Avis 2010 Annual Report Download - page 307

Principal Deficit Amount resulting from a Series 2006-1 Lease Payment Deficit, or prior to 12:00 noon (New York City time) on the
second Business Day prior to such Distribution Date, in the case of any other Series 2006-1 Principal Deficit Amount, to withdraw from
the Series 2006-1 Reserve Account, an amount equal to the lesser of (x) the Series 2006-1 Available Reserve Account Amount and (y) the
greater of (1) such Series 2006-1 Principal Deficit Amount and (2) such Series 2006-1 Lease Principal Payment Deficit and deposit it in
the Series 2006-1 Distribution Account on such Distribution Date or such second Business Day prior to such Distribution Date, as
applicable.
(ii) Principal Draws on Series 2006-1 Letters of Credit . If the Administrator determines on any Distribution Date that there exists a
Series 2006-1 Lease Principal Payment Deficit, the Administrator shall instruct the Trustee in writing to draw on the Series 2006-1 Letters
of Credit, if any, as provided below. Upon receipt of a notice by the Trustee from the Administrator in respect of a Series 2006-1 Lease
Principal Payment Deficit on or prior to 11:00 a.m. (New York City time) on a Distribution Date, the Trustee shall, by 12:00 noon (New
York City time) on such Distribution Date draw an amount as set forth in such notice equal to the least of (a) the amount by which the
Series 2006-1 Lease Principal Payment Deficit on such Distribution Date exceeds the amount to be deposited in the Series 2006-1
Distribution Account in accordance with clause (i) of this Section 5.5(c) on such Distribution Date, (b) the excess, if any, of (x) the
Permitted Principal Draw Amount as of such Distribution Date (taking into account, for purpose of calculating such amount, the Series
2006-1 Lease Principal Payment Deficit on such Distribution Date) over (y) the aggregate amount, if any, drawn on the Series 2006-1
Letters of Credit and/or withdrawn from the Series 2006-1 Cash Collateral Account in accordance with clause (iv) of this Section 5.5(c)
with respect to the related Distribution Date and (c) the Series 2006-1 Letter of Credit Liquidity Amount on the Series 2006-1 Letters of
Credit by presenting to each Series 2006-1 Letter of Credit Provider a draft accompanied by a Certificate of Lease Deficit Demand and
shall cause the Lease Deficit Disbursements to be deposited in the Series 2006-1 Distribution Account on such Distribution Date;
provided , however , that if the Series 2006-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from
the Series 2006-1 Cash Collateral Account and deposit in the Series 2006-1 Distribution Account an amount equal to the Series 2006-1
Cash Collateral Percentage on such Distribution Date of the least of the amounts described in clauses (a), (b) and (c) above and draw an
amount equal to the remainder of the least of the amounts described in clauses (a), (b) and (c) above on the Series 2006-1 Letters of Credit.
(iii) Demand Note Draw . If on any Determination Date, the Administrator determines that the Series 2006-1 Principal Deficit
Amount on the next succeeding Distribution Date (even assuming that there is no Series 2006-1 Lease Principal Payment Deficit on such
Distribution Date) will be greater than zero and there are any Series 2006-1 Letters of Credit or amounts on deposit in the Series 2006-1
Cash Collateral Account 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 make a demand (a “ Demand Notice ”) substantially in the form attached
hereto
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