Common use of Demand Note Draw Clause in Contracts

Demand Note Draw. If the amount to be deposited in the Series 2017-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 2017-2 Final Distribution Date is less than the Series 2017-2 Senior Invested Amount and there are any Series 2017-2 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 2017-2 Final 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 H on the Demand Note Issuers for payment under the Series 2017-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 2017-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 2017-2 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 2017-2 Demand Notes to be deposited into the Series 2017-2 Distribution Account.

Appears in 1 contract

Sources: Series 2017 2 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172018-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172018-2 1 Final Distribution Date is less than the Series 20172018-2 1 Senior Invested Amount and there are any Series 20172018-2 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 20172018-2 1 Final 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 H on the Demand Note Issuers for payment under the Series 20172018-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172018-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172018-2 1 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172018-2 1 Demand Notes to be deposited into the Series 20172018-2 1 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172016-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172016-2 Final Distribution Date is less than the Series 20172016-2 Senior Invested Amount and there are any Series 20172016-2 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 20172016-2 Final 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 H G on the Demand Note Issuers for payment under the Series 20172016-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172016-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172016-2 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172016-2 Demand Notes to be deposited into the Series 20172016-2 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172015-2 3 Distribution Account in accordance with Section 2.5(a3.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b3.5(c) and Section 3.5(d)(i) on the Series 20172015-2 Final Distribution 3 Termination Date is less than the Series 20172015-2 Senior 3 Invested Amount Amount, and there are any Series 20172015-2 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 20172015-2 Final Distribution 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 H G on the Demand Note Issuers for payment under the Series 20172015-2 3 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172015-2 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such the Series 20172015-2 Final Distribution Date 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172015-2 3 Demand Notes to be deposited into the Series 20172015-2 3 Distribution Account.. Americas ▇▇▇▇▇▇▇▇ (2K) 66

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172024-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172024-2 1 Final Distribution Date is less than the Series 20172024-2 1 Senior Invested Amount and there are any Multi-Series 2017-2 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 20172024-2 1 Final 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 H I on the Demand Note Issuers for payment under the Series 20172024-2 1 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172024-2 1 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172024-2 1 Demand Notes to be deposited into the Series 20172024-2 1 Distribution Account.

Appears in 1 contract

Sources: Amended and Restated Series 2024 1 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172023-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172023-2 1 Final Distribution Date is less than the Series 20172023-2 1 Senior Invested Amount and there are any AMERICAS 128869492 50 Multi-Series 2017-2 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 20172023-2 1 Final 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 H I on the Demand Note Issuers for payment under the Series 20172023-2 1 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172023-2 1 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172023-2 1 Demand Notes to be deposited into the Series 20172023-2 1 Distribution Account.

Appears in 1 contract

Sources: Amended and Restated Series 2023 1 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 2017-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 2017-2 Final Distribution Date is less than the Series 2017-2 Senior Invested Amount and there are any Series 2017-2 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 2017-2 Final 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 H I on the Demand Note Issuers for payment under the Series 2017-2 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 2017-2 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 2017-2 Demand Notes to be deposited into the Series 2017-2 Distribution Account.

Appears in 1 contract

Sources: Amended and Restated Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172013-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172013-2 1 Final Distribution Date is less than the Series 20172013-2 Senior 1 Invested Amount and there are any Series 20172013-2 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 20172013-2 1 Final 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 H G on the Demand Note Issuers for payment under the Series 20172013-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172013-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172013-2 1 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172013-2 1 Demand Notes to be deposited into the Series 20172013-2 1 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172020-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172020-2 1 Final Distribution Date is less than the Series 20172020-2 1 Senior Invested Amount and there are any Series 20172020-2 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 20172020-2 1 Final 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 H I on the Demand Note Issuers for payment under the Series 20172020-2 1 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172020-2 1 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172020-2 1 Demand Notes to be deposited into the Series 20172020-2 1 Distribution Account.

