Avis 2010 Annual Report Download - page 301

priority of any kind, until the Series 2006-1 Invested Amount is reduced to zero in accordance with Section 5.5(e). Notwithstanding anything to
the contrary herein, no funds on deposit in the Series 2006-1 Principal Subaccount shall be paid or distributed to CPF until the Series 2006-1
Notes have been paid in full.
(c) Past Due Rental Payments . Notwithstanding Section 5.2(a), if after the occurrence of a Series 2006-1 Lease Payment Deficit, the
Lessee shall make payments of Monthly Base Rent or other amounts payable by the Lessee under the Group I CPF Lease on or prior to the fifth
Business Day after the occurrence of such Series 2006-1 Lease Payment Deficit (a “ Past Due Rent Payment ”),
the Administrator shall direct the
Trustee in writing pursuant to the Group I Administration Agreement to allocate to the Series 2006-1 Collection Account an amount equal to the
Series 2006-1 Invested Percentage as of the date of the occurrence of such Series 2006-
1 Lease Payment Deficit of the Collections attributable to
such Past Due Rent Payment (the “ Series 2006-1 Past Due Rent Payment ”). The Administrator shall instruct the Trustee in writing pursuant to
the Group I Administration Agreement to withdraw from the Series 2006-1 Collection Account and apply the Series 2006-1 Past Due Rent
Payment in the following order:
(i) if the occurrence of such Series 2006-1 Lease Payment Deficit resulted in a withdrawal being made from the Series 2006-1
Reserve Account pursuant to Section 5.3(d), deposit in the Series 2006-1 Reserve Account an amount equal to the lesser of (x) the Series
2006-1 Past Due Rent Payment and (y) the excess, if any, of the Series 2006-1 Required Reserve Account Amount over the Series 2006-1
Available Reserve Account Amount on such day;
(ii) if the occurrence of the related Series 2006-1 Lease Payment Deficit resulted in one or more Lease Deficit Disbursements being
made under the Series 2006-1 Letters of Credit, pay to each Series 2006-1 Letter of Credit Provider who made such a Lease Deficit
Disbursement for application in accordance with the provisions of the applicable Series 2006-1 Reimbursement Agreement an amount
equal to the lesser of (x) the unreimbursed amount of such Series 2006-1 Letter of Credit Provider’s Lease Deficit Disbursement and
(y) such Series 2006-1 Letter of Credit Provider’s pro rata share, calculated on the basis of the unreimbursed amount of each Series 2006-1
Letter of Credit Provider’s Lease Deficit Disbursement, of the amount of the Series 2006-1 Past Due Rent Payment remaining after
payment pursuant to clause (i) above;
(iii) if the occurrence of such Series 2006-1 Lease Payment Deficit resulted in a withdrawal being made from the Series 2006-1 Cash
Collateral Account, deposit in the Series 2006-1 Cash Collateral Account an amount equal to the lesser of (x) the amount of the Series
2006-1 Past Due Rent Payment remaining after any payment pursuant to clauses (i) and (ii) above and (y) the amount withdrawn from the
Series 2006-1 Cash Collateral Account on account of such Series 2006-1 Lease Payment Deficit;
(iv) allocate to the Series 2006-1 Accrued Interest Account the amount, if any, by which the Series 2006-1 Lease Interest Payment
Deficit, if any, relating
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