Avis 2009 Annual Report Download - page 230

excluding the available amount under such expiring Series 2009-3 Letter of Credit but taking into account any substitute Series 2009-3 Letter of
Credit which has been obtained from a Series 2009-3 Eligible Letter of Credit Provider and is in full force and effect, on such date, and (B) the
excess, if any, of the Series 2009-3 Required Liquidity Amount over the Series 2009-3 Liquidity Amount, excluding the available amount under
such expiring Series 2009-3 Letter of Credit but taking into account any substitute Series 2009-
3 Letter of Credit which has been obtained from a
Series 2009-3 Eligible Letter of Credit Provider and is in full force and effect, on such date, and (y) the amount available to be drawn on such
expiring Series 2009-3 Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:00 a.m. (New York City time)
on any Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day (or, in the case of any notice given to the
Trustee after 10:00 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw the lesser of the
amounts set forth in clauses (x) and (y) above on such expiring Series 2009-
3 Letter of Credit by presenting a Certificate of Termination Demand
and shall cause the Termination Disbursement to be deposited in the Series 2009-3 Cash Collateral Account.
If the Trustee does not receive the notice from the Administrator described in the first paragraph of this Section 3.8(b) on or prior to
the date that is two Business Days prior to each Series 2009-
3 Letter of Credit Expiration Date, the Trustee shall, by 12:00 noon (New York City
time) on such Business Day draw the full amount of such Series 2009-3 Letter of Credit by presenting a Certificate of Termination Demand and
shall cause the Termination Disbursement to be deposited in the Series 2009-3 Cash Collateral Account.
(c) Series 2009-3 Letter of Credit Providers . The Administrator shall notify the Trustee in writing within one Business Day of
becoming aware that (i) the long-term senior unsecured debt credit rating of any Series 2009-3 Letter of Credit Provider has fallen below “A” as
determined by Standard & Poor’s or “A1” as determined by Moody’s or (ii) the short-term senior unsecured debt credit rating of any Series
2009-3 Letter of Credit Provider has fallen below “A-1” as determined by Standard & Poor’s or “P-1” as determined by Moody’s. At such time
the Administrator shall also notify the Trustee of (i) the greater of (A) the excess, if any, of the Series 2009-3 Required Enhancement Amount
over the Series 2009-3 Enhancement Amount, excluding the available amount under the Series 2009-3 Letter of Credit issued by such Series
2009-3 Letter of Credit Provider, on such date, and (B) the excess, if any, of the Series 2009-3 Required Liquidity Amount over the Series 2009-
3 Liquidity Amount, excluding the available amount under such Series 2009-3 Letter of Credit, on such date, and (ii) the amount available to be
drawn on such Series 2009-3 Letter of Credit on such date. Upon receipt of such notice by the Trustee on or prior to 10:00 a.m. (New York City
time) on any Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day (or, in the case of any notice given to
the Trustee after 10:00 a.m. (New York City time), by 12:00 noon (New York City time) on the next following Business Day), draw on such
Series 2009-3 Letter of Credit in an amount equal to the lesser of the amounts in clause (i) and clause (ii) of the immediately preceding sentence
on such Business Day by presenting a Certificate of Termination Demand and shall cause the Termination Disbursement to be deposited in the
Series 2009-3 Cash Collateral Account.
(d) Draws on the Series 2009-3 Letters of Credit . If there is more than one Series 2009-3 Letter of Credit on the date of any draw on
the Series 2009-3 Letters of Credit
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