Appears in 1 contract

Sources: Amended and Restated Series 2020 1 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172024-2 3 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172024-2 3 Final Distribution Date is less than the Series 20172024-2 3 Senior Invested Amount and there are any Multi-Series 2017-2 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 20172024-2 3 Final 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 H I on the Demand Note Issuers for payment under the Series 20172024-2 3 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172024-2 3 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172024-2 3 Demand Notes to be deposited into the Series 20172024-2 3 Distribution Account.

Appears in 1 contract

Sources: Amended and Restated Series 2024 3 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172019-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172019-2 Final Distribution Date is less than the Series 20172019-2 Senior Invested Amount and there are any Series 20172019-2 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 20172019-2 Final 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 H on the Demand Note Issuers for payment under the Series 20172019-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172019-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172019-2 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172019-2 Demand Notes to be deposited into the Series 20172019-2 Distribution Account.

Appears in 1 contract

Sources: Series 2019 2 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172011-2 3 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172011-2 3 Final Distribution Date is less than the Series 20172011-2 Senior 3 Invested Amount and there are any Series 20172011-2 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 20172011-2 3 Final 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 H G on the Demand Note Issuers for payment under the Series 20172011-2 3 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172011-2 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172011-2 3 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172011-2 3 Demand Notes to be deposited into the Series 20172011-2 3 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172023-2 6 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172023-2 6 Final Distribution Date is less than the Series 20172023-2 6 Senior Invested Amount and there are any AMERICAS 130188168 49 Multi-Series 2017-2 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 20172023-2 6 Final 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 H I on the Demand Note Issuers for payment under the Series 20172023-2 6 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172023-2 6 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172023-2 6 Demand Notes to be deposited into the Series 20172023-2 6 Distribution Account.

Appears in 1 contract

Sources: Second Amended and Restated Series 2023 6 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172012-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172012-2 1 Final Distribution Date is less than the Series 20172012-2 Senior 1 Invested Amount and there are any Series 20172012-2 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 20172012-2 1 Final 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 H G on the Demand Note Issuers for payment under the Series 20172012-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172012-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172012-2 1 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172012-2 1 Demand Notes to be deposited into the Series 20172012-2 1 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172014-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172014-2 1 Final Distribution Date is less than the Series 20172014-2 Senior 1 Invested Amount and there are any Series 20172014-2 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 20172014-2 1 Final 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 H G on the Demand Note Issuers for payment under the Series 20172014-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172014-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172014-2 1 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172014-2 1 Demand Notes to be deposited into the Series 20172014-2 1 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172012-2 1 Distribution Account in accordance with Section 2.5(a5.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b5.5(c) and Section 5.5(d)(i) on the Series 20172012-2 Final Distribution 1 Termination Date is less than the Series 20172012-2 Senior 1 Invested Amount Amount, and there are any Series 20172012-2 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 20172012-2 Final Distribution 1 Termination 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 H on the Demand Note Issuers Notice to BRAC for payment under the Series 20172012-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172012-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such the Series 20172012-2 Final Distribution Date 1 Termination Date, deliver such Demand Notice to the Demand Note IssuersABCR; 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer BRAC shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172012-2 1 Demand Notes to be deposited into the Series 20172012-2 1 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172006-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172006-2 1 Final Distribution Date is less than the Series 20172006-2 Senior 1 Invested Amount Amount, and there are any Series 20172006-2 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 20172006-2 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”) substantially in the form attached hereto as Exhibit H F on the Demand Note Issuers for payment under the Series 20172006-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency insuf­fici­ency and (ii) the Series 20172006-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172006-2 1 Final Distribution Date 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172006-2 1 Demand Notes to be deposited into the Series 20172006-2 1 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Cendant Corp)

