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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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“Credit Risk Security” means any Collateral Debt Security (and with respect to a Credit Default Swap, the related Reference Obligation) or any other security included in the Collateral (other than a Defaulted Security, Deferred Interest PIK Bond or Written Down Security) that the Collateral Servicer believes (as of the date of the Collateral Servicer’s determination based upon its judgment exercised in accordance with the standard of care set forth in the Collateral Servicing Agreement based upon then currently available information) has a significant risk of declining in credit quality and with lapse of time, becoming a Defaulted Security, Deferred Interest PIK Bond or Written Down Security (provided that, in making such determination, an increase in credit spread or a decrease in market value may be used only as corroboration of other bases for such judgment) and if (a) the rating of the Class A-1 Notes, Class A-2 Notes, Class B-1 Notes or Class B-2 Notes has been withdrawn or reduced by Moody’s below the rating assigned to such Class of Notes on the Closing Date by Moody’s and not reinstated or (b) the rating of the Class C Notes or Class D Notes has been withdrawn or reduced by Moody’s at least two subcategories below the rating assigned to such Class of Notes on the Closing Date by Moody’s and not reinstated to a rating no lower than one subcategory below the rating assigned to such Class of Notes on the Closing Date by Moody’s, then (1) such Collateral Debt Security, Reference Obligation or other security has been downgraded or put on a watch list for possible downgrade by one or more Rating Agencies or Fitch by one or more rating subcategories since it was acquired by the Issuer, (2) the credit spread with respect to such Credit Risk Security has increased over the applicable Benchmark Rate, the applicable swap benchmark or the applicable LIBOR by (x) 0.50% or more if the original credit spread (as of the date on which such Collateral Debt Security was first acquired or on which such Reference Obligation referenced in a Credit Default Swap was first so referenced, as applicable) was greater than 0.50% or (y) 0.25% if the original credit spread (as of the date on which such Collateral Debt Security was first acquired or on which such Reference Obligation referenced in a Credit Default Swap was first so referenced, as applicable), was less than or equal to 0.50% or (3) there has been a decline in the par amount of the collateral pledged pursuant to the Underlying Instruments of such Collateral Debt Security or Reference Obligation such that the aggregate par amount of the entire class of securities to which such Collateral Debt Security or Reference Obligation belongs and all other securities secured by the same pool of collateral and that rank pari passu or senior in priority of distribution to such class of securities exceeds the aggregate par amount of all collateral (excluding defaulted collateral) securing such securities.

“Current Interest Rate” means, as of any date of determination with respect to any Fixed Rate Security, the stated rate at which interest accrues on such Fixed Rate Security.

“Current Spread” means, as of any date of determination with respect to any Floating Rate Security, the stated spread above or below LIBOR for such Floating Rate Security at which interest accrues on such Floating Rate Security. For the purpose of this definition, in the determination of LIBOR, such definition shall be applied as if such Floating Rate Security were a Note and using an Interest Period based on the terms of such Floating Rate Security.

“Custodian” means the custodian under the Indenture.

“Dealer Floorplan 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 loans or leases made to finance the purchase of an automobile dealer’s inventory, generally having the following characteristics: (1) the loans or leases may have short contractual maturities; and (2) the repayment stream on such loans is primarily determined by a contractual payment schedule, with repayment on such loans required upon the disposition of the underlying vehicle.

“Default” means any Event of Default or any occurrence that, with notice or the lapse of time or both, would become an Event of Default.

“Defaulted Credit Default Swap” means (a) if such Credit Default Swap is a Single-Name Credit Default Swap, any Credit Default Swap as to which, if the relevant Reference Obligation were a Collateral Debt Security, such Reference Obligation would constitute a “Defaulted Security” under the definition thereof (other than any of paragraphs (7), (8) or (9) of such definition), (b) if such Credit Default Swap references more than one Reference Obligation (or an index or indices), any such Credit Default Swap as to which the Issuer has become obligated to make one or more payments to the Credit Default Swap Counterparty by reason of the occurrence of one or more “credit events” or other similar circumstances and (c) any Credit Default Swap as to which a Deliverable Obligation has become deliverable to the Issuer by reason of the occurrence of one or more “credit events” or other similar circumstances.





“Defaulted Security” means any Collateral Debt Security:

(1) that the issuer thereof has defaulted in the payment of principal or interest without regard to any applicable grace period or waiver; provided that a Collateral Debt Security will not be classified as a “Defaulted Security” under this paragraph if (i) the Collateral Servicer certifies to the Trustee, in its judgment, that such payment default is due to non-credit and nonfraud related reasons and such default does not continue for more than five Business Days (or, if earlier, until the next succeeding Determination Date) or (ii) such payment default has been cured by the payment of all amounts that were originally scheduled to have been paid;

(2) that all amounts due under such Collateral Debt Security have been accelerated prior to its Stated Maturity or such Collateral Debt Security can be immediately so accelerated, unless such rights of acceleration have been waived;

(3) that ranks pari passu with or subordinate to any other material indebtedness for borrowed money owing by the issuer of such security (for purposes hereof, “Other Indebtedness”) if the Collateral Servicer has actual knowledge that such issuer had defaulted in the payment (beyond any applicable notice or grace period) of principal or interest with respect to such Other Indebtedness, unless, in the case of a default or event of default consisting of a failure of the obligor on such security to make required interest payments, such Other Indebtedness has resumed current payments of interest (including all accrued interest) in cash (whether or not any waiver or restructuring has been effected);

