DEPOSIT OF LETTER OF CREDIT. Fleet Bank (RI) hereby irrevocably deposits the Letter of Credit with the Trustee, to be held in irrevocable escrow by the Trustee for the benefit of the Noteholders and the Enhancement Provider in the Escrow Account and applied solely as provided in this Agreement. The Transferor represents to the Trustee based upon a report of a firm of nationally recognized independent accountants that such Letter of Credit, when applied pursuant to Section 5 below, will be sufficient to pay and discharge, and which shall be applied by the Trustee to pay and discharge, all remaining scheduled interest and principal payments on the outstanding Collateral Certificate on the dates scheduled for such payments pursuant to the Pooling and Servicing Agreement. The Issuer represents to the Indenture Trustee based upon a report of a firm of nationally recognized independent accountants that such Letter of Credit, when applied pursuant to Section 5 below, will be sufficient to pay and discharge, all remaining scheduled interest and principal payments on all outstanding Series 2002-A Notes and Series 2003-A Notes on the dates scheduled for such payments pursuant to the Indenture and all amounts owing to the Enhancement Provider with respect to such Series.
DEPOSIT OF LETTER OF CREDIT. On the date hereof, the Buyer shall deposit with the Escrow Agent an irrevocable letter of credit issued by Lehmxx Xxxmercial Paper Inc. (the "Issuing Bank") in the face amount of Eleven Million Three Hundred Fifty Thousand Dollars ($11,350,000) in the form attached hereto as Exhibit A (the "Letter of Credit"), to be held and acted upon by the Escrow Agent in accordance with the provisions of this Agreement. The Escrow Agent shall have no responsibility for the genuineness, validity, market value, title or sufficiency for any intended purpose of the Letter of Credit or any substitute or replacement therefor.
DEPOSIT OF LETTER OF CREDIT