Demand Note Draw. If the amount to be deposited in the Series 20172015-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172015-2 1 Final Distribution Date is less than the Series 20172015-2 Senior 1 Invested Amount and there are any Series 20172015-2 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 20172015-2 1 Final 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 H G on the Demand Note Issuers for payment under the Series 20172015-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172015-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172015-2 1 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172015-2 1 Demand Notes to be deposited into the Series 20172015-2 1 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172011-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172011-2 1 Final Distribution Date is less than the Series 20172011-2 Senior 1 Invested Amount and there are any Series 20172011-2 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 20172011-2 1 Final 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 H G on the Demand Note Issuers for payment under the Series 20172011-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172011-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172011-2 1 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172011-2 1 Demand Notes to be deposited into the Series 20172011-2 1 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172020-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172020-2 1 Final Distribution Date is less than the Series 20172020-2 1 Senior Invested Amount and there are any Series 20172020-2 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 20172020-2 1 Final 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 H on the Demand Note Issuers for payment under the Series 20172020-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172020-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172020-2 1 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172020-2 1 Demand Notes to be deposited into the Series 20172020-2 1 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172003-2 5 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) allocable to the Class A-1 Notes on the Series 2017-2 Class A-1 Final Distribution Date or the Class A-2 Notes on the Class A-2 Final Distribution Date, as the case may be, is less than the Series 2017-2 Senior Class A-1 Invested Amount or the Class A-2 Invested Amount, as the case may be, and there are any Series 20172003-2 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 such Series 20172003-2 5 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”) substantially in the form attached hereto as Exhibit H F on the Demand Note Issuers for payment under the Series 20172003-2 5 Demand Notes in an amount equal to the lesser of (i) such insufficiency insuf­fici­ency and (ii) the Series 20172003-2 5 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172003-2 5 Final Distribution Date 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172003-2 5 Demand Notes to be deposited into the Series 20172003-2 5 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Cendant Corp)

Demand Note Draw. If the amount to be deposited in the Series 20172009-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172009-2 Final Distribution Date Date, is less than the Series 20172009-2 Senior Invested Amount and there are any Series 20172009-2 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 20172009-2 Final 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 H F on the Demand Note Issuers for payment under the Series 20172009-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172009-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172009-2 Final Distribution Date 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172009-2 Demand Notes to be deposited into the Series 20172009-2 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172010-2 6 Distribution Account in accordance with Section 2.5(a3.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b3.5(c) and Section 3.5(d)(i) on the Series 20172010-2 Final Distribution 6 Termination Date is less than the Series 20172010-2 Senior 6 Invested Amount Amount, and there are any Series 20172010-2 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 20172010-2 Final Distribution 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 H G on the Demand Note Issuers for payment under the Series 20172010-2 6 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172010-2 6 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such the Series 20172010-2 Final Distribution Date 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172010-2 6 Demand Notes to be deposited into the Series 20172010-2 6 Distribution Account.

Appears in 1 contract

Sources: Second Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172014-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172014-2 Final Distribution Date is less than the Series 20172014-2 Senior Invested Amount and there are any Series 20172014-2 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 20172014-2 Final 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 H F on the Demand Note Issuers for payment under the Series 20172014-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172014-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172014-2 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172014-2 Demand Notes to be deposited into the Series 20172014-2 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172004-2 1 Distribution Account in accordance with Section 2.5(a3.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b3.5(c) and Section 3.5(d)(i) on the Series 20172004-2 Final Distribution 1 Termination Date is less than the Series 20172004-2 Senior 1 Invested Amount Amount, and there are any Series 20172004-2 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 20172004-2 Final Distribution 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 H G on the Demand Note Issuers for payment under the Series 20172004-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172004-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such the Series 20172004-2 Final Distribution Date 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172004-2 1 Demand Notes to be deposited into the Series 20172004-2 1 Distribution Account.

Appears in 1 contract

Sources: Second Amended and Restated Series 2004 1 Supplement (Cendant Corp)

Demand Note Draw. If the amount to be deposited in the Series 20172010-2 3 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172010-2 3 Final Distribution Date is less than the Series 20172010-2 Senior 3 Invested Amount and there are any Series 20172010-2 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 20172010-2 3 Final 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 H F on the Demand Note Issuers for payment under the Series 20172010-2 3 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172010-2 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172010-2 3 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172010-2 3 Demand Notes to be deposited into the Series 20172010-2 3 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172019-2 3 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172019-2 3 Final Distribution Date is less than the Series 20172019-2 3 Senior Invested Amount and there are any Series 20172019-2 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 20172019-2 3 Final 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 H I on the Demand Note Issuers for payment under the Series 20172019-2 3 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172019-2 3 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172019-2 3 Demand Notes to be deposited into the Series 20172019-2 3 Distribution Account.

