount to be deposited in the Series 20122013-1 Distribution Account in accordance with Section 5.5(a2.5(a) together with any amounts to be deposited therein in accordance with Section 5.5(c) and Section 5.5(d)(i2.5(b) on the Series 20122013-1 Termination Final Distribution Date is less than the Series 20122013-1 Invested Amount, Amount and there are any Series 20122013-1 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 20122013-1 Termination Final Distribution Date, the Administrator shall instruct the Trustee in writing to deliver make a demand (a “Demand Notice to BRAC Notice”) substantially in the form attached hereto as Exhibit G on the Demand Note Issuers for payment under the Series 20122013-1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 2012-1 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 20122013-1 Termination Date, Final Distribution Date deliver such Demand Notice to ABCRthe 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 BRAC a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to BRACsuch Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20122013-1 Demand Notes to be deposited into the Series 20122013-1 Distribution Account.