ERISA-Qualifying Underwriting Clause Samples

ERISA-Qualifying Underwriting. A best efforts or firm commitment underwriting that meets the requirements of either Prohibited Transaction Exemption 83-1 or an "Underwriter's Exemption," as defined in Section V(h) of Prohibited Transaction Exemption 95-60, except the requirements that the Certificates (i) not be subordinated to the rights and interest of other Certificates issued by the Trust and (ii) have a rating that is one of the top three ratings categories.

ERISA-Qualifying Underwriting. A best efforts or firm commitment underwriting or private placement that would satisfy the requirements of the Underwriter's Exemption, except, in relevant part, for the requirement that the certificates have received a rating at the time of acquisition that is in one of the three (or four, in the case of a "designated transaction") highest generic rating categories by at least one of the Rating Agencies. ERISA-Restricted Certificate: Any Class P-I, Class P-II, Class B5-I, Class B6-I, Class B7-I, Class B5-II, Class B6-II or Class B7-II Certificate and any other Certificate, as long as the acquisition and holding of such Certificate is not covered by and exempt under the Underwriter's Exemption.