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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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“CMBS Credit Tenant Lease Securities” means Asset-Backed Securities (other than CMBS Conduit Securities and CMBS Single Property 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 a pool of commercial mortgage loans made to finance the acquisition, construction and improvement of properties leased to corporate tenants (or on the cash flow from such leases), generally having the following characteristics: (1) the commercial mortgage loans or leases 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 leases are secured by leasehold interests; (4) the commercial mortgage loans or leases are obligations of a relatively limited number of obligors and accordingly represent a relatively undiversified pool of obligor credit risk; (5) payment thereof can vary substantially from the contractual payment schedule (if any), with prepayment of individual loans or termination of leases depending on numerous factors specific to the particular obligors or lessees and upon whether, in the case of loans bearing interest at a fixed rate, such loans include an effective prepayment premium; and (6) the creditworthiness of such corporate tenants is the primary factor in any decision to invest in these securities.

“CMBS Large Loan Securities” means Asset-Backed Securities (other than CMBS Conduit Securities, CMBS Credit Tenant Lease Securities and CMBS Single Property 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 a pool of commercial mortgage loans made to finance the acquisition, construction and improvement of properties, 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 and accordingly represent a relatively undiversified pool of obligor credit risk;

(4) 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; and (5) the valuation of individual properties securing the commercial mortgage loans is the primary factor in any decision to invest in these securities.

“CMBS Single Property Securities” means Asset-Backed Securities (other than CMBS Conduit 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 one or more commercial mortgage loans made to finance the acquisition, construction and improvement of a single property. They generally have 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 or leases are obligations of a relatively limited number of obligors and accordingly represent a relatively undiversified pool of obligor credit risk; and (4) payment thereof can vary substantially from the contractual payment schedule (if any), with prepayment of individual loans or termination of leases depending on numerous factors specific to the particular obligors or lessees and upon whether, in the case of loans bearing interest at a fixed rate, such loans include an effective prepayment premium.

“Code” means the United States Internal Revenue Code of 1986, as amended.

“Collateral Debt Security” means (i) any RMBS Security, CMBS Security or CDO Security, (ii) any other Asset-Backed Security and (iii) any Credit Default Swap as to which each Reference Obligation (1) is an RMBS Security, CMBS Security, CDO Security or other Asset-Backed Security that would qualify to be included as a Collateral Debt Security under the Indenture if acquired directly by the Issuer or (2) is a specified pool of financial assets, either static or revolving (the composition of which cannot vary as a result of a decision by the Collateral Servicer, the relevant Credit Default Swap Counterparty or their respective Affiliates), that by its terms converts into cash within a finite time period, or (v) any Deliverable Obligation.

“Commercial ABS Securities” means Equipment Leasing Securities and Small Business Loan Securities; and any other type of Asset-Backed Securities that becomes a Specified Type after the Closing Date and are designated as “Commercial ABS Securities” in connection therewith.





“Consumer ABS Securities” means Automobile Securities, Credit Card Securities and Student Loan Securities; and any other type of Asset-Backed Securities that becomes a Specified Type after the Closing Date and is designated as “Consumer ABS Securities” in connection therewith.

“Container Leasing Securities” means Asset-Backed Securities (other than Aircraft Securities, Natural Resource Receivables 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 containers 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 containers; and (4) such leases or subleases typically provide for the right of the lessee or sublessee to purchase the containers for their stated residual value, subject to payments at the end of lease term for excess usage.

“Controlling Class” means the Class A-1 Notes or, if there are no Class A-1 Notes outstanding, then the Class A-2 Notes or, if there are no Class A-2 Notes outstanding, then the Class B-1 Notes or, if there are no Class B-1 Notes outstanding, then the Class B-2 Notes or, if there are no Class B-2 Notes outstanding, then the Class C Notes, or, if there are no Class C Notes outstanding, then the Class D Notes.

“Corporate CDO Security” means any CDO Obligation (but excluding any Leveraged Loan CDO Security) for which over 10% of the aggregate principal balance of its underlying assets consists of commercial or industrial loans or obligations or corporate debt securities.

