Avis 2010 Annual Report Download - page 315

Series 2006-
1 Letter of Credit Expiration Date of such determination. If prior to the date which is ten (10) days prior to the then scheduled Series
2006-1 Letter of Credit Expiration Date with respect to any Series 2006-1 Letter of Credit, excluding the amount available to be drawn under
such Series 2006-1 Letter of Credit but taking into account a substitute Series 2006-1 Letter of Credit which has been obtained from a Series
2006-1 Eligible Letter of Credit Provider and is in full force and effect on such date, the Series 2006-1 Enhancement Amount would be less than
the Series 2006-1 Required Enhancement Amount, the Series 2006-1 Liquid Enhancement Amount would be less than the Series 2006-1
Required Liquid Enhancement Amount or the Series 2006-1 Letter of Credit Liquidity Amount would be less than the Series 2006-1 Required
Letter of Credit Liquidity Amount, then the Administrator shall notify the Trustee in writing no later than two Business Days prior to such Series
2006-1 Letter of Credit Expiration Date of (x) the greater of (A) the excess, if any, of the Series 2006-
1 Required Enhancement Amount over the
Series 2006-1 Enhancement Amount, excluding the available amount under such expiring Series 2006-1 Letter of Credit but taking into account
any substitute Series 2006-1 Letter of Credit which has been obtained from a Series 2006-1 Eligible Letter of Credit Provider and is in full force
and effect, on such date, (B) the excess, if any, of the Series 2006-1 Required Liquid Enhancement Amount over the Series 2006-1 Liquid
Enhancement Amount, excluding the available amount under such expiring Series 2006-1 Letter of Credit but taking into account any substitute
Series 2006-1 Letter of Credit which has been obtained from a Series 2006-1 Eligible Letter of Credit Provider and is in full force and effect, on
such date, and (C) the excess, if any, of the Series 2006-1 Required Letter of Credit Liquidity Amount over the Series 2006-1 Letter of Credit
Liquidity Amount, excluding the available amount under such expiring Series 2006-1 Letter of Credit but taking into account any substitute
Series 2006-1 Letter of Credit which has been obtained from a Series 2006-1 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 2006-1 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 p.m. (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 p.m. (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 2006-1 Letter of
Credit by presenting a draft accompanied by a Certificate of Termination Demand and shall cause the Termination Disbursement to be deposited
in the Series 2006-1 Cash Collateral Account.
If the Trustee does not receive the notice from the Administrator described in the first paragraph of this Section 5.8(b) on or prior to
the date that is two (2) Business Days prior to each Series 2006-1 Letter of Credit Expiration Date, the Trustee shall, by 12:00 p.m. (New York
City time) on such Business Day draw the full amount of such Series 2006-1 Letter of Credit by presenting a draft accompanied by a Certificate
of Termination Demand and shall cause the Termination Disbursement to be deposited in the Series 2006-1 Cash Collateral Account.
(c) Series 2006-1 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 2006-1 Letter of Credit Provider has fallen below “A” as
determined by Standard & Poor’s or “A2” as determined by Moody’s or (ii) the short-term senior unsecured debt credit rating of any Series
2006-1 Letter of Credit Provider has fallen
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