Common use of Class A Liquidity Reserve Account Clause in Contracts

Class A Liquidity Reserve Account. (a) On the Initial Closing Date, Issuer shall deposit (or cause to be deposited) in the Class A Liquidity Reserve Account, cash in an amount equal to the Class A Liquidity Reserve Target Amount as of the Initial Closing Date out of the Net Proceeds of the Series 2006-1 Notes received on the Initial Closing Date and/or from funds contributed to Issuer as equity on or prior to such date. On each other Closing Date, Issuer shall deposit (or cause to be deposited) in the Class A Liquidity Reserve Account, cash in an amount equal to the Class A Liquidity Reserve Target Amount as of any such Closing Date, out of the Net Proceeds of such Additional Notes and/or from funds contributed to Issuer as equity on or prior to such date, as applicable. (b) On each Payment Date on which the Available Collections Amount is to be distributed pursuant to the Flow of Funds, if the Balance in the Class A Liquidity Reserve Account is less than the Class A Liquidity Reserve Target Amount as of such Payment Date, the Indenture Trustee shall, in accordance with the Payment Date Schedule delivered pursuant to Section 3.12(e) hereof, deposit funds into the Class A Liquidity Reserve Account in order to restore the Balance therein to the Class A Liquidity Reserve Target Amount as of such Payment Date, to the extent of the Available Collections Amount as provided in the Flow of Funds. (c) On each Payment Date on which there is a Stated Interest Shortfall in respect of one or more Class A Notes, the Indenture Trustee shall, in accordance with the Payment Date Schedule delivered pursuant to Section 3.12(e) hereof, withdraw from the Class A Liquidity Reserve Account and deposit in the applicable Class Accounts for the Class A Notes an amount equal to the lesser of (i) the aggregate amount of the Stated Interest Shortfalls for all Class A Notes and (ii) the Balance in the Class A Liquidity Reserve Account, provided that if the Balance in the Class A Liquidity Reserve Account on a Determination Date is less than the aggregate amount described in clause (i) for the related Payment Date, then the Balance in the Class A Liquidity Reserve Account will be allocated among the various affected Class A Notes within Series in proportion to the Stated Interest Shortfalls. The excess of the Stated Interest Shortfall over the Balance so allocated to each Series shall be the “Net Stated Interest Shortfall” for such Series and shall be added to the Stated Interest Amount of Class A Notes within such Series for the next succeeding Payment Date. (d) On each Payment Date on which the Available Collections Amount is to be distributed pursuant to the Flow of Funds, before making any distributions pursuant thereto, the Indenture Trustee, in accordance with the Payment Date Schedule delivered pursuant to Section 3.12(e) hereof, shall deposit in the Collections Account the excess, if any, of (A) the Balance in the Class A Liquidity Reserve Account (after giving effect to any withdrawals therefrom to be made on such Payment Date pursuant to Section 3.04(c)) over (B) the Class A Liquidity Reserve Target Amount (determined after giving effect to any payments of principal on Class A Notes to be made on such Payment Date). (e) If an Event of Default shall have occurred, or on the last Final Maturity Date for any Class A Notes, then the Balance in the Class A Liquidity Reserve Account (after giving effect to any withdrawals therefrom on such date pursuant to Section 3.04(c)) shall be deposited into the applicable Class Accounts for the Class A Notes, allocated among such Class Accounts in proportion to the Outstanding Principal Balances of such Class A Notes within Series. (f) Issuer may attempt to procure a reduction in the amount of the Class A Liquidity Reserve Target Amount from time to time, subject to obtaining a Rating Agency Confirmation and receiving the prior written consent of the Requisite Majority, following which the Class A Liquidity Reserve Target Amount shall be the amount as so reduced.