“Corporate Debt Security” means a security that was (a) (i) issued pursuant to an effective registration statement under the Securities Act or (ii) privately placed and that is eligible for resale under Rule 144A or Regulation S under the Securities Act and (b) that is not an Asset-Backed Security or Guaranteed Asset-Backed Security; provided that, for the avoidance of doubt, an Asset-Backed Security issued by a REIT shall not constitute a “Corporate Debt Security”.

“Corporate Guaranteed Securities” means Asset-Backed Securities as to which the timely payment of interest when due, and the payment of principal no later than stated legal maturity, is unconditionally guaranteed pursuant to a guarantee or other similar instrument issued by a corporation organized under the laws of a state of the United States whose rating is higher than the rating of the Asset-Backed Securities without giving effect to such guarantee or other similar instrument but only if such guarantee or other similar instrument (1) expires no earlier than such stated maturity, (2) provides that payment thereunder is independent of the performance by the obligor on the relevant Asset-Backed Security and (3) is issued by a corporation having a credit rating assigned by each nationally recognized statistical rating organization that currently rates such Asset-Backed Security higher than the credit rating assigned by such rating organization to such Asset-Backed Security determined without giving effect to such guarantee or other similar instrument.

“Countrywide” means Countrywide Financial Corporation, a corporation incorporated under the law of the State of Delaware.

“Credit Card 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 balances outstanding under prime (and not subprime) revolving consumer credit card accounts, generally having the following characteristics: (1) the accounts have standardized payment terms and require minimum monthly payments; (2) the balances are obligations of numerous borrowers and accordingly represent a very diversified pool of obligor credit risk; and (3) the repayment stream on such balances does not primarily depend upon a contractual payment schedule, with early repayment depending primarily on interest rates, availability of credit against a maximum credit limit and general economic matters.

“Credit Default Swap” means any credit default swap entered into by the Issuer and a counterparty, evidenced by the 1992 ISDA Master Agreement (Multicurrency-Cross Border), the schedule

and the confirmation; provided that:

(a) such Credit Default Swap terminates upon the redemption or repayment in full of all such Reference Obligation(s);

(b) the obligations of the Credit Default Swap Counterparty under such Credit Default Swap are secured by, or the Issuer has recourse to, Credit Default Swap Collateral in a principal amount equal to the amount of the related Reference Obligation(s); and (c) any obligation which may be delivered pursuant to such Credit Default Swap satisfies each of the Eligibility Criteria.

“Credit Default Swap Collateral” means, in respect of any Credit Default Swap entered into by the Issuer or any other person, (a) any Eligible Investments and (b) any CDO Security or other AssetBacked Security that, if included in the Collateral, would satisfy paragraphs (1) through (5), paragraph (6)(C), paragraphs (7) through (21) and paragraph (26) of the Eligibility Criteria and, in each case, is rated “Aaa” by Moody’s and “AAA” by Standard & Poor’s.

“Credit Default Swap Counterparty” means a counterparty to a Credit Default Swap that on the date such Credit Default Swap is entered into, is rated at least “A2” by Moody’s and at least “A” by Standard & Poor’s and the approval of each Rating Agency has been received in respect of such entity.

“Credit Default Swap Counterparty Defaulted Obligation” means a Credit Default Swap (other

than a Defaulted Credit Default Swap) with respect to which:

(a) the issuer credit rating of the Credit Default Swap Counterparty is rated “D” or “SD” by Standard & Poor’s provided that the foregoing shall not apply in the case of a Defeased Credit Default Swap so long as the Credit Default Swap Counterparty shall periodically (and in no event less frequently than once each month) transfer collateral to the related Credit Default Swap Issuer Account, together with all other collateral previously transferred, having a value at least equal to any termination payment that would be due to the Issuer upon the early termination of such Credit Default Swap; or (b) the Credit Default Swap Counterparty has defaulted in the performance of any of its payment or delivery obligations under the Credit Default Swap.



Pages:     | 1 |   ...   | 47 | 48 || 50 | 51 |   ...   | 57 |


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