e benefit of the remedies that would normally be available to a holder of such Reference Obligation. In addition, in the event of the insolvency of the Synthetic Security Counterparty. the Issuer will be treated as a general creditor of such Synthetic Security Counterparty. and will not have any claim with respect to the Reference

Margin Stock or a Margin Loan. 15. The obligation is not a Zero-Coupon Obligation or a Step-up Obligation. 16. In the case of a Synthetic Security, the Synthetic Security Counterparty or issuer, as the case may be, has a long-term senior unsecured rating by Moody's of at least "Al", and if rated "Al" by Moody's, such rating is no

th respect to a Reference Obligation or Reference Entity. (b) an event described in clause (i) occurs with respect to the Reference Obligation, (c) the Synthetic Security Counterparty has defaulted in the performance of any of its payment obligations under such Synthetic Security or (d) such Synthetic Security Counterparty is rat

e benefit of the remedies that would normally be available to a holder of such Reference Obligation. In addition, in the event of the insolvency of the Synthetic Security Counterparty. the Issuer will be treated as a general creditor of such Synthetic Security Counterparty. and will not have any claim with respect to the Reference

th respect to a Reference Obligation or Reference Entity. (b) an event described in clause (i) occurs with respect to the Reference Obligation, (c) the Synthetic Security Counterparty has defaulted in the performance of any of its payment obligations under such Synthetic Security or (d) such Synthetic Security Counterparty is rat

all payments thereon or with respect thereto; (b) (i) the Payment Account, (ii) the Collection Account, (iii) the Revolving Reserve Account, (iv) the Synthetic Security Counterparty Accounts (subject to the rights of any Synthetic Security Counterparty in any such Synthetic Security Counterparty Accounts), (v) the Expense Reser

rgin Stock or a Margin Loan. (o) The obligation is not a Zero-Coupon Obligation or a Step-up Obligation. (p) In the case of a Synthetic Security, the Synthetic Security Counterparty or issuer, as the case may be, has a long-term senior unsecured rating by Moody's of at least "Al", and if rated "Al" by Moody's, such rating is no

terest in the Collateral Obligations and other Collateral (subject, in the case of Synthetic Security Counterparty Account, to the lien in favor of the Synthetic Security Counterparty). (xii) Rating Letters. An Officer's certificate of the Issuer to the effect that attached thereto is a true and correct copy of a letter signed b

(i) For each Synthetic Security that may require the Issuer to secure its obligations to the Synthetic Security Counterparty, the Trustee shall establish a segregated trust account which shall be designated as a "Synthetic Security Counterparty Account" for the benefit of

alid first priority security interest in the Collateral (subject, in the case of a Synthetic Security Counterparty Account, to any lien in favor of the Synthetic Security Counterparty); (v) amend the Collateral Management Agreement except pursuant to the terms thereof and Article 15 of this Indenture; (vi) dissolve or liquidat