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«IMPORTANT NOTICE Attached please find an electronic copy of the Offering Circular (the “Offering Circular”), dated September 22, 2006 relating to ...»

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“Applicable Recovery Rate” means, with respect to any Collateral Debt Security or, in the case of a Credit Default Swap, with respect to the related Reference Obligation, on any Measurement Date, the lowest of (a) an amount equal to the percentage for such Collateral Debt Security set forth in the Moody’s recovery rate matrix set forth in Part I of Schedule A hereto in (x) the table corresponding to the relevant type of CDO Security or other Asset-Backed Security, (y) the column in such table setting forth the Moody’s Rating of such Collateral Debt Security as of the date of issuance of such Collateral Debt Security and (z) the row in such table opposite the percentage of the Issue of which such Collateral Debt Security is a part relative to the total capitalization of (including both debt and equity securities issued by) the relevant issuer of or obligor on such Collateral Debt Security, determined on the original issue date of such Collateral Debt Security; provided that if the Collateral Debt Security is a Guaranteed Asset-Backed Security or if the Reference Obligation is a Guaranteed Asset-Backed Security, the recovery rate will be 30%, (b) an amount equal to the percentage for such Collateral Debt Security (provided that for all subsequent acquisitions of identical Collateral Debt Securities, the Applicable Recovery Rate for such Collateral Debt Security shall remain the same) set forth in the Standard & Poor’s recovery rate matrix set forth in Part II of Schedule A hereto in (x) the applicable table and (y) the row in such table opposite the Standard & Poor’s Rating of such Collateral Debt Security as of the date on which the Issuer acquired such Collateral Debt Security (or, in the case of a Defaulted Security or Deferred Interest PIK Bond, the Standard & Poor’s Rating at the time of issuance) and (z) in the column in such table below the then current rating of the most senior Class of Notes outstanding provided that, if such Collateral Debt Security is a Guaranteed Asset-Backed Security or if such Reference Obligation is a Guaranteed Asset-Backed Security, such amount shall be 37%; provided further that if such Collateral Debt Security is the subject of a Hedge Agreement, the Applicable Recovery Rate pursuant to this clause (b) shall be the recovery rate assigned by Standard & Poor’s to such Collateral Debt Security at the time of the entry by the Issuer into such Hedge Agreement and (c) such other recovery rate as applied by the Rating Agencies and notified to the Collateral Servicer and the Trustee.

"Approved Dealer" means a bank or broker-dealer listed in Part I of Schedule K to the Indenture, or any other bank or any other broker-dealer registered under the Exchange Act, as amended, that is proposed by the Issuer (upon consultation with the Collateral Servicer) and approved by a Majority of the Controlling Class “Asset-Backed Securities” means a Specified Type of debt securities that entitle the holders thereof to receive payments that depend primarily on the cash flow from (a) a specified pool of financial assets, either fixed or revolving (the composition of which cannot vary as a result of a decision by the Collateral Servicer or its Affiliates), that by its terms converts into cash within a finite time period, together with rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of such securities or (b) real estate mortgages, either static or revolving, together with rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of such securities. AssetBacked Securities backed by real estate mortgages do not entitle the holders thereof to share in the appreciation in value of or in the profits generated by the related real estate assets.

“Automobile Securities” means Asset-Backed Securities that entitle the holders thereof to receive payments that primarily depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset-Backed Securities) on the cash flow from prime (and not subprime) installment sale loans made to finance the acquisition of, or from leases of, automobiles, generally having the following characteristics: (1) the loans or leases may have varying contractual maturities; (2) the loans or leases are obligations of numerous borrowers or lessees and accordingly represent a very diversified pool of obligor credit risk; (3) the borrowers or lessees under the loans or leases generally do not have a poor credit rating; (4) the repayment stream on such loans or leases is primarily determined by a contractual payment schedule, with early repayment on such loans or leases predominantly dependent upon the disposition of the underlying vehicle; and (5) such leases typically provide for the right of the lessee to purchase the vehicle for its stated residual value, subject to payments at the end of lease term for excess mileage or use.

“Benchmark Rate” means, with respect to a Collateral Debt Security that does not bear interest at a floating rate, the yield reported, as of 10:00 a.m. (New York City time) on the second Business Day preceding the date of acquisition of such Collateral Debt Security, on the display designated as “Page 678” on the Telerate Access Service (or such other display as may replace Page 678 on Telerate Access Service) for actively traded U.S. Treasury securities having a maturity equal to the Average Life of such Collateral Debt Security on such date of acquisition.





“Calculation Amount” means, with respect to any Defaulted Security, Deferred Interest PIK Bond or other Collateral Debt Security at any time, the lesser of (a) the Fair Market Value of such Defaulted Security, Deferred Interest PIK Bond or other Collateral Debt Security and (b) the amount obtained by multiplying the Applicable Recovery Rate by the Principal Balance of such Defaulted Security, Deferred Interest PIK Bond or other Collateral Debt Security.

“Car Rental Fleet Securities” means Asset-Backed Securities that entitle the holders thereof to receive payments that primarily depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset-Backed Securities) on the cash flow from leases and subleases of vehicles to car rental systems and their franchisees, generally having the following characteristics: (1) the leases and subleases have varying contractual maturities; (2) the subleases, if any, are obligations of franchisees and accordingly represent a very diversified pool of obligor credit risk;

(3) the repayment stream on such leases and subleases is primarily determined by a contractual payment schedule, with early termination of such leases and subleases predominantly dependent upon the disposition to a lessee or third party of the underlying vehicle; and (4) such leases or subleases may or may not provide for the right of the lessee or sublessee to purchase the vehicle for its stated residual value, subject to payments at the end of lease term for excess mileage or use.

