Common use of CLASS REMITTANCE RATE Clause in Contracts

CLASS REMITTANCE RATE. SECTION 2.1.1. DETERMINING THE CLASS REMITTANCE RATE FOR THE POOL I AUCTION RATE CERTIFICATES. Promptly after the Remarketing Agent has made the determinations described in Section 2.1.3, the Remarketing Agent is to advise the Trustee of the Maximum Auction Rate, the All Hold Rate and the components thereof on the Auction Date, and based on such determinations, the Auction Rate for the next succeeding Interest Period for the Pool I Auction Rate Certificates. Promptly after the Remarketing Agent has determined the Auction Rate, the Remarketing Agent will determine and advise the Trustee of such Auction Rate for the Pool I Auction Rate Certificates, which rate will be the lesser of (a) the Maximum Auction Rate for the Pool I Auction Rate Certificates and (b) the rate established by the Remarketing Agent for the Class AF-6 Certificates no later than 1:00 p.m., New York City time, on the Auction Date immediately preceding each Interest Period for the Class AF-6 Certificates as being the minimum rate of interest that would be necessary, in the best professional judgment of the Remarketing Agent, taking into account prevailing market conditions, to sell all of the Class AF-6 Certificates for the next succeeding Interest Period on such date in the secondary market at a price equal to the principal amount thereof for settlement on the next succeeding Remittance Date for the Class AF-6 Certificates (or, in the case of the Initial Rate Adjustment Date for the Class AF-6 Certificates, the rate announced as such for such period on or prior to delivery of the Class AF-6 Certificates). In the process of taking into account prevailing market conditions, the Remarketing Agent shall take, among other actions it may deem appropriate, the following actions. Not more than one Business Day before the Auction Date, the Remarketing Agent shall make available to all interested parties an estimated range of interest rates for the Class AF-6 Certificates for the next ensuing Interest Period (the "Estimated Range of Interest Rate"). The Remarketing Agent shall then inquire of owners of the Class AF-6 Certificates that communicate with the Remarketing Agent as to whether or not such owners choose to continue to hold their Class AF-6 Certificates at the Estimated Range of Interest Rate or, if not, as to the specific interest rate, if any, at which such owners would choose to continue to hold such Class AF-6 Certificates. The Remarketing Agent shall thereupon establish the Auction Rate for the Class AF-6 Certificates for the next ensuing Auction Period or Periods and communicate the same to the parties and in the manner required by the Auction Procedures. For each Auction Date, the Trustee shall notify the Remarketing Agent of the principal amount of Pool I Auction Rate Certificates outstanding not later than the Business Day preceding each Auction Date. The Remarketing Agent will accept bids that satisfy the lowest possible bid for all outstanding Pool I Auction Rate Certificates and will allocate payments accordingly. In accordance with DTC's normal procedures, on the Business Day after the Auction Date, the transactions described above will be executed through DTC, so long as DTC is the depository, and the accounts of the respective Participants at DTC will be debited and credited and Pool I Auction Rate Certificates delivered as necessary to effect the purchases and sales of Pool I Auction Rate Certificates as determined in the Auction. Purchasers are required to make payment through their Participants in same-day funds to DTC against delivery through their Participants. DTC will make payment in accordance with its normal procedures, which now provide for payment against delivery by its Participants in immediately available funds.

CLASS REMITTANCE RATE. SECTION 2.1.11.1.1. DETERMINING THE CLASS REMITTANCE RATE FOR THE POOL I AUCTION RATE CERTIFICATESNOTES. Promptly after the Remarketing Agent has made the determinations described in Section 2.1.31.1.3, the Remarketing Agent is to advise the Indenture Trustee of the Maximum Auction Rate, the All Hold Rate and the components thereof on the Auction Date, and based on such determinations, the Auction Rate for the next succeeding Interest Period for the Pool I Auction Rate CertificatesNotes. Promptly after the Remarketing Agent has determined the Auction Rate, the Remarketing Agent will determine and advise the Indenture Trustee of such Auction Rate for the Pool I Auction Rate CertificatesNotes, which rate will be the lesser of (a) the Maximum Auction Rate for the Pool I Auction Rate Certificates Notes and (b) the rate established by the Remarketing Agent for the Class AF-6 Certificates AS-3 Notes (the "Auction Rate Notes") no later than 1:00 p.m., New York City time, on the Auction Date immediately preceding each Interest Period for the Class AF-6 Certificates Auction Rate Notes as being the minimum rate of interest that would be necessary, in the best professional judgment of the Remarketing Agent, taking into account prevailing market conditions, to sell all of the Class AF-6 Certificates Auction Rate Notes for the next succeeding Interest Period on such date in the secondary market at a price equal to the principal amount thereof for settlement on the next succeeding Remittance Date for the Class AF-6 Certificates (or, in the case of the Initial Auction Rate Adjustment Date for the Class AF-6 Certificates, the rate announced as such for such period on or prior to delivery of the Class AF-6 Certificates)Notes. In the process of taking into account prevailing market conditions, the Remarketing Agent shall take, among other actions it may deem appropriate, the following actions. Not more than one Business Day before the Auction Date, the Remarketing Agent shall make available to all interested parties an estimated range of interest rates for the Class AF-6 Certificates Auction Rate Notes for the next ensuing Interest Period (the "Estimated Range of Interest Rate"). The Remarketing Agent shall then inquire of owners of the Class AF-6 Certificates Auction Rate Notes that communicate with the Remarketing Agent as to whether or not such owners choose to continue to hold their Class AF-6 Certificates Auction Rate Notes at the Estimated Range of Interest Rate or, if not, as to the specific interest rate, if any, at which such owners would choose to continue to hold such Class AF-6 CertificatesAuction Rate Notes. The Remarketing Agent shall thereupon establish the Auction Rate for the Class AF-6 Certificates Auction Rate Notes for the next ensuing Auction Period or Periods and communicate the same to the parties and in the manner required by the Auction Procedures. For each Auction Date, the Indenture Trustee shall notify the Remarketing Agent of the principal amount of Pool I Auction Rate Certificates Notes outstanding not later than the Business Day preceding each Auction Date. The Remarketing Agent will accept bids that satisfy the lowest possible bid for all outstanding Pool I Auction Rate Certificates Notes and will allocate payments accordingly. In accordance with DTC's normal procedures, on the Business Day after the Auction Date, the transactions described above will be executed through DTC, so long as DTC is the depository, and the accounts of the respective Participants at DTC will be debited and credited and Pool I the Auction Rate Certificates Notes delivered as necessary to effect the purchases and sales of Pool I the Auction Rate Certificates Notes as determined in the Auction. Purchasers are required to make payment through their Participants in same-day funds to DTC against delivery through their Participants. DTC will make payment in accordance with its normal procedures, which now provide for payment against delivery by its Participants in immediately available funds.