Class A Liquidity Reserve Account. (a) On the Initial Closing Date, Issuer shall deposit (or cause to be deposited) in the Class A Liquidity Reserve Account, cash in an amount equal to the Class A Liquidity Reserve Target Amount as of the Initial Closing Date out of the Net Proceeds of the Series 2006-1 Notes received on the Initial Closing Date and/or from funds contributed to Issuer as equity on or prior to such date. On each other Closing Date, Issuer shall deposit (or cause to be deposited) in the Class A Liquidity Reserve Account, cash in an amount equal to the Class A Liquidity Reserve Target Amount as of any such Closing Date, out of the Net Proceeds of such Additional Notes and/or from funds contributed to Issuer as equity on or prior to such date, as applicable. (b) On each Payment Date on which the Available Collections Amount is to be distributed pursuant to the Flow of Funds, if the Balance in the Class A Liquidity Reserve Account is less than the Class A Liquidity Reserve Target Amount as of such Payment Date, the Indenture Trustee shall, in accordance with the Payment Date Schedule delivered pursuant to Section 3.12(e) hereof, deposit funds into the Class A Liquidity Reserve Account in order to restore the Balance therein to the Class A Liquidity Reserve Target Amount as of such Payment Date, to the extent of the Available Collections Amount as provided in the Flow of Funds. (c) On each Payment Date on which there is a Stated Interest Shortfall in respect of one or more Class A Notes, the Indenture Trustee shall, in accordance with the Payment Date Schedule delivered pursuant to Section 3.12(e) hereof, withdraw from the Class A Liquidity Reserve Account and deposit in the applicable Class Accounts for the Class A Notes an amount equal to the lesser of (i) the aggregate amount of the Stated Interest Shortfalls for all Class A Notes and (ii) the Balance in the Class A Liquidity Reserve Account, provided that if the Balance in the Class A Liquidity Reserve Account on a Determination Date is less than the aggregate amount described in clause (i) for the related Payment Date, then the Balance in the Class A Liquidity Reserve Account will be allocated among the various affected Class A Notes within Series in proportion to the Stated Interest Shortfalls. The excess of the Stated Interest Shortfall over the Balance so allocated to each Series shall be the ““ Net Stated Interest ShortfallShortfall ” for such Series and shall be added to the Stated Interest Amount of Class A Notes within such Series for the next succeeding Payment Date. (d) On each Payment Date on which the Available Collections Amount is to be distributed pursuant to the Flow of Funds, before making any distributions pursuant thereto, the Indenture Trustee, in accordance with the Payment Date Schedule delivered pursuant to Section 3.12(e) hereof, shall deposit in the Collections Account the excess, if any, of (A) the Balance in the Class A Liquidity Reserve Account (after giving effect to any withdrawals therefrom to be made on such Payment Date pursuant to Section 3.04(c)) over (B) the Class A Liquidity Reserve Target Amount (determined after giving effect to any payments of principal on Class A Notes to be made on such Payment Date). (e) If an Event of Default shall have occurred, or on the last Final Maturity Date for any Class A Notes, then the Balance in the Class A Liquidity Reserve Account (after giving effect to any withdrawals therefrom on such date pursuant to Section 3.04(c)) shall be deposited into the applicable Class Accounts for the Class A Notes, allocated among such Class Accounts in proportion to the Outstanding Principal Balances of such Class A Notes within Series. (f) Issuer may attempt to procure a reduction in the amount of the Class A Liquidity Reserve Target Amount from time to time, subject to obtaining a Rating Agency Confirmation and receiving the prior written consent of the Requisite Majority, following which the Class A Liquidity Reserve Target Amount shall be the amount as so reduced.