(4) as to which any bankruptcy, insolvency or receivership proceeding has been initiated in connection with the issuer thereof, or there has been proposed or effected any distressed exchange or other debt restructuring pursuant to which the issuer thereof has offered the holders thereof a new security or package of securities that is intended solely to enable the relevant obligor to avoid defaulting in the performance of its obligations under such Collateral Debt Security; provided that a Collateral Debt Security shall not constitute a “Defaulted Security” under this clause (4) if such Collateral Debt Security was acquired in a distressed exchange or other debt restructuring and complies with the requirements of the definition of “Collateral Debt Security”;

–  –  –

(8) that is a Credit Default Swap (other than a Defaulted Credit Default Swap) with respect to which there is a Credit Default Swap Counterparty Defaulted Obligation;

(9) that is a Deliverable Obligation that would not satisfy each of paragraphs (1) through (5) and (7) through (45) of the Eligibility Criteria at the time such Deliverable Obligation is delivered to the Issuer; or

–  –  –

For the purposes of this definition, the words “actual knowledge” shall mean receipt by the Collateral Servicer of any relevant report, documentation or notice from the issuer of or trustee or other service provider with respect to a Collateral Debt Security that states or provides notification that any of the above events has occurred. In addition, the Collateral Servicer shall be deemed to have “actual knowledge” that a Collateral Debt Security or any other security included in the Collateral is a Defaulted Security if the Collateral Servicer receives (whether received in writing, by electronic means or otherwise) a written notice addressed to the Collateral Servicer from the Trustee, any Noteholder, any Preference Shareholder, the Hedge Counterparty or any Rating Agency that such party has obtained knowledge of any such default.

“Defeased Credit Default Swap” means any Credit Default Swap pledged to the Trustee that requires payment by the Issuer upon the occurrence of a credit event under the related Credit Default Swap and that satisfies the following: (a) the Issuer has caused to be deposited in a Credit Default Swap Counterparty Account an amount at least equal to the aggregate of all further payments (contingent or otherwise) that the Issuer is or may be required to make to the Credit Default Swap Counterparty under the Credit Default Swap; (b) the agreement relating to such Credit Default Swap contains “non-petition” provisions with respect to the Issuer and “limited recourse” provisions limiting the Credit Default Swap Counterparty’s rights in respect of the Credit Default Swap to the funds and other property credited to the Credit Default Swap Counterparty Account related to such Credit Default Swap and (c) the agreement relating to such Credit Default Swap contains provisions to the effect that upon the occurrence of an “Event of Default” or “Termination Event” (other than an “Illegality” or “Tax Event”) where the Credit Default Swap Counterparty is the sole “Defaulting Party” or the sole “Affected Party” (“Event of Default”, “Termination Event”, “Illegality”, “Tax Event”, “Defaulting Party” or “Affected Party”, as applicable, as such terms are defined in the ISDA Master Agreement relating to such Credit Default Swap) the Issuer may terminate its obligations under such Credit Default Swap and, upon such termination, (x) any lien in favor of the Credit Default Swap Counterparty over its related Credit Default Swap Counterparty Account will be terminated and (y) the Issuer will no longer be obligated to make any payments to the Credit Default Swap Counterparty with respect to such Credit Default Swap.

“Deferred Interest PIK Bond” means a PIK Bond with respect to which payment of interest either in whole or in part has been deferred and capitalized in an amount equal to the amount of interest payable in respect of the lesser of (a) two payment periods and (b) a period of six months, but only until such time as payment of interest on such PIK Bond has resumed and all capitalized and deferred interest has been paid in accordance with the terms of the Underlying Instruments. For the purposes of the Overcollateralization Tests only, (1)(i) a PIK Bond with a Moody’s Rating of at least “Baa3” (and if rated “Baa3”, such PIK Bond has not been placed on a watch list for possible downgrade) will not be a Deferred Interest PIK Bond unless interest either in whole or in part has been deferred and capitalized in an amount equal to the amount of interest payable in respect of the lesser of (x) two payment periods and (y) a period of one year and (ii) a PIK Bond with a Moody’s Rating of below “Baa3” (or if rated “Baa3”, such PIK Bond has been placed on a watch list for possible downgrade) will be a Deferred Interest PIK Bond if interest either in whole or in part has been deferred and capitalized in an amount equal to the amount of interest payable in respect of the lesser of (x) one payment period and (y) a period of six months and (2) a PIK Bond with a Standard & Poor’s Rating will not be a Deferred Interest PIK Bond unless interest either in whole or in part has been deferred and capitalized in an amount equal to the amount of interest payable in respect of a period of one year; provided that any Collateral Debt Security that is a Deferred Interest PIK Bond because of the operation of either clause (1) or (2) above shall be treated as being a Deferred Interest PIK Bond for the purposes of the Overcollateralization Tests.

“Deliverable Obligation” means an obligation that is delivered to the Issuer upon the occurrence of a “credit event” under a Credit Default Swap.

“Depositary” means DTC, its nominees and their respective successors.

“Determination Date” means the last day of a Due Period.

“Discount Haircut Amount” means with respect to any Discount Security, an amount equal to the excess of (x) the Principal Balance of such Collateral Debt Security over (y) the product of the purchase price thereof (exclusive of accrued interest and expressed as a percentage of par on the date of purchase) multiplied by the Principal Balance of such Collateral Debt Security.



Pages:     | 1 |   ...   | 48 | 49 || 51 | 52 |   ...   | 57 |


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