CLASS REMITTANCE RATE. SECTION 2.1.11.1.1. DETERMINING THE CLASS REMITTANCE RATE FOR THE POOL I AUCTION RATE CERTIFICATESNOTES. Promptly after the Remarketing Agent has made the determinations described in Section 2.1.31.1.3, the Remarketing Agent is to advise the Indenture Trustee of the Maximum Auction Rate, the All Hold Rate and the components thereof on the Auction Date, and based on such determinations, the Auction Rate for the next succeeding Interest Period for the Pool I Auction Rate CertificatesNotes. Promptly after the Remarketing Agent has determined the Auction Rate, the Remarketing Agent will determine and advise the Indenture Trustee of such Auction Rate for the Pool I Auction Rate CertificatesNotes, which rate will be the lesser of (a) the Maximum Auction Rate for the Pool I Auction Rate Certificates Notes and (b) the rate established by the Remarketing Agent for the Class AF-6 Certificates AF-2 Notes (the "Auction Rate Notes") no later than 1:00 p.m., New York City time, on the Auction Date immediately preceding each Interest Period for the Class AF-6 Certificates Auction Rate Notes as being the minimum rate of interest that would be necessary, in the best professional judgment of the Remarketing Agent, taking into account prevailing market conditions, to sell all of the Class AF-6 Certificates Auction Rate Notes for the next succeeding Interest Period on such date in the secondary market at a price equal to the principal amount thereof for settlement on the next succeeding Remittance Date for the Class AF-6 Certificates (or, in the case of the Initial Auction Rate Adjustment Date for the Class AF-6 Certificates, the rate announced as such for such period on or prior to delivery of the Class AF-6 Certificates)Notes. In the process of taking into account prevailing market conditions, the Remarketing Agent shall take, among other actions it may deem appropriate, the following actions. Not more than one Business Day before the Auction Date, the Remarketing Agent shall make available to all interested parties an estimated range of interest rates for the Class AF-6 Certificates Auction Rate Notes for the next ensuing Interest Period (the "Estimated Range of Interest Rate"). The Remarketing Agent shall then inquire of owners of the Class AF-6 Certificates Auction Rate Notes that communicate with the Remarketing Agent as to whether or not such owners choose to continue to hold their Class AF-6 Certificates Auction Rate Notes at the Estimated Range of Interest Rate or, if not, as to the specific interest rate, if any, at which such owners would choose to continue to hold such Class AF-6 CertificatesAuction Rate Notes. The Remarketing Agent shall thereupon establish the Auction Rate for the Class AF-6 Certificates Auction Rate Notes for the next ensuing Auction Period or Periods and communicate the same to the parties and in the manner required by the Auction Procedures. For each Auction Date, the Indenture Trustee shall notify the Remarketing Agent of the principal amount of Pool I Auction Rate Certificates Notes outstanding not later than the Business Day preceding each Auction Date. The Remarketing Agent will accept bids that satisfy the lowest possible bid for all outstanding Pool I Auction Rate Certificates Notes and will allocate payments accordingly. In accordance with DTC's normal procedures, on the Business Day after the Auction Date, the transactions described above will be executed through DTC, so long as DTC is the depository, and the accounts of the respective Participants at DTC will be debited and credited and Pool I the Auction Rate Certificates Notes delivered as necessary to effect the purchases and sales of Pool I the Auction Rate Certificates Notes as determined in the Auction. Purchasers are required to make payment through their Participants in same-day funds to DTC against delivery through their Participants. DTC will make payment in accordance with its normal procedures, which now provide for payment against delivery by its Participants in immediately available funds.