Class A Liquidity Reserve Account. (a) On the Initial Closing Date, Issuer shall the Indenture Trustee shall, pursuant to Section 2.02, deposit (or cause to be deposited) in into the Class A Liquidity Reserve Account, cash in Account an amount equal to the Class A Liquidity Reserve Target Amount as of Account Required Balance for the Initial Closing Date out of the Net Proceeds of the Series 2006-1 Notes received on the Initial Closing Date and/or from funds contributed to Issuer as equity on or prior to such date. On each other Closing Date, Issuer shall . (b) If the amount on deposit in the Collection Account on any Reporting Date (or cause after giving effect to all other deposits to be depositedmade into the Collection Account on such Reporting Date, including any amount to be withdrawn from the Defeasance Account on such Reporting Date) is less than the amount necessary to make the payments described for the following Payment Date in clauses (b)(i) through (b)(iv) of Section 3.07, the Indenture Trustee shall, to the extent directed in the related Quarterly Servicer Report, withdraw from the Class A Liquidity Reserve Account, cash to the extent available, and deposit into the Collection Account, before such Payment Date, the amount of such deficiency. (c) If the Class A Bonds, together with all accrued but unpaid interest thereon, have not been paid in full on either of (i) the date on which an amount equal Event of Default occurs or (ii) the Anticipated Repayment Date, the Indenture Trustee shall, to the extent directed in the related Quarterly Servicer Report, withdraw from the Class A Liquidity Reserve Target Amount as of any Account, to the extent available, and pay to the Class A Bondholders on either such Closing Date, out of date the Net Proceeds amount of such Additional Notes and/or from funds contributed to Issuer as equity on or prior to such date, as applicabledeficiency. (bd) On each Payment Date If the amount on which the Available Collections Amount is to be distributed pursuant to the Flow of Funds, if the Balance deposit in the Class A Liquidity Reserve Account is less than on any Reporting Date (after giving effect to any withdrawal to be made from the Class A Liquidity Reserve Target Amount as Account before the following Payment Date pursuant to clause (b) or (c) of Section 5.04 exceeds the Class A Liquidity Reserve Account Required Balance for such following Payment Date, the Indenture Trustee shall, in accordance with the Payment Date Schedule delivered pursuant to Section 3.12(e) hereof, deposit funds into the Class A Liquidity Reserve Account in order to restore the Balance therein to the Class A Liquidity Reserve Target Amount as of such Payment Date, to the extent of the Available Collections Amount as provided directed in the Flow of Funds. (c) On each Payment Date on which there is a Stated Interest Shortfall in respect of one or more Class A Notes, the Indenture Trustee shall, in accordance with the Payment Date Schedule delivered pursuant to Section 3.12(e) hereofrelated Quarterly Servicer Report, withdraw from the Class A Liquidity Reserve Account and deposit in into the applicable Class Accounts for Collection Account, before such Payment Date, the amount of such excess. (e) On the Class A Notes an amount equal Liquidity Reserve Account Release Date, the Indenture Trustee shall, to the lesser of (i) extent directed in the aggregate amount of related Quarterly Servicer Report, withdraw from the Stated Interest Shortfalls for all Class A Notes Liquidity Reserve Account and (ii) deposit into the Balance Collection Account all amounts then on deposit in the Class A Liquidity Reserve Account, provided that if the Balance in the Class A Liquidity Reserve Account on a Determination Date is less than the aggregate amount described in clause (i) for the related Payment Date, then the Balance in the Class A Liquidity Reserve Account will be allocated among the various affected Class A Notes within Series in proportion to the Stated Interest Shortfalls. The excess of the Stated Interest Shortfall over the Balance so allocated to each Series shall be the “Net Stated Interest Shortfall” for such Series and shall be added to the Stated Interest Amount of Class A Notes within such Series for the next succeeding Payment Date. (d) On each Payment Date on which the Available Collections Amount is to be distributed pursuant to the Flow of Funds, before making any distributions pursuant thereto, the Indenture Trustee, in accordance with the Payment Date Schedule delivered pursuant to Section 3.12(e) hereof, shall deposit in the Collections Account the excess, if any, of (A) the Balance in the Class A Liquidity Reserve Account (after giving effect to any withdrawals therefrom to be made on such Payment Date pursuant to Section 3.04(c)) over (B) the Class A Liquidity Reserve Target Amount (determined after giving effect to any payments of principal on Class A Notes to be made on such Payment Date). (e) If an Event of Default shall have occurred, or on the last Final Maturity Date for any Class A Notes, then the Balance in the Class A Liquidity Reserve Account (after giving effect to any withdrawals therefrom on such date pursuant to Section 3.04(c)) shall be deposited into the applicable Class Accounts for the Class A Notes, allocated among such Class Accounts in proportion to the Outstanding Principal Balances of such Class A Notes within Series. (f) Issuer may attempt to procure a reduction in the amount of the Class A Liquidity Reserve Target Amount from time to time, subject to obtaining a Rating Agency Confirmation and receiving the prior written consent of the Requisite Majority, following which the Class A Liquidity Reserve Target Amount shall be the amount as so reduced.