Appears in 1 contract

Sources: Amended and Restated Series 2019 3 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172019-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172019-2 1 Final Distribution Date is less than the Series 20172019-2 1 Senior Invested Amount and there are any Series 20172019-2 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 20172019-2 1 Final 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 H on the Demand Note Issuers for payment under the Series 20172019-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172019-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172019-2 1 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172019-2 1 Demand Notes to be deposited into the Series 20172019-2 1 Distribution Account.

Appears in 1 contract

Sources: Series 2019 1 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172012-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172012-2 Final Distribution Date is less than the Series 20172012-2 Senior Invested Amount and there are any Series 20172012-2 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 20172012-2 Final 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 H G on the Demand Note Issuers for payment under the Series 20172012-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172012-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172012-2 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172012-2 Demand Notes to be deposited into the Series 20172012-2 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172009-2 3 Distribution Account in accordance with Section 2.5(a3.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b3.5(c) and Section 3.5(d)(i) on the Series 20172009-2 Final Distribution 3 Termination Date is less than the Series 20172009-2 Senior 3 Invested Amount Amount, and there are any Series 20172009-2 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 20172009-2 Final Distribution 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 H G on the Demand Note Issuers for payment under the Series 20172009-2 3 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172009-2 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such the Series 20172009-2 Final Distribution Date 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172009-2 3 Demand Notes to be deposited into the Series 20172009-2 3 Distribution AccountAccount on such Distribution Date.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172011-2 5 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172011-2 5 Final Distribution Date is less than the Series 20172011-2 Senior 5 Invested Amount and there are any Series 20172011-2 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 20172011-2 5 Final 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 H G on the Demand Note Issuers for payment under the Series 20172011-2 5 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172011-2 5 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172011-2 5 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172011-2 5 Demand Notes to be deposited into the Series 20172011-2 5 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172010-2 5 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172010-2 5 Final Distribution Date is less than the Series 20172010-2 Senior 5 Invested Amount and there are any Series 20172010-2 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 20172010-2 5 Final 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 H G on the Demand Note Issuers for payment under the Series 20172010-2 5 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172010-2 5 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172010-2 5 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172010-2 5 Demand Notes to be deposited into the Series 20172010-2 5 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172020-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172020-2 Final Distribution Date is less than the Series 20172020-2 Senior Invested Amount and there are any Series 20172020-2 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 20172020-2 Final 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 H I on the Demand Note Issuers for payment under the Series 20172020-2 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172020-2 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172020-2 Demand Notes to be deposited into the Series 20172020-2 Distribution Account.

Appears in 1 contract

Sources: Amended and Restated Series 2020 2 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172024-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172024-2 Final Distribution Date is less than the Series 20172024-2 Senior Invested Amount and there are any Multi-Series 2017-2 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 20172024-2 Final 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 H I on the Demand Note Issuers for payment under the Series 20172024-2 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172024-2 Final 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 50 thereof, without the lapse of a period of sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172024-2 Demand Notes to be deposited into the Series 20172024-2 Distribution Account.

Appears in 1 contract

Sources: Amended and Restated Series 2024 2 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172018-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172018-2 Final Distribution Date is less than the Series 20172018-2 Senior Invested Amount and there are any Series 20172018-2 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 20172018-2 Final 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 H I on the Demand Note Issuers for payment under the Series 20172018-2 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172018-2 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172018-2 Demand Notes to be deposited into the Series 20172018-2 Distribution Account.

