Common use of Letter of Credit Draw Clause in Contracts

Letter of Credit Draw. In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day prior to such Distribution Date, any Demand Note Issuer shall have failed to pay to the Trustee or deposit in the Series 2004-4 Distribution Account the amount specified in such Demand Notice in whole or in part or (y) due to the occurrence of 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 any Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (y) the Trustee shall on such Business Day draw on the Series 2004-4 Letters of Credit an amount equal to the lesser of (1) Series 2004-4 Letter of Credit Amount and (2) the aggregate amount that the Demand Note Issuers failed to pay under the Series 2004-4 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) by presenting to each Series 2004-4 Letter of Credit Provider a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Series 2004-4 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2004-4 Cash

Letter of Credit Draw. In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day prior to such Distribution Date, any Demand Note Issuer shall have failed to pay to the Trustee or deposit in into the Series 20042010-4 Distribution Account the amount specified in such Demand Notice in whole or in part or (y) due to the occurrence of 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 any Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (y) the Trustee shall on such Business Day draw on the Series 20042010-4 Letters of Credit an amount equal to the lesser of (1i) Series 20042010-4 Letter of Credit Amount and (2ii) the aggregate amount that the Demand Note Issuers failed to pay under the Series 20042010-4 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) by presenting to each Series 20042010-4 Letter of Credit Provider a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Series 20042010-4 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20042010-4 CashCash Collateral Account and deposit in the Series 2010-4 Distribution Account an amount equal to the lesser of (x) the Series 2010-4 Cash Collateral Percentage on such

Letter of Credit Draw. In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day prior to such Distribution Date, any Demand Note Issuer shall have failed to pay to the Trustee or deposit in the Series 20042015-4 3 Distribution Account the amount specified in such Demand Notice in whole or in part or (y) due to the occurrence of 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 any Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (y) the Trustee shall on such Business Day draw on the Series 20042015-4 3 Letters of Credit an amount equal to the lesser of (1i) Series 20042015-4 3 Letter of Credit Amount and (2ii) the aggregate amount that the Demand Note Issuers failed to pay under the Series 20042015-4 3 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) by presenting to each Series 20042015-4 3 Letter of Credit Provider a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Series 20042015-4 3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20042015-4 Cash3 Cash Collateral Account and deposit in the Series 2015-3 Distribution Account an amount equal to the lesser of (x) the Series 2015-3 Cash Collateral Percentage on such Business Day of the aggregate amount that the Demand Note Issuers failed to pay under the Series Americas 90884077 (2K) 65

Letter of Credit Draw. In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day prior to such Distribution Date, any Demand Note Issuer shall have failed to pay to the Trustee or deposit in into the Series 20042011-4 5 Distribution Account the amount specified in such Demand Notice in whole or in part or (y) due to the occurrence of 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 any Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (y) the Trustee shall on such Business Day draw on the Series 20042011-4 5 Letters of Credit an amount equal to the lesser of (1i) Series 20042011-4 5 Letter of Credit Amount and (2ii) the aggregate amount that the Demand Note Issuers failed to pay under the Series 20042011-4 5 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) by presenting to each Series 20042011-4 5 Letter of Credit Provider a draft accompanied by a Certificate of Unpaid Demand Note Demand; provided, however, that if the Series 20042011-4 5 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2004-4 CashSeries

Letter of Credit Draw. In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day prior to such Distribution Date, any Demand Note Issuer shall have failed to pay to the Trustee or deposit in the Series 20042002-4 1 Distribution Account the amount specified in such Demand Notice in whole or in part or (y) due to the occurrence of 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 any Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second Business Day preceding such Distribution Date, then, in the case of (x) or (y) the Trustee shall on such Business Day draw on the Series 20042002-4 1 Letters of Credit an amount equal to the lesser of (1i) Series 20042002-4 1 Letter of Credit Amount and (2ii) the aggregate amount that the Demand Note Issuers failed to pay under the Series 20042002-4 1 Demand Notes (or, the amount that the Trustee failed to demand for payment thereunder) by presenting to each Series 20042002-4 1 Letter of Credit Provider (with a copy to the Surety Provider) a draft accompanied by a Certificate of Unpaid Demand Note Demand; providedPROVIDED, howeverHOWEVER, that if the Series 20042002-4 1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 20042002-4 Cash1 Cash Collateral Account and deposit in the Series 2002-1