Common use of Demand Note Draw Clause in Contracts

Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount on the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zero, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 2003-1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDED, HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 2003-1 Demand Notes to be deposited into the Series 2003-1 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Series 2003-2 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 2003-1 2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDED, HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 2003-1 2 Demand Notes Note to be deposited into the Series 2003-1 2 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Series 2003-4 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 2003-1 4 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 2003-1 4 Demand Notes Note to be deposited into the Series 2003-1 4 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Class A/B Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Class A/B Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Class A/B Principal Deficit Amount and (B) the Series 2003-1 Class A/B Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032013-1 Demand Notes Note to be deposited into the Series 20032013-1 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Series 2003-3 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 2003-1 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 2003-1 3 Demand Notes Note to be deposited into the Series 2003-1 3 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Class A/B Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Class A/B Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Class A/B Principal Deficit Amount and (B) the Series 2003-1 Class A/B Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032012-1 3 Demand Notes Note to be deposited into the Series 20032012-1 3 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Multi-Series Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 20032023-1 3 Allocated Multi-Series Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032023-1 3 Demand Notes Note to be deposited into the Series 20032023-1 3 Distribution Account.

Demand Note Draw. If on the amount to be deposited in the Series 2024-3 Distribution Account in accordance with Section 2.5(a) together with any Determination Date, the Administrator determines that the Principal Deficit Amount amounts to be deposited therein in accordance with Section 2.5(b) on the next succeeding Series 2024-3 Final Distribution Date (after giving effect to any withdrawal from is less than the Series 20032024-1 Reserve Account pursuant to Section 3.5(c)(i) 3 Senior Invested Amount and there are any Multi-Series Letters of Credit on such Distribution Date) will be greater than zerodate, then, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such the Series 2024-3 Final Distribution Date, the Administrator shall instruct the Trustee in writing to deliver make a demand (a “Demand Notice to Notice”) substantially in the form attached hereto as Exhibit I on the Demand Note Issuers demanding for payment of under the Series 2024-3 Demand Notes in an amount equal to the lesser of (Ax) such insufficiency and (y) the Principal Deficit sum of the Class A/B/C Letter of Credit Amount and (B) the Series 2003-1 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 2024-3 Final Distribution Date, Date deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 sixty (60) consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032024-1 3 Demand Notes to be deposited into the Series 20032024-1 3 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Series 2005-1 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 20032005-1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032005-1 Demand Notes Note to be deposited into the Series 20032005-1 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Series 2002-1 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 20032002-1 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDED, HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032002-1 Demand Notes Note to be deposited into the Series 20032002-1 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Class A/B Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Class A/B Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Class A/B Principal Deficit Amount and (B) the Series 2003-1 Class A/B Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032011-1 3 Demand Notes Note to be deposited into the Series 20032011-1 3 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Series 2007-2 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 20032007-1 2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032007-1 2 Demand Notes Note to be deposited into the Series 20032007-1 2 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Series 2003-4 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 2003-1 4 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDED, HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 2003-1 4 Demand Notes Note to be deposited into the Series 2003-1 4 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Series 2004-2 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 20032004-1 2 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032004-1 2 Demand Notes Note to be deposited into the Series 20032004-1 2 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Series 2005-4 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 20032005-1 4 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDEDprovided, HOWEVERhowever, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 20032005-1 4 Demand Notes Note to be deposited into the Series 20032005-1 4 Distribution Account.

Demand Note Draw. If on any Determination Date, the Administrator determines that the Principal Deficit Amount on with respect to the next succeeding Distribution Date (after giving effect to any withdrawal from the Series 2003-1 Reserve Account pursuant to Section 3.5(c)(i) on such Distribution Date) will be greater than zerozero and there are any Series 2003-3 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing (with a copy to the Surety Provider) to deliver a Demand Notice to the Demand Note Issuers demanding payment of an amount equal to the lesser of (A) the Principal Deficit Amount and (B) the Series 2003-1 3 Letter of Credit Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to the Demand Note Issuers; PROVIDED, HOWEVER, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to a Demand Note Issuer shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to such Demand Note Issuer. The Trustee shall cause the proceeds of any demand on the Series 2003-1 3 Demand Notes Note to be deposited into the Series 2003-1 3 Distribution Account.