Appears in 1 contract

Sources: Amended and Restated Series 2018 2 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172010-2 1 Distribution Account in accordance with Section 2.5(a4.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b4.5(c) and Section 4.5(d)(i) on the Series 20172010-2 Final Distribution 1 Termination Date is less than the Series 20172010-2 Senior 1 Invested Amount Amount, and there are any Series 20172010-2 1 Letters of Credit on such datedate or amounts on deposit in the Series 2010-1 Cash Collateral Account, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to the Series 20172010-2 Final Distribution 1 Termination 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 H on Notice to the Demand Note Issuers Issuer for payment under the Series 20172010-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172010-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such the Series 20172010-2 Final Distribution Date 1 Termination Date, deliver such Demand Notice to the Demand Note IssuersIssuer; 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 sixty (60) 60 consecutive days) with respect to a the Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 Trustee shall not be required to deliver such Demand Notice to such the Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20172010-2 1 Demand Notes to be deposited into the Series 20172010-2 1 Distribution Account.

Appears in 1 contract

Sources: Series 2010 1 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 2017-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 2017-2 1 Final Distribution Date is less than the Series 2017-2 1 Senior Invested Amount and there are any Series 2017-2 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 2017-2 1 Final 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 H on the Demand Note Issuers for payment under the Series 2017-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 2017-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 2017-2 1 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 2017-2 1 Demand Notes to be deposited into the Series 2017-2 1 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172010-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172010-2 Final Distribution Date is less than the Series 20172010-2 Senior Invested Amount and there are any Series 20172010-2 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 20172010-2 Final 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 H F on the Demand Note Issuers for payment under the Series 20172010-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172010-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172010-2 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172010-2 Demand Notes to be deposited into the Series 20172010-2 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172016-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172016-2 1 Final Distribution Date is less than the Series 20172016-2 Senior 1 Invested Amount and there are any Series 20172016-2 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 20172016-2 1 Final 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 H G on the Demand Note Issuers for payment under the Series 20172016-2 1 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172016-2 1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172016-2 1 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172016-2 1 Demand Notes to be deposited into the Series 20172016-2 1 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172024-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172024-2 Final Distribution Date is less than the Series 20172024-2 Senior Invested Amount and there are any Multi-Series 2017-2 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 20172024-2 Final 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 H I on the Demand Note Issuers for payment under the Series 20172024-2 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172024-2 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172024-2 Demand Notes to be deposited into the Series 20172024-2 Distribution Account.

Appears in 1 contract

Sources: Second Amended and Restated Series 2024 2 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172023-2 6 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172023-2 6 Final Distribution Date is less than the Series 20172023-2 6 Senior Invested Amount and there are any Multi-Series 2017-2 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 20172023-2 6 Final 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 H I on the Demand Note Issuers for payment under the Series 20172023-2 6 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172023-2 6 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172023-2 6 Demand Notes to be deposited into the Series 20172023-2 6 Distribution Account.

Appears in 1 contract

Sources: Amended and Restated Series 2023 6 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172010-2 4 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172010-2 4 Final Distribution Date is less than the Series 20172010-2 Senior 4 Invested Amount and there are any Series 20172010-2 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 20172010-2 4 Final 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 H G on the Demand Note Issuers for payment under the Series 20172010-2 4 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172010-2 4 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172010-2 4 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172010-2 4 Demand Notes to be deposited into the Series 20172010-2 4 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172013-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172013-2 Final Distribution Date is less than the Series 20172013-2 Senior Invested Amount and there are any Series 20172013-2 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 20172013-2 Final 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 H F on the Demand Note Issuers for payment under the Series 20172013-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172013-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172013-2 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172013-2 Demand Notes to be deposited into the Series 20172013-2 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172006-2 Distribution Account in accordance with Section 2.5(a3.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b3.5(d) on the Series 20172006-2 Final Distribution Termination Date is less than the Series 20172006-2 Senior Invested Amount Amount, and there are any Series 20172006-2 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 20172006-2 Final Distribution Termination Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to make a demand (a “Demand Notice”) substantially in the form attached hereto as Exhibit H G on the Demand Note Issuers for payment under the Series 20172006-2 Demand Notes in an amount equal to the lesser of (i1) such insufficiency and (ii2) the Series 20172006-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such the Series 20172006-2 Final Distribution Date 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172006-2 Demand Notes to be deposited into the Series 20172006-2 Distribution Account.

