Avis 2010 Annual Report Download - page 538

(h) Series 2010-1 Cash Collateral Account Surplus . In the event that the Series 2010-1 Cash Collateral Account Surplus on any
Distribution Date (or, after the Series 2010-1 Letter of Credit Termination Date, on any date) is greater than zero, the Trustee, acting in
accordance with the written instructions of the Administrator, shall withdraw from the Series 2010-1 Cash Collateral Account an amount equal
to the Series 2010-1 Cash Collateral Account Surplus and shall pay such amount: first , to the Series 2010-1 Letter of Credit Providers to the
extent of any unreimbursed drawings under the related Series 2010-1 Reimbursement Agreement, for application in accordance with the
provisions of the related Series 2010-1 Reimbursement Agreement, and, second , to CPF any remaining amount.
(i) Termination of Series 2010-1 Cash Collateral Account . Upon the termination of this Series Supplement in accordance with its
terms, the Trustee, acting in accordance with the written instructions of the Administrator, after the prior payment of all amounts owing to the
Series 2010-1 Noteholders and payable from the Series 2010-1 Cash Collateral Account as provided herein, shall withdraw from the Series
2010-
1 Cash Collateral Account all amounts on deposit therein (to the extent not withdrawn pursuant to Section 4.8(h) above) and shall pay such
amounts: first , to the Series 2010-1 Letter of Credit Providers to the extent of any unreimbursed drawings under the related Series 2010-1
Reimbursement Agreement, for application in accordance with the provisions of the related Series 2010-1 Reimbursement Agreement, and,
second , to CPF any remaining amount.
(j) Termination Date Demands on the Series 2010-1 Letters of Credit
. Prior to 10:00 a.m. (New York City time) on the Business Day
immediately succeeding the Series 2010-1 Letter of Credit Termination Date, the Administrator shall determine the Series 2010-1 Demand Note
Payment Amount as of the Series 2010-1 Letter of Credit Termination Date. If the Series 2010-1 Demand Note Payment Amount is greater than
zero, then the Administrator shall instruct the Trustee in writing to draw on the Series 2010-1 Letters of Credit prior to 11:00 a.m. (New York
City time) on such Business Day. Upon receipt of any such notice by the Trustee on or prior to 11:00 a.m. (New York City time) on a Business
Day, the Trustee shall, by 12:00 noon (New York City time) on such Business Day draw an amount equal to the lesser of (i) the excess of the
Series 2010-1 Demand Note Payment Amount over the Series 2010-1 Available Reserve Account Amount (prior to giving effect to any transfer
to the Series 2010-1 Cash Collateral Account pursuant to Section 4.7(e) on such date) and (ii) the Series 2010-1 Letter of Credit Liquidity
Amount on the Series 2010-1 Letters of Credit by presenting to each Series 2010-
1 Letter of Credit Provider a draft accompanied by a Certificate
of Termination Date Demand; provided , however , that if the Series 2010-1 Cash Collateral Account has been established and funded, the
Trustee shall draw an amount equal to the product of (a) 100% minus the Series 2010-1 Cash Collateral Percentage and (b) the lesser of the
amounts referred to in clause (i) or (ii) on such Business Day on the Series 2010-1 Letters of Credit as calculated by the Administrator and
provided in writing to the Trustee. The Trustee shall cause the Termination Date Disbursement to be deposited in the Series 2010-1 Cash
Collateral Account.
35