“Catastrophe Bonds” means Asset-Backed Securities that entitle the holders thereof to receive a fixed principal or similar amount and a specified return on such amount, generally having the following characteristics: (1) the issuer of such Asset-Backed Security has entered into a insurance contract or similar arrangement with a counterparty pursuant to which such issuer agrees to pay amounts to the counterparty upon the occurrence of certain specified events, including but not limited to: hurricanes, earthquakes and other events; and (2) payments on such Asset-Backed Security depend primarily upon the occurrence and/or severity of such events.

“CDO Domestic Corporate Debt Securities” means CDO Securities that entitle the holders thereof to receive payments that primarily depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the CDO Securities) on the cash flow from a portfolio of commercial and industrial loans, corporate debt securities (with at least 80% of the assets having an obligor or issuer, as applicable, organized or incorporated in the U.S.) or any combination of the foregoing (excluding any such loan or securities secured by real estate unless such security is not the primary source of credit for such loan or corporate debt security), generally having the following characteristics: (1) the loans and corporate debt securities have varying contractual maturities; (2) the loans and corporate debt securities are obligations of a relatively limited number of obligors or issuers and accordingly represent a relatively undiversified pool of obligor credit risk; (3) repayment thereof can vary substantially from the contractual payment schedule (if any), with early prepayment of individual bank loans or corporate debt securities depending on numerous factors specific to the particular issuers or obligors and upon whether, in the case of loans or corporate debt securities bearing interest at a fixed rate, such loans or corporate debt securities include an effective prepayment premium; and (4) proceeds from such repayments can for a limited period and subject to compliance with certain eligibility criteria be reinvested in additional loans and/or corporate debt securities.

“CDO Obligation” means a Collateral Debt Security that entitles the holders thereof to receive payments that primarily depend on the cash flow either from a portfolio of commercial and/or industrial bank loans or obligations, debt securities, trust preferred securities and/or asset-backed securities or any combination of the foregoing, and/or from one or more credit default swaps or synthetic securities which reference such securities, loans or obligors, subject to specified investment and management criteria.

“CDO Security” means a CLO Security, an ABS CDO Security or a Synthetic CDO Security, and any other type of Asset-Backed Securities that become a Specified Type after the Closing Date and are designated as “CDO Securities” in connection therewith. The term CDO Security includes CLO Securities or ABS CDO Securities which are both High-Diversity CDO Securities and Low-Diversity CDO Securities.

“CDO Security of CDO Securities” means a CDO Security the terms of which permit the aggregate principal balance of the Underlying Portfolio to consist of more than 35% of CDO Securities.

“Chassis Leasing Securities” means Asset-Backed Securities (other than Aircraft Securities, Natural Resource Receivable Securities and Restaurant and Food Services Securities) that entitle the holders thereof to receive payments that primarily depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset-Backed Securities) on the cash flow from leases and subleases of chassis (other than automobiles) to commercial and industrial customers, generally having the following characteristics: (1) the leases and subleases have varying contractual maturities; (2) the leases or subleases are obligations of a relatively limited number of obligors and accordingly represent an undiversified pool of obligor credit risk; (3) the repayment stream on such leases and subleases is primarily determined by a contractual payment schedule, with early termination of such leases and subleases predominantly dependent upon the disposition to a lessee, sublessee or third party of the underlying chassis; and (4) such leases or subleases typically provide for the right of the lessee or sublessee to purchase the chassis for their stated residual value, subject to payments at the end of lease term for excess usage.

“Class” means, with respect to the Notes, each of the Class A-1 Notes, the Class A-2 Notes, the Class B-1 Notes, the Class B-2 Notes, the Class C Notes and the Class D Notes.

“CLO Security” means an Asset-Backed Security that entitles the holder thereof to receive payments that primarily depend on the cashflow from a portfolio, the aggregate principal balance of which consists of at least 70% of commercial and industrial bank loans (subject to specified investment and management criteria), and that is issued by an entity formed for the purpose of holding or investing or reinvesting in such loans.

“Closing Date” means July 31, 2006.

“CMBS Securities” means each of CMBS Conduit Securities, CMBS Credit Tenant Lease Securities and CMBS Large Loan Securities.

“CMBS Conduit Securities” means Asset-Backed Securities (A) issued by a single-seller or multi-seller conduit under which the holders of such Asset-Backed Securities have recourse to a specified pool of assets (but not other assets held by the conduit that support payments on other series of securities) and (B) that entitle the holders thereof to receive payments that primarily depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset-Backed Securities) on the cash flow from a pool of commercial mortgage loans, generally having the following characteristics: (1) the commercial mortgage loans have varying contractual maturities;

(2) the commercial mortgage loans are secured by real property purchased or improved with the proceeds thereof (or to refinance an outstanding loan the proceeds of which were so used); (3) the commercial mortgage loans are obligations of a relatively limited number of obligors (with the creditworthiness of individual obligors being less material than for CMBS Large Loan Securities and Credit Tenant Lease Securities) and accordingly represent a relatively undiversified pool of obligor credit risk; (4) upon original issuance of such Asset-Backed Securities no five commercial mortgage loans account for more than 20% of the aggregate Principal Balance of the entire pool of commercial mortgage loans supporting payments on such securities; and (5) repayment thereof can vary substantially from the contractual payment schedule (if any), with early prepayment of individual loans depending on numerous factors specific to the particular obligors and upon whether, in the case of loans bearing interest at a fixed rate, such loans or securities include an effective prepayment premium.



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