Appears in 1 contract

Sources: Series 2006 2 Supplement (Cendant Corp)

Demand Note Draw. If the amount to be deposited in the Series 20172011-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172011-2 Final Distribution Date is less than the Series 20172011-2 Senior Invested Amount and there are any Series 20172011-2 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 20172011-2 Final 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 H G on the Demand Note Issuers for payment under the Series 20172011-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172011-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172011-2 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172011-2 Demand Notes to be deposited into the Series 20172011-2 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172020-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172020-2 Final Distribution Date is less than the Series 20172020-2 Senior Invested Amount and there are any Series 20172020-2 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 20172020-2 Final 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 H on the Demand Note Issuers for payment under the Series 20172020-2 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172020-2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172020-2 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172020-2 Demand Notes to be deposited into the Series 20172020-2 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172010-2 6 Distribution Account in accordance with Section 2.5(a3.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b3.5(c) and Section 3.5(d)(i) on the Series 20172010-2 Final Distribution 6 Termination Date is less than the Series 2017-2 Senior Class A Invested Amount Amount, and there are any Series 20172010-2 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 20172010-2 Final Distribution 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 H G on the Demand Note Issuers for payment under the Series 20172010-2 6 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172010-2 6 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such the Series 20172010-2 Final Distribution Date 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172010-2 6 Demand Notes to be deposited into the Series 20172010-2 6 Distribution Account.

Appears in 1 contract

Sources: Third Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172012-2 3 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172012-2 3 Final Distribution Date is less than the Series 20172012-2 Senior 3 Invested Amount and there are any Series 20172012-2 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 20172012-2 3 Final 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 H G on the Demand Note Issuers for payment under the Series 20172012-2 3 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172012-2 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172012-2 3 Final 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 sixty (60) 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172012-2 3 Demand Notes to be deposited into the Series 20172012-2 3 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172019-2 3 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172019-2 3 Final Distribution Date is less than the Series 20172019-2 3 Senior Invested Amount and there are any Series 20172019-2 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 20172019-2 3 Final 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 H on the Demand Note Issuers for payment under the Series 20172019-2 3 Demand Notes in an amount equal to the lesser of (i) such insufficiency and (ii) the Series 20172019-2 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172019-2 3 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172019-2 3 Demand Notes to be deposited into the Series 20172019-2 3 Distribution Account.

Appears in 1 contract

Sources: Series Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172019-2 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172019-2 Final Distribution Date is less than the Series 20172019-2 Senior Invested Amount and there are any Series 20172019-2 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 20172019-2 Final 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 H I on the Demand Note Issuers for payment under the Series 20172019-2 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172019-2 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172019-2 Demand Notes to be deposited into the Series 20172019-2 Distribution Account.

Appears in 1 contract

Sources: Amended and Restated Series 2019 2 Supplement (Avis Budget Group, Inc.)

Demand Note Draw. If the amount to be deposited in the Series 20172018-2 1 Distribution Account in accordance with Section 2.5(a) together with any amounts to be deposited therein in accordance with Section 2.5(b) on the Series 20172018-2 1 Final Distribution Date is less than the Series 20172018-2 1 Senior Invested Amount and there are any Series 20172018-2 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 20172018-2 1 Final 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 H I on the Demand Note Issuers for payment under the Series 20172018-2 1 Demand Notes in an amount equal to the lesser of (ix) such insufficiency and (iiy) the Series 2017-2 sum of the Class A/B/C Letter of Credit Amount and the Class D Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Series 20172018-2 1 Final 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 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the AMERICAS 93983148 (2K) 37 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 20172018-2 1 Demand Notes to be deposited into the Series 20172018-2 1 Distribution Account.

Appears in 1 contract

Sources: Amended and Restated Series Supplement (Avis Budget Group, Inc.)