Payments will be used to redeem the Senior Notes in accordance with the Priority of Payments to the extent necessary to satisfy, such test or cause the Rating Agencies to confirm the initial ratings of the Senior Notes. as applicable, thereby reducing the amounts available for payment at lower levels of the Priori

erage Test for any Class of Senior Notes is not satisfied as of the Determination Date related to a Payment Date to which such test is applied or if the Rating Agencies have not confirmed the initial ratings of the Senior Notes as of the 30th Business Day after the Ramp-Up End Datc (and such confirmation has not bee

s. Commencing in April 2007 pursuant to the Indenture, the Issuer will compile and provide or make available to the Trustee, the Collateral Manager. the Rating Agencies and the Holders of the Notes a monthly report (other than for a month in which a Payment Date occurs) containing certain information specified in t

ourt of competent jurisdiction for the appointment of a successor collateral manager without the approval of the Issuer. Noteholders. the Trustee or the Rating Agencies. A "Key Manager Event" will occur if, at any time, the Collateral Manager fails to maintain one Key Manager. A "Key Manager" is a person employed b

and S&P in writing and (b) which the Issuer has certified to the Trustee in writing is a Form-Approved Synthetic Security•: provided that either of the Rating Agencies may withdraw its approval of any such Form-Approved Synthetic Security at any time, effective (except in respect of uades executed and not terminat

ations ("NRSROs") providing the requisite certification will have access to all information posted on such website. As a result, an NRSRO other than the Rating Agencies may issue ratings on the Notes (-Unsolicited Ratings-), which may be lower, and could be significantly lower, than the ratings assigned by the Rati

be located, the Co-Issuers and the Trustee shall have power to appoint one or more Persons to act as co-trustee (subject to the written approval of the Rating Agencies), jointly with the Trustee, of all or any part of the Collateral, with the power to file such proofs of claim and take such other actions pursuant t

market conditions that may change. 13 As of September 30. 20t7. 14 As of December 31. 2017. 15 The Issuer will continue to use ratings assigned by the Rating Agencies to obligors on individual Collateral Obligations. Such ratings will primarily be public ratings and private ratings. A credit rating of an asset suc

asswords for the NRSRO Website; and (iv) will not be liable for the use of the information posted on the NRSRO Website, whether by the Co-Issuers, the Rating Agencies or any other Person that may gain access to the NRSRO Website or the information posted thereon (to the extent it was not prepared by the Trustee a

erage Test for any Class of Senior Notes is not satisfied as of the Determination Date related to a Payment Date to which such test is applied or if the Rating Agencies have not confirmed the initial ratings of the Senior Notes as of the 30th Business Day after the Ramp-Up End Datc (and such confirmation has not bee

ourt of competent jurisdiction for the appointment of a successor collateral manager without the approval of the Issuer. Noteholders. the Trustee or the Rating Agencies. A "Key Manager Event" will occur if, at any time, the Collateral Manager fails to maintain one Key Manager. A "Key Manager" is a person employed b

and S&P in writing and (b) which the Issuer has certified to the Trustee in writing is a Form-Approved Synthetic Security•: provided that either of the Rating Agencies may withdraw its approval of any such Form-Approved Synthetic Security at any time, effective (except in respect of uades executed and not terminat

ations ("NRSROs") providing the requisite certification will have access to all information posted on such website. As a result, an NRSRO other than the Rating Agencies may issue ratings on the Notes (-Unsolicited Ratings-), which may be lower, and could be significantly lower, than the ratings assigned by the Rati

he Collateral Administrator for the Collateral Administrator Fee and Collateral Administrator Expenses; (iv) ordinary fees and ordinary expenses of the Rating Agencies in connection with the rating of the Securities, including fees for any credit estimates and ongoing surveillance fees, and the ordinary fees and or

and S&P in writing and (b) which the Issuer has certified to the Trustee in writing is a Form-Approved Synthetic Security; provided that either of the Rating Agencies may withdraw its approval of any such Form-Approved Synthetic Security at any time, effective (except in respect of trades executed and not terminat

transferred to the Principal Collection Subaccount. (d) Within 20 Business Days after the Ramp-Up End Date, the Issuer shall provide a report to the Rating Agencies identifying the Collateral Obligations and requesting from the Rating Agencies confirmation of their respective Initial Ratings of the Senior Notes.

market conditions that may change. 13 As of September 30. 20t7. 14 As of December 31. 2017. 15 The Issuer will continue to use ratings assigned by the Rating Agencies to obligors on individual Collateral Obligations. Such ratings will primarily be public ratings and private ratings. A credit rating of an asset suc

he Collateral Administrator for the Collateral Administrator Fee and Collateral Administrator Expenses; (iv) ordinary fees and ordinary expenses of the Rating Agencies in connection with the rating of the Securities, including fees for any credit estimates and ongoing surveillance fees, and the ordinary fees and or

be located, the Co-Issuers and the Trustee shall have power to appoint one or more Persons to act as co-trustee (subject to the written approval of the Rating Agencies), jointly with the Trustee, of all or any part of the Collateral, with the power to file such proofs of claim and take such other actions pursuant t