Avis 2006 Annual Report Download - page 148

Series 2005-2 Available Reserve Account Amount for such date, (x) second, used to pay the principal amount of other Series of Notes
that are then in amortization, (y) third, released to AESOP Leasing in an amount equal to the product of (A) the Loan Agreement’s Share
with respect to the AESOP I Operating Lease Loan Agreement as of such date and (B) 100% minus the Loan Payment Allocation
Percentage with respect to the AESOP I Operating Lease Loan Agreement as of such date and (C) the amount of any remaining funds and
(z) fourth, paid to CRCF for any use permitted by the Related Documents including to make Loans under the Loan Agreements to the
extent the Borrowers have requested Loans thereunder and Eligible Vehicles are available for financing thereunder; provided , however ,
that in the case of clauses (x), (y) and (z), that no Amortization Event, Series 2005-2 Enhancement Deficiency or AESOP I Operating
Lease Vehicle Deficiency would result therefrom or exist immediately thereafter. Upon the occurrence of an Amortization Event, funds
on deposit in the Series 2005-2 Excess Collection Account will be withdrawn by the Trustee, deposited in the Series 2005-2 Collection
Account and allocated as Principal Collections to reduce the Series 2005-2 Invested Amount on the immediately succeeding Distribution
Date.
(f) Allocations From Other Series . Amounts allocated to other Series of Notes that have been reallocated by CRCF to the Series
2005-2 Notes (i) during the Series 2005-2 Revolving Period shall be allocated to the Series 2005-2 Excess Collection Account and
applied in accordance with Section 2.2(e) and (ii) during the Series 2005-2 Controlled Amortization Period or the Series 2005-2 Rapid
Amortization Period shall be allocated to the Series 2005-2 Collection Account and applied in accordance with Section 2.2(b) or 2.2(c),
as applicable, to make principal payments in respect of the Series 2005-2 Notes.
(g) Past Due Rent Payments . Notwithstanding the foregoing, if in the case of Section 2.2(a) or (b), after the occurrence of a Series
2005-2 Lease Payment Deficit, the Lessees shall make payments of Monthly Base Rent or other amounts payable by the Lessees under
the Leases on or prior to the fifth Business Day after the occurrence of such Series 2005-2 Lease Payment Deficit (a “ Past Due Rent
Payment ”), the Administrator shall direct the Trustee in writing pursuant to the Administration Agreement to allocate to the Series 2005-
2 Collection Account an amount equal to the Series 2005-2 Invested Percentage as of the date of the occurrence of such Series 2005-2
Lease Payment Deficit of the Collections attributable to such Past Due Rent Payment (the “ Series 2005-2 Past Due Rent Payment ”).
The
Administrator shall instruct the Trustee in writing pursuant to the Administration Agreement to withdraw from the Series 2005-2
Collection Account and apply the Series 2005-2 Past Due Rent Payment in the following order:
(i) if the occurrence of such Series 2005-2 Lease Payment Deficit resulted in one or more Lease Deficit Disbursements being
made under the Series 2005-2 Letters of Credit, pay to each Series 2005-2 Letter of Credit Provider who made such a Lease Deficit
Disbursement for application in accordance with the provisions of the applicable Series 2005-2 Reimbursement Agreement an
amount equal to the lesser of (x) the unreimbursed amount of such Series 2005-2 Letter of Credit Provider’s Lease Deficit
Disbursement and (y) such Series 2005-2 Letter of Credit Provider’s Pro Rata Share of the Series 2005-2 Past Due Rent Payment;
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