Avis 2009 Annual Report Download - page 223

Series 2009-3 Distribution Account in accordance with clause (i) of this Section 3.5(c) and (iii) the Series 2009-
3 Letter of Credit Liquidity
Amount on the Series 2009-3 Letters of Credit, by presenting to each Series 2009-3 Letter of Credit Provider a Certificate of Lease Deficit
Demand and shall cause the Lease Deficit Disbursements to be deposited in the Series 2009-3 Distribution Account on such Distribution
Date; provided , however , that if the Series 2009-3 Cash Collateral Account has been established and funded, the Trustee shall withdraw
from the Series 2009-3 Cash Collateral Account and deposit in the Series 2009-3 Distribution Account an amount equal to the lesser of
(x) the Series 2009-3 Cash Collateral Percentage for such date of the least of the amounts described in clauses (i), (ii) and (iii) above and
(y) the Series 2009-3 Available Cash Collateral Account Amount on such date and draw an amount equal to the remainder of such amount
on the Series 2009-3 Letters of Credit.
(iii) 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 2009-3 Reserve Account pursuant to Section 3.5(c)(i)
on such Distribution Date) will be greater than zero and there are any Series 2009-3 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 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 2009-3 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 2009-3 Demand
Notes to be deposited into the Series 2009-3 Distribution Account.
(iv) Letter of Credit Draw . In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day prior to
such Distribution Date, any Demand Note Issuer shall have failed to pay to the Trustee or deposit in the Series 2009-3 Distribution
Account the amount specified in such Demand Notice in whole or in part or (y) due to the occurrence of an Event of Bankruptcy (or the
occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to
any Demand Note Issuer, the Trustee shall not have delivered such Demand Notice to any Demand Note Issuer on the second Business
Day preceding such Distribution Date, then, in the case of (x) or (y) the Trustee shall on such Business Day draw on the Series 2009-3
Letters of Credit an amount equal to the lesser of (i) Series 2009-3 Letter of Credit Amount and (ii) the aggregate amount that the Demand
Note Issuers failed to pay under the Series 2009-3 Demand Notes (or, the amount that the Trustee failed to demand for payment
thereunder) by presenting to each Series 2009-3 Letter of Credit Provider a Certificate of Unpaid Demand Note Demand; provided ,
however , that if the Series 2009-3 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series
2009-3 Cash Collateral Account and
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